From Sticky Customer Base to Sticky Claim? The Nuix Annual Report and a Class Action Claim

Nuix, a leading provider of investigative analytics and intelligence software, with the vision of “finding truth in a digital world”, highlights its 2021 Annual Report in an October 29, 2021 announcement and shares a notification of a class action claim against the company on November 22, 2021.

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Content Assessment: From Sticky Customer Base to Sticky Claim? Nuix Annual Report and Class Action Claim

Information - 90%
Insight - 91%
Relevance - 93%
Objectivity - 89%
Authority - 92%

91%

Excellent

A short percentage-based assessment of the qualitative benefit of recent Nuix media releases of its annual report and a class action claim against the company.

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Investor Announcement (29 October 2021)

Nuix 2021 Annual Report

Report Extract

Our financial results for FY21 highlighted the recurring nature of our revenue and sticky customer base. Statutory revenue came in at $176.1 million, up 0.1% on the previous year and up 7.4% on a constant currency basis. Annualized contract value (ACV) at 30 June 2021 was $165.6 million, down 1.7% on the same time last year and up 4.1% on a constant currency basis. Pro forma EBITDA for the full year was $67.0 million, up 20.9% on FY20 and 31.9% on a constant currency basis, driven by continued cost savings.

At the statutory revenue and ACV levels, we did not meet our prospectus forecasts. The primary reasons for the miss were foreign exchange impacts, a weaker than expected result from our US Government business, and the short-term impacts of customer transitions to consumption licenses. EBITDA exceeded prospectus forecasts.

Nuix’s customer base remains strong, highlighted by a very low churn figure of 3.7%, endorsing the competitive advantage of our technology. Subscription ACV, which is an important indicator of recurring revenue for the Group rose to 89% from 84% a year ago.

The shift to consumption licenses is an important trend affecting our market. Consumption ACV grew to $20.2 million over the course of the year, up 12%, and up 22% in constant currency. Consumption licenses include SaaS licenses as a sub-component. The growth in consumption licenses is customer-led and we continue to respond to this market demand. The shift in customers from module-based licenses to consumption-based licenses is a key reason our overall upsell figures were muted over the course of the year. As customers transition to consumption-based licenses, we typically see an initial downsell to the minimum contracted amount, with data volumes increasing over time. From Nuix’s perspective, there are important benefits in linking our revenue more closely to increasing data growth in the market over the medium to long term.

Nuix finished the year in a strong financial position, with almost $71 million in net cash, giving the organization flexibility to pursue growth opportunities.

Read the original release.


Complete Report: Nuix Annual Report 2021 – Because Truth in Data Matters (PDF) – Mouseover to Scroll

Nuix Update - Annual Report 2021

Investor Announcement (22 November 2021)

Notification of Class Action Claim

Release Extract

Nuix Limited confirms that it has received a class action claim filed against it in the Supreme Court of Victoria. The claim has been commenced by Shine Lawyers on behalf of Mr. William Lay and persons who acquired interests in Nuix shares in the period between 18 November 2020 and 30 May 2021. In essence, the claim alleges that Nuix contravened provisions of the Corporations Act 2001 (Cth), the Australian Securities and Investments Commission Act 2001 (Cth), and the Australian Consumer Law in connection with its disclosure concerning forecast FY21 revenue. The claim does not identify the amount of any damages sought. Nuix disputes the allegations and will be defending the claim.

Read the original release.

Complete Announcement: Nuix Notification of Class Action Claim (PDF) – Mouseover to Scroll

Nuix Update - Class Action Law Suite -02455307

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 investors.nuix.com.

Additional Reading

Source: ComplexDiscovery

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