Nuix Expects Strong FY23 Results with Increased Revenue and EBITDA Growth
Sydney, Australia - Nuix (ASX: NXL), a leading software company, has provided an update on its expected results for the full year ended June 30, 2023. Based on unaudited financial results, Nuix anticipates positive outcomes across various financial metrics, showcasing its continued growth in the market. The preliminary results indicate significant increases in revenue and EBITDA. The company will release its full-year results on August 18, 2023.
FY23 Expected Range
Nuix expects the following ranges for the financial year ending on June 30, 2023:
Annualised Contract Value (ACV): $184 - $186 million (14-15% increase from FY22)
Statutory Revenue: $181 - $183 million (19-20% increase from FY22)
Underlying EBITDA: $44 - $47 million (51-61% increase from FY22)
Statutory EBITDA: $32 - $35 million (164-189% increase from FY22)
Strong Finish to FY23
Nuix experienced a robust finish to the financial year, with the execution of several key contracts in June. The expected increase in Annualised Contract Value (ACV) for June 2023 shows solid growth compared to the prior corresponding period in June 2022. The range for Statutory Revenue also demonstrates a substantial increase compared to the previous year, despite the impact of multi-year deals falling on the prior year.
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Foreign exchange movements have contributed to the growth in both ACV and Statutory Revenue.
Increased EBITDA Growth
With stronger revenue performance and a focus on cost containment, Nuix expects a significant increase in both Underlying and Statutory EBITDA for FY23. The company forecasts that Underlying EBITDA will increase by over 50% compared to the prior corresponding period. Similarly, the Statutory EBITDA is projected to be more than 160% higher than the previous year.
Positive Cash Flow and Financial Position
Throughout the year, Nuix has continued its strategy of funding software development costs from free cash flow. The company achieved positive underlying cash flow in the second half and over the entire fiscal year, excluding non-operational legal costs and acquisition and operating costs related to the Topos acquisition. This positive cash flow aligns with Nuix's aim of being cash flow neutral for the year. Additionally, Nuix closed the financial year with a healthy cash position of $29. 6 million and no debt.
Nuix's preliminary results reflect its successful positioning in the market, with strong revenue growth and increased EBITDA. The company's commitment to cost containment and cash flow management has further solidified its financial position. Nuix will release its full-year results on August 18, 2023, providing a comprehensive overview of its performance and achievements in FY23.
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