Board Change • Mar 28
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Director Andy Gray was the last director to join the board, commencing their role in 2023. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Mar 10
Consensus EPS estimates upgraded to US$0.083 loss The consensus outlook for fiscal year 2023 has been updated. 2023 losses forecast to reduce from -US$0.102 to -US$0.083 per share. Revenue forecast unchanged from US$77.1m at last update. Software industry in Australia expected to see average net income growth of 14% next year. Consensus price target up from AU$2.23 to AU$2.32. Share price was steady at AU$2.18 over the past week. Reported Earnings • Mar 01
Full year 2022 earnings released: US$0.15 loss per share (vs US$0.11 loss in FY 2021) Full year 2022 results: US$0.15 loss per share (further deteriorated from US$0.11 loss in FY 2021). Revenue: US$66.8m (up 31% from FY 2021). Net loss: US$35.8m (loss widened 65% from FY 2021). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Software industry in Australia. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Announcement • Feb 14
Nitro Software Limited to Report Fiscal Year 2022 Results on Feb 28, 2023 Nitro Software Limited announced that they will report fiscal year 2022 results on Feb 28, 2023 Announcement • Jan 20
Nitro Software Limited to Report Q4, 2022 Results on Jan 30, 2023 Nitro Software Limited announced that they will report Q4, 2022 results on Jan 30, 2023 Announcement • Oct 28
Nitro Software Confirms Approaches from Suitors Nitro Software Limited (ASX:NTO) told the market on October 27, 2022 that it had received expressions of interest from a number of parties. Announcement • Oct 27
Nitro Software Reportedly Tipped to Launch Sale Sources believe that Nitro Software Limited (ASX:NTO) could become increasingly open to a buyout after earlier rejecting a $1.58 per share offer from Australian private equity firm Potential Capital in August. Now there's a suggestion that Nitro's board will receive bids on 26 October 2022, learning whether there's a higher offer than the $386 million Potentia pitched. Infomedia, Pushpay, Nitro Software, Tyro Payments and Nuix have all had approaches from suitors from 2022, but no deals have yet materialised. Announcement • Oct 13
Nitro Software Limited to Report Q3, 2022 Results on Oct 27, 2022 Nitro Software Limited announced that they will report Q3, 2022 results on Oct 27, 2022 Announcement • Sep 01
Potentia Capital Pty. Ltd. and HarbourVest Partners, LLC cancelled the acquisition of remaining 83.05% stake in Nitro Software Limited (ASX:NTO). Potentia Capital Pty. Ltd. and HarbourVest Partners, LLC made a proposal to acquire remaining 83.05% stake in Nitro Software Limited (ASX:NTO) for approximately AUD 320 million on August 30, 2022. The offer is for AUD 1.58 cash per Nitro share. The Indicative Proposal is subject to several conditions, including satisfactory completion of due diligence over a minimum 6-week timeframe, onerous exclusivity requirements, Nitro Board approval and entry into transaction documentation subject to a range of conditions (including obtaining various third party and regulatory consents). Nitro has appointed UBS Securities Australia Limited and Allens as financial and legal adviser, respectively, and Cadence Advisory as independent adviser to the Board.
Potentia Capital Pty. Ltd. and HarbourVest Partners, LLC cancelled the acquisition of remaining 83.05% stake in Nitro Software Limited (ASX:NTO) on August 31 2022. Nitro Board has concluded the Indicative Proposal significantly undervalues Nitro and unanimously rejects the Indicative Proposal as not being in the best interests of shareholders. Announcement • Aug 30
Nitro Software Limited Announces Earnings Guidance for the Fiscal Year 2022 Nitro Software Limited announced Earnings guidance for the fiscal year 2022. For the year, the company is expecting total revenue of between $65 million and $69 million, which represents 28% to 36% growth year-on-year. Announcement • Aug 18
Nitro Software Limited to Report First Half, 2022 Results on Aug 29, 2022 Nitro Software Limited announced that they will report first half, 2022 results on Aug 29, 2022 Major Estimate Revision • Jul 27
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from US$68.8m to US$68.0m. 2022 losses expected to reduce from -US$0.12 to -US$0.11 per share. Software industry in Australia expected to see average net income growth of 24% next year. Consensus price target down from AU$2.77 to AU$2.41. Share price fell 28% to AU$1.19 over the past week. Announcement • Jul 26
Nitro Software Limited Reaffirms Earnings Guidance for the Fiscal Year 2022 Nitro Software Limited reaffirmed earnings guidance for the fiscal year 2022. For the period, the company expected revenue is unchanged from previous guidance. Announcement • Jul 11
Nitro Software Limited to Report Q2, 2022 Results on Jul 28, 2022 Nitro Software Limited announced that they will report Q2, 2022 results on Jul 28, 2022 Announcement • Jun 24
Nitro Software Launches Next Innovation Cycle Nitro Software continued to drive innovation, with its latest product release to manage documents and workflows even more easily, efficiently, and securely. Nitro’s Summer Release introduces a combination of new product features, enhancements and integrations across the entire Nitro Productivity Platform, including Nitro PDF Pro, Nitro Sign and Nitro Analytics. In addition to improved user experience, key enhancements in the Summer Release of the Nitro Productivity Platform include: Nitro Analytics: New ROI Dashboard with an automatic ROI Calculator and actionable data to fuel document workflow decisions - Nitro PDF Pro for Mac: Improved UI design and feature enhancements - Nitro PDF Pro: Expanded integrations with Microsoft SharePoint, Microsoft Azure Information Protection (AIP), and iManage - Nitro Sign Premium (formerly Connective): Premium offering with advanced security, eID, and high-trust eSigning. Announcement • Apr 22
Nitro Software Limited, Annual General Meeting, May 26, 2022 Nitro Software Limited, Annual General Meeting, May 26, 2022, at 09:00 E. Australia Standard Time. Location: Pan Pacific Melbourne 2 Convention Centre Place Melbourne Victoria Australia Agenda: To receive and consider the Company's Financial Statements, Directors' Report, and Auditor's Report for the year ended 31 December 2021; to consider Adoption of Remuneration Report; to consider Re-Election of Mr. Michael Brown as a Director; to consider Election of Mr. Peter Navin as a Director; to consider Election of Mr. Craig Scroggie as a Director; to consider Approval of Issue of Performance Shares and Restricted Share Awards to Mr. Samuel Chandler, Director and Chief Executive Officer; to consider Approval of Issue of Performance Shares and Restricted Share Awards to Ms. Gina O'Reilly, Chief Operating Officer; to consider Ratification of Prior Issue of Ordinary Shares Following the Capital Raise; to consider Approval of the Non-Executive Director Share Rights Plan and Issue of Shares Thereunder; to consider Amendments to the Constitution Virtual General Meetings; and to consider other matters. Announcement • Apr 14
Nitro Software Limited to Report Q1, 2022 Results on Apr 29, 2022 Nitro Software Limited announced that they will report Q1, 2022 results on Apr 29, 2022 Reported Earnings • Feb 25
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: US$0.11 loss per share (down from US$0.04 loss in FY 2020). Revenue: US$50.9m (up 27% from FY 2020). Net loss: US$21.7m (loss widened 188% from FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 20%. Over the next year, revenue is forecast to grow 34%, compared to a 30% growth forecast for the industry in Australia. Announcement • Feb 25
Nitro Software Limited Provides Earnings Guidance for the Year 2022 Nitro Software Limited provided earnings guidance for the year 2022. For the year, the company expects revenue between USD 65 million and USD 69 million. Announcement • Feb 08
Nitro Software Limited Appoints Peter Navin as Independent Non-Executive Director Nitro Software Limited announced the appointment of former DocuSign Chief Human Resources Officer, Mr. Peter Navin, as a new independent non-executive director. Mr. Navin currently serves as the Chief People Officer of the US Olympic and Paralympic Foundation. In addition to joining the Board as an independent non-executive director, Mr. Navin will become chair of the Board's Remuneration and Nomination Committee. Both appointments are effective 8 February 2022. Announcement • Dec 22
Nitro Software Limited (ASX:NTO) completed the acquisition of Connective N.V. Nitro Software Limited (ASX:NTO) entered into an agreement to acquire Connective N.V. for an enterprise value of €70 million on November 10, 2021. The transaction to be funded by a €89.1 million (AUD 140 million) capital raising, further cements Nitro’s position as a global eSign and document productivity leader. Upon transaction completion, Connective will become an indirect subsidiary of Nitro Software Limited. The complete Connective team is expected to join Nitro and promptly commence work on achieving revenue synergies and a successful integration. The transaction is expected to complete in December 2021
Nitro Software Limited (ASX:NTO) completed the acquisition of Connective N.V. on December 21, 2021. Recent Insider Transactions Derivative • Nov 13
Co-Founder exercised options to buy AU$11m worth of stock. On the 10th of November, Sam Chandler exercised options to buy 3m shares at a strike price of around AU$0.22, costing a total of AU$647k. This transaction amounted to 71% of their direct individual holding at the time of the trade. Since December 2020, Sam has owned 4.18m shares directly. Company insiders have collectively sold AU$20m more than they bought, via options and on-market transactions in the last 12 months. Board Change • Sep 14
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Lead Independent Director Lisa Hennessy was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Sep 13
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Lead Independent Director Lisa Hennessy was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Sep 07
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Lead Independent Director Lisa Hennessy was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 25
First half 2021 earnings released: US$0.045 loss per share (vs US$0.011 loss in 1H 2020) The company reported a soft first half result with increased losses and weaker control over costs, although revenues improved. First half 2021 results: Revenue: US$24.1m (up 27% from 1H 2020). Net loss: US$8.56m (loss widened 314% from 1H 2020). Announcement • Aug 24
Nitro Software Limited Provides Earnings Guidance for the Fiscal Year 2021 Nitro Software Limited provides earnings guidance for the fiscal year 2021. The company expects ending ARR between $39 million and $42 million; Revenue between $47 million and $50 million; Operating EBITDA loss between $9 million to $11 million. Announcement • Jul 14
Nitro Software Limited (ASX:NTO) completed the acquisition of The Pdf Pen Company Ltd SmileOnMyMac, LLC. Nitro Software Limited (ASX:NTO) agreed to acquire The Pdf Pen Company Ltd from SmileOnMyMac, LLC for $6 million on June 27, 2021. The acquisition will be funded from the Nitro Software Limited existing cash reserves. The transaction is subject to customary closing conditions, and it is anticipated these will be met on or before July 9, 2021.
Nitro Software Limited (ASX:NTO) completed the acquisition of The Pdf Pen Company Ltd from SmileOnMyMac, LLC on July 12, 2021. The consideration is paid in cash. Following the acquisition, Nitro retains significant cash reserves, providing the company with the flexibility to pursue other targeted, value-enhancing acquisitions. Customary closing conditions, have now been satisfied. Executive Departure • May 25
Co-Founder & Non-Executive Director Richard Wenzel has left the company On the 20th of May, Richard Wenzel's tenure as Co-Founder & Non-Executive Director ended after 21.7 years in the role. As of March 2021, Richard personally held 1.70m shares (AU$4.2m worth at the time). A total of 3 executives have left over the last 12 months. Executive Departure • May 25
Non-Executive Director has left the company On the 20th of May, John Dyson's tenure as Non-Executive Director ended after 2.9 years in the role. As of March 2021, John personally held only 360.00 shares (AU$424 worth at the time). A total of 3 executives have left over the last 12 months. Recent Insider Transactions • May 08
Co-Founder & Non-Executive Director recently sold AU$2.2m worth of stock On the 3rd of May, Richard Wenzel sold around 700k shares on-market at roughly AU$3.16 per share. In the last 3 months, they made an even bigger sale worth AU$18m. Richard has been a seller over the last 12 months, reducing personal holdings by AU$21m. Recent Insider Transactions • Mar 16
Co-Founder & Non-Executive Director recently sold AU$18m worth of stock On the 12th of March, Richard Wenzel sold around 8m shares on-market at roughly AU$2.31 per share. This was the largest sale by an insider in the last 3 months. This was Richard's only on-market trade for the last 12 months. Is New 90 Day High Low • Mar 04
New 90-day low: AU$2.53 The company is down 14% from its price of AU$2.93 on 04 December 2020. The Australian market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is down 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$6.45 per share. Reported Earnings • Feb 26
Full year 2020 earnings released: US$0.04 loss per share (vs US$0.11 loss in FY 2019) The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2020 results: Revenue: US$40.2m (up 13% from FY 2019). Net loss: US$7.54m (loss narrowed 4.9% from FY 2019). Analyst Estimate Surprise Post Earnings • Feb 26
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 5.0%. Earnings per share (EPS) also surpassed analyst estimates by 31%. Over the next year, revenue is forecast to grow 16%, compared to a 25% growth forecast for the Software industry in Australia. Announcement • Feb 08
Nitro Software Limited to Report Fiscal Year 2020 Results on Feb 24, 2021 Nitro Software Limited announced that they will report fiscal year 2020 results on Feb 24, 2021 Is New 90 Day High Low • Oct 07
New 90-day high: AU$3.07 The company is up 88% from its price of AU$1.64 on 09 July 2020. The Australian market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 15% over the same period. Is New 90 Day High Low • Sep 18
New 90-day high: AU$2.57 The company is up 68% from its price of AU$1.53 on 19 June 2020. The Australian market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 10.0% over the same period.