Qoria (QOR) AGM 2024 summary

Opening remarks and agenda

• Meeting opened by Non-Executive Chairman with introductions of board members and explanation of attendance options for shareholders.

• Quorum confirmed and agenda overview provided, including opportunity for shareholder questions.

• Emphasis on Qoria's mission to help every child thrive in their digital life and overview of the company's global presence and leadership in online safety and wellbeing platforms.

Financial performance review

• Annual recurring revenue reached $120m, up 17% year-over-year as of September 2024, with last year's revenue nearly $99.4m and gross margin $71.3m, up 29%.

• Underlying EBITDA improved to $2.0m from -$26.1m, and operating cash flow rose to $6.8m from -$23.6m, with all revenues recurring and service margins above 90%.

• Net revenue retention exceeds 110%, targeting 120%, and churn is below 5%.

• Organic growth over the last two years has been above 20% year on year, with increasing revenue diversification across regions.

• Free cash flow improved to -$19m from -$49m, and share-based pay reduced by 43%.

Board and executive committee updates

• Board members and executive team introduced, with apologies from two non-executive directors due to time zone constraints.

• Dr. Jane Watts attended remotely; other directors present in person or online.