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“We entered Q1 2023 with a leaner, more focused organization. Pexip’s top
priority has been on focusing on our target markets and increasing our
technology differentiators in those. This makes us a relevant partner to several
large technology players in our space, and our new strategic partnership with
Poly is a testament to that.” said Trond K. Johannessen, Pexip CEO.
Q1 development continues to provide momentum to reach the financial targets set
for 2023. Within Secure Spaces there was a USD 0.6 million growth in Q1 and
significant renewals in the quarter have gone well. The FedRAMP authorization
further strengthens Pexip’s existing security accreditation and authorization
posture, and provides confidence in the targeted growth within secure,
customized solutions. Within interoperability and infrastructure solutions, the
strategic partnerships with both Microsoft and Poly show that Pexip’s focused
approach in key markets make Pexip an attractive partner in the industry. The
new organization and improved cost base provide further support in the Company
targets and Pexip reiterates the 2023 targets of cash flow positive operations
and an EBITDA of NOK 100- 150 million for the whole year.
Q1 2023 - Key figures
Pexip’s subscription base measured in Annual Recurring Revenue (ARR) amounted to
USD 98.3 million in Q1 2023, representing a year-on-year decline of 7% from USD
105.6 million in Q1 2022. The development in year-on-year ARR continue to be
affected by the large US Government customer not renewing the contract as the
program lost its funding, as well as decline in legacy areas.
Key highlights for the quarter include:
· Q1 2023 revenue of 260.6 million, up 17% y-o-y. Pexip’s subscription base
measured in ARR was USD 98.3 million in Q1 2023. EBITDA was NOK 35.1 million, up
87 million since Q1 2022.
· Cash flow of NOK 46.6 million, with a cash position of NOK 465.9 million.
· Continued solid momentum within secure, customized solutions with Secure
Spaces ARR growing USD 0.6 million in Q1, including securing a number of large
renewals.
· Pexip has entered into a strategic partnership with Poly to provide Poly’s
new video infrastructure solutions.
· Announced major innovation in Microsoft Teams interoperability, SIP Guest
Join, allowing Pexip-powered SIP endpoints to join any Teams meeting with a
Teams-like experience.
· The Pexip Government Cloud has achieved FedRAMP® Authorization. The FedRAMP
approval strengthens Pexip’s existing security accreditation and authorization
posture.
Analyst consensus estimates
Every quarter ahead of the earnings announcement, Pexip collects earnings
estimates from the equity analysts currently covering the Company. The consensus
estimates and the methodology used in preparation of the consensus estimates are
published on the Company’s IR webpages here:
Investor - Consensus.
Q1 results presentation
The first quarter results for 2023 will be presented by video webcast today,
Thursday, May 4, at 08:00 CEST. The presentation will be held by Trond K.
Johannessen (CEO), Øystein Hem (CFO) and Åsmund Fodstad (Chief Revenue Officer)
The presentation will be held in English and conducted as a webcast. Questions
can be submitted to IR@pexip.com in advance of the presentation or live during
the presentation.
Please join the webcast via the following link: https://www.pexip.com/events/q1
-2023-results-presentation
A recorded version of the presentation will also be available after the webcast
is concluded.
For questions, please contact:
Christine H. Arnesen, Investor Relations
IR@pexip.com, +47 992 64 319
About Pexip | pexip.com
We are a video technology company. Our solution powers everything from business
meetings to ultra-secure government meetings, from personalized banking to
doctor’s appointments to court proceedings. Video creates trusted connections,
builds brands, and brings transformational ideas to life. Organizations today
use Pexip to protect meetings and personalize and elevate the video experience
everywhere - no matter the technology. Pexip (PEXIP) is listed on the Oslo Stock
Exchange. Visit us at www.pexip.com or
on LinkedIn (https://www.linkedin.com/company/pexip/)
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5 -12 of the Norwegian Securities Trading Act.
This stock exchange announcement was published by Christine Arnesen, Investor
Relations, Pexip Holding ASA, on 4 May 2023 at 07:00 CEST.
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