11 Jan 2023 07:00
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 RPO1 (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 Kam Bansil, Investor Relations | +44 (0)20 7039 1901 |
FTI Consulting |
+44 (0)20 3727 1137 |
Matt Dixon / Kwaku Aning / Tom Blundell |
|
Stifel (Nomad and Joint Broker) |
+44 (0)20 7710 7600 |
Fred Walsh / Richard Short |
|
Panmure Gordon (Joint Broker)
Erik Anderson / Alina Vaskina / Dougie McLeod |
+44 (0)20 7886 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.