TIDMAWE
RNS Number : 0166A
Alphawave IP Group PLC
19 May 2023
ALPHAWAVE SEMI
LONDON, United Kingdom and TORONTO, Ontario, Canada 19 May 2023
- Alphawave IP Group plc (LSE: AWE, the "Company" or "Alphawave
Semi") has published today its audited results for the year
ended
31 December 2022. The Company notes the following changes to its
FY 2022 preliminary results published on
28 April 2023:
Unaudited
Preliminary Audited
US$000's FY 2022 FY 2022 Change
============================= ================ ========== ========
Consolidated Statement of Comprehensive Income
Revenue 192,410 185,406 (7,004)
R&D/Engineering expenses (68,968) (69,358) (390)
Income tax expense (18,153) (18,328) (175)
============================= ================ ========== ========
Consolidated Statement of Financial Position
Total assets
Current assets
Trade and other receivables 105,571 104,634 (937)
Taxes receivable 7,225 2,922 (4,303)
Non-current assets
Intangible assets 161,796 161,406 (390)
Goodwill 332,370 331,886 (484)
Deferred income taxes - 2,680 2,680
----------------------------- ---------------- ---------- --------
Total liabilities
Current liabilities
Trade and other payables 80,261 83,055 2,794
Deferred revenue 85,213 91,733 6,520
Income tax payable 130 - (130)
Non-current liabilities
Deferred income taxes 30,968 29,650 (1,318)
Trade and other payables 14,286 10,555 (3,731)
Total equity
Retained earnings 1,337,050 1,329,481 (7,569)
============================= ================ ========== ========
Financial Summary and APMs
=====================================================================
Operating profit 45,021 37,627 (7,394)
Operating margin 23% 20% -3pp
EBITDA 56,298 49,294 (7,004)
EBITDA margin 29% 27% -2pp
Profit after tax 6,483 (1,086) (7,569)
----------------------------- ---------------- ---------- --------
Adjusted EBITDA 53,831 46,827 (7,004)
Adjusted EBITDA
margin 28% 25% -3pp
Adjusted profit after
tax 9,145 6,674 (2,471)
============================= ================ ========== ========
The revenue adjustment, and associated balance sheet entries,
reflect the reversal of 86% of the adjustment to the fair value of
the deferred revenue acquired with OpenFive. The adjustment to
Goodwill reflects the change in the assumption of the fair value
adjustment to the deferred revenue acquired with OpenFive. The
change in R&D/Engineering expenses corresponds to the
amortisation charge of Precise-ITC intangibles, amortised over four
years instead of five.
In addition, there were four reclassifications. A
reclassification of trade and other payables between non-current
and current liabilities for an amount of US$8.2m and a reversal of
a prepayment in trade and other receivables of US$0.9m. There was a
reclassification between taxes receivable of US$4.4m resulting in
the creation of a deferred income tax asset of US$2.7m and a
reduction in the deferred income tax liability of US$1.7m. The
final item was a reclassification of US$4.4m between current and
non-current trade and other payables associated with the deferred
compensation related to the acquisition of Banias Labs.
The changes listed above, including the recalculated income tax
expense, have resulted in US$7.6m less profit for the year.
Adjusted EBITDA has changed from US$53.8m (or 28% margin) to
US$46.8m (or 25% margin).
All the changes above are non-cash items. Therefore, operating
cash flow before tax remains unchanged at US$7.8m.
Alphawave Semi reiterates its FY 2023, mid-term and long-term
outlook communicated at the Capital Markets Day on 13 January 2023.
The Company expects 2023 revenue of US$340m to US$360m and adjusted
EBITDA of approximately US$87m (or approximately 25% of revenue),
which is at the mid-point of the revenue guidance range.
The Audited FY 2022 RNS is available on our website at
https://awavesemi.com/wp-content/uploads/2023/05/FY-2022-Results.pdf
. An updated version of the FY 2022 Results presentation is also
available at
https://awavesemi.com/investors/results-reports-presentations/
The Company is hosting a webcast for analysts and investors
today at 09:00 am BST. The webcast will be accessible via:
https://awavesemi.zoom.us/webinar/register/WN_kLpAZHhvS6WjSBYpjkWOpw
Or by phone:
United Kingdom: +44 203 901 7895 / +44 208 080 6591 / +44 330
088 5830
United States: +1 669 900 9128 / +1 689 278 1000 / +1 719 359
4580 or +1 253 205 0468
Webinar ID: 839 2021 2221
Passcode: 097521
International numbers available:
https://awavesemi.zoom.us/u/kd7jMCjZ40
About Alphawave Semi (LSE: AWE)
Alphawave Semi is a global leader in high-speed connectivity for
the World's technology infrastructure. Faced with the exponential
growth of data, Alphawave Semi's technology services a critical
need: enabling data to travel faster, more reliably and with higher
performance at lower power. We are a vertically integrated
semiconductor company, and our IP, custom silicon, and connectivity
products are deployed by global tier-one customers in data centres,
compute, networking, AI, 5G, autonomous vehicles, and storage.
Founded in 2017 by an expert technical team with a proven track
record in licensing semiconductor IP, our mission is to accelerate
the critical data infrastructure at the heart of our digital world.
To find out more about Alphawave Semi, visit: awavesemi.com.
Alphawave Semi and the Alphawave Semi logo are trademarks of
Alphawave IP Group plc. All rights reserved.
Contact Information
Alphawave John Lofton Holt, Executive ir@awavesemi.com
Semi Chairman +44 (0) 20 7717 5877
Jose Cano, Head of IR
---------- ---------------------------- -----------------------------
Brunswick Simone Selzer alphawave@brunswickgroup.com
Group Sarah West +44 (0) 20 7404 5959
---------- ---------------------------- -----------------------------
Gravitate Lisette Paras alphawave@gravitatepr.com
PR Siddarth Nigam +1 415 528 0468
========== ============================ =============================
Cautionary statement regarding forward-looking statements
This document may contain forward-looking statements which are
made in good faith and are based on current expectations or
beliefs, as well as assumptions about future events. You can
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undue reliance on these forward-looking statements, which are not a
guarantee of future performance and are subject to factors that
could cause our actual results to differ materially from those
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obligation to update any forward-looking statements contained in
this document, whether as a result of new information, future
events or otherwise.
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