Preliminary results – non-audited financial information
R ecord Q4 22 Results, Best Quarter in Company’s History
78% Yearly Growth in ARR, 40% Organic
Showcasing Best-in-class Operational KPIs
Robust Pipeline Paving the Way for Continued Growth
LONDON–(BUSINESS WIRE)– Regulatory News:
MotorK Plc (AMS: MTRK) (“MotorK” or the “Group”) today published a trading update in respect of its financial results for the fourth quarter (“Q4 22”) and full year ended December 31, 2022 (“FY 22”).
Q4 AND FY2022 FINANCIAL HIGHLIGHTS
- Record Q4 22 results highlighting the success of the strategic initiatives launched by the Group over the year, in particular the focus on the Enterprise segment, the continued accretive migration of recently acquired companies and the commercial launch of the SparK platform
- Additional annual recurring revenues (ARR) 1 of €5.1 million recorded in Q4 22 alone, resulting into a 25% sequential growth compared to Q3 22 level
- FY 22 ARR of €26.9 million, including €9.7 million from M&A, compared to €15.1 million in the prior year (of which €2.7 million from M&A), up 40% organically, and up 78% including M&A.
- Committed ARR on December 31, 2022 of additional€5.2 million, including backlog, contractual price increase and Enterprise deals providing solid foundations for the coming year
- FY22 ARR slightly short of the €28-30 million guidance for the year, but to be put in regards with the additional committed ARR derived from Enterprise deals
- Best-in class retail organic set of operational KPIs withchurn remaining at low 4.5% across the year and overall Net Retention Revenue (“NRR”)2 of 122.4% highlighting the proven land and expand strategy pursued by the Group
- Average annual contract value (ACV) 3 reached record €17.8k, up 19% against €14.8k in the same period last year, demonstrating sustained growth in multi-product adoption within customers’ base fueled by continued new product launches
- FY22 Reported Revenues 4 of €38.5 million, up 40% on the prior year period and €40.6 million, accounting for FY22 M&A on a 12-months basis.
- Large pipeline of Retail and Enterprise opportunities providing strong growth reservoir for the coming year
UPCOMING FOURTH QUARTER AND FY 2022 EARNINGS ANNOUNCEMENT
On February 23, 2023, MotorK will announce its FY 22 financial results and hold a conference call. Details to register for the call will be made available on MotorK’s website (www.investors.motork.io) in advance, and registered participants will have access to a replay of the webcast.
1 Annual Recurring Revenues (“ARR”) is defined as the yearly subscription value of the customer base at the end of the reporting period
2 Net Retention Revenues (“NRR”) is defined as the percentage of Recurring Revenues retained from existing customers
3 Core Retail base, excluding recently acquired companies (Dapda, FranceProNet and Fidcar) currently under migration
4 Under IFRS 15, revenue from the applicable subscription agreement is recognized for the entire value of the contract, regardless of its duration, at the time of its delivery; conversely, ARR shows revenue as if it were received on a straight line basis over the life of the contract
