iLOOKABOUT Corp revenue growth decelerated to 32.3% in 2015 vs. 58.8% a year earliner
27.04.2016 • About iLOOKABOUT Corp (
$ILA) • By InTwits
iLOOKABOUT Corp reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- iLOOKABOUT Corp doesn't have a profitable business model yet: 2015 ROIC is -47.1%
- The company operates at negative EBITDA Margin: -9.4%
- iLOOKABOUT Corp motivates its personel by high Stock Based Compensation (SBC): average SBC/Revenue for 2011-2015 was 0.0%. On average EBITDA Margin was -16.5% for the sames years0
- iLOOKABOUT Corp has low CAPEX intensity: 5 year average CAPEX/Revenue was 4.3%. At the same time it's a lot of higher than industry average of 1.6%.
- CAPEX is quite volatile: 0.10 in 2015, 0.17 in 2014, 0.37 in 2013, 0.033 in 2012, 0.16 in 2011
- The company has unprofitable business model: ROIC is at -47.1%
- It operates with high leverage: Net Debt/EBITDA is 2.4x while industry average is -2.0x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
iLOOKABOUT Corp ($ILA) key annual financial indicators
| mln. $ | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 2.736 | 3.271 | 3.563 | 5.657 | 7.482 | 32.3% |
| Gross Profit | 0.781 | 2.113 | 2.264 | 2.951 | 4.098 | 38.9% |
| SG&A | | | 0.652 | 0.821 | 4.024 | 390.4% |
| EBITDA | -1.650 | -0.380 | -0.523 | -0.498 | -0.702 | 41.0% |
| Net Income | -1.914 | -0.827 | -0.918 | -0.943 | -0.960 | 1.8% |
Balance Sheet
|
|---|
| Cash | 0.303 | 1.070 | 1.058 | 2.635 | 2.600 | -1.3% |
| Short Term Debt | 0.000 | 0.180 | 0.064 | 0.744 | 0.607 | -18.4% |
| Long Term Debt | 0.000 | 1.244 | 1.247 | 0.624 | 0.029 | -95.3% |
Cash flow
|
|---|
| Capex | 0.155 | 0.033 | 0.369 | 0.170 | 0.103 | -39.3% |
Ratios
|
|---|
| Revenue growth | -7.6% | 19.6% | 8.9% | 58.8% | 32.3% | |
| EBITDA growth | 6.9% | -77.0% | 37.6% | -4.8% | 41.0% | |
| Gross Margin | 28.5% | 64.6% | 63.6% | 52.2% | 54.8% | 2.6% |
| EBITDA Margin | -60.3% | -11.6% | -14.7% | -8.8% | -9.4% | -0.6% |
| Net Income Margin | -70.0% | -25.3% | -25.8% | -16.7% | -12.8% | 3.8% |
| SG&A, % of revenue | | | 18.3% | 14.5% | 53.8% | 39.3% |
| CAPEX, % of revenue | 5.7% | 1.0% | 10.4% | 3.0% | 1.4% | -1.6% |
| ROIC | -381.1% | -601.2% | -213.6% | -88.3% | -47.1% | 41.3% |
| ROE | | | | | -71.1% | -71.1% |
Revenue and profitability
The company's Revenue surged on 32.3% in 2015. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin dropped on 37.0 pp from 30.2% to -6.8% in FY2015.
Gross Margin increased on 2.6 pp from 52.2% to 54.8% in 2015. SG&A as a % of Revenue jumped on 39.3 pp from 14.5% to 53.8% in 2015.
Net Income marign increased on 3.8 pp from -16.7% to -12.8% in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 iLOOKABOUT Corp had CAPEX/Revenue of 1.4%. The company's CAPEX/Revenue showed almost no change from 2012 to 2015. For the last three years the average CAPEX/Revenue was 4.9%.
Return on investment
The company operates at negative ROIC (-47.07%) and ROE (-71.09%). ROIC surged on 41.3 pp from -88.3% to -47.1% in 2015.
Leverage (Debt)
Debt level is 2.4x Net Debt / EBITDA and Debt / EBITDA. Net Debt / EBITDA didn't change in 2015. Debt dropped on 53.5% in 2015 while cash decreased slightly on 1.3% in 2015.
Appendix 1: Peers in Technology
Below we provide iLOOKABOUT Corp benchmarking against other companies in Technology industry for the last 5 years. We show data for the top-5 companies by key financial metric together with the median value for all the companies in the industry.
Top companies by Revenue growth, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Smart Employee Benefits Inc ($SEB) | | | | 97.2% | 151.5% |
| Sylogist Ltd ($SYZ) | | -5.8% | 25.7% | 50.5% | 56.1% |
| ProntoForms Corp ($PFM) | | 59.9% | 75.4% | 43.9% | 46.4% |
| Bluedrop Performance Learning Inc ($BPL) | | 1,966.4% | 13.9% | 33.5% | 37.5% |
| Kinaxis Inc ($KXS) | | 22.7% | 30.3% | 15.2% | 30.3% |
| |
|---|
| Median (33 companies) | 25.1% | 3.6% | 11.9% | 13.7% | 12.8% |
|---|
| iLOOKABOUT Corp ($ILA) | | 19.6% | 8.9% | 58.8% | 32.3% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Constellation Software Inc/Canada ($CSU) | 85.5% | 86.2% | 85.5% | 86.1% | 86.2% |
| Absolute Software Corp ($ABT) | 71.6% | 73.6% | 76.3% | 78.4% | 81.1% |
| ProntoForms Corp ($PFM) | 90.1% | 96.1% | 98.1% | 98.0% | 79.4% |
| Sandvine Corp ($SVC) | 74.3% | 67.5% | 74.1% | 76.8% | 77.8% |
| Espial Group Inc ($ESP) | 77.9% | 77.5% | 81.7% | 78.5% | 74.3% |
| |
|---|
| Median (30 companies) | 50.9% | 52.4% | 46.8% | 47.4% | 50.0% |
|---|
| iLOOKABOUT Corp ($ILA) | 28.5% | 64.6% | 63.6% | 52.2% | 54.8% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Wi-LAN Inc ($WIN) | 26.5% | 40.9% | 12.2% | 56.2% | 53.2% |
| Computer Modelling Group Ltd ($CMG) | 51.5% | 53.8% | 52.2% | 51.5% | 50.8% |
| Sandvine Corp ($SVC) | 5.1% | 0.9% | 24.0% | 28.2% | 35.1% |
| Open Text Corp ($OTC) | 27.1% | 26.5% | 29.1% | 30.0% | 31.8% |
| Kinaxis Inc ($KXS) | 31.3% | 18.7% | 23.0% | 19.2% | 28.0% |
| |
|---|
| Median (32 companies) | 8.5% | 8.5% | 5.5% | 7.0% | 9.4% |
|---|
| iLOOKABOUT Corp ($ILA) | -60.3% | -11.6% | -14.7% | -8.8% | -9.4% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Sandvine Corp ($SVC) | 7.3% | 4.9% | 3.2% | 3.2% | 4.8% |
| Kinaxis Inc ($KXS) | 2.2% | 2.9% | 2.3% | 5.0% | 4.7% |
| Open Text Corp ($OTC) | 3.5% | 2.1% | 1.7% | 2.6% | 4.2% |
| Absolute Software Corp ($ABT) | 1.8% | 1.7% | 1.2% | 1.9% | 3.1% |
| Halogen Software Inc ($HGN) | | 4.9% | 9.0% | 8.4% | 2.9% |
| |
|---|
| Median (33 companies) | 1.2% | 1.6% | 1.4% | 1.2% | 1.4% |
|---|
| iLOOKABOUT Corp ($ILA) | 5.7% | 1.0% | 10.4% | 3.0% | 1.4% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Bluedrop Performance Learning Inc ($BPL) | -870.7% | 10.0% | -38.2% | -29.9% | 66.5% |
| Computer Modelling Group Ltd ($CMG) | 75.5% | 74.2% | 68.6% | 62.9% | 63.5% |
| Kinaxis Inc ($KXS) | | | 61.8% | 63.6% | 44.0% |
| SMART Technologies Inc ($SMA) | 43.2% | 21.4% | -18.9% | 28.1% | 43.8% |
| Constellation Software Inc/Canada ($CSU) | 45.8% | 45.9% | 22.4% | 24.7% | 38.5% |
| |
|---|
| Median (33 companies) | 5.5% | 3.1% | -4.8% | 0.5% | 4.1% |
|---|
| iLOOKABOUT Corp ($ILA) | -381.1% | -601.2% | -213.6% | -88.3% | -47.1% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Mad Catz Interactive Inc ($MCZ) | 0.7x | 32.2x | 1.2x | | 9.4x |
| Mitel Networks Corp ($MNW) | 4.9x | 3.7x | 3.8x | 2.6x | 6.2x |
| BlackBerry Ltd ($BB) | | -0.5x | -2.3x | | 1.7x |
| Open Text Corp ($OTC) | 0.0x | 0.1x | 0.2x | 1.8x | 1.5x |
| SMART Technologies Inc ($SMA) | 1.4x | 2.1x | | 1.2x | 1.3x |
| |
|---|
| Median (21 companies) | -0.2x | -0.4x | -0.4x | -1.3x | -1.4x |
|---|
