Nagarro releases audited financial results for 2022, announces share buyback
MUNICH, April 15, 2023 /PRNewswire/ --Nagarro, a global digital engineering leader, today presented its audited financial numbers for 2022 and its Annual Report for 2022. Revenue was 231.0millionin Q4 2022, up 42.5%YoY from 162.0millionin Q4 2021. FY 2022 revenue was 856.3million, 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 66.8millionin Q4 2022 from 42.3millionin Q4 2021. Gross margin increased to 28.9%in Q4 2022 from 26.1%in Q4 2021. Adjusted EBITDA grew by 10.4millionfrom 20.5million(12.6%of revenue) in Q4 2021 to 30.9million(13.4%of revenue) in Q4 2022. EBITDA grew by 12.3millionfrom 18.3millionin Q4 2021 to 30.7millionin Q4 2022. EBIT increased by 10.8millionfrom 10.9millionin Q4 2021 to 21.7millionin Q4 2022. Net profit increased by 7.0millionto 15.4million in Q4 2022 from 8.3million in Q4 2021.
Operating cash flow in Q4 2022 rose to 36.8millionfrom 22.9millionin 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 856.3million, up from 546.0millionin 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 247.1millionin 2022 from 154.4millionin 2021. Gross margin increased from 28.3%in 2021 to 28.9%in 2022. Adjusted EBITDA grew 86.3%from 79.7million(14.6%of revenue) in 2021 to 148.5million(17.3%of revenue) in 2022. EBITDA increased by 75.3millionfrom 70.3millionin 2021 to 145.6millionin 2022. EBIT increased by 66.7millionfrom 45.7millionin 2021 to 112.4millionin 2022. Net profit increased by 47.3millionto 77.3millionin 2022 against 30.0millionin 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.
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SOURCE Nagarro

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