Thu. Jun 1st, 2023

Content Assessment: Down Under? First Half 2022 Financial Results from Nuix

Information - 94%
Insight - 96%
Relevance - 95%
Objectivity - 92%
Authority - 95%



A short percentage-based assessment of the qualitative benefit of the recent 1H22 earnings report from global software provider, Nuix.

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Press Announcement (February 21, 2022)

Nuix Announces 1H22 Results

Sydney, Australia – Global software company Nuix (ASX:NXL) announces its results for the half-year ending 31 December 2021 in line with the recent trading update.

Key Highlights

  • Revenue $84.0m, down 1.5% on 1H21
  • Annualised Contract Value (ACV) $164.5m, up 1.7% on 1H21
  • EBITDA $13.8m, down 56.4% on 1H21 (pro-forma)
  • NPAT ($2.3m), down 124.5% on 1H21 (pro-forma)

Annualized Contract Value (ACV), which removes volatility associated with multi-year deals, grew by 1.7% compared to the prior corresponding period (pcp). Subscription ACV, an important metric given its recurring nature, grew by 4.9%, representing approximately 90% of Total ACV.

The trend towards consumption-based licenses continued in the half. Consumption-based ACV grew by 24.6% on pcp.

Customer churn remains low, at 4.1% for the half, highlighting the stickiness of Nuix’s diversified customer base.

Nuix accelerated its investment into Research and Development during the half. Total R&D spend for the half rose to $28.8m, representing 34% of revenue, and 29% higher than the pcp. Nuix continues to develop its integrated SaaS platform, as well as the incorporation of the Topos Natural Language Processing capabilities. FedRAMP code is now complete. An important Automation Release was also achieved during the half.

Nuix’s North American business was stronger than the pcp, driven by both stronger upsell and new business, with Corporate a particular area of strength. Two large new deals were signed in the half and three key advisories renewed on multi-year deals. Nuix’s US Government team recorded strong growth on the pcp on key renewals.

EMEA had a more challenging half, with both new business and upsell lower than the previous period. This outcome was partly driven by important contract wins in the prior period. Significant SaaS contract growth was achieved with a German multinational client as well as strong growth from service providers.

In Asia Pacific, growth was driven by strong renewals, particularly in the Government sector, driven by Regulators and Defence. Strong SaaS revenue growth is also being experienced in the region.

As part of Nuix’s commitment to reinvestment, total headcount reached 478, up 13% on pcp. In line with experience elsewhere in the industry, Nuix is experiencing an increase in employee retention and recruitment costs. A particular near-term focus remains the sales and distribution function.

This announcement has been authorized by the Nuix Board.

About Nuix

Nuix Limited is a leading provider of investigative analytics and intelligence software, with the vision of “finding truth in a digital world”. Nuix helps customers to process, normalize, index, enrich and analyze data from a multitude of different sources, solving many of their complex data challenges. The Nuix platform supports a range of use cases, including criminal investigations, financial crime, litigation support, employee and insider investigations, legal eDiscovery, data protection and privacy, and data governance and regulatory compliance. Headquartered in Sydney, Australia, Nuix licenses its software to more than 1,000 customers across 79 countries in North America, Asia Pacific, and EMEA.

For further information, please visit

Read the original release.

Complete 1H22 Results (PDF)

Nuix Announces 1H22 Results

Complete 1H22 Financial Results Investor Presentation (PDF)

1H22 Financial Results Investor Presentation - February 2022

Additional Reading

Source: ComplexDiscovery (2022)


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