Image source: Getty Images
The Nitro Software Ltd (ASX: NTO) The stock price is within reach of all-time highs after the company reported its September quarter results.
At the time of writing, Nitro Software’s stock price is up 2.25% to $ 3.63.
Highlights for the September quarter
The document productivity software company posted high growth rates for its key operating metrics. Here are some highlights:
- Annual recurring revenue (ARR) up 50% year-on-year
- Transition to a Software-as-a-Service business model is gaining momentum, subscription revenues now represent 68% of total revenue from 56% a year ago
- Cash inflows increased 24% to US $ 14.0 million
- Cash and cash equivalents of US $ 31.4 million as at September 30
Nitro improved its guidance for fiscal 21, reflecting its strong performance in the third quarter.
This is likely a catalyst driving the Nitro Software share price during today’s trading session.
The company reaffirmed its ARR from US $ 39 million to US $ 42 million.
It raised its revenue forecast to between $ 49 and $ 51 million, from $ 47 to $ 50 million.
Its operating profit before interest, taxes, depreciation and amortization (EBITDA) has also improved, and is expected to be in the range of US $ 8-10 million compared to its earlier forecast of US $ 9-11 million. .
Nitro co-founder and CEO Sam Chandler commented on the results:
The response from existing and new customers has been tremendous, and as our customers have adapted to the new work environment from anywhere, they have clearly embraced the flexibility offered by our reliable set of productivity tools. This is reflected in the acquisition of new customers, the expansion of our existing customer base and the resulting growth in subscription revenue as a percentage of our overall business.
Nitro Software Stock Price Snapshot
Nitro Software’s stock price is up 14% year-to-date and within range of its all-time highs of $ 3.79 in September.