WANdisco - Momentum in IoT drives bookings upgrade
WANdisco (WAND) has reported record bookings of $34m in Q322 and $61.2m YTD (up 1,649% y-o-y and ahead of our FY forecast of $60m), driven by several large contract wins with repeat customers and across multiple use cases. The company’s cash balance strengthened to about $26.3m, reflecting the strong bookings and that a number of contracts had 50% up-front cash payments. The statement confirms management expects to show more progress in client wins and consumption. We raise our FY22 bookings and ending RPO estimates to $70m and $67m, but wait to make P&L and balance sheet changes until we have more information on the rate of consumption. Nevertheless, we see continued upside potential at all KPI levels.Wandisco Plc is engaged in the development and provision of global collaboration software.
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