Cirata plc (CRTA) Q4 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

We announced the largest live data migrator contract for Serata since we began our journey to rescue the company back in March 2023. Both technically and commercially, the Serata team have risen to the challenge and delivered a product to a really valued customer. This is the largest contract in the company's history for LDM. in financial services vertical and the largest implementation through the IBM Big Replicate platform. Demonstrating that we can land seven-figure contracts is an important signal that we are approaching the end of the recovery process. It's an important day for Serata. In tandem with this announcement, we are withdrawing guidance. Our Q4 cash overhead is running at circa $5 million, which is slightly better than planned. Our cash burn for Q4 will be dependent on the final outcome for bookings and cash collections in the quarter. We therefore anticipate our cash burn in Q4 will show further improvement on Q3. There is much work to do to close out Q4 and management will update the market on the final out-term for Q4 in mid-January. We will return to the process by which we set and communicate guidance a little later in this video. I think it's important to take a moment to remind investors of the journey so far that we've undertaken to get to this point. Let's break down the challenge we were set back in FY23 and examine the scorecard of progress and challenges. We'll publish our summary chart to the investors on the investor relations landing page. But simply put, there are nine KPIs that we set ourselves internally to improve, to monitor and disclose. These highlight both the progress and the challenges for our company in line with our policy to provide the highest level of transparency for our investors. We're certainly not done yet, but we hav...