Nagarro releases audited financial results for 2022, announces share buyback

MUNICH, April 14, 2023 /PRNewswire/ -- Nagarro, a global digital engineering leader, today presented its audited financial numbers for 2022 and its Annual Report for 2022. Revenue was €231.0 million in Q4 2022, up 42.5% YoY from €162.0 million in Q4 2021. FY 2022 revenue was €856.3 million, implying a YoY revenue growth of 56.8%. The constant currency growth in annual revenue was 48.0%, and the constant currency organic growth in annual revenue was 39.3%.

Constant currency YoY revenue growth for Q4 2022 was 33.4%, while constant currency YoY organic revenue growth for Q4 2022 was 27.5%. Gross profit grew to €66.8 million in Q4 2022 from €42.3 million in Q4 2021. Gross margin increased to 28.9% in Q4 2022 from 26.1% in Q4 2021. Adjusted EBITDA grew by €10.4 million from €20.5 million (12.6% of revenue) in Q4 2021 to  €30.9 million (13.4% of revenue) in Q4 2022. EBITDA grew by €12.3 million from €18.3 million in Q4 2021 to €30.7 million in Q4 2022. EBIT increased by €10.8 million from €10.9 million in Q4 2021 to €21.7 million in Q4 2022. Net profit increased by €7.0 million to €15.4 million in Q4 2022 from €8.3 million in Q4 2021.

Operating cash flow in Q4 2022 rose to €36.8 million from €22.9 million in Q4 2021, and from €30.5 million in Q3 2022. Days of sales outstanding, calculated based on the quarterly revenue and including both contract assets and trade receivables, dropped to 69 on December 31, 2022, from 71 on December 31, 2021, and from 79 on September 30, 2022.

The company added a net of 163 professionals in Q4 2022, including trainees and lateral hires.

Yearly results

Nagarro's 2022 revenues grew to €856.3 million, up from €546.0 million in 2021, a growth of 56.8%. In constant currency, the revenue growth was 48.0%. Organic revenue growth for 2022 was 47.3%. Constant currency organic revenue growth for 2022 over 2021 was 39.3%. Gross profit grew to €247.1 million in 2022 from €154.4 million in 2021. Gross margin increased from 28.3% in 2021 to 28.9% in 2022. Adjusted EBITDA grew 86.3% from €79.7 million (14.6% of revenue) in 2021 to €148.5 million (17.3% of revenue) in 2022. EBITDA increased by €75.3 million from €70.3 million in 2021 to €145.6 million in 2022. EBIT increased by €66.7 million from €45.7 million in 2021 to €112.4 million in  2022. Net profit increased by €47.3 million to €77.3 million in 2022 against €30.0 million in 2021.

Share buyback

The Supervisory Board of Nagarro SE today approved a share repurchase program with authorization to purchase Nagarro shares for up to €30 million.

About Nagarro

Nagarro, a global digital engineering leader, helps clients become innovative, digital-first companies and thus win in their markets. The company is distinguished by its entrepreneurial, agile, and global character, its CARING mindset, and its approach of thinking breakthroughs. Nagarro employs over 18,000 people in 33 countries. For more information, visit, www.nagarro.com.

FRA: NA9 (SDAX/TecDAX, ISIN DE000A3H2200, WKN A3H220)

For inquiries, please contact press@nagarro.com.

Logo - https://mma.prnewswire.com/media/844192/Nagarro_Logo.jpg