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AVEVA Group plc (AVEVF) CEO Craig Hayman on Q4 2020 Results - Earnings Call Transcript

Jun. 09, 2020 12:04 PM ETAVEVA Group plc (AVEVF), AVVYY
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AVEVA Group plc (OTCPK:AVEVF) Q4 2020 Earnings Conference Call June 9, 2020 4:30 AM ET

Company Participants

Craig Hayman - Chief Executive Officer

James Kidd - Deputy Chief Executive Officer & Chief Financial Officer

Conference Call Participants

Stacy Pollard - JPMorgan

Mohammed Moawalla - Goldman Sachs

James Goodman - Barclays

Michael Tyndall - HSBC

George Webb - Morgan Stanley

Peter McNally - Panmure Gordon

Craig Hayman

Good morning everyone and thank you for joining for us today. This is Craig Hayman, CEO of AVEVA and I'm joined by James Kidd, Deputy CEO and CFO.

Please turn to page four in the presentation. In every respect, AVEVA delivered on the vision of the Digital Twin and performed well in fiscal 2020. It was another good year with strong results and good progress against medium term targets. Revenue grew 8.8% year-to-year, adjusted EBIT grew 23.3% to £216.8 million, and delivering a margin of 26%, up from a margin of 22.9% last year.

We made good progress on the shift to subscription which delivers long-term value to customers and shareholders. Recurring revenue, which is subscription revenue, plus support and maintenance revenue, is now over 62% of all revenue. This is ahead of plan and above the medium term recurring revenue target that we established as we began the transition in October 2018.

Cloud contributed to the growth with an increase in cloud total contract value of nearly 200%. Overall, software revenue grew 11.8% and subscription software revenue grew by 45%.

With the integration of the heritage AVEVA and heritage Schneider Electric Software businesses complete and a company extremely focused on customers, we successfully navigated the impact of COVID-19 in the final quarter of the year.

Please turn to page five. COVID-19 has changed the world and we expect the market disruption caused by the

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