Excellent start to 2023 Full year
outlook confirmed
SUSTAINED GROWTH
- Gross Sales up 28% to €1,180 m
- IFRS Revenue up 25% to €893 m
- Run-rate Gross Sales >€1bn for the fourth consecutive
quarter, reflecting consistency and scale
- Double-digit Gross Sales growth in all regions
- 2023 outlook confirmed
RETENTION RATES UNDERLINE DEMAND FOR OUR OFFERING
- Net vendor retention rate1 126%
- Net customer retention rate1 123%
Regulatory News:
Exclusive Networks (Euronext Paris: EXN), a
leading global cybersecurity specialist, today announces its Gross
Sales and IFRS Revenue for the first quarter of 2023. Management
will hold a conference call at 9:00 am (CET) today, available via
webcast (https://ir.exclusive-networks.com/). A replay will be
available on our website. All figures relate to this period unless
otherwise stated.1
Jesper Trolle, Chief Executive Officer, said:
“I am pleased to announce Exclusive Networks continued its
strong momentum from 2022 in the first quarter of 2023. We grew
faster than the cybersecurity market once again, with growth in all
regions. This is an impressive result in a challenging macro
environment which has impacted global IT budgets. Our strong
performance reflects demand for our differentiated offering.
Our track record is built on a proven model and clear mission to
create a safer digital world. Exclusive Networks helps hundreds of
thousands of organisations around the world access the most
innovative security technology through our global platform,
commercial expertise and technical know-how.
Exclusive Networks’ scale and ability to grow our addressable
market – driven by a portfolio of best-in-class vendors – supports
our confidence in meeting our 2023 financial guidance.”
GROSS SALES AT GROUP AND REGIONAL LEVELS – HIGHLIGHTS
Q1 2023 Gross Sales
in € million
Q1 2022
Q1 2023
Variation
Reported
Constant
Currency*
EMEA
730
925
27%
29%
AMERICAS
93
140
50%
45%
APAC
97
115
19%
17%
GROUP
920
1,180
28%
29%
* Variation at constant currency is computed using the first
quarter of 2022 rates applied to the first quarter of 2023 Gross
Sales. The USD, GBP and PLN evolved as follows; 1EUR: 1.073 USD;
1EUR: 0.8832 GBP, 1EUR: 4.709PLN respectively for Q1 2023 and 1EUR:
1.123 USD, 1EUR: 0.8364 GBP, 1EUR: 4.618 PLN respectively for Q1
2022.
Q1 2023 IFRS Revenue
in € million
Q1 2022
Q1 2023
Variation
Reported
Constant
Currency*
EMEA
567
698
23%
26%
AMERICAS
70
106
52%
47%
APAC
76
90
18%
17%
GROUP
712
893
25%
27%
* Variation at constant currency is computed using the first
quarter of 2022 rates applied to the first quarter of 2023
revenue.
Gross Sales were €1,180 million, an increase of 28% year
over year on a reported basis (up 29% at constant currency). The
majority of this growth (24%) was driven by existing vendor
relationships in geographies where we already operate. The balance
of our growth came from vendor expansion, partly through the
expansion of existing vendors into new geographies (2%) and partly
from new vendors relationships (2%).
IFRS Revenue takes into account the recognition of the
sales of support and maintenance on a Net Margin basis as per IFRS
as Exclusive Networks is not the primary obligor for these
solutions. IFRS Revenue reached €893 million, up 25% on a reported
basis, in line with Gross Sales evolution.
Vendor and Customer retention rates1 continued to improve
year on year, driven by continued demand for cybersecurity
solutions. Net vendor retention rate1 were up 126% (+119% in
Q1 2022) and net customer retention rate1 were up 123%
(+116% in Q1 2022).
EMEA (78% of Q1 2023 Gross Sales): Gross Sales were €925
million, up 27%. EMEA benefited from the strong performance and
continued momentum in 2022, and a healthy backlog.
AMERICAS (12% of Q1 2023 Gross Sales): Gross Sales were
€140 million, up 50%, fueled by large deals and reflecting the
upbeat performance of strategic vendors combined with the
development of new vendors.
APAC (10% of Q1 2023 Gross Sales): Gross Sales were €115
million, up 19%, driven by backlog release and reflecting a low
prior year comparator as Q1 2022 was impacted by product shortages
and restrictive lockdowns.
OUTLOOK
Despite the visible slowdown and persistent uncertainty with the
macro-environment, we remain confident in meeting our full year
guidance :
- Gross Sales above €5,150 million
- Net Margin in the range of €450 million to €465 million
- Adj. EBIT in the range of €172 million to €178 million
- Adj. Operating FCF above 80% of Adj. EBITDA
SIGNIFICANT EVENTS SINCE 31 March 2023
2022 Universal Registration Document The 2022 Universal
Registration Document was filed with the French Financial Markets
Authority (Autorité des Marchés Financiers – AMF) on April 24,
2023, under the number R23-014.
Changes in the composition of the Board of Directors On
April 18, 2023, Exclusive Networks announced that Nathalie Lomon,
Senior Executive VP, Chief Financial Officer of Groupe SEB, was
co-opted as a new member of the Board of Directors on 17 April
2023, replacing Nathalie Bühnemann as stated in the press release
dated 18 January 2023. Nathalie Lomon is also appointed as
Chairwoman of the Audit Committee.
The ratification of Nathalie Lomon's co-optation will be
proposed to the shareholders at the next General Meeting of
Shareholders on 8 June 2023.
The Board of Directors has also decided to propose to the
shareholders at the next General Meeting on 8 June 2023, the
appointment of Paul-Philippe Bernier as a new member of the Board
of Directors.
CONFERENCE CALL Jesper Trolle, Chief Executive Officer,
and Nathalie Bühnemann, Chief Financial Officer, will present the
First quarter 2023 earnings call during a conference call in
English today (May 4, 2023) at 9:00 am (CET).
You can follow the conference call live via webcast at the
following link: https://ir.exclusive-networks.com/.
A replay will also be available for a period of one year.
All documents relating to this publication will be placed online
on the Exclusive Networks Investor Relations website at
https://ir.exclusive-networks.com/.
Regulated information related to this press release and
presentation is available at
https://ir.exclusive-networks.com/.
PROVISIONAL CALENDAR
- Annual General Meeting: June 8, 2023
- H1 2023 Financial Results: August 3, 2023
About Exclusive Networks
Exclusive Networks (EXN) is a global cybersecurity specialist
that provides partners and end-customers with a wide range of
services and product portfolios via proven routes to market. With
offices in over 45 countries and the ability to serve customers in
over 170 countries, we combine a local perspective with the scale
and delivery of a single global organisation.
Our best-in-class vendor portfolio is carefully curated with all
leading industry players. Our services range from managed security
to specialist technical accreditation and training and capitalize
on rapidly evolving technologies and changing business models. For
more information visit www.exclusive-networks.com.
DISCLAIMER
This press release may contain forward-looking statements. Such
statements may include projections, estimates, assumptions,
statements regarding plans, objectives, intentions and/or
expectations with respect to future financial results, events,
operations and services and product development, as well as
statements, regarding future performance or events. Forward-looking
statements are generally identified by the words “expects”,
“anticipates”, “believes”, “intends”, “estimates”, “plans”,
“projects”, “may”, “would” “should” or the negatives of these terms
and similar expressions. Although Exclusive Network’s management
currently believes that the expectations reflected in such
forward-looking statements are reasonable, investors are cautioned
that forward-looking statements are subject to various risks and
uncertainties (including, without limitation, risks identified in
Exclusive Networks’ Registration Document available on Exclusive
Networks’ website), because they relate to future events and depend
on future circumstances that may or may not occur and may be
different from those anticipated, many of which are difficult to
predict and generally beyond the control of Exclusive Networks.
Actual results and developments may differ materially from those
expressed in, implied by or projected by forward-looking
statements. Forward-looking statements are not intended to and do
not give any assurances or comfort as to future events or results.
Other than as required by applicable law, Exclusive Networks does
not undertake any obligation to update or revise any
forward-looking statement.
This press release does not contain or constitute an offer of
securities for sale or an invitation or inducement to invest in
securities in France, the United States or any other
jurisdiction.
________________________ 1 Defined as Gross Sales generated in
year N from vendors/customers active in year N-1 divided by Gross
Sales from the same vendors/customers in year N-1
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230503005837/en/
EXCLUSIVE NETWORKS Investors
& Analysts Hacene Boumendjel Head of Investor
Relations ir@exclusive-networks.com
Media FTI Consulting
Emily Oliver / Tom Blundell +33 (0)1 47 03 68 19
exclusivenetworks@fticonsulting.com
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