Edison Investment Research - WANdisco (WAND) WANdisco - Transitioning to consumption-based model

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Edison Investment Research

Richard Williamson

WANdisco - Transitioning to consumption-based model

WANdisco’s (WAND’s) FY21’s results reflect its transition from a subscription-based to a consumption-based model. As expected, revenue fell to $7.3m versus FY20’s $10.5m. As part of its transition, WAND announced two new KPIs: bookings and remaining period obligations (RPO, a forward-looking measure of revenues). In FY21, bookings grew 17% y-o-y to $11.9m, while RPO rose 92% y-o-y to $9.4m. The FY21 results were driven by multiple factors, including the general availability of LiveData Migrator (LDMA), several sizable contract wins across the globe, new business from IoT providers, the reorganisation of its sales team and strengthening of its partner ecosystem with firms such as IBM and Oracle. As we discussed in our recent note, we look for WAND to build on this momentum in bookings and RPO, and expect that its H122 results will be a greater catalyst for the stock. Consequently, we wait to revise our forecasts until the H122 trading update.

21/06/2022 1 EN

Underlying

WANdisco

Wandisco Plc is engaged in the development and provision of global collaboration software.

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JE00B6Y3DV84 London Stock Exchange Jersey

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Richard Williamson

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WANdisco - Transitioning to consumption-based model

Hybridan Small Cap Feast - 09 Mar 23

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WANdisco - Multiple IoT deployment wins lead to upgrade

Borussia Dortmund - London calling

HELLENiQ ENERGY - Solid Q1, with a strong operational performance

Triple Point Social Housing REIT - Strong rent growth and improving rent collection

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