Solid result, reported revenue up 17% but actually increased 22% in constant currency - and yet this headwind has not caused a change to FY23 guidance.
Again free cashflow exceeded NPAT, and all R & D is expensed (almost unheard of).
Over US$200m in cash and no debt.
From the conference call:
Price rises implemented late in 1H23 won't bring a benefit until 2H23.
China expected to improve in 2H23 with an absence of lockdowns.
Withdrawal from Russia took out 1,000 subscriptions and $3m in revenue.
Headwinds from move to term licences from perpetual are nearing the end, this will become a tailwind in about 18 months.
Strong uptake of the higher value products of 'Professional' and 'Enterprise' is driving strong growth in revenue per subscription.
Management remain confident in achieving the FY23 guidance and are very optimistic about the next 3 years.
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- Ann: 2023 Half-Year Results Presentation
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