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Model N, Inc. (MODN) SEC Filing 10-K Annual Report for the fiscal year ending Friday, September 30, 2022

SEC Filings

MODN Annual Reports

Model N, Inc.

CIK: 1118417 Ticker: MODN

Exhibit 99.1

MODEL N ANNOUNCES FOURTH QUARTER AND FISCAL YEAR 2022 FINANCIAL RESULTS

Total Q4 and Fiscal Year Revenue Grew 13% Year-over-Year
Net Cash Provided by Operating Activities for the Fiscal Year Grew 29% Year-over-Year
SaaS ARR Grew 31% Year-over-Year

SAN MATEO, Calif. – November 8, 2022 - Model N, Inc. (NYSE: MODN),
the leader in cloud revenue management solutions, today announced financial results for the fourth quarter and fiscal year 2022 ended September 30, 2022.

“We ended fiscal 2022 with a healthy contribution from all of our growth levers. During the fourth quarter, we signed multiple new logos and SaaS transitions, expanded with many existing customers, and we also enjoyed strong renewals across the board. Our results clearly illustrate the success of our strategic focus on the Life Sciences and High Tech verticals and the value our customers place on our mission-critical solutions. We are building a durable SaaS business for the long-term,” said Jason Blessing, president and chief executive officer of Model N. “I'm extremely pleased with our execution this past year and I'm excited about the year ahead.”

Fourth Quarter 2022 Financial Highlights
Revenues: Total revenues were $58.2 million, an increase of 13% from the fourth quarter of fiscal year 2021. Subscription revenues were $42.9 million, an increase of 12% from the fourth quarter of fiscal year 2021.

Gross Profit: Gross profit was $32.6 million, an increase of 13% from the fourth quarter of fiscal year 2021. Gross margin was 56% for the fourth quarter of fiscal year 2022 and 2021. Non-GAAP gross profit was $36.2 million, an increase of 14% from the fourth quarter of fiscal year 2021. Non-GAAP gross margin was 62% for the fourth quarter of fiscal year 2022 and 2021. Subscription gross margin was 64% for the fourth quarter of fiscal year 2022 compared to 65% for the fourth quarter of fiscal year 2021. Non-GAAP subscription gross margin was 70% for the fourth quarter of fiscal year 2022 and 2021.

GAAP Loss and Non-GAAP Income from Operations: GAAP loss from operations was $4.9 million compared to loss from operations of $2.4 million for the fourth quarter of fiscal year 2021. Non-GAAP income from operations was $8.0 million, an increase of 3% from the fourth quarter of fiscal year 2021.

GAAP Net Loss: GAAP net loss was $8.1 million compared to a net loss of $6.1 million for the fourth quarter of fiscal year 2021. GAAP basic and diluted net loss per share attributable to common stockholders was $0.22 based upon weighted average shares outstanding of 37.2 million compared to net loss per share of $0.17 for the fourth quarter of fiscal year 2021 based upon weighted average shares outstanding of 35.9 million.

Non-GAAP Net Income: Non-GAAP net income was $7.7 million, an increase of 16% from the fourth quarter of fiscal year 2021. Non-GAAP net income per diluted share was $0.20 based upon diluted weighted average shares outstanding of 37.5 million compared to non-GAAP net income per diluted share of $0.18 for the fourth quarter of fiscal year 2021 based upon diluted weighted average shares outstanding of 36.5 million.

Adjusted EBITDA: Adjusted EBITDA was $8.2 million, an increase of 4% from the fourth quarter of fiscal year 2021. Adjusted EBITDA margin was 14% compared to 15% for the fourth quarter of fiscal year 2021.

SaaS ARR and SaaS Net Dollar Retention: SaaS ARR reached $109.4 million, and growth accelerated to 31% year-over-year. Trailing 12-month SaaS net dollar retention increased to 129% from 123% in the prior quarter.

Fiscal Year 2022 Financial Highlights
Revenues: Total revenues were $219.2 million, an increase of 13% from fiscal year 2021. Subscription revenues were $159.8 million, an increase of 12% from fiscal year 2021.

Gross Profit: Gross profit was $122.0 million, an increase of 14% from fiscal year 2021. Gross margin was 56% compared to 55% for fiscal year 2021. Non-GAAP gross profit was $133.8 million, an increase of 14% from fiscal year 2021. Non-GAAP gross margins were 61% compared to 60% for fiscal year 2021. Subscription gross margin was
1

The following information was filed by Model N, Inc. (MODN) on Tuesday, November 8, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Model N, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Loss
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (Parentheticals)
Acquisition, Goodwill, And Intangible Assets
Acquisition, Goodwill, And Intangible Assets (Tables)
Acquisition, Goodwill, And Intangible Assets - Narrative (Details)
Acquisition, Goodwill, And Intangible Assets - Schedule Of Allocation Of Purchase Price (Details)
Acquisition, Goodwill, And Intangible Assets - Schedule Of Estimated Future Amortization Expenses (Details)
Acquisition, Goodwill, And Intangible Assets - Schedule Of Goodwill (Details)
Acquisition, Goodwill, And Intangible Assets - Schedule Of Intangible Assets (Details)
Cash, Cash Equivalents, And Funds Held For Customers
Cash, Cash Equivalents, And Funds Held For Customers (Details)
Cash, Cash Equivalents, And Funds Held For Customers (Tables)
Commitments And Contingencies
Convertible Senior Notes
Convertible Senior Notes (Tables)
Convertible Senior Notes - Interest Expense Recognized (Details)
Convertible Senior Notes - Liability And Equity Components (Details)
Convertible Senior Notes - Narrative (Details)
Derivative Instruments And Hedging
Derivative Instruments And Hedging (Details)
Financial Instruments
Financial Instruments (Tables)
Financial Instruments - Narrative (Details)
Financial Instruments - Schedule Of Fair Value Measured On Recurring Basis (Details)
Geographic Information
Geographic Information (Tables)
Geographic Information - Narrative (Details)
Geographic Information - Schedule Of Company's Property And Equipment, Net By Geographic Region (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Components Of Deferred Tax Assets And Liabilities (Details)
Income Taxes - Components Of Loss Before Income Taxes (Details)
Income Taxes - Components Of Provision For Income Taxes (Details)
Income Taxes - Narrative (Details)
Income Taxes - Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefits (Details)
Income Taxes - Reconciliation Of Statutory Federal Income Tax To Company's Effective Tax (Details)
Leases
Leases (Tables)
Leases - Cash Flow Information (Details)
Leases - Maturities Of Operating Lease Liabilities (Details)
Leases - Narrative (Details)
Net Loss Per Share
Net Loss Per Share (Tables)
Net Loss Per Share - Computation Of Basic And Diluted Net Loss Per Share (Details)
Net Loss Per Share - Narrative (Details)
Net Loss Per Share - Schedule Of Weighted Average Shares Of Common Stock Equivalents Excluded From Computation Of Diluted Net Loss Per Share Attributable To Common Stockholders (Details)
Property And Equipment
Property And Equipment (Tables)
Property And Equipment - Narrative (Details)
Property And Equipment - Schedule Of Property And Equipment (Details)
Revenues From Contracts With Customers
Revenues From Contracts With Customers (Tables)
Revenues From Contracts With Customers - Narrative (Details)
Revenues From Contracts With Customers - Remaining Performance Obligation (Details)
Revenues From Contracts With Customers - Schedule Of Customer Contract Balances (Details)
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - 2000 Stock Plan (Details)
Stock-Based Compensation - 2013 Equity Incentive Plan (Details)
Stock-Based Compensation - 2021 Equity Incentive Plan (Details)
Stock-Based Compensation - Employee Stock Purchase Plan (Details)
Stock-Based Compensation - Restricted Stock Units And Performance-Based Restricted Stock Units Narrative (Details)
Stock-Based Compensation - Schedule Of Allocated Stock-Based Compensation (Details)
Stock-Based Compensation - Schedule Of Restricted Stock Unit Activity (Including Performance Based Restricted Stock Awards) Under All Equity Award Plans (Details)
Stock-Based Compensation - Schedule Of Stock Option Activity And Related Information Under All Stock Option Plans (Details)
Stock-Based Compensation - Schedule Of Unvested Awards (Details)
Stock-Based Compensation - Schedule Of Weighted-Average Assumptions Used To Estimate Fair Value Of Espp (Details)
Stock-Based Compensation - Stock Options Narrative (Details)
Summary Of Significant Accounting Policies And Estimates
Summary Of Significant Accounting Policies And Estimates (Policies)
Summary Of Significant Accounting Policies And Estimates (Tables)
Summary Of Significant Accounting Policies And Estimates - Estimated Useful Lives Of Property And Equipment (Details)
Summary Of Significant Accounting Policies And Estimates - Narrative (Details)
Summary Of Significant Accounting Policies And Estimates - Schedule Of Accounts Receivable And Revenues Of Customers Comprising 10% Or More (Details)
The Company
Ticker: MODN
CIK: 1118417
Form Type: 10-K Annual Report
Accession Number: 0001118417-22-000135
Submitted to the SEC: Fri Nov 18 2022 5:16:50 PM EST
Accepted by the SEC: Fri Nov 18 2022
Period: Friday, September 30, 2022
Industry: Computer Programming Data Processing

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