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Endava Announces Second Quarter Fiscal Year 2023 Results

Q2 FY2023 

30.2% Year on Year Revenue Growth to £205.2 million 

23.4% Revenue Growth at Constant Currency 

IFRS diluted EPS £0.26 compared to £0.27 in the prior year comparative period 

Adjusted diluted EPS £0.57 compared to £0.46 in the prior year comparative period

Endava plc (NYSE: DAVA) ("Endava" or the "Company") a global provider of digital transformation, agile development and intelligent automation services, today announced results for the three months ended December 31, 2022, the second quarter of its 2023 fiscal year ("Q2 FY2023").

“Endava reported another solid quarter for Q2 FY2023 as demand for our services across all regions and verticals in which we operate remained healthy,” said John Cotterell, Endava's CEO. "Even with the global economic uncertainty, digital transformation remains a priority for our clients and they value the transformation services we are delivering. Demand from new and existing clients continued to drive revenue growth in the quarter, leading to a revenue increase of 23.4% in constant currency for Q2 FY2023.”

SECOND QUARTER FISCAL YEAR 2023 FINANCIAL HIGHLIGHTS:

  • Revenue for Q2 FY2023 was £205.2 million, an increase of 30.2% compared to £157.7 million in the same period in the prior year.
  • Revenue growth rate at constant currency (a non-IFRS measure)* was 23.4% for Q2 FY2023, compared to 53.4% in the same period in the prior year.
  • Profit before tax for Q2 FY2023 was £20.3 million, compared to £19.1 million in the same period in the prior year.
  • Adjusted profit before tax (a non-IFRS measure)* for Q2 FY2023 was £41.9 million, compared to £33.0 million in the same period in the prior year, or 20.4% of revenue, compared to 20.9% of revenue in the same period in the prior year.
  • Profit for the period was £15.0 million in Q2 FY2023, resulting in a diluted EPS of £0.26, compared to profit of £15.4 million and diluted EPS of £0.27 in the same period in the prior year.
  • Adjusted profit for the period (a non-IFRS measure)* was £33.2 million in Q2 FY2023, resulting in adjusted diluted EPS (a non-IFRS measure)* of £0.57, compared to adjusted profit for the period of £26.5 million and adjusted diluted EPS of £0.46 in the same period in the prior year.

CASH FLOW:

  • Net cash from operating activities was £40.9 million in Q2 FY2023, compared to £35.0 million in the same period in the prior year.
  • Adjusted free cash flow (a non-IFRS measure)* was £37.0 million in Q2 FY2023, compared to £31.2 million in the same period in the prior year.
  • At December 31, 2022, Endava had cash and cash equivalents of £185.3 million, compared to £162.8 million at June 30, 2022.

* Definitions of the non-IFRS measures used by the Company and a reconciliation of such measures to the related IFRS financial measure can be found under the sections below titled “Non-IFRS Financial Information” and “Reconciliation of IFRS Financial Measures to Non-IFRS Financial Measures.”

OTHER METRICS FOR THE QUARTER ENDED DECEMBER 31, 2022:

  • Headcount reached 12,183 at December 31, 2022, with 11,107 average operational employees in Q2 FY2023, compared to a headcount of 10,391 at December 31, 2021 and 9,167 average operational employees in the same quarter of the prior year.
  • Number of clients with over £1 million in revenue on a rolling twelve month basis was 156 at December 31, 2022, compared to 107 at December 31, 2021.
  • Top 10 clients accounted for 31% of revenue in Q2 FY2023, compared to 34% in the same period in the prior year.
  • By geographic region, 33% of revenue was generated in North America, 23% was generated in Europe, 39% was generated in the United Kingdom and 5% was generated in the rest of the world in Q2 FY2023. This compares to 35% in North America, 21% in Europe, 41% in the United Kingdom and 3% in the rest of the world in the same period in the prior year.
  • By industry vertical, 53% of revenue was generated from Payments and Financial Services, 22% from TMT and 25% from Other in Q2 FY2023. This compares to 51% from Payments and Financial Services, 25% from TMT and 24% from Other in the same period in the prior year.

OUTLOOK:

Third Quarter Fiscal Year 2023:

Endava expects revenues will be in the range £201.0 million to £203.0 million, representing constant currency revenue growth of between 14.0% and 15.0%. Endava expects adjusted diluted EPS to be in the range of £0.52 to £0.54 per share.

Full Fiscal Year 2023:

Endava expects revenues will be in the range of £812.0 million to £817.0 million, representing constant currency growth of between 19.0% and 20.0%. Endava expects adjusted diluted EPS to be in the range of £2.20 to £2.25 per share.

This above guidance for Q3 Fiscal Year 2023 and the Full Fiscal Year 2023 assumes the exchange rates at the end of January 2023 (when the exchange rate was 1 British Pound to 1.23 US Dollar and 1.14 Euro).

Endava is not able, at this time, to provide an outlook for IFRS diluted EPS for Q3 FY2023 or FY2023 because of the unreasonable effort of estimating on a forward-looking basis certain items that are excluded from adjusted diluted EPS, including, for example, share-based compensation expense, amortisation of acquired intangible assets and foreign currency exchange (gains)/losses, the effect of which may be significant. Endava is also not able, at this time, to reconcile to an outlook for revenue growth not at constant currency because of the unreasonable effort of estimating foreign currency exchange (gains)/losses, the effect of which may be significant, on a forward-looking basis.

The guidance provided above is forward-looking in nature. Actual results may differ materially. See the cautionary note regarding “Forward-Looking Statements” below.

RECENT BUSINESS HIGHLIGHTS:

  • On February 9, 2023, Endava announced the successful closing of a £350 million unsecured, multicurrency revolving credit facility. This facility is for general business purposes, including future capital investments and development activities. The facility replaced Endava’s previous unsecured revolving credit facility of £200 million, which was due to expire on October 12, 2024. It also provides for uncommitted accordion options for up to an aggregate of £150 million in additional borrowing and has two renewal options for one year each.
  • On October 6, 2022, Endava announced the acquisition of Lexicon Digital Pty Ltd and Lexicon Consolidated Holdings Pty Ltd, headquartered in Melbourne, Australia (“Lexicon”). Lexicon is an Australian-based technology consulting, design and engineering firm who partners with clients to build new digital solutions or accelerate digital transformation programs across enterprise systems, products and IoT using an agile delivery methodology. Lexicon’s clients include Australia’s market leaders in the insurance and wealth management sectors and an array of companies in other sectors, including entertainment, retail, agribusiness and automotive. Lexicon has 127 billable staff member in Australia (with offices in Melbourne and Sydney) and Vietnam (Ho Chi Minh).

CONFERENCE CALL DETAILS:

The Company will host a conference call at 8:00 am ET today, February 14, 2023, to review its Q2 FY2023 results. To participate in Endava’s Q2 FY2023 earnings conference call, please dial in at least five minutes prior to the scheduled start time (844) 481-2736 or (412) 317-0665 for international participants, Conference ID: Endava Call

Investors may listen to the call on Endava’s Investor Relations website at http://investors.Endava.com. The webcast will be recorded and available for replay until Tuesday, March 14, 2023.

ABOUT ENDAVA PLC:

Endava is reimagining the relationship between people and technology. By leveraging next-generation technologies, our agile, multi-disciplinary teams provide a combination of product & technology strategies, intelligent experiences, and world class engineering to help clients become digital, experience-driven businesses by assisting them in their journey from idea generation to development and deployment of products, platforms and solutions. Endava collaborates with its clients, seamlessly integrating with their teams, catalysing ideation and delivering robust solutions.

Endava services clients in Payments and Financial Services, TMT, Consumer Products, Retail, Mobility and Healthcare. As of December 31, 2022, 12,183 Endavans served clients from locations in Asia-Pacific, Middle East, North America and Western Europe and delivery locations in Argentina, Bosnia & Herzegovina, Bulgaria, Colombia, Croatia, Malaysia, Mexico, Moldova, North Macedonia, Poland, Romania, Serbia, Slovenia, Uruguay and Vietnam.

NON-IFRS FINANCIAL INFORMATION:

To supplement Endava’s Condensed Consolidated Statements of Comprehensive Income, Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Cash Flow presented in accordance with IFRS, the Company uses non-IFRS measures of certain components of financial performance. These measures include: revenue growth rate at constant currency, adjusted profit before tax, adjusted profit for the period, adjusted diluted EPS and adjusted free cash flow.

Revenue growth rate at constant currency is calculated by translating revenue from entities reporting in foreign currencies into British Pounds using the comparable foreign currency exchange rates from the prior period. For example, the average rates in effect for the fiscal quarter ended December 31, 2021 were used to convert revenue for the fiscal quarter ended December 31, 2022 and the revenue for the comparable prior period.

Adjusted profit before tax ("Adjusted PBT") is defined as the Company’s profit before tax adjusted to exclude the impact of share-based compensation expense, amortisation of acquired intangible assets, realised and unrealised foreign currency exchange (gains)/losses and fair value movement of contingent consideration, all of which are non-cash items. Adjusted PBT margin is Adjusted PBT as a percentage of total revenue.

Adjusted profit for the period is defined as Adjusted PBT together with the tax impact of these adjustments.

Adjusted diluted EPS is defined as Adjusted profit for the period, divided by weighted average number of shares outstanding - diluted.

Adjusted free cash flow is the Company’s net cash from operating activities, plus grants received, less net purchases of non-current assets (tangible and intangible).

Management believes these measures help illustrate underlying trends in the Company's business and uses the measures to establish budgets and operational goals, communicated internally and externally, for managing the Company's business and evaluating its performance. Management also believes the presentation of its non-IFRS financial measures enhances an investor’s overall understanding of the Company’s historical financial performance. The presentation of the Company’s non-IFRS financial measures is not meant to be considered in isolation or as a substitute for the Company’s financial results prepared in accordance with IFRS, and its non-IFRS measures may be different from non-IFRS measures used by other companies. Investors should review the reconciliation of the Company’s non-IFRS financial measures to the comparable IFRS financial measures included below, and not rely on any single financial measure to evaluate the Company’s business.

FORWARD-LOOKING STATEMENTS:

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by the use of terms and phrases such as “believe,” “expect,” "outlook," “may,” “will,” and other similar terms and phrases. Such forward-looking statements include, but are not limited to, the statements regarding Endava’s projected financial performance for the third fiscal quarter of fiscal year 2023 and the full fiscal year 2023. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated by these forward-looking statements, including, but not limited to: Endava’s business, results of operations and financial condition may be negatively impacted by the Russia-Ukraine armed conflict or if general economic conditions in Europe, the United States or the global economy continue to worsen, including increased inflation; Endava’s ability to manage its rapid growth or achieve anticipated growth; Endava’s ability to retain existing clients and attract new clients, including its ability to increase revenue from existing clients and diversify its revenue concentration; Endava’s ability to attract and retain highly-skilled IT professionals at cost-effective rates; Endava's ability to penetrate new industry verticals and geographies and grow its revenue in current industry verticals and geographies; Endava’s ability to maintain favorable pricing and utilization rates; Endava’s ability to successfully identify acquisition targets, consummate acquisitions and successfully integrate acquired businesses and personnel; the effects of increased competition as well as innovations by new and existing competitors in its market; Endava’s ability to adapt to technological change and innovate solutions for its clients; Endava’s ability to collect on billed and unbilled receivables from clients; Endava’s ability to effectively manage its international operations, including Endava's exposure to foreign currency exchange rate fluctuations; Endava’s ability to maintain an effective system of disclosure controls and internal control over financial reporting; and Endava’s future financial performance, including trends in revenue, cost of sales, gross profit, selling, general and administrative expenses, finance income and expense and taxes, as well as other risks and uncertainties discussed in the “Risk Factors” section of our Annual Report filed with the SEC on October 31, 2022. In addition, the forward-looking statements included in this press release represent Endava’s views and expectations as of the date hereof and are based on information currently available to Endava. Endava anticipates that subsequent events and developments may cause its views to change. Endava specifically disclaims any obligation to update the forward-looking statements in this press release except as required by law. These forward-looking statements should not be relied upon as representing Endava’s views as of any date subsequent to the date hereof.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 

Six Months Ended

December 31

Three Months Ended

December 31

2022

2021

2022

2021

 

£’000

£’000

£’000

£’000

REVENUE

401,410

 

305,133

 

205,241

 

157,668

 

Cost of sales

 

 

 

 

Direct cost of sales

(249,253

)

(189,292

)

(126,282

)

(99,806

)

Allocated cost of sales

(12,243

)

(11,090

)

(6,460

)

(5,800

)

Total cost of sales

(261,496

)

(200,382

)

(132,742

)

(105,606

)

GROSS PROFIT

139,914

 

104,751

 

72,499

 

52,062

 

Selling, general and administrative expenses

(76,242

)

(59,624

)

(37,364

)

(31,981

)

Net impairment losses on financial assets

(3,644

)

(1,812

)

(2,340

)

(651

)

OPERATING PROFIT

60,028

 

43,315

 

32,795

 

19,430

 

Net Finance income / (expense)

(1,189

)

683

 

(12,524

)

(354

)

PROFIT BEFORE TAX

58,839

 

43,998

 

20,271

 

19,076

 

Tax on profit on ordinary activities

(12,092

)

(8,047

)

(5,252

)

(3,670

)

PROFIT FOR THE PERIOD

46,747

 

35,951

 

15,019

 

15,406

 

OTHER COMPREHENSIVE INCOME

 

 

 

 

Items that may be reclassified subsequently to profit or loss:

 

 

 

 

Exchange differences on translating foreign operations

823

 

(1,528

)

(7,157

)

(3,577

)

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD ATTRIBUTABLE TO OWNERS OF THE PARENT

47,570

 

34,423

 

7,862

 

11,829

 

 

 

 

 

 

EARNINGS PER SHARE (EPS):

 

 

 

 

Weighted average number of shares outstanding - Basic

56,962,777

 

55,911,086

 

57,219,704

 

56,173,171

 

Weighted average number of shares outstanding - Diluted

57,923,559

 

57,880,029

 

57,959,580

 

58,019,316

 

Basic EPS (£)

0.82

 

0.64

 

0.26

 

0.27

 

Diluted EPS (£)

0.81

 

0.62

 

0.26

 

0.27

 

CONDENSED CONSOLIDATED BALANCE SHEETS

 

December 31, 2022

June 30, 2022

December 31, 2021(1)

 

£’000

£’000

£’000

ASSETS - NON-CURRENT

 

 

 

Goodwill

189,684

 

145,916

 

126,316

 

Intangible assets

55,114

 

56,189

 

57,068

 

Property, plant and equipment

24,768

 

21,260

 

17,273

 

Lease right-of-use assets

62,034

 

50,818

 

51,688

 

Deferred tax assets

13,491

 

17,218

 

22,812

 

Financial assets

1,393

 

2,276

 

189

 

TOTAL

346,484

 

293,677

 

275,346

 

ASSETS - CURRENT

 

 

 

Trade and other receivables

173,750

 

162,671

 

143,840

 

Corporation tax receivable

2,343

 

2,309

 

1,193

 

Financial assets

226

 

392

 

444

 

Cash and cash equivalents

185,323

 

162,806

 

114,176

 

TOTAL

361,642

 

328,178

 

259,653

 

TOTAL ASSETS

708,126

 

621,855

 

534,999

 

LIABILITIES - CURRENT

 

 

 

Lease liabilities

13,768

 

11,898

 

11,960

 

Trade and other payables

96,481

 

98,252

 

93,954

 

Corporation tax payable

4,245

 

3,477

 

384

 

Contingent consideration

6,385

 

4,183

 

5,904

 

Deferred consideration

9,858

 

10,604

 

6,838

 

TOTAL

130,737

 

128,414

 

119,040

 

LIABILITIES - NON CURRENT

 

 

 

Lease liabilities

53,953

 

43,999

 

44,648

 

Contingent consideration

 

4,331

 

 

Deferred tax liabilities

11,021

 

10,826

 

8,901

 

Deferred consideration

1,407

 

1,062

 

2,831

 

Other liabilities

545

 

500

 

191

 

TOTAL

66,926

 

60,718

 

56,571

 

EQUITY

 

 

 

Share capital

1,150

 

1,135

 

1,130

 

Share premium

21,389

 

9,152

 

4,541

 

Merger relief reserve

30,003

 

30,003

 

30,003

 

Retained earnings

462,767

 

398,102

 

338,996

 

Other reserves

(4,691

)

(5,514

)

(15,127

)

Investment in own shares

(155

)

(155

)

(155

)

TOTAL

510,463

 

432,723

 

359,388

 

TOTAL LIABILITIES AND EQUITY

708,126

 

621,855

 

534,999

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

Six Months Ended December 31

Three Months Ended December 31

 

2022

2021

2022

2021

 

£’000

£’000

£’000

£’000

OPERATING ACTIVITIES

 

 

 

 

Profit for the period

46,747

 

35,951

 

15,019

 

15,406

 

Income tax charge

12,092

 

8,047

 

5,252

 

3,670

 

Non-cash adjustments

24,974

 

32,970

 

18,875

 

18,228

 

Tax paid

(10,047

)

(5,701

)

(8,437

)

(3,468

)

Net changes in working capital

(7,635

)

(16,396

)

10,186

 

1,126

 

Net cash from operating activities

66,131

 

54,871

 

40,895

 

34,962

 

 

 

 

 

 

INVESTING ACTIVITIES

 

 

 

 

Purchase of non-current assets (tangibles and intangibles)

(7,591

)

(7,398

)

(4,148

)

(3,836

)

Proceeds from disposal of non-current assets

16

 

171

 

(3

)

59

 

Payment for acquisition of subsidiary, net of cash acquired

(32,397

)

(611

)

(32,397

)

 

Interest received

797

 

20

 

432

 

11

 

Net cash used in investing activities

(39,175

)

(7,818

)

(36,116

)

(3,766

)

 

 

 

 

 

FINANCING ACTIVITIES

 

 

 

 

Proceeds from sublease

237

 

277

 

92

 

142

 

Repayment of lease liabilities

(6,491

)

(7,123

)

(3,392

)

(3,322

)

Interest paid

(423

)

(475

)

(206

)

(226

)

Grant received

220

 

43

 

220

 

42

 

Issue of shares

2,266

 

4,299

 

2,245

 

4,299

 

Net cash (used in)/from financing activities

(4,191

)

(2,979

)

(1,041

)

935

 

Net change in cash and cash equivalents

22,765

 

44,074

 

3,738

 

32,131

 

 

 

 

 

 

Cash and cash equivalents at the beginning of the period

162,806

 

69,884

 

182,395

 

82,034

 

Exchange differences on cash and cash equivalents

(248

)

218

 

(810

)

11

 

Cash and cash equivalents at the end of the period

185,323

 

114,176

 

185,323

 

114,176

 

RECONCILIATION OF IFRS FINANCIAL MEASURES TO NON-IFRS FINANCIAL MEASURES

RECONCILIATION OF REVENUE GROWTH RATE AS REPORTED UNDER IFRS TO REVENUE GROWTH RATE AT CONSTANT CURRENCY:

 

Six Months Ended December 31

Three Months Ended December 31

 

2022

2021

2022

2021

REVENUE GROWTH RATE AS REPORTED UNDER IFRS

31.6

%

52.3

%

30.2

%

49.8

%

Foreign exchange rates impact

(6.9

%)

4.6

%

(6.8

%)

3.6

%

REVENUE GROWTH RATE AT CONSTANT CURRENCY

24.6

%

56.9

%

23.4

%

53.4

%

RECONCILIATION OF ADJUSTED PROFIT BEFORE TAX AND ADJUSTED PROFIT FOR THE PERIOD:

 

Six Months Ended December 31

Three Months Ended December 31

 

2022

2021

2022

2021

 

£’000

£’000

£’000

£’000

 

 

 

 

 

PROFIT BEFORE TAX

58,839

 

43,998

 

20,271

 

19,076

 

Adjustments:

 

 

 

 

Share-based compensation expense

15,909

 

20,916

 

6,365

 

11,758

 

Amortisation of acquired intangible assets

6,207

 

4,941

 

3,188

 

2,480

 

Foreign currency exchange (gains) / losses, net

7,533

 

(2,060

)

14,947

 

(303

)

Fair value movement of contingent consideration

(7,143

)

 

(2,894

)

 

Total adjustments

22,506

 

23,797

 

21,606

 

13,935

 

ADJUSTED PROFIT BEFORE TAX

81,345

 

67,795

 

41,877

 

33,011

 

 

 

 

 

 

PROFIT FOR THE PERIOD

46,747

 

35,951

 

15,019

 

15,406

 

Adjustments:

 

 

 

 

Adjustments to profit before tax

22,506

 

23,797

 

21,606

 

13,935

 

Tax impact of adjustments

(4,734

)

(4,977

)

(3,404

)

(2,870

)

ADJUSTED PROFIT FOR THE PERIOD

64,519

 

54,771

 

33,221

 

26,471

 

 

 

 

 

 

Diluted EPS (£)

0.81

 

0.62

 

0.26

 

0.27

 

Adjusted diluted EPS (£)

1.11

 

0.95

 

0.57

 

0.46

 

RECONCILIATION OF NET CASH FROM OPERATING ACTIVITIES TO ADJUSTED FREE CASH FLOW

 

Six Months Ended December 31

Three Months Ended December 31

 

2022

2021

2022

2021

 

£’000

£’000

£’000

£’000

 

 

 

 

 

Net cash from operating activities

66,131

 

54,871

 

40,895

 

34,962

 

Adjustments:

 

 

 

 

Grant received

220

 

43

 

220

 

42

 

Purchases of non-current assets (tangibles and intangibles)

(7,575

)

(7,227

)

(4,151

)

(3,777

)

Adjusted Free cash flow

58,776

 

47,687

 

36,964

 

31,227

 

SUPPLEMENTARY INFORMATION

SHARE-BASED COMPENSATION EXPENSE

 

Six Months Ended December 31

Three Months Ended December 31

 

2022

2021

2022

2021

 

£’000

£’000

£’000

£’000

 

 

 

 

 

Direct cost of sales

10,297

12,675

4,340

7,329

Selling, general and administrative expenses

5,612

8,241

2,025

4,429

Total

15,909

20,916

6,365

11,758

DEPRECIATION AND AMORTISATION

 

Six Months Ended December 31

Three Months Ended December 31

 

2022

2021

2022

2021

 

£’000

£’000

£’000

£’000

 

 

 

 

 

Direct cost of sales

8,626

8,024

4,539

4,108

Selling, general and administrative expenses

7,461

6,162

3,843

3,105

Total

16,087

14,186

8,382

7,213

EMPLOYEES, TOP 10 CUSTOMERS AND REVENUE SPLIT

 

Six Months Ended December 31

Three Months Ended December 31

 

2022

2021

2022

2021

 

 

 

 

 

Closing number of total employees (including directors)

12,183

 

10,391

 

12,183

 

10,391

 

Average operational employees

11,031

 

8,825

 

11,107

 

9,167

 

 

 

 

 

 

Top 10 customers %

32

%

35

%

31

%

34

%

Number of clients with > £1m of revenue

(rolling 12 months)

156

 

107

 

156

 

107

 

 

 

 

 

 

Geographic split of revenue %

 

 

 

 

North America

34

%

36

%

33

%

35

%

Europe

22

%

20

%

23

%

21

%

UK

40

%

41

%

39

%

41

%

Rest of World (RoW)

4

%

3

%

5

%

3

%

Industry vertical split of revenue %

 

 

 

 

Payments and Financial Services

53

%

50

%

53

%

51

%

TMT

22

%

25

%

22

%

25

%

Other

25

%

25

%

25

%

24

%

FOOTNOTES

(1) The Condensed Consolidated Balance Sheet as of December 31, 2021 has been restated to include the effects of IFRIC agenda decision on cloud configuration and customisation costs and to include the effect of revisions arising from provisional to final acquisition accounting for Five and Levvel (refer to note 3C from our Annual Report on Form 20-F for the fiscal year ended June 30, 2022 for details).

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