Money Forward - Q4 Results Reaction: Encouraging Signs of User Growth and Monetization

Money Forward - Q2 22 Results Reaction: Mixed Results Short of Consensus

Money Forward Q1 22 Results: Mixed Quarter but Underlying KPIs Solid

Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<ul>
<li>Revenue growth rebounded in Q4 and was the best in six quarters as corporate sales accelerated, particularly in the medium business segment</li>
<li>But EBITDA losses accelerated and whilst management says this is the peak quarter, this is the first time since 2019 that EBITDA excluding advertising costs was negative</li>
<li>Guidance for Q4 is mixed with a conservative revenue target and a only a modest reduction in EBITDA losses</li>
</ul>


Revenue growth rebounded in Q4 and was the best in six quarters as corporate sales accelerated, particularly in the medium business segment
But EBITDA losses accelerated and whilst management says this is the peak quarter, this is the first time since 2019 that EBITDA excluding advertising costs was negative
Guidance for Q4 is mixed with a conservative revenue target and a only a modest reduction in EBITDA losses


Money Forward - Q3 22 Results Reaction: Revenue Is Growing but so Are EBITDA Losses