Trading statement
Financial and operational highlights
· Billings1 for the nine-month period (year-to-date: "YTD") increased by 21%, or 20% at constant currency ("CC")
- Continued strong growth in Q3, with billings +19% (+14% CC), as we lapped the anniversary of the launch of Intercept X
- Subscription billings increased by 25% YTD, with growth of 20% in Q3
- Sophos Central and Enduser Security remained the principal drivers, with Enduser billings +34% YTD and +27% in Q3
- Network security billings +12% YTD and +15% in Q3
- Good growth across all regions, with Americas and EMEA +22%, and APJ +14% YTD
· Further acceleration in revenue with growth of 19% YTD (18% CC), and 23% in Q3 (19% CC)
- Driven by subscription element of prior-period bookings, with subscription revenue +23% YTD and +27% in Q3
- Deferred revenue increased by 33% year-over-year to $687.6 million
· Strong cash flow performance, with net cash flow from operations up by 21% to $98.2 million and an improvement in unlevered free cash flow2 YTD to $88.2 million, following planned investment in recent new product releases