Absolute Software sees significant revenue increase for F2022

Absolute Software has revealed its fourth quarter and full-year fiscal 2022 financial results, reporting substantial revenue increase and company growth.

The company has closed the year with record F2022 revenue totalling USD$197.3 million, with an accelerated Enterprise and Government ARR growth of 17%, up from 11% in the prior year.

It has also achieved a second consecutive year of Rule of 40, signalling a significant interest in the security solutions market.

Revenue was $52.5 million for Q4 F2022 and $197.3 million for F2022, which was an increase of 65% and 63%, respectively, compared to the same period of the previous fiscal year.

Adjusted revenue came in at $54.0 million for Q4 F2022 and $210.4 million for F2022, an increase of 70% and 74%, respectively, in comparison to the same period of the previous fiscal year.

Similarly, adjusted revenue for Q4 F2022 and F2022 increased by 13% and 15%, respectively, compared to Q4 F2021 and F2021 revenue on an as-if combined basis without factoring in acquisition-related adjustments.

When looking at losses, net loss for the company was reported at $5.3 million for Q4 F2022 and $24.5 million for F2022, compared to a net loss of $3.0 million for Q4 F2021 and net income of $3.7 million for F2021.

There was also a significant increase in different enterprise vertical growth results as well, with the Enterprise and Government portions of total ARR increasing by 99% year over year, and by 17% compared to an as-if combined basis for June 30, 2021. Enterprise and Government represented 78% of total ARR as of June 30, 2022.

There was also a large growth reported in the education sector portion of total ARR, with this section increasing by 12% year over year, and by 12% compared to an as-if combined basis for June 30, 2021. This sector portion represented 22% of the total ARR as of June 30, 2022.

Net Dollar Retention was 108% for Q4 F2022, and cash from operating activities was $8.7 million for Q4 F2022 and $39.8 million for F2022 which was a slight decrease from the previous quarter.

Absolute Software president and CEO Christy Wyatt says the company is proud to announce the results and says that they showcase a driving commitment to innovation and customer satisfaction.

"This year was the strongest in recent history – driven by the strong customer demand and our team's continued focus and execution, we are ending the year with our successful integration of NetMotion almost complete and very well positioned for success in FY23.

"Security and IT teams are increasingly acknowledging the need for both Cyber Defence as well as Cyber Resilience and as a result the industry is increasingly aware of the value in our unique intelligent, self-healing security solutions. We intend to continue investing in growth through FY2023, while maintaining focus on meeting the Rule of 40 for the year.