Blue Yonder Reports Positive Q1 Results as It Grows Business
For its first quarter ending March 31, software and consultancy company Blue Yonder Holding Inc. reported that SaaS revenue grew to $113 million, up 37% compared with Q1 2021, and comprised 39% of total revenue. SaaS annualized recurring revenue for Q1 2022 was $505 million, up 36% compared with Q1 2021. Total subscription revenue represented 69% of total revenue.
Blue Yonder is a provider in the digital supply chain and omnichannel commerce fulfillment realm. Its intelligent end-to-end platform enables retailers, manufacturers and logistics providers to seamlessly predict, pivot and fulfill customer demand.
The Luminate commerce segment of the business, which spans e-commerce order management and digital fulfillment microservices, achieved the best quarter in its history with notable wins, including at British supermarket chain Asda and Wilko, a British retail chain that sells homewares and household goods.
“Our performance clearly demonstrates that our customers are responding to today’s disruptions and volatility by leveraging our real-time end-to-end Luminate platform and edge-aware solutions to deliver transformative business results. Our Q1 2022 SaaS bookings were the highest in a first quarter for the company, highlighted by very strong bookings growth in our Luminate commerce business. I am pleased to report our Partner First strategy is working, as our partners helped us drive significant co-sell acceleration this quarter,” said Mark Morgan, interim CEO at Scottsdale, Ariz.-based Blue Yonder. “In the first quarter, we hired more than 400 new associates, bringing our company total to more than 5,700 associates worldwide, to fuel the expansion of our company as we continue to grow and scale our business to meet today’s market needs.”
Morgan was named interim CEO in February, when CEO Girish Rishi revealed that he was leaving the tech company. Morgan, previously the company’s EVP of worldwide commercial business, is taking on the interim role during the search for Rishi’s replacement.
Total revenue for Blue Yonder’s first quarter was $289 million, up $28 million or 11% year over year. Subscription revenue was $199 million, up $20 million or 11% compared with Q1 2021.
SaaS net revenue retention rate, a key metric demonstrating that customers are expanding their business with Blue Yonder, was 109% for the first quarter. SaaS revenue backlog was $1.17 billion, up $356 million or 44% from Q1 2021.
Blue Yonder added 37 new customer logos in the first quarter and closed 16 new deals of more than $500,000. Some of the customers in the United States that selected or extended their footprint with Blue Yonder during the quarter included Ajinomoto Foods North America and Meijer Inc.
In other company news, Blue Yonder’s parent company Panasonic Group recently revealed that it’s preparing for a stock exchange listing of its supply chain business, including Blue Yonder.
