September was a great month for ASX 200 tech shares, with software management system provider Siteminder Ltd (ASX: SDR) outdoing its peers by a long way.
The Siteminder share price soared by 28.98% over the month, while the S&P/ASX 200 Information Technology Index (ASX: XIJ) lifted 7.36%.
SiteMinder shares closed at $6.38 on Tuesday, up 0.95% for the day and up 23.9% in the year to date.
Image source: Getty Images
What happened with this ASX 200 tech share in September?
SiteMinder owns an all-in-one hotel management software platform.
As the chart below shows, the ASX 200 tech share began rising steadily from about 9 September.
That was when SiteMinder lodged revised cash flow reports for 1Q FY24 and 2Q FY24 following its FY24 audit.
The revised numbers were better than the unaudited numbers, which appeared to please investors.
SiteMinder said the revised numbers related to cash outflows from the establishment of a credit facility with HSBC Ventures USA Inc to replace a credit facility with Silicon Valley Bank.
These cash outflows totalled $461,000 in 1Q FY24 and $303,000 in 2Q FY24.
The company said the numbers were reclassified from 'cash flows from operating activities' to 'cash flows from financing activities' to better reflect their nature, in line with AASB standards.
SiteMinder said the change had resulted in negative cash flow from operating activities in 1Q turning positive.
In a statement, the company said:
As a result of the revision, reported cash flows from operating activities for Q1FY24 has increased from ($191)k to become positive $270k, and for Q2FY24 has increased from $936k to $1,239k.
SiteMinder issued just one other piece of price-sensitive news last month. It advised investors that the ASX had decided to lift the requirement for it to lodge Appendix 4C quarterly reports.
The company said its next periodic report would be its half-year earnings, which it would release before 28 February.
SiteMinder will hold its annual general meeting on 28 October and has issued a letter to shareholders.
What about other tech stocks?
Investors were very positive about ASX 200 tech shares last month.
Their spirits were likely buoyed by the first interest rate cut in the United States since early 2020.
And it was larger than expected, too, at 50 basis points.
Tech stocks typically use debt to help them grow and develop, so a cut to interest rates is beneficial.
Other top-performing ASX 200 tech shares in September included:
