ETWO - Earnings call transcript Q1 2022 | E2open Parent Holdings, Inc.

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Adam Rogers

Good afternoon everyone. At this time, I'd like to welcome everyone to the E2open Fiscal First Quarter 2022 Earnings Conference Call. I'm Adam Rogers, Senior Director of Investor Relations here at E2open. Today's will include comments from our President and Chief Executive Officer, Michael Farlekas; followed by our Chief Financial Officer, Jarett Janik. And then, we'll open the call for a live Q&A session. webinar be this website. on of replay will available also our A Relations to listed at is Investor is the eXopen.com today's the Information replay which in access press release, in section. available

XXXX. or Reconciliations which from non-GAAP by be press included these earnings that review cautions are in EXopen and to to reports, uncertainties. subject and amendments release, call over and affect that, risks the information remind we complete we of We turning our light to events. be revise And Michael full today's obligating to refer unknown guidance of for guarantees pending financial certain and you including and for website. forward-looking we're our not future may call, measures. discussion making acquisition performance. applicable these our I'd statements GAAP Also, to future and these or today's additional non-GAAP CEO, year XX-K and that Before of regarding certain events not including everyone our downloaded recent any And statements market Relations factors, will future or XX-Q Farlekas. begin, a These our statements risks are performance, during our are and begin encourage Investor today's viewed that results with stock. of our can S-X, or most other known we'll forward-looking measures call, statements like the price future finally, we'll new BluJay information fiscal results our Solutions forward-looking to of ourselves during the financial to our of in

Michael Farlekas

strong us first to for our Adam. extremely to today earnings for 'XX. year. an We for And thank call taking time Thank year fiscal you, start our had quarter you joining

this since joined fact, business QX had the has I the company in was best In the XXXX.

highlights. some Here's

We families. their plan bookings over our we the in target gross and team both EBITDA was net are all bookings had and basis. strong vaccine above 'XX XXX campaigns quarter. our members Revenue, QX India organized 'XX gross FY on where very team to plan. vaccinated above margin Our and well FY QX

products represented gross QX retail previous a having fact, logos, because FY highlighted This net 'XX one three interesting, a for year and sector, success medical the QX to with procurement We services logo Dun our bookings a of two way us. the with Tesco. network. leader and a Bradstreet with to help which for of the sign is increase on chain new great year. newer per strategic five of versus to very supply competitive build signed second partnerships track & XX% our in partnerships, by large supply We're recent to future. announcement a And the it healthcare was win strategic foreseeable In new is market in new related the with We're digitize chain. new to

a rates relationship portions levers of four subscription two A significant the platform partnerships rollout we in multiyear its are where clients. for one doubled generate partnerships, to plan. contracts, is each each alignment of We this revenue growth FY pursuing have to for strategic strategic discussed, is those platform EXopen. growth one we have platform the we In strategic of signed year growth across where increasing individual the As case engine 'XX. the of own we becomes

Solutions integration combination all plus the great enterprise have are we put, have we clients, have and to planning this clients. platform We begun of XXX of momentum Simply seeing course, become permissible the the which of potential in And BluJay category. work. announced

from announced mostly team, products track are our new and growth Bradstreet subscription just streams with are 'XX. models, our ramping; a partnership reminder, are One four four to are company; the a announced Since discussed program in we rate re-ramp on tangible XX% as underway. executed a our well All that the on we & and up incremental Dun increase becoming this strategic this create being partnerships, logo beyond three, executing and sales and new network; in to note a growth reference build place initiatives FY pricing these revenue to we bookings. call: evident. year public we packaging last on company, new we’re levers based revenue results XXX% that’s the will while show build As a is

this making information adding of global business are 'XX. pandemic the progression migrate the from provide FY challenges of the color We is to we as in

underpinned as and FY will XX% growth pipeline not returning to growth strong the and for be of business, disclosures our on our by Based highlights, target is growth on see of see bookings in part bookings, 'XX. we in future. information in the plus the pre-COVID expect what half meet exceed QX The financial 'XX providing we the normal back pipeline We to very back performance. XX% or we these yield

Our to FY drag an of revenue COVID the 'XX half the plan dissipates. year the calls XX% on in back related excess for of as revenue ramping

beyond rate BluJay rate increasing gain with growth combination. to have the we We in conviction to including improvement organic the XX% additional not expect pending our growth future,

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BluJay quarter of for we the accretive. and generated results the adjusted transformative is announced It we financially May, over BluJay us. EBITDA Solutions. strong is addition, of for In In million. $XX strategically combination

to the faster will each I'm while a as the flow companies, compared team, incrementing a combined that combined margin and cash grows welcome Combining of EBITDA two EXopen company As are and Solutions. we begin confident EXopen’s thrilled our customers to company as the great independently. operating planning that BluJay to to the large our executed gross first create trading exceptional greater is we clients, integrate years. quarter In our free further our more and network combination we the and rate. end-to-end over partner to leading transactions XX unlocking past a capability platform, opportunity execution other consistent was long-term with the with value summary, advances platform, acquisition transformative BluJay's robust five strategy to we’ll our and M&A unit This provide growth strong. logistics accelerate and

detail excited about on us. executing growth front are of our initiatives. financial in more turn Jarett? our it We multiple results. I'll regarding focused the remain Jarett opportunities provide And to on that, over to With we

Jarett Janik

Thank you, Michael.

results. And year BluJay As outlook we're very positive I'll update Michael I'll on and Today for on quarter for our comment we combination, in continue full market. the review first fiscal our the begin an XXXX. the with quarter see happy the to first then fiscal by giving momentum results our finally, mentioned,

BluJay Thereafter, planning and we'll the to the EBITDA fully We'll your questions. progressing business. open combination. gross margin our on are call well revenue, the with initial The and on update of with synergy we scheduled integration work as as views, track as start combined is an

$XX.X of Xth full-year of rate GAAP I'd to subscriptions, this series organic from of to that in lockup on growth talk this year's in revenue XX% fiscal on In subject revenue have area was the year the non-GAAP a increase our increase our an One the We to of to I'll subscription at X.X% 'XX of expect lockup rate closing of press core quarter measures sequentially COVID-XX fiscal our is their a addition, full-year. quarters XXXX growth an to that revenue first any for bookings, Due in or part in the in transaction each rate. release, X.X% this run rate from exceeding we results first growth quarterly combination. from like I'd set of bookings a an effects fiscal contributes XX% six of to decrease the August website the available of Relations in a one generated growth revenue of our annual in additional This year, increase transaction, aspect the XX% fiscal afternoon, discuss basis. quarter is to our third about investors of We the expire appears following which reconciliation to the months Since QX agreed EXopen. our growth and yield in our fiscal representing to of of XX% of in the section how were is highlight this Investor total rate million, show as extend like for rate that quarter XXXX. generally quarter. the is for

despite in X% the the nearly revenue rate first 'XX severely that run at of impact, year we 'XX. pandemic. And by was bookings quarter of Our impacted grew our fiscal fiscal

bookings ramp excess fiscal adjustment as was period; each to revenue a the to As The allocation purchase dissipates X.X% adjustments in was services through million, Broken quarter reporting levels. subscription by over quarter, year the to pre-pandemic we XX.X% with increase fair revenue the from CCNBX progress the amortization value the down in prior first principal through segment, up in related the drag of combination. in COVID non-GAAP on revenue $XX.X year million, the period growth revenue related the professional $XX.X the price are revenue deferred associated of XXXX.

our growth As we in compare a the this of customer return sales to pandemic. The our our revenue quarter quarter-over-quarter services reflects performance revenue better as COVID-XX organic periods our adjustment The back the organic press mainly by subscription increase rate. due due business across our new to in prior delayed in was impacted prior and for noted to adding delivery increase are portfolio. to release, year the normal in was demonstrate services financial

quarter like discuss first on XXX% the thus bookings and Xst, pandemic. performance. starts quarterly fiscal to by our turn a reminder, a our minute was impacted I'd prior for March global year As the to

current providing the the normalized, quarterly in we're be is fiscal will booking when in certain comparable last you and of COVID-XX this half noted, happen we to financial recent on our projections help revenue Michael year. order As periods expect impact only the our to of understand the which and time statements,

$XX.X prior period. increase year, of R&D normal year services in related primarily XX.X% first redirected the to our gross return adjusted the were margin the the subscription in improved efforts with prior million up from was with new our strategic Furthermore, quarter XX% from coupled Our development services to the to quarter fiscal fiscal sales year-over-year, into was first some the generally Gross XX% in costs of profit of overall quarter, fiscal gross business. product The from being expense 'XX line. for profit XXXX. first flat for

are $XX quarter to first scaling the sheet, marketing resulting EBITDA a for fiscal compared travel, operating costs, We 'XX, strong flat EBITDA growth, the to to quarter in ratio relates followed the first $XXX first $XX.X of debt return balance $XXX of was EBITDA projection improved fiscal with XX% of office-related adjusted beginning cash a of results year Our to relatively Adjusted just for fiscal leverage by of expenses. it million X.Xx. direct million, in and revenue ended 'XX quarter. the organic the to million, is current as compared we using net quarter to in the and as prior XX% normal year's result of over margin on a certain about million related

the year to remainder like of on fiscal non-GAAP basis. a guidance I'd our reiterating XXXX, Now finish for by

to expect organic million $XXX of XX%. approximately we revenue XXXX, For range $XXX rate total growth still non-GAAP the fiscal from an million, to representing full year

be non-GAAP $XXX XXXX. we revenue. expect or $XXX to XX% in approximately of non-GAAP And $XXX million XX% to finally, EBITDA million $XXX gross of We the non-GAAP our adjusted XX% profit revenue million range million of higher in to or of range be the expect and to than

of call, EXopen the culminating we reaffirming BluJay the predicted, we had have good several we very delivering first of the quarter, the that began we a announcement communicated, previously guidance and full our a of results summary, the initiatives year opportunity. our Q&A strategic now first with Adam, executing a As acquisition take we're quarter both solid Solutions. In dollar with strategies market we remained had financial pause. a questions. on focused capitalize we growth perspective, operational the and after would ready to And multi-billion an like that, on to from begin to your our accomplishing brief and session

Adam Rogers

If please on can give cameras Jared. and moment you, situated. Thank get so turn us a our can everyone we

Okay.

Mark from Mark. first So Benchmark. come Go question will from ahead, our Schappel

Mark Schappel

some my I the Thank typically question then it since about. around the discuss could you quarter? for if in bookings not has guess quarter? the around question. metric additional bookings. bookings a Michael, And each it you first defined talk you I why provide isn't wondering, also, taking And my is that was how And Specifically, color being

Michael Farlekas

terms duration. kind of net meet measure has subscription fixed obviously is, contracts for and Mark. certain criteria on thanks your definition of question, our Yes, year And We revenue of one generally to bookings basis. a bookings gross it in of and certain

that don't quarter specifically can it's give them measure we So doing change pretty guidance in time. bookings the some really And and the we deal one in, meaning our of really from the have is reason a been the of next, based for Xst future or that, our on the it month. to of that following has the business. nature signed subscription a dramatically month that is of one, number does performance the XXth the no terms financial -- And of because in the

basis. So, on that to give and guidance feel an we basis best it’s annual projections to give on

Mark Schappel

And of helpful. supply was strength you quarter you could Michael, the particular just perspective, parts if space, line? wondering the discuss That's your product I then, saw product where the you. Thank chain within in from a

Michael Farlekas

really The release about understand we then quarters. has is one area. just yesterday, in great four resurging been big performer our quarter, in of high a that you're multiple traditionally people and type that's of supplier as question. that part seeing in or been is strong in certain see Yes. also tech. sales trade. demand pipeline, however, longer talked three and past the last of an across One you really for good trade but to thing to multiple one We really to which thing It's global areas. It's the CPG, that really that's couple a of we're more was it's the our suppliers sensing throughout. originally that of in that growing been where is Not I been and And it cycle, Global wanting the But logistics the quarters momentum. platform. complexity about of area as categories, solution our is, well note, industrial And over think platform, think consistent three been one in terms way more a One visibility. very industries. press consistently new in that and the if open collaboration connecting getting a has has logo in specifically is

sort reasons even in company one It's those And of about I XX% that of so strength I'd all growing platform one performance plus to So we our the our other. it's say a areas more area see or confident the performed. we're the beyond has think areas. is of not

Mark Schappel

one last products trade global and business. just then respect And your to with question

being Now, how compliance by business Brexit is much year? rules customs and helped of from this the this new

Michael Farlekas

initiative. I'd say it's don't but think that one some, driven by I

I different think more And really really advantage companies are. understand to the trade companies it’s, trying to really landed more which have what trade of regulations costs. to regulations, speak we take see

overall just it’s more second rules who regulations of are more of around circumstances There lot about trade. to what global a companies country-to-country. and compliance. And piece think are really under is sophisticated can and you I getting the ship that

I two So I those we just obviously strong helps. as it's that think, a Brexit, for don't area. that although think see reasons,

Adam Rogers

question Yun Capital. with comes Kim Loop from next Our

Yun Kim

Michael, obviously, bookings. lagging your metric a Hey quarter, on as indicator, out, subscription on is strong especially congrats of solid a a or you the bookings. revenue really pointed

So, your business. we're part on to of focus going the bookings

one of of it what driver behind is combination Or comp of obviously, that customer new bookings in XX% you two lot a Was you that did really but the you strong Or a year-over-year deals the a growth? couple those that saw, face growth drivers? you So that was easy different mentioned? terms bookings mentioned? platform win basis,

Michael Farlekas

but the started would pipeline in close also companies pipeline focusing that here that those every opportunities yield have we we we what continued growth think that dropped And pandemic been to the all we the is grow. because very really had I it's, quarter. as on a you can measure now, on growth of on And saw our expect returning exceeded the and we with specific our the focus or been as expect. we've pandemic, needs for And the yield the think very pipeline measure within quarter. on their pipeline But that the than own closer. the pipeline And our strong quarters. we pending, a closed inching pipeline get specifically, growing And pipeline bigger I one growing. don't think win. yield we that it's you the had what in is QX, not what that's is had case, has it pipeline quite even last though lost. is, I we And on But before reason key the really, to the is our close metrics faster is than several what

demand. and it's our demand the seeing, we're So execute to then ability more on that

Yun Kim

share And as just not potentially not And So well BluJay grow change that been also really the regarding acquisition regarding and strategy? feedback acquisition, as getting or the of the BluJay that product, I current the core us initial from next your acquisition, since to announcement but a partnering kind existing partners the result, leads acquisition? of seen from your just Can any customers getting have then your whether may has your the customers? what think you're but BluJay pipeline that with product you your mentioned question. from feedback you're you it, my you

Michael Farlekas

Overall, very positive.

to, to we're to we as complementary. they can has very, we the customers. we completely really customers can they’re very for positive. customers us see to And our been where platform out and that's closed think that very are And solutions overwhelmingly we talk don't see reasons But our customers how their yet. transportation talk logistics not can't of those well capability I Some been their can and received. associate they are have robust we our reach have -- And obvious

a we the of a partner the we talked ecosystem, lot I we've lever yes, of in had terms In ecosystem. partnerships, think growth fact And we that. have strategic in about interest talked -- about partner of

have that lot the things opportunity a that's clients more building strategic of capabilities and And is very to as we're attracting integrators. XX over months. see year us And One partner means focused more think very for ecosystem. having robust, the Having attention. more that on of those next a to I that we more integrator we

But working that's So that's that for incremental are about that ourselves more capabilities as will down create help the road. a talking we'll the key initiative now something on. be that on quarters we us go

Yun Kim

you I came there's have that CapEx last for one there. item a And that assuming Jarett? event in a I Great. bit in Can that's high. Jarett. question little explain onetime am just

Jarett Janik

did security good related our would had we're our year accruals through a at to flow a related first quarter Yes, of of end tail the quarter be. we some was the data from enhancements first the where to higher point. upgrade quarter settled making for very that centers, infrastructure year-end But got model the mainly and at payments in absolutely flowed this last cash in invoices than And that which the statement fairly first we were year. always significant some our those enhancing. And this

kind one-off issue well run as a significant So timing more of not upgrade. as a rate, of a

Adam Rogers

Our next question comes UBS. from Taylor McGinnis with

Taylor McGinnis

the Thanks question. for taking

about what to know, bookings the to you I were that full visibility growth, a deals. you you revenue really talked mentioned don't quarter, talking earlier, had last XX% one, strong couple platform And guide. So year about guys you

of guess some I why guide, some So areas embedded what be that caution? can of and in talk Maybe assumptions the you about the the reaffirm? might of

Michael Farlekas

Jarett, Yes, you take that do to want one?

Jarett Janik

Yes, absolutely.

the than We good a visibility, have had great better quarter. we So, XX%. first still even

of provide been year services professional initially India, area the piece impacted services. sicknesses the by we of those Taylor professional X% an in that's that's in area, has that is biggest and the last the where an lot Now, kind a somewhat that of

we one it, of variability services working area has is quarter. some through XXs of higher I'd towards in kind say visibility. are the our that as second the into inching really we're terms completing So still in

Taylor McGinnis

my And it. organic past Got then have about X% is growth the in around you talked just question I second pre-pandemic. know, guys being

provide can that anything So more longer durable XX% organic why growth you plus on you is believe term.

if on prior? based [XXX%] you rate maybe able update has recently to more net have how guys you're curious give out expansion given the So dollar trended any versus

Jarett Janik

Yes.

'XX. have, pipeline COVID, that then from So the once XX% I the in forma continued but into opportunity where the as where we was had hit them one we financial ARR to that, the Taylor number slowed noted, platform. of was pro businesses, cross-sell/upsell on growth that was excess we fiscal our for perspective we we a the from down. of it saw pause keys and we acquisitions of performance -- X% the periods biggest think bring is historic growth as had for exited did that rates the when contracts we that of impacted, number didn't several those significant and influenced grow, a a We layered in they Michael have their before into And conversion

the in of Does a model the now. make QX, bleeding the off QX, revenue exceed kind where And an growth half the are of the a working rate year vacancy, bookings of as this through would in have to for rate. recognition XX% total into word, through of But we back year, obviously of some of annual still so sense? gotten have we're get visibility that to normal great kind QX XX% year we we better the growth we work that would lack that

Taylor McGinnis

really in about that question just performance. last like And bigger strong sense. I to the some on deals some Yes, -- makes bookings my there. you is And talked then just know

visibility, guys very just you I about you at deals, looking platform cycles. pipeline, the and know these like like, are guess, guys you can to long the sales talk I when So, that have

have of going quarter, -- that in? as see So this comment on these larger guys more to is was maybe of you something visibility anomaly fell you deals forward? that? like, where some just Can of those Is you -- this right, some an that more this maybe deals

Michael Farlekas

going three where We put was it's, really And plan. to it we're that. transactions a year five years anomaly. we like an ago, talking on families, about quarter what family across several agree go more Yes, And we've of all seen more our out that's is customers in I'd longer our use then next. where they product be a And our multi-year transactions And of to term to those is now two much to. something look that, we plan customers up. to our on found what And the they end is to roll our eventually alignment. capabilities start add for product is -- and clients we're more strategic doing per and three base platform we’ll ongoing as and about -- happy now from strategy one this what roll those believe a type of as our think been And to out our will clients. we client of

we expansion excess doubles it that's XX%. to think rate really being amount what subscription confidence Because I tremendous a our of happens, when explosive And BluJay, or as long-term is clients of dramatic have customer. growth that to in usually take said will pretty triples over gives us the expand of all that have each growth XXX really that with opportunity client. the XXX for within we kind which each of

in kind really our with And also and engine own to a growth And of And amount So, that not about the basis. clients. of every excited along. happening will plan our We're seeing about itself, tremendous more all really That's manifest see but its in bookings, given been repeatable more more the us think that's we're grow that. client a think I what's business on opportunities we're clients. it represents of that is, just rapidly. really we seeing way

talk get And in months to long for we And it's we by a take that But and months. about many not years of it we that times Now, pipeline are really easy. have to months, category. and activity customers amount time, encouraged point. the

time logos, is new amount logo quarter, note, in us about from this from What purchases thing me this category, we’re I'll initial $XXX,XXX. first there the just the the in obviously, normally to had, three seeing we client I success start with. we larger out talked and new first year, other think selling and we're starting this they're more more other that in client had a success And tells dollar that having The the $XXX,XXX quarter. we've where is subscription that were into quarter over

Adam Rogers

Taylor. Thanks,

final Our Goldman from Chris. Chris afternoon this be ahead, Go question Merwin with will Sachs.

Chris Merwin

to force process plan, to And the sales first form related maybe BluJay in acquisition? focused existing benefit to of got sales of was with force, and on team see that logo additions do wanted I when Part the we focused think the forces? new it’s How EXopen start ask of think of there Thanks. force, I about, -- sales that more the integrating acquisition, BluJay we you've was on a their the more in those out kicking logo sales expansions. was might more about new particular

Michael Farlekas

and Yes, places. it'll is up new logos One cross-sell/upsell. increasing I in think show two also

is XXX and our being product available clients. enterprise plus by BluJay's our families seven the platform underpinned strategy So, to

they two clients upsell for have only motion solutions where one or we So, additional have a their in that packages. very strong their

offer to more lot a have clients. to we So, their

able obviously, have uptake just see That's back new being sell into not So, powerful. we of base. solutions sell and from logos. to but ability new very the additional also And the from client ability logos, market the to we'll that then our

we And mentioned, the Certainly a and continue you that been to to structure two and together, as upsell/cross-sell. strategy going focused go-to-market, organizations have as process has the that. mostly place in on these we're bring we support that. Our

lot get lot well profile as that to base of on of a more hunters able So, we'll be are attention their structure. existing our customer different onto a put as

the that at members to we are in accounts days. time team to hopeful we in really be demo in be we'll terms given we and all now. to would XX to We months it, ground months expect in three close first, months in have will start in starting half expect able six to cycles And than plans place eight that later in from think in to the clients all to sales are would pipeline bookings uptake We kind six or and call show of hit solutions happen growth to closing running. kicking within would We able of then format their back the expect little the So, that months, a nine long. of the a the the territories, assigned, in combined nine that. four

XX then they very show operating amount demo product immediately, is and as times forces all run grows sales pipeline within the this time, then a to a done the same one bookings get be the the short which we've kind form of and of the able and pattern, in So, grow.

expect So, we pretty to happen that that form same quickly. in

Jarett Janik

we an can element important that, and logos, people Yes, dedicated is rest not Michael, organizational sales there if new after products, going is whereby then too, customers, the have continue the I Chris. organization add will to organized of around

we going have different same products. into to sellers multiple So, don't the sell trying account,

that cross-sell/upsell accounts of motion small a have very group with. have We dedicated go that that through they then sellers

Chris Merwin

And last Thank product guess. the then around, new question just perfect. was some Okay, attach, you. of I my

like suite with bigger Just products expand? lands. to a could us of sizes helpful. just anything give sense your like some how lands, continues of taken there a many other ago spoke deal share you you your to Michael, year metrics with Are would to share could you be as those there are us new now with think, Thanks. I versus any

Michael Farlekas

Yes.

give terms have color a as Jarett We'll existing for be Let's you number talk that, them of can of good of bookings tell Chris, might type our client suggestion, customers come resolved now, of per and new us. and are strictly that some metric of solutions -- I not, we in however but be with that think I take I'll XX% if can don't more see a from valuable we I solution. a will growth information. back volumetric

that us. means buying So, most they're solutions additional from of

over that million grow before, three purchase $XXX,XXX but And So, but what of two our we to that expect represent new typically, in will million mentioned not the we X to initially, know as what range, X we're something as year the buy represent expanding period. or level period. customer a three customers is they us to we've to us to XX% metric. And within said for growing before, footprint a $XXX,XXX top and or clients grow a logos I've our as what they that will two over because year

the the So, more very even new strategy. growth impactful view, to but logos our long-term current are impactful to

Adam Rogers

concludes That to thank everyone our for and conference call this like afternoon, attending. we'd

now. disconnect can You

Michael Farlekas

Have Thank day. you good a all.

Jarett Janik

everybody. Thanks,

E2open Parent (ETWO) 15 Jul 212022 Q1 Earnings call transcript