WANdisco plc: Preliminary unaudited results for the year ended 31 December 2016

WANdisco (“WANdisco”, the “Company” or the “Group”) (LSE:WAND), the world leader in Active Data Replication™ announces preliminary unaudited results for the year ended 31 December 2016.

Financial highlights

• Total bookings for the year increased 72% to $15.5m (2015: $9.0m)
  • Big Data and Cloud bookings rose 184% to $7.1m (2015: $2.5m)
  • ALM bookings rose 29% to $8.4m (2015: $6.5m)
• Revenue for the year rose 4% to $11.4m (2015: $11.0m)
• Cash overheads1 were reduced by $11.2m to $23.4m (2015: $34.6m)
• Adjusted EBITDA2 loss was more than halved to $7.5m (2015: $16.0m loss)
• Cash at year-end of $7.6m (31 December 2015: $2.6m)
• Cash burn reduced to $0.2m in Q4 2016 (Q4 2015: $6.9m)
• Debt-free as at 31 December 2016

Operational and strategic highlights

• Added 15 new Big Data and Cloud Fusion customers for our patented WANdisco Fusion (‘Fusion’) technology
• Significant progress achieved in developing our channel partner network
  • Strategic partnership agreements now in place with IBM, Amazon and Oracle, and seeing good contract momentum as a result of these channel partners
  • Secured landmark IBM OEM agreement for WANdisco Fusion
• WANdisco Fusion is now ideally positioned to leverage the rapid growth in the Big Data and Cloud markets
• Major contract wins include:
  • $1m order for Fusion to be deployed as part of Dubai’s Smart City Project through partnership with Hewlett Packard Enterprise
  • $1.5m order for Fusion from a major US Bank in association with Oracle
  • $1m order for Fusion from a major multinational automobile manufacturer in association with IBM
• Renewed sales focus generating positive margin contribution from ALM product set (ALM now referred to as Source Code Management)
• Filed 8 new patents (both US and foreign) and had 6 US patents issued in 2016
• Strong order book and sales pipeline going into 2017

    
      
        
        
        
           
        
        
           
        
        
        
      
      
        
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          Operating expenses, excluding amortisation and depreciation, 
          exceptional items, equity-settled share-based payment and 
          capitalised product development costs – see note 5
        
      
      
        
          2
        
        
        
        
        
        
          EBITDA loss excluding exceptional items, equity-settled 
          share-based payment, capitalised product development costs and 
          acquisition-related items – see note 5
        
      
      
        
        
        
        
        
        
        
           
        
      
    
    

David Richards, Chief Executive Officer and Interim Chairman of WANdisco, commented:

“Over the past year, as the Big Data and Cloud markets have continued to expand, we have seen global enterprises increasingly require the ability to move large volumes of data at speed across both on-premises and cloud environments. WANdisco Fusion is the only solution available in the world that enables the replication of continuously changing data, whilst guaranteeing this data is continuously available, consistent and delivered with zero business disruption.

“As a result of this significant expansion in our core Cloud markets, our total bookings increased by 72% during 2016 and 97% in Q4 2016. Our OEM with IBM, as well as our other channel relationships, have been central in driving new business, by enabling us to take advantage of this market opportunity whilst reducing our operational cost base throughout the year. This has resulted in a $11.2m reduction in overheads and a halving of the EBITDA loss from 2015 to 2016 bringing us much closer to cash flow breakeven.

“We continue to build on this momentum with a strong new business pipeline which, combined with a significantly reduced cost base together will further underpin our progress towards profitability.”

A webcast of our results presentation will be available on our website later this morning: https://www.wandisco.com/investors.

WANdisco will also be holding a presentation for private and retail investors at 4.00pm on Thursday 9 March 2017 at No.1 Cornhill, London EC3V 3ND. Admittance for the event is strictly limited to those who register their attendance in advance. For further information and to register attendance, please contact Vigo Communications via email on [e-mail].

About WANdisco

WANdisco is the world leader in Active Data Replication™. Its patented WANdisco Fusion technology enables the replication of continuously changing data to the cloud and on-premises data centers with guaranteed consistency, no downtime and no business disruption. It also allows distributed development teams to collaborate as if they are all working in one location. WANdisco has an OEM with IBM as well as partnerships with Amazon Web Services, Cisco, Google Cloud, Hewlett Packard Enterprise, Microsoft Azure, and Oracle to resell its patented technology. WANdisco also works directly with Fortune 1000 companies around the world to ensure their data gives them the real insight they need.

For additional information, please visit www.wandisco.com.

View source version on businesswire.com: http://www.businesswire.com/news/home/20170307006606/en/

For further information, please contact:WANdisco plc via Vigo CommunicationsDavid RichardsChief Executive Officer and Interim ChairmanorErik MillerChief Financial OfficerorVigo CommunicationsJeremy Garcia / Fiona Henson / Antonia Pollock, [phone]www.vigocomms.comorStifel (Joint Broker and Nomad)Fred Walsh / Neil Shah / Ben Maddison / Rajpal Padam, [phone]orUBS (Joint Broker)Rahul Luthra / Sandip Dhillon, [phone]