WANdisco Plc FY22 Trading Update (3052M)
January 11 2023 - 2:00AM
UK Regulatory
TIDMWAND
RNS Number : 3052M
WANdisco Plc
11 January 2023
11 January 2023
WANdisco plc
("WANdisco" or the "Company")
FY22 Trading Update
-- Record bookings of $127m
-- Preliminary unaudited revenues of at least $24m
-- Strong Balance Sheet with $19m in net cash, $44m in Accounts Receivable
-- Accelerating commercial momentum with multiple multi-million-dollar contract wins
-- Robust pipeline and RPO balance underpins confidence in a strong 2023
WANdisco (WAND.L), the data activation platform, announces a
trading update for the 12 months ended 31 December 2022
("FY22").
Trading Update
Trading in Q4 2022 finished strongly following significant
contract momentum with both new and existing customers. As a
result, the Company's preliminary unaudited revenues are expected
to be no less than $24m, growth of 229% year on year (FY21:
$7.3m).
Bookings in FY22 grew 967% to $127m (FY21: $11.9m). This record
level was driven by significant progress in the Internet-of-Things
('IoT') industry vertical with a majority of contract wins under
the Group's commit-to-consume revenue model. A number of the
one-off migration contracts won during 2022 have the potential to
expand into commit-to-consume contracts during 2023.
Ending RPO(1) (Remaining Performance Obligations) is expected to
be approximately $110m as at 31 December 2022; up significantly
from $9.4m at the same point last year.
Outlook and Balance Sheet
The Company ended the period with a strong balance sheet, with
cash of approximately $19m and $44m in trade receivables as at 31
December 2022. Taken together with an RPO of $110m this should see
the Company through to profitability.
The Group expects significant further progress on converting its
pipeline of prospects, which continues to stand at a record level
both in terms of the number of opportunities and the combined value
of those opportunities. As the Group progressed through 2022, the
breadth and depth of the pipeline continued to strengthen. This
combined with the expectation of a significant ramp-up of
consumption under the agreements signed in 2022 places the Group in
a strong position as we enter 2023.
David Richards, CEO and Chairman of WANdisco, commented :
"2022 marked a watershed year in which demand for our solutions
translated into significant contracts; investment in the
development of our unique solutions to move data at scale yielded
strong customer demand. Our solutions are an ideal fit for moving
IoT data from the network edge to the cloud.
We believe WANdisco is the sole solution that can enable our
customers to efficiently move data at significant scale to the
cloud. Our customers are using our solutions to create new revenue
streams in delivering analytics to their end customers, such as
automotive manufacturers, energy companies, and insurance
providers. We have only begun to address the plethora of use cases
for analytic data that is enabled by our solutions.
With our commit-to-consume revenue model, we are making it
easier to bring new customers on board as well as enabling existing
customers to plug in new opportunities to harness our technology
inside their businesses.
As we enter 2023, we expect continued progress on converting our
record pipeline combined with a significant ramp-up of consumption
under the contracts signed in 2022, ultimately translating to
recognised revenue. We remain confident in our ability to deliver
both these objectives and look forward to updating on further
progress as 2023 unfolds."
Footnotes
1) Ending RPO is defined as Beginning RPO plus Bookings minus Recognised Revenue.
For further information, please contact:
WANdisco plc via FTI Consulting
David Richards, Chief Executive
Officer and Chairman
Erik Miller, Chief Financial Officer +44 (0)20 7039
Kam Bansil, Investor Relations 1901
+44 (0)20 3727
FTI Consulting 1137
Matt Dixon / Kwaku Aning / Tom
Blundell
+44 (0)20 7710
Stifel (Nomad and Joint Broker) 7600
Fred Walsh / Richard Short
Panmure Gordon (Joint Broker)
Erik Anderson / Alina Vaskina +44 (0)20 7886
/ Dougie McLeod 2500
Note: This announcement contains inside information which is
disclosed in accordance with the Market Abuse Regulation (No
596/2014). The person responsible for this announcement is Erik
Miller, CFO.
About WANdisco
WANdisco is the first and only data activation platform for
accelerating digital transformation at scale. WANdisco makes
infinite data actionable across clouds and enterprises in real
time. WANdisco customers unleash the business value of the cloud
with zero downtime, data loss, or disruption to fuel AI and machine
learning, create new services, and transform businesses. For more
information about WANdisco, visit www.wandisco.com.
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