Slide 1: Adcore's Q1 Earnings Call
TSX: A DCO | OTCQX: A DCOF Adcore's Q1 Earnings call May, 2023
Slide 2: Hosts
Adcore's Q1 Earnings Call | May 2023 T SX: A D CO | OTCQX: A D CO F Hosts Yatir Sadot Omri Brill Gabriala Ashkenazy CFO CEO MARKETING 2
Slide 3: Agenda
Adcore's Q1 Earnings Call | May 2023 Agenda • Forward Looking Statements • CEO Opening Remarks • CFO Financial Highlights • Q&A 3
Slide 4: Forward Looking Statements
Adcore's Q1 Earnings Call | May 2023 This conference call contains certain forward-looking information and forward-looking statements (collectively “forward-looking information”), including statements about the Company. Forward-looking information may relate to Forward the Company’s financial outloo
Slide 5: CEO Opening Remarks
Adcore's Q1 Earnings Call | May 2023 CEO Opening Remarks
Slide 6: Quarterly Revenue
8.8 Adcore's Q1 Earnings Call | May 2023 7.5 6.8 Quarterly Revenue 4.7 5.2 CAD in million 3.8 3.4 Revenue (↑45% YoY) 2.7 Gross profit (↑35% YoY) 2 2.1 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 6
Slide 7: Quality Growth KPIs
43% YoY 46% 3.8M Gross Profit ↑35% 3.4M 40% Adcore's Q1 Earnings Call | May 2023 40% 2.7M 43% Quality 2.1M 2M Growth KPIs Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 CAD in millions YoY 2M ↑61% 1.9M 1.55 M Gross margin 1.4M North America revenue 0.95M Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 7
Slide 8: Highlights
Monthly Average Burn Rate Adcore's Q1 Earnings Call | May 2023 ↓11% ↓3% ↓6% 120 107 ↓16% 103 97 Highlights 81 ↓28% 59 ↓26% ↓23% 43 USD in thousands 33 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Amphy Monthly Average Blog Visitors 102,000 48,000 25,000 8,000 2,800 3,750 Q1 2022 Q
Slide 9: Report Quarterly Highlights
Adcore's Q1 Earnings Call | May 2023 Report Quarterly Highlights • Revenue grew 45% YoY • Gross profit grew 35% YoY • EMEA revenue grew 81% YoY • North America revenue grew 61% YoY • APAC revenue grew 3% YoY 9
Slide 10: Comparable Companies
Comparable COMPANY NAME TICKER MARK CAP ENTERPRISE VALUE (EV) EV / GROSS PROFIT EV / EBITDA (ADJ) Companies AcuityAds Holdings Inc Tucows Inc Fluent Inc AT CA TC CA FLNT US 120 345 83 45 485 113 0.7 6.2 0.9 -68.3 40.1 -0.8 Criteo SA CRTO US 2,307 1,992 1.8 5.5 Significant share price upside Evert
Slide 11: Adcore Share Purchases by the Company
Adcore's Q1 Earnings Call | May 2023 T SX: A D CO | OTCQX: A D CO F Adcore Share Purchases by the Company Quantity Share Price Value (CAD) Q1/23 Company NCIB purchase 102,500 0.26 $ 26,901 Quantity Share Price Value (CAD) Total accumulated NCIB purchases Including 4/23 1,454,500 0.27 $ 397,806 Share
Slide 12: 2023 Targets
Adcore's Q1 Earnings Call | May 2023 1 2 Maintain a strong balance Keep the gross 2023 Targets sheet with a focus on increasing cash reserves. margin within the 40% to 50% range 3 4 Achieve double-digit Expand our global growth in revenue, gross footprint in North profit and operating profit. Americ
Slide 13: CFO Financial Highlights
Adcore's Q1 Earnings Call | May 2023 CFO Financial Highlights
Slide 14: Comprehensive Income
Adcore's Q1 Earnings Call | May 2023 T SX: A D CO | OTCQX: A D CO F Comprehensive Income Three months ended Three months ended CAD in million March 31, 2023 March 31, 2022 YoY 45% growth in Revenues 6.8 4.7 +45% Q1-23 vs. Q1-22 Revenues Cost of revenues 4.1 2.7 Gorss profit 2.7 2.0 +35% 35% growth i
Slide 15: Revenue breakdown
Adcore's Q1 Earnings Call | May 2023 T SX: A D CO | OTCQX: A D CO F Revenue breakdown Quarterly revenue breakdown EMEA revenue grew by 81% CAD in thousands Q1-2023 Q1-2022 diff % YoY APAC 1,938 1,888 50 3% EMEA 3,338 1,844 1,494 81% North america North America 1,546 961 585 61% revenue grew Total 6,
Slide 16: YoY Revenues by regions
Adcore's Q1 Earnings Call | May 2023 T SX: A D CO | OTCQX: A D CO F YoY Revenues by regions 3,500 81% CAD in 3,000 3,338 thousands 2,500 3% 2,000 61% 1,938 1,888 1,844 1,500 1,546 1,000 961 500 0 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 APAC EMEA North America 16
Slide 17: Net cash used in operation activities
2,500 2,391 Adcore's Q1 Earnings Call | May 2023 2,000 Net cash used in 1,500 operation 1,051 activities 1,000 500 CAD in thousands 0 Q1 2023 Q1 2022 17
Slide 18: Financial Position - Assets
Adcore's Q1 Earnings Call | May 2023 T SX: A D CO | OTCQX: A D CO F Financial Position - Assets CAD in million 31.03.2023 31.12.2022 Adtech total CURRENT ASSETS capitalization in Cash and cash equivalents 7.3 8.8 the 3 months ended March Trade accounts receivable, net 5.0 6.3 31,2023 was 0.21 Other
Slide 19: Financial Position - Liabilities
Adcore's Q1 Earnings Call | May 2023 T SX: A D CO | OTCQX: A D CO F Financial Position - Liabilities CAD in million 31.03.2023 31.12.2022 Debt free CURRENT LIABILITIES Trade accounts payable 2.5 4.8 Other accounts payable 1.3 1.2 Lease liability 0.2 0.3 Total current liabilities 4.0 6.3 NON-CURRENT
Slide 20: Adjusted EBITDA
Adcore's Q1 Earnings Call | May 2023 T SX: A D CO | OTCQX: A D CO F Adjusted EBITDA Three months ended March Three months ended March CAD in thousands 31, 2023 31, 2022 Operating profit (loss) (245) (446) Depreciation and amortization 229 299 Share-based payments 84 195 Other non-operational items -
Slide 21: Q&A
Adcore's Q1 2023 Earnings call | May 2023 Q&A 21
Slide 22: Thank You.
TSX: A DCO | OTCQX: A DCOF Thank You. For more information visit adcore.com/investors