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Wakmi
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is a technology company engaged in the development of a platform for training and navigating users on various systems in the organization where they work. The company reported the results of the second quarter of 2022 and is soaring in trading.
The profit in the quarter grew by 28% compared to last year and amounted to 59.9 million dollars. The wind from subscriptions grew at a similar rate to 54.2 million dollars. The ARR (revenue from repeat customers in the last 12 months) grew by 29% to 246 million dollars.
The operating loss on a GAAP basis amounted to $31.2 million compared to $17.8 million in the corresponding quarter. The operating loss on a non-gaap basis amounted to 16.7 million dollars compared to 11.7 million a year ago. The free cash flow was negative and amounted to 12.2 million dollars compared to a negative flow of 7.4 million last year. The company has cash and cash equivalents of $317.9 million.
For the next quarter, the company expects revenues of 62.5 to 63.5 million dollars, reflecting a growth of 24% to 25% compared to last year. The operating loss on a non-gap basis will amount to 16.5 to 15.5 million dollars. For the entire year 2022, the company expects revenues of between 246 and 249 million dollars, a growth rate of 27% to 29% and an operating loss on a non-GAAP basis of 68 to 65 million dollars.
Simultaneously with the publication of the reports, the company reports on cooperation with the company Deloitte Canada, a global consulting company for advice on human resources and business transformation. Deloitte’s Emily Boudreau said: “The need to modernize the way today’s employees work with digital technology continues to gain momentum as organizations realize the close relationship between successful digital transformation and the ability of end users to leverage new ways of working and communicating. To provide our customers with improved solutions that meet the needs For digital adoption, we have entered into an agreement with a recognized market leader in the adoption of digital platforms.”
Andrew Casey, the company’s CFO, said: “Our customers see the value of our platform to drive efficient business processes, which is reflected in strong growth in subscription revenue of 28%. In addition, our operational focus created a significant improvement in margins compared to the previous quarter…. As a result of the improvement in non-gaap operating margin, our goal is to achieve positive free cash flow in 2023.”
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