→ Annual Recurrent Revenue (ARR)1 of €196.8m, up 12.3% on
end-March 2022
→ Quarterly revenue up 10.3% organically and 7.3%
overall
→ Very strong growth in revenue from the Subscription
activity over the quarter (+53.1%)
→ Acquisition of the Belgian company AdValvas specialized in
electronic invoicing
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Axway (Euronext: AXW.PA) recorded a very strong start to 2023
during the first 3 months of the year. Following the exceptional
performance achieved in Q4 2022, the company once again
outperformed expectations in terms of revenue in Q1. Over the
period, the company's activity grew strongly thanks to further
acceleration of its subscription-based offerings, which in all
their forms continue to convince numerous customers around the
world.
With a continued focus on customer engagement and satisfaction
through a streamlined product portfolio, Axway continues to build a
growing and profitable business model that offers progressively
more visibility to all its stakeholders. Thanks to highly flexible
engagement methods that support customers at their own pace and
according to their needs, Axway's installed base is now clearly
accelerating its transition to the cloud. This is reflected in a
significant increase in the value of bookings, which were up 176%
in the quarter compared to Q1 2022.
As announced April 19th, Axway finalized the acquisition of the
Belgian company AdValvas, a European expert in electronic invoicing
processes. This new acquisition strengthens Axway's position as a
leader in B2B integration by providing the company with additional
capabilities in the area of invoicing and compliance. These include
integrated support for the European PEPPOL invoicing network and
the e-commerce VAT reform in France, as well as several other B2G
(Business-to-Government) and B2B e-invoicing mandates worldwide.
Due to the relative size of this acquisition compared to Axway as a
whole, details of the transaction have not been disclosed.
Finally, Axway is pleased to announce the return of its annual
Axway Summit series of events. In Q2 2023, the company will bring
together its customers, partners and team members at 3 major
regional events in Brussels, Scottsdale and Sao Paulo to present
the latest developments in its markets and technologies with the
world's most advanced companies and experts in the field.
Patrick Donovan, Axway's Chief Executive Officer, said:
“I am extremely pleased that we have been able to continue our
momentum from Q4 2022 into Q1 2023. The Axway team continues to
meet its goals and exceed expectations, not only in terms of
bookings and revenue, but also in many of our key initiatives.
Given the comparatively weaker first 3 quarters of 2022, we had
budgeted for a strong start in 2023. This momentum is confirmed and
should continue over the first semester. When taking into account
the record set in the 4th quarter of 2022, the bar will be higher
at the end of the year. The good launch of 2023 allows us to
confidently confirm the revenue guidance made for the full year and
I currently see that we should be towards the upper end of our
margin forecast. On the M&A side, the recently announced
acquisitions of AdValvas and DXchange.io (completed last summer)
continue to expand the capabilities of our product portfolio,
further enhancing the value we bring daily to our customers.”
Comments on Q1 2023 activity
Axway Software: Consolidated revenue 1st Quarter
2023 (€m) Q1 2023 Q1 2022Restated* Q1
2022Reported TotalGrowth Organic Growth
Constant CurrencyGrowth Revenue
71.8
65.1
66.9
7.3%
10.3%
5.2%
* Revenue at 2023 scope and exchange rates
In Q1 2023, Axway's revenue was €71.8m, up 10.3% organically and
7.3% in total. Currency fluctuations had a positive impact of €1.3m
on quarterly revenue, mainly due to the appreciation of the US
Dollar against the Euro. The scope effect for the quarter was
negative by €3.1m following the different product portfolio
rationalization operations finalized in H2 2022.
Axway Software: Revenue by business line 1st
Quarter 2023 (€m) Q1 2023 Q1 2022Restated* Q1
2022Reported TotalGrowth OrganicGrowth License
2.1
3.5
3.7
-42.6%
-39.5%
Subscription
37.8
24.7
26.4
43.1%
53.1%
Maintenance
22.5
27.9
27.9
-19.5%
-19.6%
Services
9.5
9.0
9.0
6.1%
5.4%
Axway Software
71.8
65.1
66.9
7.3%
10.3%
* Revenue at 2023 scope and exchange rates
Revenue from the License activity was €2.1m for the first
3 months of 2023 (3% of total revenue), an organic decrease of
39.5% compared to the same period in the previous year. After
several years of contraction due to the rise of subscription-based
offers, license sales should gradually stabilize during the
year.
The Subscription activity once again posted very strong
growth during the quarter, with revenue of €37.8m, representing
organic growth of 53.1% compared to Q1 2022. Continuing its growth
momentum across the major product lines in Axway's portfolio, the
activity represented 53% of the company's total revenue for the
period. Revenue recognized under Axway Managed contracts continued
to grow at a steady and sustained pace, while Customer Managed
revenue was again up sharply. During the quarter, the annual value
of new subscription contracts (ACV) signed was €8.7m, up 28% on the
previous year. Upfront revenues from new or renewed Customer
Managed subscription contracts represented €16.3m for the
quarter.
In line with forecasts, Axway's Maintenance activity
generated revenue of €22.5m in the first quarter of 2023 (31% of
total revenue), down 19.6% organically. This is due, as in previous
quarters, to the continued migration of historical customers to
subscription-based offerings.
At the end of March 2023, Axway's ARR (Annual Recurring Revenue)
was €196.8m, up 12.3% on a like-for-like basis compared to the end
of March 2022. This indicator, which combines recurring revenue
from all active maintenance and subscription contracts, including,
where applicable, upfront subscription revenue recognized on a
monthly basis, provides good visibility into the predictability of
Axway's business model. During the quarter, revenue from renewable
contracts represented 84% of total revenue.
The Services activity grew organically by 5.4% in the
first 3 months of the year, with revenues of €9.5m (13% of total
revenue). After the good performance of 2022, the growth dynamic
continued over Q1 2023 thanks to continued effective management of
sales prices and assignments, particularly in Europe and the United
States, where demand has been strong.
Axway Software: Revenue by geographic area 1st
Quarter 2023 (€m) Q1 2023 Q1 2022Restated* Q1
2022Reported TotalGrowth OrganicGrowth France
24.7
17.9
18.1
36.2%
38.3%
Rest of Europe
13.5
12.6
13.2
1.7%
6.9%
Americas
30.9
29.3
30.3
1.9%
5.2%
Asia/Pacific
2.8
5.3
5.3
-46.8%
-47.4%
Axway Software
71.8
65.1
66.9
7.3%
10.3%
* Revenue at 2023 scope and exchange rates
Revenue in France amounted to €24.7m in Q1 2023,
representing 34% of total revenue. The activity increased
significantly by 38.3% organically thanks to growth of nearly 180%
in the Subscription activity, which benefited from several large
renewal deals and a good performance in the Services activity.
The Rest of Europe region achieved organic growth of 6.9%
in Q1 2023, with revenues of €13.5m, or 19% of total revenues. The
good resilience of license sales combined with growth of over 30%
in the Subscription activity over the period helped to offset the
decline in Maintenance.
The Americas (USA and Latin America) generated revenues
of €30.9m in Q1 2023 (43% of total revenue), with total growth of
1.9% and organic growth of 5.2%. This good performance reflects the
strength of the Subscription activity and in particular the
Customer Managed offers, which grew by more than 50%.
In Asia/Pacific, Axway's revenue amounted to €2.8m (4% of
total revenue) for the quarter, representing an organic decline of
47.4% compared to Q1 2022, a high comparison basis due to the
signing of several Subscription contracts that, at the time,
generated significant upfront revenue.
Financial position at March 31, 2023
At March 31, 2023, Axway had cash of €25.1m and net debt of
€62.7m.
Axway highlights that, if necessary, it has additional financing
capacity available under its existing revolving credit
facility.
2023 Targets & Outlook
For 2023, following the good performance of the first quarter,
Axway confirms its annual objectives of organic revenue growth of
between 0 and 3% and further improvement of profit on operating
activities to reach 15 to 18% of revenue.
Axway's medium-term ambitions remain:
- to achieve revenue of €500m through organic growth and
acquisitions;
- to deliver an operating margin on business activity approaching
20% of revenue.
Financial Calendar
Thursday, May 11, 2023, 2:30 p.m. (UTC+1): Annual Shareholders'
Meeting
Wednesday, July 26, 2023, after market closing: Publication of
2023 Half-Year Results
Tuesday, July 26, 2023, 6:30 pm (UTC+2): 2023 Half-Year Results
Virtual Analyst Conference
Thursday, October 26, 2023, before market opening: Publication
of Q3 2023 Revenue
Glossary and Alternative Performance Measures
ACV: Annual Contract Value – Annual
contract value of a subscription agreement.
ARR: Annual Recurring Revenue –
Expected annual billing amounts from all active maintenance and
subscription agreements.
Employee Engagement Score:
Measurement of employee engagement through an independent annual
survey.
Growth at constant exchange rates:
Growth in revenue between the period under review and the prior
period restated for exchange rate impacts.
NPS: Net Promoter Score – Customer
satisfaction and recommendation indicator for a company.
Organic growth: Growth in revenue
between the period under review and the prior period, restated for
consolidation scope and exchange rate impacts.
Profit on operating activities:
Profit from recurring operations adjusted for the non-cash
share-based payment expense, as well as the amortization of
allocated intangible assets.
Restated revenue: Revenue for the
prior year, adjusted for the consolidation scope and exchange rates
of the current year.
TCV: Total Contract Value – Full
contracted value of a subscription agreement over the contract
term.
Disclaimer
This press release contains forward-looking statements that may
be subject to various risks and uncertainties concerning Axway’s
growth and profitability, notably in the event of future
acquisitions. Axway highlights that signature of contracts, which
represent investments for customers, are more significant in the
second half of the year and may therefore have a more or less
favorable impact on full-year performance. In addition, Axway notes
that potential acquisition(s) could also impact this financial
data. Furthermore, activity during the year and/or actual results
may differ from those described in this document as a result of a
number of risks and uncertainties set out in the 2022 Universal
Registration Document filed with the French Financial Markets
Authority (Autorité des Marchés Financiers, AMF) on March 24, 2023.
The distribution of this document in certain countries may be
subject to prevailing laws and regulations. Natural persons present
in these countries and in which this document is disseminated,
published, or distributed, should obtain information about such
restrictions, and comply with them.
About Axway
Axway enables enterprises to securely open everything by
integrating and moving data across a complex world of new and old
technologies. Axway’s API-driven B2B integration and MFT software,
refined over 20 years, complements Axway Amplify, an open API
management platform that makes APIs easier to discover and reuse
across multiple teams, vendors, and cloud environments. Axway has
helped over 11,000 businesses unlock the full value of their
existing digital ecosystems to create brilliant experiences,
innovate new services, and reach new markets. Learn more at
axway.com
Appendices (1/1)
Axway Software: Impact on revenue of changes in scope and
exchange rates 1st Quarter 2023 (€m) Q1
2023 Q1 2022 Growth Revenue
71.8
66.9
7.3%
Changes in exchange rates
+1.3
Revenue at constant exchange rates
71.8
68.2
5.2%
Changes in scope
-3.1
Revenue at constant scope and exchange rates
71.8
65.1
10.3%
Axway Software: Changes in exchange rates 1st
Quarter 2023For 1€ Average rateQ1 2023 Average rateQ1
2022 Change US Dollar
1.073
1.122
+ 4.5%
1 See Glossary and Alternative Performance
Measures
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230426005899/en/
Investor Relations: Arthur Carli – +33 (0)1 47 17 24 65 –
acarli@axway.com Press Relations: Sylvie Podetti – +33 (0)1
47 17 22 40 – spodetti@axway.com
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