03-13-2019, 09:18 AM
So we have:
- 2019 rev guidance at $105M-$115M (80% conversion) or $150M (100% conversion)
- Backlog now $800M including iPass
- Dollar net retention rate of 214%, that is, customers on average more than double their first contract.
- non-GAAP 2018 EPS of $0.09, that's a bit of a surprise. No 2019 EPS guidance, but they might be able to improve that quite a bit.
- Here is why: Q4 revenue per employee was a whopping $415K, up 78% y/y despite Artilium acquisition. There is terrific leverage in the operating model.
- The shares are selling at 4x 2019 sales (80% backlog conversion) or 3x (100% conversion).
- In 2018, the company was able to convert 100% of backlog..
No wonder we're up AH..