From the prospectus Events related to COVID‐19 have resulted in...

From the prospectus

Events related to COVID‐19 have resulted in significant marketvolatility. There is continued uncertainty as to ongoing and futureresponse of governments and authorities globally as well as alikelihood of an economic downturn of unknown duration or severityin certain jurisdictions key to Nuix. As a result, Nuix may experiencesome customer losses, including due to bankruptcy or Nuix’scustomers ceasing operations, which may result in an inability tocollect receivables from these customers. Nuix may also experiencea decrease or delay in customer spending on Nuix’s platform, which may impact its Renewal, Upsell Renewal and new customerassumptions or further lengthen the sales cycles and pipeline(particularly, for example, if customers lower the value of theirtechnology investments, purchase shorter term contracts, requestpricing concessions), any of which could result in decreased revenueand cash flows for Nuix. Nuix has experienced a softening of demandfrom its U.S. federal government customers in FY21F and could befurther adversely affected by a decline in government spending orchanges in government budgetary priorities as a result of theeconomic impact of COVID‐19 (or other macroeconomic events thatmay constrain defence, investigation or enforcement budgets andrelated technology spend), competing demands for public funding or other factors. There is also a risk that the full impact of COVID‐19 on Nuix maynot be fully reflected in its results of operations until future periods,for example, if the prolonged nature of the pandemic impactscustomer demand through lower customer spend on technology,or if due to Nuix’s subscription‐based business model, the impactof the pandemic on customer spending decisions and Nuix’srevenues may not be reflected until future periods whencurrent contracts expire.

This basically is inline with what happened with the downgrades.