SiteMinder Limited – 2025 Interim Results Summary
Overall Report Tone
SiteMinder Limited reported revenue growth of 14% year-over-year, driven by robust subscription and transaction revenue increases. While the company remains loss-making, underlying EBITDA turned positive compared to a loss in the prior period. The company continues executing its Smart Platform strategy, which is expected to drive further revenue and margin expansion.
Financial Summary
| Metric | HY24 (Dec 2024) | HY23 (Dec 2023) | Change |
|---|---|---|---|
| Revenue | $104.5m | $91.7m | +14% |
| Reported EBITDA | $0.3m | $(2.2m) | +116% |
| Underlying EBITDA | $5.3m | $(1.2m) | +533% |
| Net Loss After Tax (NPAT) | $(13.9m) | $(14.9m) | +7% |
| Annualised Recurring Revenue (ARR) | $216.2m | $182.5m | +18% |
| Operating Cash Flow | $5.8m | $1.5m | +287% |
| Net Tangible Assets Per Share | 3.47c | 8.16c | -57% |
| Dividend Declared | None | None | N/A |
Pro-Forma Adjustments & Impact
- Annualised Recurring Revenue (ARR) growth of 18% highlights continued momentum in subscription and transaction revenue.
- Positive underlying EBITDA of $5.3m vs. a prior period loss indicates operating leverage improvements.
- Growth in high-value customers, with the number of rooms added exceeding 50%.
- LTV/CAC ratio improved from 5.3x to 6.1x, reflecting stronger customer economics.
Positive Surprises / Potential Concerns
✅ Revenue growth is tracking ahead of historical trends, but not fast enough to meet analyst expectations.
✅ EBITDA is improving, though concerns remain about the pace of profitability expansion.
⚠️ Net loss remains significant at $13.9m, though improved from the prior period.
⚠️ Higher restructuring and technology investments could weigh on short-term margins.
Outlook & Guidance
✅ Targeting 30% organic revenue growth in the medium term with continued Smart Platform execution.
✅ Expecting to be EBITDA and free cash flow positive in FY25, reinforcing financial sustainability.
⚠️ Macro uncertainty in the travel sector remains a potential headwind.
⚠️ Scaling transaction products is key to achieving medium-term margin expansion.
Analyst Positioning
📊 2025 analyst forecasts: Revenue of $237.39m and EBITDA of $17.95m.
📊 2026 analyst forecasts: Revenue of $304.64m and EBITDA of $39.28m.
🔻 Revenue growth trajectory lags analyst expectations – While revenue grew 14%, it falls short of the pace required to meet analyst forecasts of $237.39m in 2025 and $304.64m in 2026.
🔻 EBITDA expansion is slower than required – With a current underlying EBITDA of $5.3m, SiteMinder will need substantial acceleration to reach $17.95m in 2025 and $39.28m in 2026.
🔻 No full-year guidance provided, leading to uncertainty about achieving medium-term growth targets.
🔻 Margin pressures persist, as restructuring and technology investments continue to weigh on profitability.
Disclaimer: This information is provided purely for educational purposes. It takes no account of an individual’s personal financial circumstances and hence can in no way constitute financial advice. The above data may be subject to errors or inconsistencies for which the author takes no liability. It is imperative that all investors do their own research or if they need advice, seek it from a qualified financial adviser.
Quick Take: H1FY25 ASX:SDR