Full Year 2024 Appen Ltd Earnings Call Transcript

Feb 25, 2025 / 12:00 AM GMT

Transcript

Key Points

Positve

Appen Ltd (APPEF) achieved a 16% year-on-year revenue growth excluding the impact of Google.
China's market showed a remarkable 71% year-on-year growth, driven by major LLM model builders and leading technology companies.
The company returned to profitability with an underlying EBITDA of $3.5 million in FY24, up from a loss of $23.9 million in FY23.
Appen Ltd (APPEF) reduced operating expenses by 26% compared to FY23, demonstrating effective cost management.
The AI data annotation platform, ADAP, is gaining traction among large technology companies, particularly for LLM-related projects.

Negative

Total revenue decreased by 14% to $234.3 million due to the termination of the Google contract.
Global services revenue decreased by 38% to $118.1 million, impacted by the Google contract termination.
The gross margins in China are generally lower than other divisions, despite the impressive revenue growth.
Uncertainty persists around enterprise investments in generative AI, affecting revenue visibility.
The LLM market is evolving rapidly, leading to month-on-month revenue variability and inconsistent project volumes.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

APX.AX - Appen Ltd
Full Year 2024 Appen Ltd Earnings Call
Feb 26, 2025 / 12:00AM GMT

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Presentation
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Unidentified_1 [1]
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Thank you very much, operator, and good morning, everyone. Welcome to Athens's FY24 results presentation. Today, I'm joined by our CFO, Justin Miles. There are 4 sections to the presentation as per the agenda on page 3.

1st, I'll share some highlights from our FY24 performance. Second, Justin will provide greater detail into the financial performance for the year. Third, I'll share an update on the market and our strategy, and finally, we'll provide a 2025 outlook statement.

Moving to page 5 in the presentation where I will share highlights from FY24. There are 6 of these. First is that group revenue grew 16% year on year if we exclude the impact of Google.

Second is that China grew a very impressive 71% year on year.

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