Humanica Public Company (HUMAN) Q4 2023 earnings summary

Executive summary

• FY 2023 pro forma revenue rose 10% YoY to THB 1,301m; gross profit and adjusted EBT each increased 15%.

• Q4 revenue reached THB 358m, up 7% QoQ; adjusted EBT rose 10% QoQ to THB 118m.

• FY 2023 profit was THB 307.613m; net profit increased 88% YoY, supported by 24% revenue growth and net margin expansion from 16% to 24%.

• Auditor issued an unqualified opinion; key audit focus areas included DataOn purchase price allocation and goodwill impairment testing.

Financial highlights

• FY 2023 pro forma revenue increased THB 113m to THB 1,301m; gross profit rose THB 88m, or 15%, and gross margin improved from 51% to 53%.

• Adjusted EBT rose THB 49m, or 15%, to THB 390m; adjusted EBT margin expanded from 29% to 30%.

• Consolidated profit before tax was THB 358.512m versus restated THB 190.774m; income tax expense was THB 50.899m versus THB 26.788m.

• Basic and diluted EPS were THB 0.36 each; restated 2022 basic EPS was THB 0.21 and diluted EPS was THB 0.13.

• Net cash from operating activities was THB 453.506m versus THB 240.715m; year-end cash and cash equivalents were THB 613.028m.

Outlook and guidance

• 2024 priorities include expanding sales capacity in key markets, building multinational sales pipelines for MCPO and SaaS, and growing mid-market and enterprise adoption.

• Workplaze roadmap includes payroll automation, multi-company consolidation, OKR and review integrations, budgeting, employee hub, talent analytics, and mobile app upgrades.

• Consulting in change management and business-process design is extending to enterprise customers; Workplaze salary surveys and engagement analytics are planned for 2024.