LONDON--(BUSINESS WIRE)--Regulatory News:
MotorK Plc (AMS: MTRK) (“MotorK” or the “Group") today published a trading update in respect of its financial results for the fourth quarter (“Q4 22”) and full year ended December 31, 2022 (“FY 22”).
Q4 AND FY2022 FINANCIAL HIGHLIGHTS
- Record Q4 22 results highlighting the success of the strategic initiatives launched by the Group over the year, in particular the focus on the Enterprise segment, the continued accretive migration of recently acquired companies and the commercial launch of the SparK platform
- Additional annual recurring revenues (ARR) 1 of €5.1 million recorded in Q4 22 alone, resulting into a 25% sequential growth compared to Q3 22 level
- FY 22 ARR of €26.9 million, including €9.7 million from M&A, compared to €15.1 million in the prior year (of which €2.7 million from M&A), up 40% organically, and up 78% including M&A.
- Committed ARR on December 31, 2022 of additional €5.2 million, including backlog, contractual price increase and Enterprise deals providing solid foundations for the coming year
- FY22 ARR slightly short of the €28-30 million guidance for the year, but to be put in regards with the additional committed ARR derived from Enterprise deals
- Best-in class retail organic set of operational KPIs with churn remaining at low 4.5% across the year and overall Net Retention Revenue (“NRR”)2 of 122.4% highlighting the proven land and expand strategy pursued by the Group
- Average annual contract value (ACV) 3 reached record €17.8k, up 19% against €14.8k in the same period last year, demonstrating sustained growth in multi-product adoption within customers’ base fueled by continued new product launches
- FY22 Reported Revenues4 of €38.5 million, up 40% on the prior year period and €40.6 million, accounting for FY22 M&A on a 12-months basis.
- Large pipeline of Retail and Enterprise opportunities providing strong growth reservoir for the coming year
UPCOMING FOURTH QUARTER AND FY 2022 EARNINGS ANNOUNCEMENT
On February 23, 2023, MotorK will announce its FY 22 financial results and hold a conference call. Details to register for the call will be made available on MotorK’s website (www.investors.motork.io) in advance, and registered participants will have access to a replay of the webcast.
Forward-looking information and disclaimer
This press release may include forward-looking statements. Other than reported financial results and historical information, all statements included in this press release, including, without limitation, those regarding our financial position, business strategy and management plans and objectives for future operations, may be deemed to be forward-looking statements. Without limitation, any statements preceded or followed by or that include the words “targets”, “plans”, “believes”, “expects”, “aims”, “intends”, “anticipates”, “estimates”, “projects”, “will”, “may”, “would”, “could” or “should”, or words or terms of similar substance or the negative thereof, are forward-looking statements. These forward-looking statements are based on our current expectations, projections and key assumptions about future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond MotorK’s ability to control or estimate precisely, such as future market conditions, the behavior of other market participants and the actions of governmental regulators. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release and are subject to change without notice. Other than as required by applicable law or the applicable rules of any exchange on which our securities may be traded, we expressly disclaim any obligation or undertaking to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise.
This press release contains information within the meaning of Article 7(1) of the Market Abuse Regulation (596/2014).
ABOUT MOTORK PLC
MotorK (AMS: MTRK) is a leading software as a service (“SaaS”) provider for the automotive retail industry in the EMEA region, with over 400 employees and eleven offices in eight countries (Italy, Spain, France, Germany, Portugal, the UK, Belgium and Israel). MotorK empowers car manufacturers and dealers to improve their customer experience through a broad suite of fully integrated digital products and services. MotorK provides its customers with an innovative combination of digital solutions, SaaS cloud products and the largest R&D department in the automotive digital sales and marketing industry in Europe. MotorK is a company registered in England and Wales. Registered office: 5th Floor One New Change, London, England, EC4M 9AF - Company Registration: 9259000. For more information: www.motork.io or www.investors.motork.io.
1 Annual Recurring Revenues (“ARR”) is defined as the yearly subscription value of the customer base at the end of the reporting period
2 Net Retention Revenues (“NRR”) is defined as the percentage of Recurring Revenues retained from existing customers
3 Core Retail base, excluding recently acquired companies (Dapda, FranceProNet and Fidcar) currently under migration
4 Under IFRS 15, revenue from the applicable subscription agreement is recognized for the entire value of the contract, regardless of its duration, at the time of its delivery; conversely, ARR shows revenue as if it were received on a straight line basis over the life of the contract