Endava plc 6-K, filed May 14, 2025
Endava plc (DAVA)
6-K
2025-05-14
For: 2025-03-31
View Original
Added on
April 07, 2026
About this 6-K
Endava plc filed this 6-K on May 14, 2025.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the Month of May 2025
Commission File Number: 001-38607
ENDAVA PLC
(Name of Registrant)
125 Old Broad Street
London EC2N 1AR
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
x Form 20-F ¨ Form 40-F
INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K
Press Release and Investor Deck
On May 14, 2025, Endava plc (the “Company”) issued a press release announcing its financial results for the third quarter ended March 31, 2025. A copy of this press release is attached hereto as Exhibit 99.1. Additionally, the Company posted an updated investor presentation, which is attached hereto as Exhibit 99.2. The updated investor presentation is available in the “News and Events” section of the Company’s website at www.endava.com and will be used by the Company from time to time at investor conferences and in meetings with investors and others beginning on May 14, 2025.
.
INCORPORATION BY REFERENCE
Exhibit 99.1, other than the portions of Exhibit 99.1 under the caption "Outlook," is hereby expressly incorporated by reference into the Company’s registration statement on Form F-3 (File No. 333-229213) and registration statements on Form S-8 (File Nos. 333-228717, 333-248904, 333-259900, 333-268067, 333-274571 and 333-282207), and any related prospectuses, as such registration statements may be amended from time to time, and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.
EXHIBIT LIST
| Exhibit | Description | |||||||
| 99.1 | ||||||||
| 99.2 | ||||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| ENDAVA PLC | |||||||||||
| Date: May 14, 2025 | By: | /s/ John Cotterell | |||||||||
| Name: John Cotterell | |||||||||||
| Title: Chief Executive Officer | |||||||||||
 | Q3 FY2025 | |||||||
ENDAVA ANNOUNCES THIRD QUARTER FISCAL YEAR 2025 RESULTS
Q3 FY2025
11.7% Year on Year Revenue Increase to £194.8 million
12.4% Revenue Increase at Constant Currency
Diluted EPS £0.18 compared to £(0.03) in the prior year comparative period
Adjusted Diluted EPS £0.34 compared to £0.22 in the prior year comparative period
London, U.K. – Endava plc (NYSE: DAVA) ("Endava" or the "Company"), the technology-driven business transformation group whose AI-native approach combines cutting edge technology with deep industry expertise, today announced results for the three months ended March 31, 2025, the third quarter of its 2025 fiscal year ("Q3 FY2025").
“The business environment continues to evolve rapidly and the quarter just ended has been challenging. Clients' desire to innovate remains strong; however, they are slow at signing larger contracts in the current uncertain macroeconomic environment. The opportunity pipeline continues to grow but the conversion into revenue is not happening as we would have expected. In this uncertain environment, we are focusing on what we can control to best position the business for the long term. Additionally, our board of directors has authorized the repurchase of up to $50 million of additional Endava shares, reflecting our confidence in our cash flow outlook and long-term strategy,” said John Cotterell, Endava's CEO.
THIRD QUARTER FISCAL YEAR 2025 FINANCIAL HIGHLIGHTS:
•Revenue for Q3 FY2025 was £194.8 million, an increase of 11.7% compared to £174.4 million in the same period in the prior year.
•Revenue increase at constant currency (a non-IFRS measure)* was 12.4% for Q3 FY2025.
•Profit before tax for Q3 FY2025 was £13.6 million, compared to loss before tax of £(0.5) million in the same period in the prior year.
•Adjusted profit before tax (a non-IFRS measure)* for Q3 FY2025 was £24.6 million, or 12.6% of revenue, compared to £15.5 million, or 8.9% of revenue, in the same period in the prior year.
•Profit for the period was £10.9 million, resulting in diluted earnings per share ("EPS") of £0.18, compared to loss for the period of £(1.7) million and diluted loss per share of £(0.03) in the same period in the prior year.
1
| Q3 FY2025 | |||||||
•Adjusted profit for the period (a non-IFRS measure)* was £20.1 million, resulting in adjusted diluted EPS (a non-IFRS measure)* of £0.34, compared to adjusted profit for the period of £12.7 million and adjusted diluted EPS of £0.22 in the same period in the prior year.
CASH FLOW:
•Net cash from operating activities was £18.7 million in Q3 FY2025, compared to net cash from operating activities of £3.0 million in the same period in the prior year.
•Adjusted free cash flow (a non-IFRS measure)* was £17.5 million in Q3 FY2025, compared to £2.2 million in the same period in the prior year.
•At March 31, 2025, Endava had cash and cash equivalents of £68.3 million, compared to £62.4 million at June 30, 2024.
* Definitions of the non-IFRS measures used by the Company and a reconciliation of such measures to the related IFRS financial measure can be found under the sections below titled “Non-IFRS Financial Information” and “Reconciliation of IFRS Financial Measures to Non-IFRS Financial Measures.”
OTHER METRICS FOR THE QUARTER ENDED MARCH 31, 2025:
•Headcount totaled 11,365 at March 31, 2025, with an average of 10,272 operational employees in Q3 FY2025, compared to a headcount of 11,025 at March 31, 2024 and an average of 10,127 operational employees in the same period in the prior year.
•Number of clients with over £1 million in revenue on a rolling twelve-month basis was 136 at March 31, 2025, compared to 142 clients at March 31, 2024.
•Top 10 clients accounted for 39% of revenue in Q3 FY2025, compared to 34% in the same period in the prior year.
•By geographic region, 37% of revenue was generated in North America, 22% was generated in Europe, 35% was generated in the United Kingdom and 6% was generated in the rest of the world in Q3 FY2025. This compares to 30% in North America, 28% in Europe, 35% in the United Kingdom and 7% in the Rest of the World in the same period in the prior year.
•By industry vertical, 19% of revenue was generated from Payments, 21% from BCM, 9% from Insurance, 18% from TMT, 8% from Mobility, 12% from Healthcare, and 13% from Other in Q3 FY2025. This compares to 24% from Payments, 14% from BCM, 9% from Insurance, 24% from TMT, 10% from Mobility, 4% from Healthcare, and 15% from Other in the same period in the prior year.
2
| Q3 FY2025 | |||||||
OUTLOOK:
Fourth Quarter Fiscal Year 2025:
Endava expects revenue will be in the range of £186.0 million to £188.0 million, representing a constant currency revenue change of between (1.0)% and 0.0% on a year over year basis. Endava expects adjusted diluted EPS to be in the range of £0.22 to £0.24 per share.
Full Fiscal Year 2025:
Endava expects revenue will be in the range of £771.5 million to £773.5 million, representing a constant currency revenue increase of between 6.0% and 6.5% on a year over year basis. Endava expects adjusted diluted EPS to be in the range of £1.11 to £1.13 per share.
This above guidance for the fourth quarter and full fiscal year 2025 assumes the exchange rates on April 30, 2025 (when the exchange rate was 1 British Pound to 1.34 US Dollar and 1.18 Euro).
Endava is not able, at this time, to reconcile its expectations for the fourth quarter and full fiscal year 2025 for a rate of revenue growth or decline at constant currency or adjusted diluted EPS to their respective most directly comparable IFRS measures as a result of the uncertainty regarding, and the potential variability of, reconciling items such as share-based compensation expense, amortisation of acquired intangible assets, foreign currency exchange losses / (gains), net, and fair value movement of contingent consideration, as applicable. Accordingly, a reconciliation is not available without unreasonable effort, although it is important to note that these factors could be material to Endava's results computed in accordance with IFRS.
The guidance provided above is forward-looking in nature. Actual results may differ materially. See “Forward-Looking Statements” below.
SHARE REPURCHASE PROGRAM:
As of April 30, 2025, the Company had repurchased 1,975,906 American Depositary Shares ("ADS") for $39.7 million under its share repurchase program. As of April 30, 2025, the Company had $60.3 million remaining for repurchase under its share repurchase authorization. Additionally, the Board of Directors of Endava has approved an additional $50 million of share repurchases under the existing program.
CONFERENCE CALL DETAILS:
3
| Q3 FY2025 | |||||||
The Company will host a conference call at 8:00 am ET today, May 14, 2025, to review its Q3 FY2025 results. To participate in Endava’s Q3 FY2025 earnings conference call, please dial in at least five minutes prior to the scheduled start time (844) 481-2736 or (412) 317-0665 for international participants, Conference ID: Endava Call.
Investors may listen to the call on Endava’s Investor Relations website at http://investors.Endava.com. The webcast will be recorded and available for replay until Wednesday June 11, 2025.
ABOUT ENDAVA PLC:
Endava is a leading provider of next-generation technology services, dedicated to enabling its customers to accelerate growth, tackle complex challenges and thrive in evolving markets. By combining innovative technologies and deep industry expertise with an AI-native approach, Endava consults and partners with customers to create solutions that drive transformation, augment intelligence and deliver lasting impact. From ideation to production, it supports customers with tailor-made solutions at every stage of their digital transformation, regardless of industry, region or scale.
Endava’s clients span payments, insurance, finance and banking, technology, media, telecommunications, healthcare and life sciences, mobility, retail and consumer goods and more. As of March 31, 2025, 11,365 Endavans are helping clients break new ground across locations in Europe, the Americas, Asia Pacific and the Middle East.
4
| Q3 FY2025 | |||||||
NON-IFRS FINANCIAL INFORMATION:
To supplement Endava’s Condensed Consolidated Statements of Comprehensive Income, Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Cash Flows presented in accordance with IFRS, the Company uses non-IFRS measures of certain components of financial performance in this press release. These measures include revenue growth/(decline) rate at constant currency, adjusted profit before tax, adjusted profit for the period, adjusted diluted EPS and adjusted free cash flow.
Revenue growth/(decline) rate at constant currency is calculated by translating revenue from entities reporting in foreign currencies into British Pounds using the comparable foreign currency exchange rates from the prior period. For example, the average currency rates in effect for the fiscal quarter ended March 31, 2024 were used to convert revenue for the fiscal quarter ended March 31, 2025 and the revenue for the comparable prior period.
Adjusted profit before tax ("Adjusted PBT") is defined as the Company’s profit before tax adjusted to exclude the impact of share-based compensation expense, amortisation of acquired intangible assets, realised and unrealised foreign currency exchange (gains)/losses, net, restructuring costs, and fair value movement of contingent consideration, all of which are non-cash items except for realised foreign currency exchange (gains)/losses, net. Our Adjusted PBT margin is our Adjusted PBT as a percentage of our total revenue.
Adjusted profit for the period is defined as Adjusted PBT less the adjusted tax charge for the period. The adjusted tax charge is the tax charge adjusted for the tax impact of the adjustments to PBT and the release of the deferred tax liability relating to Romanian withholding tax.
Adjusted diluted EPS is defined as Adjusted profit for the period, divided by weighted average number of shares outstanding - diluted.
Adjusted free cash flow is the Company’s net cash from operating activities, plus grants received, less net purchases of non-current assets (tangible and intangible). Adjusted free cash flow is not intended to be a measure of residual cash available for management's discretionary use since it omits significant sources and uses of cash flow, including mandatory debt repayments and changes in working capital.
Management believes these measures help illustrate underlying trends in the Company's business and uses the measures to establish budgets and operational goals, communicated internally and externally, for managing the Company's business and evaluating its performance.
5
| Q3 FY2025 | |||||||
Management also believes the presentation of its non-IFRS financial measures enhances an investor’s overall understanding of the Company’s historical financial performance. The presentation of the Company’s non-IFRS financial measures is not meant to be considered in isolation or as a substitute for the Company’s financial results prepared in accordance with IFRS, and its non-IFRS measures may be different from non-IFRS measures used by other companies. Investors should review the reconciliation of the Company’s non-IFRS financial measures to the comparable IFRS financial measures included below, and not rely on any single financial measure to evaluate the Company’s business.
FORWARD-LOOKING STATEMENTS:
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by the use of terms and phrases such as “believe,” “expect,” "intends," "outlook," “may,” “will,” and other similar terms and phrases. Such forward-looking statements include, but are not limited to, statements regarding the macroeconomic environment, our share repurchase program and management's financial outlook for the fourth quarter and full fiscal year 2025. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated by these forward-looking statements, including, but not limited to: Endava’s ability to achieve its revenue growth goals including as a result of a slower conversion of its pipeline; Endava's expectations of future operating results or financial performance; Endava’s ability to accurately forecast and achieve its announced guidance; Endava's ability to retain existing clients and attract new clients, including its ability to increase revenue from existing clients and diversify its revenue concentration; Endava’s ability to attract and retain highly-skilled IT professionals at cost-effective rates; Endava's ability to successfully identify acquisition targets, consummate acquisitions and successfully integrate acquired businesses and personnel; Endava's ability to penetrate new industry verticals and geographies and grow its revenue in current industry verticals and geographies; Endava’s ability to maintain favorable pricing and utilization rates to support its gross margin; the effects of increased competition as well as innovations by new and existing competitors in its market; the size of Endava's addressable market and market trends; Endava’s ability to adapt to technological change and industry trends and innovate solutions for its clients; Endava's plans for growth and future operations, including its ability to manage its growth; Endava's ability to effectively manage its international operations, including Endava's exposure to foreign currency exchange rate fluctuations; Endava's future financial performance,
6
| Q3 FY2025 | |||||||
including trends in revenue, cost of sales, gross profit, selling, general and administrative expenses, finance income and expense and taxes; the impact of unstable market and economic conditions, including as a result of actual or anticipated changes in interest rates, economic inflation and the responses by central banking authorities to control such inflation, and the imposition of tariffs in the United States and abroad; and the impact of political instability, natural disaster, events of terrorism and wars, including the military conflict between Ukraine and Russia and related sanctions, as well as other risks and uncertainties discussed in the “Risk Factors” section of Endava's Annual Report on Form 20-F for the year ended June 30, 2024 filed with the SEC on September 19, 2024 and in other filings that Endava makes from time to time with the SEC, including our Current Report on Form 6-K filed with the SEC on March 28, 2025. In addition, the forward-looking statements included in this press release represent Endava’s views and expectations as of the date hereof and are based on information currently available to Endava. Endava anticipates that subsequent events and developments may cause its views to change. Endava specifically disclaims any obligation to update the forward-looking statements in this press release except as required by law. These forward-looking statements should not be relied upon as representing Endava’s views as of any date subsequent to the date hereof.
INVESTOR CONTACT:
Endava plc
Laurence Madsen, Head of Investor Relations
Investors@endava.com
7
| Q3 FY2025 | |||||||
| CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | Nine Months Ended March 31 | Three Months Ended March 31 | ||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||
| £’000 | £’000 | £’000 | £’000 | |||||||||||
| REVENUE | 585,479 | 546,338 | 194,838 | 174,365 | ||||||||||
| Cost of sales | ||||||||||||||
| Direct cost of sales | (417,317) | (389,864) | (134,251) | (130,452) | ||||||||||
| Allocated cost of sales | (20,896) | (19,938) | (6,998) | (6,720) | ||||||||||
| Total cost of sales | (438,213) | (409,802) | (141,249) | (137,172) | ||||||||||
| GROSS PROFIT | 147,266 | 136,536 | 53,589 | 37,193 | ||||||||||
| Selling, general and administrative expenses | (124,449) | (117,643) | (37,135) | (39,025) | ||||||||||
| OPERATING PROFIT / (LOSS) | 22,817 | 18,893 | 16,454 | (1,832) | ||||||||||
| Net finance (expense) / income | (2,503) | 8,496 | (2,857) | 1,303 | ||||||||||
| PROFIT / (LOSS) BEFORE TAX | 20,314 | 27,389 | 13,597 | (529) | ||||||||||
| Tax on profit on ordinary activities | (270) | (8,413) | (2,651) | (1,208) | ||||||||||
| PROFIT / (LOSS) FOR THE PERIOD | 20,044 | 18,976 | 10,946 | (1,737) | ||||||||||
| OTHER COMPREHENSIVE INCOME | ||||||||||||||
| Items that may be reclassified subsequently to profit or loss: | ||||||||||||||
| Exchange differences on translating foreign operations and net investment hedge impact | (21,554) | (1,061) | (7,741) | (2,930) | ||||||||||
| TOTAL COMPREHENSIVE (LOSS) / INCOME FOR THE PERIOD ATTRIBUTABLE TO OWNERS OF THE COMPANY | (1,510) | 17,915 | 3,205 | (4,667) | ||||||||||
| EARNINGS PER SHARE (EPS): | ||||||||||||||
| Weighted average number of shares outstanding - Basic | 59,234,601 | 58,213,743 | 59,164,297 | 58,439,085 | ||||||||||
| Weighted average number of shares outstanding - Diluted | 59,566,531 | 58,657,357 | 59,434,080 | 58,799,599 | ||||||||||
| Basic EPS (£) | 0.34 | 0.33 | 0.19 | (0.03) | ||||||||||
| Diluted EPS (£) | 0.34 | 0.32 | 0.18 | (0.03) | ||||||||||
8
| Q3 FY2025 | |||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | March 31, 2025 | June 30, 2024 | March 31, 2024 (1) | ||||||||
| £’000 | £’000 | £’000 | |||||||||
| ASSETS - NON-CURRENT | |||||||||||
| Goodwill | 490,478 | 515,724 | 262,720 | ||||||||
| Intangible assets | 110,471 | 127,797 | 56,436 | ||||||||
| Property, plant and equipment | 15,036 | 20,638 | 22,204 | ||||||||
| Lease right-of-use assets | 44,240 | 53,294 | 52,645 | ||||||||
| Deferred tax assets | 20,792 | 18,323 | 20,694 | ||||||||
| Financial assets and other receivables | 9,141 | 10,499 | 7,380 | ||||||||
| TOTAL | 690,158 | 746,275 | 422,079 | ||||||||
| ASSETS - CURRENT | |||||||||||
| Trade and other receivables | 193,131 | 193,673 | 177,355 | ||||||||
| Corporation tax receivable | 10,084 | 11,402 | 2,760 | ||||||||
| Financial assets | 119 | 183 | 185 | ||||||||
| Cash and cash equivalents | 68,277 | 62,358 | 190,021 | ||||||||
| TOTAL | 271,611 | 267,616 | 370,321 | ||||||||
| TOTAL ASSETS | 961,769 | 1,013,891 | 792,400 | ||||||||
| LIABILITIES - CURRENT | |||||||||||
| Lease liabilities | 13,922 | 14,450 | 14,300 | ||||||||
| Trade and other payables | 101,156 | 116,569 | 82,931 | ||||||||
| Corporation tax payable | 6,088 | 8,556 | 2,524 | ||||||||
| Contingent consideration | 80 | 8,444 | 4,619 | ||||||||
| Deferred consideration | 3,349 | 5,840 | 3,205 | ||||||||
| TOTAL | 124,595 | 153,859 | 107,579 | ||||||||
| LIABILITIES - NON CURRENT | |||||||||||
| Borrowings | 136,456 | 144,754 | — | ||||||||
| Lease liabilities | 35,225 | 43,557 | 42,961 | ||||||||
| Deferred tax liabilities | 19,202 | 30,814 | 13,108 | ||||||||
| Contingent consideration | 329 | — | — | ||||||||
| Deferred consideration | — | 943 | 3,411 | ||||||||
| Other liabilities | 377 | 509 | 548 | ||||||||
| TOTAL | 191,589 | 220,577 | 60,028 | ||||||||
| EQUITY | |||||||||||
| Share capital | 1,189 | 1,180 | 1,169 | ||||||||
| Share premium | 21,280 | 21,280 | 21,208 | ||||||||
| Merger relief reserve | 63,440 | 63,440 | 49,643 | ||||||||
| Retained earnings | 619,216 | 573,640 | 570,878 | ||||||||
| Other reserves | (41,613) | (20,059) | (18,079) | ||||||||
| Treasury shares | (17,922) | — | — | ||||||||
| Investment in own shares | (5) | (26) | (26) | ||||||||
| TOTAL | 645,585 | 639,455 | 624,793 | ||||||||
| TOTAL LIABILITIES AND EQUITY | 961,769 | 1,013,891 | 792,400 | ||||||||
9
| Q3 FY2025 | |||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | Nine Months Ended March 31 | Three Months Ended March 31 | ||||||||||||
| 2025 | 2024(2) | 2025 | 2024(2) | |||||||||||
| £’000 | £’000 | £’000 | £’000 | |||||||||||
| OPERATING ACTIVITIES | ||||||||||||||
| Profit / (Loss) for the period | 20,044 | 18,976 | 10,946 | (1,737) | ||||||||||
| Income tax charge | 270 | 8,413 | 2,651 | 1,208 | ||||||||||
| Non-cash adjustments | 64,720 | 43,760 | 18,513 | 11,927 | ||||||||||
| Tax paid | (6,943) | (7,707) | (3,157) | (2,893) | ||||||||||
| Net changes in working capital | (23,010) | (8,811) | (10,294) | (5,497) | ||||||||||
| Net cash from operating activities | 55,081 | 54,631 | 18,659 | 3,008 | ||||||||||
| INVESTING ACTIVITIES | ||||||||||||||
| Purchase of non-current assets (tangibles and intangibles) | (2,932) | (3,696) | (1,361) | (1,496) | ||||||||||
| Proceeds from disposal of non-current assets | 255 | 36 | 219 | 63 | ||||||||||
| Payment for acquisition of subsidiary, net of cash acquired | (6,676) | (19,223) | (776) | (12,513) | ||||||||||
| Other acquisition-related settlements | — | (6,680) | — | — | ||||||||||
| Interest received | 978 | 5,599 | 258 | 2,077 | ||||||||||
| Net cash used in investing activities | (8,375) | (23,964) | (1,660) | (11,869) | ||||||||||
| FINANCING ACTIVITIES | ||||||||||||||
| Proceeds from sublease | 92 | 129 | 28 | 42 | ||||||||||
| Proceeds from bank loans | 35,000 | — | 25,000 | — | ||||||||||
| Repayment of borrowings | (40,842) | — | (10,000) | — | ||||||||||
| Repayment of lease liabilities | (9,357) | (9,152) | (3,198) | (2,857) | ||||||||||
| Repayment of lease interest | (1,447) | (1,641) | (458) | (516) | ||||||||||
| Interest and debt financing costs paid | (6,510) | (1,611) | (2,228) | (1,028) | ||||||||||
| Grant received | 274 | 822 | — | 592 | ||||||||||
| Proceeds from exercise of options | — | 6,586 | — | 3,457 | ||||||||||
| Payment for repurchase of own shares | (17,808) | — | (17,808) | — | ||||||||||
| Net cash used in financing activities | (40,598) | (4,867) | (8,664) | (310) | ||||||||||
| Net change in cash and cash equivalents | 6,108 | 25,800 | 8,335 | (9,171) | ||||||||||
| Cash and cash equivalents at the beginning of the period | 62,358 | 164,703 | 60,065 | 198,602 | ||||||||||
| Exchange differences on cash and cash equivalents | (189) | (482) | (123) | 590 | ||||||||||
| Cash and cash equivalents at the end of the period | 68,277 | 190,021 | 68,277 | 190,021 | ||||||||||
10
| Q3 FY2025 | |||||||
RECONCILIATION OF IFRS FINANCIAL MEASURES TO NON-IFRS FINANCIAL MEASURES
RECONCILIATION OF REVENUE GROWTH / (DECLINE) RATE AS REPORTED UNDER IFRS TO REVENUE GROWTH / (DECLINE) RATE AT CONSTANT CURRENCY:
| Nine Months Ended March 31 | Three Months Ended March 31 | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||
| REVENUE GROWTH / (DECLINE) RATE AS REPORTED UNDER IFRS | 7.2 | % | (9.7 | %) | 11.7 | % | (14.3 | %) | ||||||
| Impact of Foreign exchange rate fluctuations | 1.6 | % | 2.7 | % | 0.7 | % | 2.5 | % | ||||||
| REVENUE GROWTH / (DECLINE) RATE AT CONSTANT CURRENCY | 8.8 | % | (7.0 | %) | 12.4 | % | (11.8 | %) | ||||||
RECONCILIATION OF ADJUSTED PROFIT BEFORE TAX AND ADJUSTED PROFIT FOR THE PERIOD:
| Nine Months Ended March 31 | Three Months Ended March 31 | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||
| £’000 | £’000 | £’000 | £’000 | |||||||||||
| PROFIT / (LOSS) BEFORE TAX | 20,314 | 27,389 | 13,597 | (529) | ||||||||||
| Adjustments: | ||||||||||||||
| Share-based compensation expense | 28,186 | 29,740 | 6,221 | 6,184 | ||||||||||
| Amortisation of acquired intangible assets | 16,236 | 9,930 | 4,054 | 2,845 | ||||||||||
| Foreign currency exchange losses, net | 1,446 | 2,864 | 4,866 | 179 | ||||||||||
| Restructuring costs | 5,494 | 7,259 | — | 7,259 | ||||||||||
| Fair value movement of contingent consideration | (5,963) | (9,148) | (4,092) | (442) | ||||||||||
| Total adjustments | 45,399 | 40,645 | 11,049 | 16,025 | ||||||||||
| ADJUSTED PROFIT BEFORE TAX | 65,713 | 68,034 | 24,646 | 15,496 | ||||||||||
| PROFIT / (LOSS) FOR THE PERIOD | 20,044 | 18,976 | 10,946 | (1,737) | ||||||||||
| Adjustments: | ||||||||||||||
| Adjustments to profit before tax | 45,399 | 40,645 | 11,049 | 16,025 | ||||||||||
| Release of Romanian withholding tax | (3,800) | — | — | — | ||||||||||
| Tax impact of adjustments | (8,539) | (6,503) | (1,857) | (1,587) | ||||||||||
| ADJUSTED PROFIT FOR THE PERIOD | 53,104 | 53,118 | 20,138 | 12,701 | ||||||||||
11
| Q3 FY2025 | |||||||
RECONCILIATION OF ADJUSTED DILUTED EARNINGS PER SHARE:
| Nine Months Ended March 31 | Three Months Ended March 31 | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||
| £’000 | £’000 | £’000 | £’000 | |||||||||||
| DILUTED EARNINGS / (LOSS) PER SHARE (£) | 0.34 | 0.32 | 0.18 | (0.03) | ||||||||||
| Adjustments: | ||||||||||||||
| Share-based compensation expense | 0.47 | 0.51 | 0.10 | 0.11 | ||||||||||
| Amortisation of acquired intangible assets | 0.27 | 0.17 | 0.07 | 0.05 | ||||||||||
| Foreign currency exchange losses, net | 0.02 | 0.05 | 0.08 | — | ||||||||||
| Restructuring costs | 0.09 | 0.12 | — | 0.12 | ||||||||||
| Fair value movement of contingent consideration | (0.09) | (0.15) | (0.06) | — | ||||||||||
| Release of Romanian withholding tax | (0.06) | — | — | — | ||||||||||
| Tax impact of adjustments | (0.15) | (0.11) | (0.03) | (0.03) | ||||||||||
| Total adjustments | 0.55 | 0.59 | 0.16 | 0.25 | ||||||||||
| ADJUSTED DILUTED EARNINGS PER SHARE (£) | 0.89 | 0.91 | 0.34 | 0.22 | ||||||||||
RECONCILIATION OF NET CASH FROM OPERATING ACTIVITIES TO ADJUSTED FREE CASH FLOW
| Nine Months Ended March 31 | Three Months Ended March 31 | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||
| £’000 | £’000 | £’000 | £’000 | |||||||||||
| NET CASH FROM OPERATING ACTIVITIES | 55,081 | 54,631 | 18,659 | 3,008 | ||||||||||
| Adjustments: | ||||||||||||||
| Grant received | 274 | 822 | — | 592 | ||||||||||
| Net purchase of non-current assets (tangibles and intangibles) | (2,677) | (3,660) | (1,142) | (1,433) | ||||||||||
| ADJUSTED FREE CASH FLOW | 52,678 | 51,793 | 17,517 | 2,167 | ||||||||||
12
| Q3 FY2025 | |||||||
SUPPLEMENTARY INFORMATION
SHARE-BASED COMPENSATION EXPENSE
| Nine Months Ended March 31 | Three Months Ended March 31 | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||
| £’000 | £’000 | £’000 | £’000 | |||||||||||
| Direct cost of sales | 19,550 | 21,432 | 4,502 | 5,114 | ||||||||||
| Selling, general and administrative expenses | 8,636 | 8,308 | 1,719 | 1,070 | ||||||||||
| Total | 28,186 | 29,740 | 6,221 | 6,184 | ||||||||||
DEPRECIATION AND AMORTISATION
| Nine Months Ended March 31 | Three Months Ended March 31 | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||
| £’000 | £’000 | £’000 | £’000 | |||||||||||
| Direct cost of sales | 15,571 | 14,898 | 5,158 | 4,849 | ||||||||||
| Selling, general and administrative expenses | 18,525 | 12,410 | 4,805 | 3,698 | ||||||||||
| Total | 34,096 | 27,308 | 9,963 | 8,547 | ||||||||||
13
| Q3 FY2025 | |||||||
EMPLOYEES, TOP 10 CUSTOMERS AND REVENUE SPLIT
| Nine Months Ended March 31 | Three Months Ended March 31 | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||
| Closing number of total employees (including directors) | 11,365 | 11,025 | 11,365 | 11,025 | ||||||||||
| Average operational employees | 10,452 | 10,446 | 10,272 | 10,127 | ||||||||||
| Top 10 customers % | 36% | 34% | 39% | 34% | ||||||||||
| Number of clients with > £1m of revenue (rolling 12 months) | 136 | 142 | 136 | 142 | ||||||||||
| Geographic split of revenue % | ||||||||||||||
| North America | 38% | 31% | 37% | 30% | ||||||||||
| Europe | 24% | 26% | 22% | 28% | ||||||||||
| UK | 33% | 34% | 35% | 35% | ||||||||||
| Rest of World (RoW) | 5% | 9% | 6% | 7% | ||||||||||
| Industry vertical split of revenue % | ||||||||||||||
| Payments | 19% | 26% | 19% | 24% | ||||||||||
| Banking and Capital Markets | 19% | 14% | 21% | 14% | ||||||||||
| Insurance | 9% | 9% | 9% | 9% | ||||||||||
| TMT | 20% | 23% | 18% | 24% | ||||||||||
| Mobility | 8% | 10% | 8% | 10% | ||||||||||
| Healthcare | 12% | 4% | 12% | 4% | ||||||||||
| Other | 13% | 14% | 13% | 15% | ||||||||||
14
| Q3 FY2025 | |||||||
FOOTNOTES
(1) Restated to include the effect of revisions arising from provisional to final acquisition accounting for DEK and Mudbath.
(2) The presentation of the Condensed Consolidated Statements of Cash Flows has been changed to separately present the repayment of lease interest from the total repayments of lease liabilities.
15
Investor presentation Q3 FY2025
Disclaimer This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this presentation, other than statements of historical facts, are forward-looking statements. The words “believe,” “estimate,” “expect,” “may,” “will” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements include, but are not limited to, the statements regarding our business strategy and our plans and objectives for future operations, our estimated addressable market, our assumptions regarding industry trends, potential technological disruptions, and client demand for our services. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated by these forward-looking statements, including, but not limited to: our ability to achieve its revenue growth goals including as a result of a slower conversion of its pipeline; our expectations of future operating results or financial performance; our ability to accurately forecast and achieve its announced guidance; our ability to retain existing clients and attract new clients, including its ability to increase revenue from existing clients and diversify its revenue concentration; our ability to attract and retain highly-skilled IT professionals at cost-effective rates; our ability to successfully identify acquisition targets, consummate acquisitions and successfully integrate acquired businesses and personnel; our ability to penetrate new industry verticals and geographies and grow its revenue in current industry verticals and geographies; our ability to maintain favorable pricing and utilization rates to support its gross margin; the effects of increased competition as well as innovations by new and existing competitors in its market; the size of our addressable market and market trends; our ability to adapt to technological change and industry trends and innovate solutions for its clients; our plans for growth and future operations, including its ability to manage its growth; our ability to effectively manage its international operations, including our exposure to foreign currency exchange rate fluctuations; our future financial performance, including trends in revenue, cost of sales, gross profit, selling, general and administrative expenses, finance income and expense and taxes; the impact of unstable market and economic conditions, including as a result of actual or anticipated changes in interest rates, economic inflation and the responses by central banking authorities to control such inflation, and the imposition of tariffs in the United States and abroad; and the impact of political instability, natural disaster, events of terrorism and wars, including the military conflict between Ukraine and Russia and related sanctions, as well as other risks and uncertainties discussed in the “Risk Factors” section of our Annual Report on Form 20-F for the year ended June 30, 2024 filed with the SEC on September 19, 2024 and in other filings that we make from time to time with the SEC. Except as required by law, we assume no duty to update any of these forward-looking statements after the date of this presentation to conform these statements to actual results or revised expectations. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this presentation. Moreover, except as required by law, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements contained in this presentation. This presentation also contains estimates and other statistical data made by independent parties and by us relating to market size and growth and other data about our industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Neither we nor any other person makes any representation as to the accuracy or completeness of such data or undertakes any obligation to update such data after the date of this presentation. In addition, projections, assumptions and estimates of our future performance and the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk. By attending or receiving this presentation you acknowledge that you will be solely responsible for your own assessment of the market and our market position and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of our business. This presentation includes non-IFRS financial measures which have certain limitations and should not be considered in isolation, or as alternatives to or substitutes for, financial measures determined in accordance with IFRS. The non-IFRS measures as defined by us may not be comparable to similar non- IFRS measures presented by other companies. Our presentation of such measures, which may include adjustments to exclude unusual or non-recurring items, should not be construed as an inference that our future results will be unaffected by these or other unusual or non-recurring items. See the IFRS to Non-IFRS Reconciliation section for a reconciliation of these non- IFRS financial measures to the most directly comparable IFRS financial measures. 3
Technology is our how. And people are our why. A new wave of AI-driven digital transformation is underway, and businesses must embrace a more digital core that enables the real-time usage of data to support the rapid and efficient delivery of new initiatives. At Endava, we’ve partnered with our customers over the last two decades to drive their digital agenda and we have upgraded our capabilities to align with their emerging needs. We combine our engineering heritage, digital transformation expertise and deep industry knowledge with new core modernization capabilities to support our customers on their transformation journey. These enhanced capabilities provide the transparency and predictability needed to confidently shape the future and harness the leading technologies of tomorrow.
5 Opportunity & Approach01
We enable change. We are a leading provider of next-generation technology services, dedicated to helping our customers drive real impact and meaningful change. For over two decades, we have been honing our digital transformation approach that now serves as our cornerstone for navigating the new AI-driven era. Our focus is on enhancing our customers’ systems and utilising innovative technologies to create modern value propositions that fuel their competitive edge in the market. This is achieved through our multi-disciplinary teams, who bring together decades of expertise, creativity and delivery at scale to support our clients in reaching their goals. We empower people to engage with innovative technologies and achieve transformational results. 6
Next-gen Tech Core Modernisation Strategy Customer-centric Engineering Agile Automation Data Integration & AI Traditional IT Services Business & Tech Consultants Digital Agencies We are a pure play next-gen technology company 7
© Copyright 2024 Endava • Confidential and Proprietary • Version 1.0 Accelerators Dava.X Capabilities Managed Services DevSecOps Testing Cyber Security Software Engineering Design Data by building on... We solve complex problems Define vision & strategy Increase speed to market Drive efficiency Grow revenue AI enablementReduce cost Core modernisation Strategy Embedded Google Cloud Platform Sustainability Cloud AICyber security Physical Computing Quantum Chronos Ray Dash MorpheusInfra Maps
We serve a large addressable market. $4.0T 16.2% Five-year CAGR for digital transformation investments IDC Worldwide Digital Transformation Spending Guide, May 2024 update. 2027 9
3.1% Employee increase Q3FY24 to Q3FY25 11,365 Global employees as of Mar 31, 2025 37% Women in total staff as of Mar 31, 2025 Our people are at the heart of who we are and drive our success as a business. We enable Endavans to be the best they can be so that we can deliver the highest caliber of results for our customers. Western Europe & EU 43% Europe Non-EU 19% North America 7% Latin America 11% APAC & Middle East 20% Endavans 10 Endavans by geography FY21 FY22 FY23 FY24 Q3FY24 Q3FY25 Western Europe 493 602 659 562 581 499 Central Europe - EU Countries 4,469 6,093 5,693 4,904 5,152 4,389 4,962 6,695 6,352 5,466 5,733 4,888 Central Europe - Non-EU Countries 2,361 2,842 2,689 2,346 2,454 2,155 Latin America 1,244 1,927 1,661 1,357 1,432 1,283 North America 311 348 324 807 381 787 APAC 5 38 1,032 2,101 1016 2,244 Middle East 3 5 8 9 8 8,883 11,853 12,063 12,085 11,025 11,365 Q3 FY25 Endavans by Region
69 cities, 29 countries European Union Austria, Bulgaria, Croatia, Denmark, Germany, Ireland, Netherlands, Poland, Romania, Slovenia and Sweden Europe - Non-EU Bosnia & Herzegovina, Moldova, North Macedonia, Serbia, Switzerland and the United Kingdom North America Canada and the United States Latin America Argentina, Colombia, Mexico and Uruguay Asia Pacific Australia, India, Malaysia, Singapore and Vietnam Middle East United Arab Emirates Endava around the world 11
Founded in 2000 Expand to CE Concise UK, IT Consultancy Expand to USA Expand to LATAM IPO NYSE July 2018 Compudava Moldova, Nearshore Location Alpheus Germany, Consulting Business Nickelfish USA, Digital, UX & Strategy firm Velocity Partners USA & LATAM, NA Sales & LATAM Delivery PS Tech Serbia, Agile Delivery ISDC Netherlands & CE, Agile Delivery Intuitus UK, IT Consultancy Private Equity Exozet Germany, Digital Agency Comtrade Digital Services Adriatic Region, Software Engin. Services FIVE USA, Croatia, Digital Agency Levvel USA, Tech Strategy Consulting & Engineering Lexicon Australia, Tech Consulting, Design & Engineering Mudbath Australia, Tech Strategy, Design & Engineering Australia, Sweden, Vietnam, Software Solutions DEK TLM USA, Gaming Services 2025 11,365 Founded in 2000 60 240 1,000 2,000Headcount Q3 FY25 5,000 2025 GalaxE USA, India IT and Business Solutions 12 History of Endava
Current Influential Tends 2030 2040+20352026 Open Banking Usage Specific Insurance AI for Everything Advanced Semiconductors/Chiplets Immersive, Integrated In-Vehicle Infotainment AI-Embedded Chips AI-Integrated Applications Real-time Payments Biometric Authentication Synthetic Media Neuromorphic Computing Advanced Robotics Zero Emissions Generative AI Weight Loss Pharmaceuticals Agentic AI Frictionless Commerce Embedded Finance Edge Computing Digital Twins Next-Gen Clean Energy Tech 6G Process Mining Platforms AI & Gen AI-Powered Cyber Security CBDC Level 5 Autonomous Vehicles Practical Quantum Computing 13 AI powering the future of cross-industry trends Spatial Computing Hybrid Computing
14 Our People / We enable our people to be the best they can be by creating learning and development opportunities, fostering an inclusive work environment and making sure everyone is connected to our culture. Social Impact / We aim to make a positive difference in the communities where we live and work through strong strategic partnerships with NGOs. By concentrating on education, health, environment and humanitarian aid we focus on areas where we can have the greatest impact. Operating Responsibly / Our commitment to act ethically and with the highest levels of integrity enables us to retain the trust and confidence of our people, customers and investors to build a strong and sustainable business for the future. Innovation & Data Integrity / We develop smart solutions that are helping transform lives through technology. In doing so, we strive to safeguard customer privacy and security by aligning with industry best practices. Environmental Impact / We care about our impact on the world and follow sound environmental practices to reduce our environmental footprint. articulates our ESG approach and key priorities
15 Financials02
188.4 195.1 183.6 195.6 174.4 194.8 351.0 446.3 654.8 794.7 740.8 546.4 585.5 FY20 FY21 FY22 FY23 FY24 9M FY24 9M FY25 FY20-FY24 CAGR 20.5% Over the last five fiscal years, 89.7% of our revenue each fiscal year, on average, came from customers who purchased services from us during the prior fiscal year. +11.7% Q3 YOY Revenue (£m) Q1 Q3 Revenue June 30 Mar 31 16 Q2
17.3 4.2 10.6 2.5 13.6 (0.5) 23.4 54.4 102.4 114.2 27.0 27.4 20.3 FY20 FY21 FY22 FY23 FY24 9M FY24 9M FY25 Profit before tax (£m) Q2 Q3 Profitability June 30 Mar 31 Margin 29.8 19.2 22.7 21.8 15.5 24.6 66.7 92.1 138.3 164.2 83.0 68.0 65.7 FY20 FY21 FY22 FY23 FY24 9M FY24 9M FY25 Adjusted profit before tax (£m)* Q1 Q3 June 30 Mar 31 Margin * See page 23 for reconciliation of IFRS to Non-IFRS metrics 17 Q2 Q1
38% 35% 34% 33% 32% 34% 36% 34% 39% FY20 FY21 FY22 FY23 FY24 9M FY24 9M FY25 Q3 FY24 Q3 FY25 65 85 134 146 146 142 136 416 615 732 711 695 695 656 FY20 FY21 FY22 FY23 FY24 Q3FY24 Q3FY25 Total no. of clients and with revenue > £1m* June 30 Mar 31June 30 Mar 31 Top 10 clients (% of total revenue) Number & spend of clients 18 *Calculated on a 12 month rolling basis.
13,380 15,590 22,150 26,030 24,050 18,660 21,200 5,870 7,540 FY20 FY21 FY22 FY23 FY24 9M FY24 9M FY25 Q3 FY24 Q3 FY25 19 Top 10 clients - average spend (£000s) 647 697 841 905 794 661 710 263 277 FY20 FY21 FY22 FY23 FY24 9M FY24 9M FY25 Q3 FY24 Q3 FY25 June 30 Mar 31June 30 Mar 31 Remaining clients - average spend (£000s) Number & spend of clients
44% 42% 41% 39% 33% 35% 35% 24% 24% 21% 23% 26% 28% 22% 29% 31% 35% 32% 33% 30% 37% 3% 3% 3% 6% 8% 7% 6% RoW N. America Europe UK * Other includes consumer products, natural resources, services, and retail verticals **Healthcare vertical broken out of what was historically reported as Other Payments 19% Banking & Capital Markets 21% Insurance 9% Technology, Media & Telecom 18% Mobility 8% Healthcare** 12% Other* 13% Geography & Industry verticals Q3 FY25 Revenue by Vertical FY20 June 30 Q3 FY24 Q3 FY25FY21 FY22 FY23 FY24 Mar 31 Revenue by Region 20
0.8 1.1 1.4 0.4 1.4 1.1 7.3 5.2 13.7 13.5 5.2 3.7 2.7 FY20 FY21 FY22 FY23 FY24 9M FY24 9M FY25 Capital expenditures (£m) Q2 Q3 CAPEX & Adjusted FCF June 30 Mar 31 % of Revenue 16.0 3.5 33.6 31.6 2.2 17.5 31.5 82.7 107.2 111.5 58.4 51.8 52.7 FY20 FY21 FY22 FY23 FY24 9M FY24 9M FY25 Adjusted free cash flow (£m)* Q1 Q3 June 30 Mar 31 * See page 23 for reconciliation of IFRS to Non-IFRS metrics % of Revenue 21 Q1 Q2
22 Appendix03
IFRS to Non-IFRS reconciliation 23 2020 2021 2022 2023 2024 2024 2025 2024 2025 Reconciliation of Revenue Growth/(Decline) at Constant Currency to Revenue Growth/(Decline) as Reported under IFRS Revenue Growth / (Decline) as Reported under IFRS 21.9 % 27.2 % 46.7 % 21.4 % (6.8)% (9.7)% 7.2 % (14.3)% 11.7 % Impact of foreign exchange rate fluctuations (0.9)% 2.4 % 0.9 % (4.8)% 2.3 % 2.7 % 1.6 % 2.5 % 0.7 % Revenue Growth / (Decline) at Constant Currency Including Worldpay Captive 21.0 % 29.6 % 47.6 % 16.6 % (4.5)% (7.0)% 8.8 % (11.8)% 12.4 % Impact of Worldpay Captive 3.2 % 0.8 % — — — — — — — Proforma Revenue Growth / (Decline) Rate at Constant Currency Excluding Worldpay 24.2 % 30.4 % 47.6 % 16.6 % (4.5)% (7.0)% 8.8 % (11.8)% 12.4 % Revenue 350,950 446,298 654,757 794,733 740,756 546,338 585,479 174,365 194,838 Reconciliation of Adjusted Profit Before Tax and Adjusted Profit for the Period £ in 000s Profit / (Loss) before Tax 23,364 54,368 102,379 114,163 20,314 27,389 20,314 (529) 13,597 Adjustments: Share based compensation expense 15,663 24,427 35,005 31,058 34,678 29,740 28,186 6,184 6,221 Discretionary EBT bonus 27,874 — — — — — — — — Amortization of acquired intangible assets 4,075 6,725 10,823 12,270 14,980 9,930 16,236 2,845 4,054 Foreign currency exchange (gains) / losses, net (2,054) 6,546 (9,944) 10,729 2,233 2,864 1,446 179 4,866 Restructuring costs — — — 6,588 11,645 7,259 5,494 7,259 — Exceptional property charges — — — — 1,925 — — — — Fair value movement of contingent consideration — — — (10,613) (5,963) (9,148) (5,963) (442) (4,092) Net gain on disposal of subsidiary (2,215) — — — — — — — — Total Adjustments 43,343 37,698 35,884 50,032 45,399 40,645 45,399 16,025 11,049 Adjusted Profit Before Tax 66,707 92,066 138,263 164,195 82,955 68,034 65,713 15,496 24,646 Adjusted Profit Before Tax as a percentage of Revenue 19.0 % 20.6 % 21.1 % 20.7 % 11.2 % 12.5 % 11.2 % 8.9 % 12.6 % Profit / (Loss) for the Period 19,991 43,450 83,093 94,163 20,044 18,976 20,044 (1,737) 10,946 Adjustments: Adjustments to profit before tax 43,343 37,698 35,884 50,032 45,399 40,645 45,399 16,025 11,049 Release of Romanian withholding tax — (3,800) — — Tax impact of adjustments (8,787) (7,241) (6,933) (11,829) (7,109) (6,503) (8,539) (1,587) (1,857) Adjusted Profit for the Period 54,547 73,907 112,044 132,366 58,334 53,118 53,104 12,701 20,138 Reconciliation of Net Cash from Operating Activities to Adjusted Free Cash Flow Net Cash from Operating Activities 37,877 87,668 120,719 124,518 55,081 54,631 55,081 3,008 18,659 Adjustments: Grant received 888 228 139 494 707 822 274 592 — Net purchase of non-current assets (tangibles and intangibles) (7,319) (5,236) (13,695) (13,487) (5,140) (3,660) (2,677) (1,433) (1,142) Settlement of COC bonuses on acquisition — — — — 8,442 — — — — Adjusted Free Cash Flow 31,446 82,660 107,163 111,525 59,090 51,793 52,678 2,167 17,517 Adjusted Free Cash Flow as a percentage of Revenue 9.0 % 18.5 % 16.4 % 14.0 % 8.0 % 9.5 % 9.0 % 1.2 % 9.0 % TWELVE MONTHS ENDED JUNE 30 NINE MONTHS ENDED MARCH 31 THREE MONTHS ENDED MARCH 31
