Nuix (NXL) H2 2024 earnings summary

Executive summary

• FY24 marked a significant transformation with the launch of the Nuix Neo platform and three core solutions: Data Privacy, Investigations, and Legal.

• Achieved strong FY24 growth with ACV up 14% to AUD 211.5 million and statutory revenue up 20.9% to AUD 220.6 million, both exceeding strategic targets.

• Underlying EBITDA rose 38.7% to AUD 64.4 million; statutory EBITDA up 60.2% to AUD 55.9 million.

• Net profit after tax of AUD 5 million, reversing a prior year loss of AUD 5.6 million.

• Positive underlying and overall free cash flow, with underlying free cash flow up 171% to AUD 24.7 million.

Financial highlights

• ACV rose 14% year-over-year to AUD 211.5 million; statutory revenue up 20.9% to AUD 220.6 million, with 95% from subscriptions.

• Underlying EBITDA increased 38.7% to AUD 64.4 million; statutory EBITDA up 60.2% to AUD 55.9 million.

• Net cash position up 28% to AUD 38 million; underlying cash flow of AUD 24.7 million, up 171% year-over-year.

• Net dollar retention improved by 3.7 percentage points to 112.9%; customer churn reduced to 4.4%.

• Cash EBITDA margin increased from 3.6% to 13.6%; cash EBITDA AUD 29.9 million (+351%).

Outlook and guidance

• Targeting approximately 15% ACV growth for FY25 in constant currency.

• Expecting revenue to grow faster than operating costs, even with increased R&D investment.

• Aiming to remain underlying cash flow positive before non-operational legal costs.

• Continued focus on commercializing and expanding Nuix Neo platform and solutions.