16 Nov 2022
/ Key word(s): 9 Month figures/Quarter Results
Exasol confirms preliminary quarterly figures, ARR increases by 23% to EUR 33.9 million, profitability significantly improved
- ARR increases by +23.3% to EUR 33.9 million as of September 30, 2022 (previous year: EUR 27.5 million)
Nuremberg, November 16, 2022: Exasol AG, a global technology company and provider of a high-performance analytics database, has published its quarterly figures for the third quarter of 2022, confirming the preliminary figures from the beginning of November 2022. According to these figures, annualized recurring revenue (ARR) increased by 23.3% to EUR 33.9 million (Sept. 30, 2021: EUR 27.5 million). The strongest driver here was the expansion of revenues with existing customers, of which around 60 increased their contract volumes. In addition, 18 new customers have been acquired since the beginning of the year (same period last year: 15). Around half of these came from the key industries of financial services, healthcare and transportation. The total number of customers at the end of September 2022 was therefore 223. The customer retention rate increased by 1 percentage point year-on-year to 95%.
Group revenue increased by 27.8% to EUR 24.8 million in the January-September 2022 period (9M 2021: EUR 19.4 million). Together with a further improved cost structure, the operating result (EBITDA) adjusted for one-off payments to employees for claims arising from the IPO 2020 increased to EUR -8.7 million, compared to EUR -23.0 million in the same period of the previous year. This corresponds to an improvement of 62.2% and exceeds original expectations.
"Despite the numerous current negative factors from high inflation, increased energy prices and the war in Ukraine, we have continued our growth course, even though we have recently had to reduce our ARR expectations for the full year. In particular, our business with existing customers is proving to be very robust," explains Jan-Dirk Henrich, CFO and Speaker of the Executive Board of Exasol. "At the same time, our profitability and liquidity have improved faster than originally expected, which is why we recently raised our outlook in this regard for the full year. We are thus making rapid progress on our path to becoming profitable in the second half of 2023 and can finance our growth from our own resources as planned."
For the third quarter, the successes from the reorganization carried out last year in conjunction with further sales growth are also clearly visible: with sales up 38.1% to EUR 8.7 million (Q3 2021: EUR 6.3 million), adj. EBITDA improved by as much as 69.0% to EUR -2.7 million (Q3 2021: EUR -8.7 million).
The increase in profitability visible in the operating result is also reflected in the development of cash and cash equivalents, which declined by only -10.3 million euros in the current year (9M 2021: EUR -36.1 million). This includes one-off payments for claims arising from the 2020 IPO to employees amounting to EUR 2.7 million for the full year 2022. Accordingly, cash and cash equivalents as of September 30, 2022 were EUR 16.9 million (Dec. 31, 2021: EUR 27.2 million), slightly better than originally expected.
Outlook for 2022
For fiscal 2022, management updated its full-year expectations at the beginning of November: According to this, annual recurring revenues (ARR) are expected to increase to between EUR 35.5 million and EUR 37.0 million. At the same time, the adjusted operating result (adj. EBITDA) is expected to improve to EUR -13 million to EUR -14 million (adj. EBITDA 2021: EUR -31.6 million). With cash and cash equivalents at the end of 2022 in the range of EUR 11 million to EUR 13 million, the management continues to see sufficient financial scope to achieve the medium-term growth targets.
* EBITDA is adjusted for expenses from stock appreciation rights granted to the Executive Board and employees prior to the IPO in 2020.
16.11.2022 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
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1488795 16.11.2022 CET/CEST