iClick Interactive Asia Group Ltd (ICLK)

[martych]

Revenues up 67% is solid. Somewhat better than guidance and street but below growth rates from last year. However now the comps are much tougher so continued positive.

GM increased to 47% from Q4's 40% and PY Q1 of 45%. Best margin since Sep 09 so no signs of pricing pressures.

Spending for G&A is way up due to litigation costs which are nonrecurring. Backing that out leaves a reasonable run rate for quarter.

Tech spending is low due to capitalized costs which are new this year and projected to continue at same level for Q2.

EPS in line. Recurring at $.03 after eliminating the litigation costs or $.01 if you also back out the cap SW costs.

Balance sheet shows higher DSO's than last march despite sequential decrease in total net amount. Per CFO on call 40% collected already in Q2 or $16m

Employees were 118 at 3/11 per 10k so up a little but not significantly.

Guidance flat will be a problem for share price tomorrow. Beating revenues and guidance flat always is viewed poorly as it means rest of year is down from consensus.

On balance seems pretty good but somewhat concerned they aren't increasing guidance.