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MARKET RELEASE 21 April 2021 Onuix Nuix revises FY21 forecasts Sydney , Australia Global software company Nuix Limited ( ' Nuix ' or ' the Company ' ; ASX : NXL ) provides an update to its IPO Prospectus FY21 forecasts , as noted below¹ , and provides commentary on recent trading conditions following completion of an internal quarterly management review . • • . Pro Forma Revenue² of $ 180m- $ 185m ( vs $ 193.5m forecast in the IPO Prospectus ) Annualised Contract Value ( ACV ) of $ 168m- $ 177m ( vs $ 199.6m ) Pro Forma EBITDA of $ 64.6m- $ 66.6m ( vs $ 63.6m ) Acceleration in customer transition to consumption and software as a service ( SaaS ) licenses impacts the revenue profile but delivers significant longer - term business model benefits Current operating climate has reduced near - term upsell opportunities , while revenue from renewals and new business remain in line with expectations Strong underlying business performance with substantial increases in new customers won , and total and average order values , compared to the same period in FY20 During April , a significant and larger than expected number of Nuix's customers , including one of its largest , elected to transition from module - based subscription licenses to consumption and SaaS license models , resulting in a shift in both revenue and ACV profiles . Some of Nuix's law firm , advisory and service provider customers have also recently informed Nuix of a reduced add - on ( upsell³ ) requirement for existing licenses . This is due to both their unutilised license capacity in the current climate , as well as the recovery in legal case backlog being slower than anticipated . The accelerated switch to consumption licenses , including SaaS , is primarily driven by changing customer business models , caused in part by a shift from office settings to remote working environments and the need to have flexible global licensing to manage projects in line with data privacy and sovereignty requirements . It also reflects the attractiveness for many customers of a decision by Nuix to provide greater choice in deployment , including on - premise and in the cloud hybrid solutions , which assists customers as they evaluate their transition toward consumption licenses . The transition to consumption licenses , including SaaS deployments , has had a near - term negative impact on statutory revenue generation . It does not , however , diminish Nuix's growth prospects which remain strong , as evidenced by ongoing increases in new customer acquisition and retention . For the nine months ended 31 March 2021 , the Company acquired more customers than in the same period for the previous year . The total order value and average order value from these new customers were significantly higher than the prior year period . An accelerating trend in customer preference is evidenced by more than 25 per cent of the total order value being derived from consumption licenses , including SaaS . 1 FY21 forecasts are based on current FX rates and remain subject to the same sensitivity analysis outlined in the Prospectus ( particularly for USD : AUD ) 2 Pro forma revenue is the same as statutory revenue Prospectus , pg . 322 , Glossary : Upsell Renewal - a sale in which an existing Nuix customer expands its current licence by purchasing more Nuix products , typically at a higher contract value Nuix Limited ABN 80 117 140 235 Level 27 , 1 Market Street , Sydney NSW 2000 - www.nuix.com