4.3.2022 07:00:01 CET | Ørn Software Holding AS | Half yearly financial reports and audit reports / limited reviews
Trondheim, March 4, 2022 – Ørn Software Holding AS today reported its results for the fourth quarter 2021, and introduced new 2022 guiding for revenue, adjusted EBITDA and CAPEX.
At the end of 2021, Ørn Software had NOK 220 million in annual recurring revenue (ARR), a growth of 111 percent year-on-year. Operating revenue in the fourth quarter was NOK 65.5 million, 184 percent higher than in the same period last year. Adjusted EBITDA was NOK 15.0 million, implying an EBITDA margin of 18 percent. Cost of NOK 3.5 million related to Q3 2021 were accrued in Q4 2021. Corrected for this, Q4 2021 adjusted EBITDA margin was 23 percent. Reported EBITDA was NOK 13.0 million in Q4 2021. Cash flow from operations was NOK 8.7 million in Q4 2021 (0.3 million in Q4 2020).
Ørn Software is a leading Nordic Software-as-a-Service (SaaS) company and is supporting a wide range of industries with value creation through a comprehensive suite of best-of-breed worksite management software.
“2021 was a transformational year for Ørn Software. Not did we continue to grow our business organically, but also welcomed three fantastic new acquired companies to our group: Facilit, Landax and Rapal. We now have a strong foundation in terms of products, technology, and organization when we in 2022 focus more on further accelerating sales and significantly grow our cash earnings by improving profitability. We well work on realizing synergies on cross sales and news sales and at the same time work more efficiently,” said Sten-Roger Karlsen CEO of Ørn Software.
Ørn Software introduces the following financial guiding for 2022:
Revenue: Around NOK 270 million (194 million in 2021)
Adjusted EBITDA margin: 28-30 percent (24 percent in 2021)
CAPEX: Around 16 percent of revenue (17 percent in 2021)
Positive full year cash flow after payment of interest (before adjustment for any special items)
“Many of our products have long sales cycles, and our sales pipeline is gradually building very well. Hence, we expect to see accelerating growth in ARR and revenue over time. Our SaaS based business model is characterized by high operational leverage, which means that the outlook for increased margins and cash flow is very positive. As we have said earlier, our target is to grow ARR organically to NOK 430 million, and to reach EBITDA margin above 40 percent by the end of 2025, said Sten-Roger Karlsen.
Ørn Software’s reported Net result in Q4 2021 was negative with 20.5 million (-3.1 million in Q4 2020). This was affected negatively by interest expenses related to increased net debt and by an increase of NOK 19.7 million in depreciations and amortizations compared to Q4 2020, related to acquisitions, according to NGAAP.
WEBCAST PRESENTATION
In connection with the results, Ørn Software will hold an English language webcast presentation today March 4, 2022 at 09:00 (CET), followed by a live Q&A session. Viewers are welcome to post written questions through the webcast player.
Representatives from Ørn Software will be CEO Sten-Roger Karlsen and CFO Vidar André Løken.
The webcast will be available live and as a recording on the following link:
https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20220304_1
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. The stock exchange announcement was published by the contact person, at the date and time as set out above.
Disclosure regulation
This information is such that Ørn Software Holding AS is required to disclose in accordance with the EU Market Abuse Regulation.
This information was submitted for publication by the Company’s CFO, Vidar Andre Løken.
Contacts
Sten-Roger Karlsen, CEO Ørn Software, +47 922 62 321, srk@ornsoftware.com
Vidar Andre Løken, CFO Ørn Software, +47 952 60 926, val@ornsoftware.com
About Ørn Software Holding AS
Ørn Software is a Nordic provider of SaaS solutions enabling efficient operations and maintenance across a wide range of asset-heavy industries, including real estate, manufacturing, food & beverages, and aquaculture.
The Group’s software provides customers with improved insight through data-driven operations and contributes to increased efficiency and reduced costs through digitalization of rental processes, data-driven maintenance scheduling and energy optimization. All of the above contribute to the lengthening of property and equipment lifespan, a key component of Ørn Software’s value proposition. Furthermore, the Group’s offering enables customers to reduce their environmental footprint and provides digital tools to meet reporting and regulatory requirements.
Attachments
Download announcement as PDF.pdf
Orn Software Q4 2021 report.pdf
Orn Software Q4 2021 presentation.pdf
