WANdisco plc Announces Strong Q3 2022 and Nine Months YTD Results

• Record quarterly bookings of $34m and YTD bookings of $61.2m
• Accelerating commercial momentum, supported by multiple, multi-million-dollar contract wins
• Robust pipeline underpins confidence in continued progress in Q4
• FY 2022 bookings now expected to be meaningfully ahead of current consensus expectations

SAN RAMON, Calif., Oct. 13, 2022 /PRNewswire/ -- WANdisco (LSE: WAND), the data activation platform, is pleased to announce a trading update for the quarter and nine months ended 30 September 2022.

Trading Update

Bookings in Q3 2022 grew significantly year-on-year to US$34m from US$1.4m in Q3 2021. For the nine months ended 30 September 2022 bookings grew year-on-year to $61.2m from $3.5m in the comparable period in 2021.

Ending RPO¹ ("Remaining Performance Obligations") is expected to be approximately $62.8m as of 30 September 2022 up substantially from $3.1m at the end of Q3 2021.

The Company ended the period with a strong balance sheet;  WANdisco's quarter-end cash position was approximately $26.3m, with a further $10.3m in trade receivables. 

Commercial Momentum

During the period the Company closed a $25m agreement with a top ten global communications customer, representing the fourth contract signed with that customer since Jan 1, 2022. This follow-on deal comes as this customer experiences a continued proliferation of smart meter data alongside new Internet of Things ("IoT") data in the automotive sector, both of which benefit greatly from WANdisco's data activation platform that can seamlessly migrate petabyte-scale data sets in real time. The cumulative contracts from this customer now total $39.3m during 2022.  

Also during the period, the Company announced that it has signed a follow-on agreement worth $7.1m with a large European automotive components supplier. This follows an initial commit-to-consume contract signed with the same customer, valued at a minimum of $5m as announced on 4 July 2022.  This follow-on contract comes as the initial data to be transferred now exceeds the volume of data agreed in the original contract.

Both of these commercial relationships demonstrate WANdisco's opportunity and ability to land and expand deals using the commit-to-consume model. As these customers generate more data, WANdisco continues to expect the volume of data to be transferred by these customers to increase, which offers both visibility into bookings and predictable revenue growth over time.

David Richards, CEO and Chairman of WANdisco, commented:

"The contracts signed during the period provide further evidence that we have the right product, at the right time. Our commit-to-consume revenue model is resonating with customers, as it allows them to more directly evaluate and appreciate the value that our technology enables. A number of the customers we have won during 2022 and those in our pipeline have scope for significant expansions as additional services around the data collected are enabled and rolled out.   

We remain confident in demonstrating further progress over the remainder of the year both in terms of consumption and further client wins. As we review our progress throughout the first nine months of 2022, we could not be more excited about how our customers are responding to our data activation capabilities and as a result we have increased our expectations for the year². " 

Footnotes
¹ Ending RPO is defined as Beginning RPO plus Bookings minus Recognised Revenue.
² Current consensus expectations for bookings is U$60m

Note: This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation (No 596/2014).  The person responsible for this announcement is Erik Miller, CFO.

About WANdisco

WANdisco is the first and only data activation platform for accelerating digital transformation at scale. WANdisco makes infinite data actionable across clouds and enterprises in real time. WANdisco customers unleash the business value of the cloud with zero downtime, data loss, or disruption to fuel AI and machine learning, create new services, and transform businesses. For more information about WANdisco, visit www.wandisco.com.

SOURCE WANdisco