DAVA - Endava reports 35% revenue growth provides guidance: Q4 Earnings

• Endava ( NYSE: DAVA ) reported 35% increase in fourth quarter's revenue to £180.4M, taking the full-year top-line growth to 46.7% year-over-year.
• On constant currency basis, Q4 2022 revenue rose 30.9% compared to 54.9% in the same period in the prior year.
• By industry vertical: Payments and Financial Services generated 51% of revenue; TMT 25%; and 24% from Other.
• Adjusted profit before tax was £36.2M (+23.5% Y/Y).
• The company reported number of clients with over £1M in revenue on a rolling twelve months basis was 134 at June 30, 2022, compared to 85 at June 30, 2021.
• Top 10 clients accounted for 32% of revenue during the quarter.
• Non-GAAP EPS of £0.51.
• Adjusted free cash flow was £43.4M in Q4 FY2022.
• The company ended the quarter with £162.8 in cash and cash equivalents.
• "Endava's strong results for Q4FY2022 and for the full FY2022 are the result of continued solid demand for our digital acceleration services across all regions and verticals, despite headwinds from continued global macro uncertainty and volatility,” said John Cotterell, Endava's CEO.
• Q1 2023 Guidance: The company expects revenue to be in the range of £191-£193M, representing constant currency revenue growth of between 22.0% and 24.0%. Non-GAAP EPS to be between £0.50 to £0.51 per share.
• FY 2023 Guidance: Revenue forecasted to be in the range of £840-£850M (+23% to 24% Y/Y); Non-GAAP EPS of £2.35 to £2.38 per share.
• The United Kingdom-based IT consulting firm, Endava, noted the guidance is based on exchange rates at the end of Aug 2022 that outlines 1 British Pound to 1.17 US Dollar and 1.16 Euro.
• Stock is down 3% on Tuesday to trade at $77.3 vs. 52-week range of $73.75 to $172.41 .

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