Preliminary unaudited results for the six months ended 30 June 2017
WANdisco achieves maiden positive Adjusted EBITDA
SAN RAMON, CA--(Marketwired - September 06, 2017) - WANdisco (LSE: WAND) ("WANdisco", the "Company" or the "Group"), the world leader in Active Data Replicationâ¢ announces interim unaudited results for the six months ended 30 June 2017.
- Total bookings1
for the first half of 2017 increased 73% to $10.2 million (H1 2016: $5.9 million)
- Big Data and Cloud bookings1 rose 173% to $7.0 million (H1 2016: $2.6 million)
- Source Code Management ("SCM") bookings1 stable at $3.2 million (H1 2016: $3.3 million)
- Revenue for the period increased 71% to $9.7 million (H1 2016: $5.6 million)
- Cash overheads2 were reduced by $1.4 million to $11.5 million (H1 2016: $12.9 million)
- Adjusted EBITDA3 positive at $0.3 million (H1 2016: $4.5 million loss)
- Statutory loss from operations reduced to $3.8 million (H1 2016: $17.9 million)
- Cash at 30 June 2017 of $9.9 million (31 December 2016: $7.6 million)
- Cash burn reduced to $0.6 million in H1 2017 (H1 2016: $5.3 million)
- Debt of $3.0 million (31 December 2016: $nil)
Operational and strategic highlights
- Increasing WANdisco Fusion ("Fusion") orders across multiple verticals achieved, with significant contract wins in the period including:
- $4.1 million contract with a major financial services multinational
- First contract in retail with a $2.0 million order from a major retailer
- $0.65 million order from a US Healthcare corporation -- Fusion's first win in healthcare
- Announced a new bank facility with Silicon Valley Bank, providing both a term debt facility and a revolving credit facility
- Launched WANdisco Fusion 2.10, extending capabilities to Network File System devices which expands the Group's addressable market by more than $1 billion per annum
- Fusion has adopted Oracle's Maximum Availability Architecture, increasing potential to add significant sales momentum to the existing channel partnership
- Strong order book and second half sales pipeline underpinning medium term growth expectations
David Richards, Chief Executive Officer and Interim Chairman of WANdisco, commented:
"The first half of 2017 has been another period of significant progress for WANdisco, in which we achieved record bookings1 , continued to reduce our cash burn and more importantly delivered a positive Adjusted EBITDA3 . performance. This outstanding performance is down to the hard work and dedication of our team combined with increasing demand for Fusion in the Cloud and Big Data markets .
"The order book and sales pipeline continues to gather pace and our recent new business momentum demonstrates the broad appeal of Fusion across multiple verticals coupled with the excellent traction our products are receiving through our channel partners.
"Against this backdrop of positive momentum, the board has ongoing confidence for not only the second half of the year but also in our progress towards achieving profitability."
A webcast of WANdisco's results presentation will be available on the Company's website later this morning: https://www.wandisco.com/investors .
WANdisco will also be holding a presentation for private and retail investors at 16.00 p.m. on Thursday 7 September 2017 at The Dome Room, No 1 Cornhill, London, EC3V 3ND.
Admittance for the event is strictly limited to those who register their attendance in advance. For further information and to register attendance, please contact Vigo Communications via email on email@example.com .
|1||Bookings as defined in this press release represent the total value of all contracts received in the period including both new and renewal bookings.|
|2||Operating expenses, excluding amortisation and depreciation, exceptional items, equity-settled share-based payment and capitalised product development costs -- see note 5.|
|3||EBITDA profit/loss excluding exceptional items, equity-settled share-based payment, capitalised product development costs and acquisition-related items -- see note 5.|
WANdisco is the world leader in Active Data Replicationâ¢. Its patented WANdisco Fusion technology enables the replication of continuously changing data to the cloud and on-premises data centers with guaranteed consistency, no downtime and no business disruption. It also allows distributed development teams to collaborate as if they are all working in one location. WANdisco has an OEM with IBM as well as partnerships with Amazon Web Services, Cisco, Google Cloud, Hewlett Packard Enterprise, Microsoft Azure, and Oracle to resell its patented technology. WANdisco also works directly with Fortune 1000 companies around the world to ensure their data can give them the real insight they need.
For additional information, please visit www.wandisco.com .
For further information, please contact:
WANdisco plc Via Vigo Communications
David Richards, Chief Executive Officer and Interim Chairman
Erik Miller, Chief Financial Officer
Vigo Communications +44 (0)207 830 9700
Jeremy Garcia / Fiona Henson / Antonia Pollock
Stifel (Joint Broker and Nomad) +44 (0)207 710 7600
Fred Walsh / Neil Shah / Ben Maddison
Peel Hunt (Joint Broker) Edward Knight / Euan Brown +44 (0)207 418 8900
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