The APX underlying EBITDA for 1HFY22 is ~$10m. Consensus was in the $20’s, a huge miss, for a company with a strong track record of missing guidance.

Customers with lower ad spend is the key driver, but APX customer substitution / consumer product preference shift is, to our mind, the real worry, with ad spend the cyclical factor and lack of relevance the secular / structural factor.


The Credit Corp miss is pretty large too. Consensus was at 10% higher at midpoint than the guided range $1.33-1.43m.

Given the miss consensus will need to rebase, by quite a bit…

And when a debt collector has negative cashflows, we tend to be concerned.

Not one for us, and admittedly, not a great start for reporting season!

Neither of these two are large enough to have macroeconomic implications, but still.

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