Business
Results for the year ended 31 December 2022
Results for the year ended 31 December 2022.
About this update from Trustpilot Group Plc
[{"type":"text","content":"\n \n \n \n \n \n \n Trustpilot Group plc\n \n \n \n 21st March 2023\n \n \n \n \n \n \n \n \n RESULTS FOR THE YEAR ENDED 31 DECEMBER 2022 (\"FY22\")\n \n \n \n \n Annual recurring revenue +20% YoY at constant currency\n \n \n \n \n Expecting positive adj. EBITDA and adj. free cash flow in FY23\n \n \n \n \n \n \n \n \n \n \n \n Financial Highlights\n \n \n \n \n \n •\n Revenue grew to $149 million, an increase of 23% at constant currency\n \n \n •\n Annual recurring revenue (ARR*) rose 20% YoY at constant currency to $162 million\n \n \n •\n Bookings* increased to $165 million, up 20% YoY at constant currency, driven by 28% YoY growth in Europe & Rest of World (RoW), 20% YoY growth in the UK, and 10% in North America\n \n \n •\n Adjusted EBITDA** of $(4.4) million loss (FY21: $3.9 million profit), having achieved breakeven in the second half of the year, and a reported loss of $14.6 million (FY21: $26 million)\n \n \n •\n Last twelve months (\"LTM\") net dollar retention rate of 100%, up 100 basis points YoY\n \n \n •\n Balance sheet remains strong, with year-end net cash of $73.5 million\n \n \n •\n Full access to liquidity including credit facility following SVB failure and no operational issues for customers.\n \n \n \n \n \n \n \n \n \n \n Strategic Highlights\n \n \n \n \n \n •\n Total cumulative reviews* rose 27% to 213 million, with 46 million new reviews posted in the period\n \n \n •\n Number of active domains* reached 100K for the first time (FY21: 84K)\n \n \n •\n Average monthly review invitations* rose 19% to 58 million (FY21: 49 million)\n \n \n •\n Exceeded 100 billion annual TrustBox impressions* for the first time, a significant milestone and an increase of 11% YoY\n \n \n •\n Monthly unique users on the Trustpilot platform rose to over 44 million (FY21: 41 million)\n \n \n •\n Protecting the integrity of the content on our platform remains a priority and due to the additional measures we implemented in 2022, fewer fake reviews needed to be removed in the period\n \n \n \n \n \n \n \n \n \n \n Current trading and outlook\n \n \n \n \n \n As our business expands, we are expecting to move to adjusted EBITDA profitability and positive adjusted free cash flow in FY23. Our focus on sustainable growth, plus the impact of the investments we have made, give the Board the confidence that the ...