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Exclusive Networks (Euronext Paris: EXN) today announced its Gross Sales and IFRS Revenue for the fourth quarter and full year ended December 31, 2021.

Fourth Quarter 2021

Reported Gross Sales: €1.0 billion, up 31.4% year over year and up 14.1% including Veracomp in 2020

IFRS Revenue: €799.1 million, up 37.5% year over year.

 

Full Year 2021

Reported Gross Sales: €3.3 billion, up 29.5% year over year and up 15.1% including Veracomp in 2020

IFRS Revenue: €2.5 billion, up 31.3% year over year.

 

Jesper Trolle, Chief Executive Officer, declared: “For the first time in its history, Exclusive Networks exceeded one billion euros of Gross Sales in a quarter. This is not just a symbolic milestone in our journey but also again demonstrates our success addressing the compelling demand for cybersecurity solutions and offering the optimal go to market platform to guide customers in the ever-changing environment with best-in-class solutions. The migration to cloud and its associated complexity represents a great growth opportunity as it allows us to get even closer to vendors, partners and end customers.”

 

“During the quarter and in continuity with our third quarter 2021, demand was strong in the enterprise market and with a higher number of large contracts, notably in the Americas and EMEA. Over the year, we increased our global partner network by 12% and expanded our geographical presence with strategic vendors, such as Fortinet, F5, Juniper, Netskope and Palo Alto. Within the quarter, we also added the solutions of the new vendors Security Score Card, Docker, Salt Security and Entrust to enrich our portfolio of cybersecurity offering. And in December 2021, we successfully closed the acquisition of Networks Unlimited, a major Sub-Saharan value-added distributor that enables us to get a deep footprint in 38 African markets with cybersecurity and infrastructure solutions. This performance demonstrates the relevance of our strategy in place.”

 

“First, I would like to thank our vendors for their exceptional collaboration and efforts to overcome the challenging supply chain environment and all our operations teams for their relentless dedication to help get supply to our partners. Finally, I would like to thank all our employees for their outstanding contribution which allowed Exclusive Networks to achieve this record quarter.”

 

FOURTH QUARTER 2021 GROSS SALES

in € million

Q4 2020

Q4 2021

Change

Reported

Constant

Currency*

Including Veracomp in 2020

EMEA

626.3

817.9

+30.6%

+30.1%

+9.5%

APAC

94.6

98.0

+3.6%

+0.5%

+3.6%

AMERICAS

68.9

122.3

+77.4%

+74.2%

+77.4%

GROUP

789.8

1,038.2

+31.4%

+30.4%

+14.1%

* Variation at constant currency is computed using the fourth quarter of 2020 rates applied to the fourth quarter of 2021 Gross Sales. The USD, GBP and PLN evolved as follows; 1EUR: 1.1835 USD; 1EUR: 0.8600 GBP, 1EUR: 4.5650 PLN respectively for 2021 and 1EUR: 1.1413 USD, 1EUR: 0.8892 GBP, 1EUR: 4.4432 PLN respectively for 2020.

 

FOURTH QUARTER 2021 IFRS REVENUE

in € million

Q4 2020

Q4 2021

Change

Reported

Constant

Currency*

EMEA

460.3

643.1

+39.7%

+39.5%

APAC

75.0

76.6

+2.1%

-1.1%

AMERICAS

45.7

79.4

+73.7%

+70.4%

GROUP

581.1

799.1

+37.5%

+36.7%

* Variation at constant currency is computed using the fourth quarter of 2020 rates applied to the fourth quarter of 2021 revenue.

Highlights for the Fourth Quarter 2021

 

Gross Sales were €1.0 billion, an increase of 31.4% year over year on a reported basis, +14.1% including Veracomp in 2020. This growth was attributable for 46% to existing vendors, 31% to vendor expansion, 6% to new vendors, and for 23% to acquisitions. The business performance of the fourth quarter demonstrated our capacity to mitigate the product shortage issues impacting the industry across our three theatres. Ignition which was acquired in July 2021 contributed for €18.0 million of Gross Sales in the fourth quarter 2021 and Networks Unlimited acquired in December 2021 for €7.1 million.

 

For the fourth quarter 2021, vendors renewal rates[2] came in at 110% (113% for full year 2021) and customers renewal rates1 came in at 106% (112% for full year 2021), which testify the engagement of our channel partners.

 

EMEA: Gross Sales were €817.9 million, an increase of 30.6% year over year on a reported basis, +9.5% including Veracomp in 2020. The robust market dynamism post pandemic and the sustained enterprise momentum continued to drive growth, as well as the expansion of F5 and Netskope to some new territories. The strong order intake together with our proximity and flexibility with both vendors and partners helped overcome the supply issues on some product categories.

 

AMERICAS: Gross Sales were €122.3 million, an increase of 77.4% year over year. The accelerated growth was generated by the investments made earlier during the year which helped to capture the intense demand for cybersecurity solutions, a significant higher number of large contracts and the addition of Juniper and Docker to our existing portfolio in the Americas.

 

APAC: Gross Sales were €98.0 million, an increase of 3.6% year over year supported by a sustained demand and impacted by persistent product shortages and delayed deliveries across multiple vendors and partial lockdowns still affecting several countries in the region.

 

FULL YEAR 2021 GROSS SALES

in € million

FY 2020

FY 2021

Change

Reported

Constant

Currency*

Including

Veracomp in 2020

EMEA

1,931.5

2,579.5

+33.5%

+34.1%

+14.5%

APAC

362.8

394.3

+8.7%

+9.8%

+8.7%

AMERICAS

269.5

346.7

+28.6%

+32.1%

+28.6%

GROUP

2,563.9

3,320.4

+29.5%

+30.4%

+15.1%

* Variation at constant currency is computed using FY 2020 rates applied to FY 2021 Gross Sales. The USD, GBP and PLN evolved as follows; 1EUR: 1.1835 USD; 1EUR: 0.8600 GBP, 1EUR: 4.5650 PLN respectively for 2021 and 1EUR: 1.1413 USD, 1EUR: 0.8892 GBP, 1EUR: 4.4432 PLN respectively for 2020.

FULL YEAR 2021 IFRS REVENUE

in € million

FY 2020

FY 2021

Change

Reported

Constant

Currency*

EMEA

1,432.9

1,944.3

+35.7%

+36.4%

APAC

277.6

307.6

+10.8%

+11.8%

AMERICAS

181.3

231.5

+27.6%

+31.1%

GROUP

1,891.7

2,483.4

+31.3%

+32.3%

 

 

SIGNIFICANT EVENTS SINCE 31 DECEMBER 2021

On 17 January 2022, Exclusive Networks announced a major partnership with Guardia Cybersecurity School (Quest Education Group), to tackle the escalating cybersecurity skills shortage. Launching in September 2022, Guardia Cybersecurity School will become the first IT school entirely dedicated to cybersecurity in France. With two campuses based in Lyon and Paris, the School will open its doors to students in September 2022.This exclusive partnership reaffirms Exclusive Networks position as a global cybersecurity specialist and its commitment to developing the next generation of cybersecurity talent through this new cybersecurity education institution.

 

OUTLOOK

Jesper Trolle declared: “The global environment is characterized by a growing awareness about digital threats and increasing demand for cybersecurity solutions, all of which is well aligned with Exclusive Networks’ core market proposition, partner ecosystem, and business objectives. We foresee the strong momentum in the market to continue short term and mid-term.

We are reconfirming our full-year 2021 profitability and medium-term targets.”

APPENDIX

2020 QUARTERLY GROSS SALES

in € million

Q1 2020

Q2 2020

Q3 2020

Q4 2020

FY 2020

EMEA

444.4

438.9

421.9

626.3

1,931.5

APAC

87.1

96.2

84.9

94.6

362.8

AMERICAS

61.7

61.0

77.9

68.9

269.5

GROUP

593.2

596.1

584.7

789.8

2,563.9

 

 

 

2021 QUARTERLY GROSS SALES

in € million

Q1 2021

Q2 2021

Q3 2021

Q4 2021

FY 2021

EMEA

585.3

567.9

608.3

817.9

2,579.5

APAC

103.5

89.8

103.0

98.0

394.3

AMERICAS

57.8

73.0

93.6

122.3

346.7

GROUP

746.7

730.7

804.9

1,038.2

3,320.4

2020 QUARTERLY IFRS REVENUE

in € million

Q1 2020

Q2 2020

Q3 2020

Q4 2020

FY 2020

EMEA

341.8

312.9

317.9

460.3

1,432.9

APAC

66.2

70.7

65.7

75.0

277.6

AMERICAS

47.3

40.2

48.2

45.7

181.3

GROUP

455.2

423.7

431.8

581.1

1,891.7

 

 

 

2021 QUARTERLY IFRS REVENUE

in € million

Q1 2021

Q2 2021

Q3 2021

Q4 2021

FY 2021

EMEA

424.7

436.2

440.2

643.1

1,944.3

APAC

85.6

64.8

80.7

76.6

307.6

AMERICAS

47.9

46.6

57.5

79.4

231.5

GROUP

558.2

547.7

578.4

799.1

2,483.4

 

 

CONFERENCE CALL

Jesper Trolle, Chief Executive Officer and Pierre Boccon-Liaudet, Chief Financial Officer, will present this Q4 2021 performance during a conference call in English to be held today at 09:00 a.m. (CET).

You can follow the conference call live via webcast at the following link: www.exclusive-networks-ir.com.

A replay will also be available for a period of one year.

All documents relating to this publication will be placed online on the Exclusive Networks Investor Relations website at www.exclusive-networks-ir.com

Regulated information related to this press release and presentation is available on www.exclusive-networks-ir.com

 

PROVISIONAL CALENDAR

  • FY 2021 Financial Results: 30 March 2022
  • Q1 2022 Financial update (Gross Sales and Revenue): 9 May 2022

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