Strong Performance and Growth Highlight Nuix’s Fiscal Year 2023
Nuix Ltd, a Sydney-based tech company specialising in data analytics and intelligence software, has shared an encouraging preview of its financial performance for the year ending June 2023. The company has seen a robust end to the fiscal year, thanks to the successful finalisation of several significant contracts in June.
Annualised Contract Value (ACV): Sustainable Growth
In terms of Annualised Contract Value (ACV), which is the total value of the company’s contracts annualised, Nuix is expecting to report figures between $184 and $186 million. This represents a healthy growth of 14-15% compared to the previous fiscal year.
Statutory Revenue: Impressive Increase
The company’s Statutory Revenue, which can fluctuate due to the nature of multi-year contracts, is projected to be between $181 and $183 million. This is an impressive increase of 19-20% from the previous year, even though the company had fewer multi-year deals this year.
Currency Exchange Boosts Growth
Currency exchange rates have also played a role in the company’s growth, contributing around 3-4% to both ACV and Statutory Revenue.
Underlying EBITDA: Strong Financial Performance
Nuix’s Underlying EBITDA (earnings before interest, taxes, depreciation, and amortisation), which excludes certain non-operational costs, is expected to land between $44 and $47 million. This is a substantial increase of 51-61% from the previous year. The Statutory EBITDA, which includes all costs, is projected to be between $32 and $35 million, a remarkable increase of 164-189% from the previous year.
Focused Cost Management and Revenue Boost
The company’s focus on controlling costs and increasing revenue has led to a significant rise in both Underlying and Statutory EBITDA for FY23. Nuix has continued its strategy of using its free cash flow to fund software development costs, resulting in a positive cash flow for the second half of the year and the full year, after excluding certain non-operational costs.
Solid Financial Position
The company ended the fiscal year with a cash reserve of $29.6 million and no outstanding debt, demonstrating its strong financial health. Nuix plans to release its full year results on 18 August 2023.
Looking Ahead
In summary, the preliminary results for Nuix Ltd are very promising, showing strong growth and financial stability. As the company continues to provide solutions for complex data challenges, it seems to be on a clear path to success.
