Slide 1: 2022 Full Year Results
2022 FULL YEAR RESULTS February 23rd 2023
Slide 2: Highlights, Financials, Outlook, Q&A
01. HIGHLIGHTS 02. FINANCIALS 03. OUTLOOK 04. Q&A
Slide 3: 01. Highlights
01. HIGHLIGHTS
Slide 4: Strategic Highlights
STRATEGIC HIGHLIGHTS ▪ Investing in future growth ▪ Strategic focus : R&D and S&M +150 Team ▪ Critical mass achieved ▪ Continued innovation ▪ Major product launches Innovation ▪ Healthy R&D investments ▪ Accretive M&A strategy ▪ Geographical expansion ▪ Integration synergies M&A 4
Slide 5: FY 22 Key Figures
FY 22 KEY FIGURES Operational Financial Outlook High Retention(1) Superior Growth Committed ARR(3) 122% NRR +40 % Organic ARR(3) + €5.2 m as of Dec.22 Low Churn High Pace Expansion Strong Pipeline Growth 4.5% +78 % Total ARR Retail & Enterprise Record ACV(2) Cash EBITDA (4) Continued M&A € 17.8 k Ne
Slide 6: 02. Financials
02. FINANCIALS
Slide 7: Record ARR Development
RECORD ARR DEVELOPMENT FY 22 ANNUAL RECURRING REVENUES (“ARR”) – (€M) 26.9 ▪ Consistently growing ARR at high pace Organic External ▪ FY22 ARR up 78% vs. FY21, of which 40% organically +78% 21.5 9.7 ▪ Solid contribution of M&A highlighting 20.1 the value creation potential of the Group external grow
Slide 8: Recurring Revenues Driving Growth
RECURRING REVENUES DRIVING GROWTH REVENUES – (€M) BILLINGS – (€M) ▪ FY22 Revenues overall up 40% vs. 38.5 FY21, and total billings up 29% 31.4 ▪ Change in revenue from contract +40% 7.1 +29% assets is related to accrued revenue exceeding billings recognized point in 24.2 11.5 time as per IFRS 15 27.
Slide 9: Best-in-Class Organic Retail KPIs
BEST-IN-CLASS ORGANIC RETAIL KPIs RETAIL ORGANIC CUSTOMER (1) – (#) ARR CHURN – (%) NRR(2) – (%) 749 122% 6.6% +22 p +18% -2 p 100% 4.5% 633 FY 21 FY 22 FY 21 FY 22 FY 21 FY 22 (1) Excluding customers from recently acquired companies (Dapda, FranceProNet, Fidcar ,Carflow and Webmobil24) (2) NRR stan
Slide 10: Acceleration in Multi-Product Adoption
ACCELERATION IN MULTI-PRODUCT ADOPTION FY 22 ANNUAL AVERAGE CONTRACT VALUE (“ACV”) – (K€ / YEAR) Retail Organic Perimeter – excl. M&A ▪ ACV reached record €17.8k in Q4 22, 17.8 ▪ Up 20% against €14.8k in the same +20% period last year ▪ Growth in multi-product adoption 16.6 16.6 fueled by continued
Slide 11: European Footprint Expansion
EUROPEAN FOOTPRINT EXPANSION FY 22 ARR GEOGRAPHICAL BREAKDOWN Excl. Enterprise - % ARR FY 22 / (% ARR FY 21) ▪ Early strategic decision to become a pan-European player 9% (20%) ▪ Continued European expansion strategy through both through 13% organic and M&A developments (0%) ▪ Extended footprint off
Slide 12: Ending the Year Strong, Solid Momentum Ahead
ENDING THE YEAR STRONG, SOLID MOMENTUM AHEAD FY 22 ARR BRIDGE – (€M) 32.1 ▪ FY22 reported ARR slightly short of the €28-30 m guidance for the year 5.2 28 -30 ▪ Committed ARR as of Dec2022 of €5.2 m, 26.9 including backlog such as contractual price increase and enterprise deals providing solid founda
Slide 13: FY 22: A Year of Investment
FY 22 : A YEAR OF INVESTMENT FY 22 OPEX BREAKDOWN – (€M) FTEs EVOLUTION – (#) 38.3 401 ▪ Significant investment strategy in M&A 42 FY 22 to achieve critical mass in terms +43% 7.0 +60% of R&D and S&M teams 57 ▪ Team reached c. 400 FTEs by year-end 26.7 14.1 250 73 2022 (vs. 250 in FY 21) Media 6.7 G
Slide 14: Focus on Cash EBITDA
FOCUS ON CASH EBITDA FY 22 EBITDA – (€M) 0.2 ▪ Reported Adjusted EBITDA of €0.2m in FY 22 (7.1) ▪ Adjusting for 1/ Change in Contract Assets (non-cash) and 2/ the R&D capitalization related to investments made in the Platform, Cash EBITDA lands at negative €15.6m in FY 22 (8.7) ▪ Negative Cash EBITD
Slide 15: Liquidity Overview
LIQUIDITY OVERVIEW FY 22 CASH BRIDGE – (€M) ▪ Cash position of €19.2m at year-end 43.3 2022 ▪ Decrease in cash mostly function of (15.5) strategic investments made in the team over FY 22 ▪ Negative Free Cash Flow of €15.5m to (5.4) be put in context of overall 80% 19.2 growth in ARR in FY 22 (1.8) (
Slide 16: 03. Outlook
03. OUTLOOK
Slide 17: FY 23 Outlook
FY 23 OUTLOOK ▪ Continued growth at scale ARR ▪ €5.2 committed ARR as of Dec. 22 €39 to 43m ▪ Solid Pipelines (Retail + Enterprise) ARR(1) ▪ Operating leverage from FY 23 onwards Cash EBITDA ▪ Critical mass achieved in strategic areas -€6 to -8m Cash EBITDA(2) ▪ M&A synergies ▪ Pursue accretive M&A
Slide 18: Growth Model, Operating Leverage
GROWTH MODEL, OPERATING LEVERAGE CASH EBITDA TRAJECTORY(1) – (€M) Investment Phase Operational Leverage & Scale Benefits ▪ Group’ strategy to continue focus on investments over FY 22 ▪ The Group believes it has now reached the appropriate size to seize the vast and growing market opportunities ▪ No
Slide 19: 04. Q&A
04. Q&A
Slide 20: Appendix
APPENDIX
Slide 21: FY 22 Profit and Loss
‘+ FY 22 — PROFIT AND LOSS FY 2022 CONSOLIDA’ In k€ Revenues Cost for customers media services Personnel costs R&D capitalization Other costs EBITDA Adjusted Extraordinary costs Stock Option Plan costs EBITDA Depreciation & Amortization EBIT Finance costs Finance income Profit/(Loss) before tax Corp
Slide 22: FY 22 Revenues Breakdown
‘+ FY 22 — REVENUES BREAKDOWN FY 2022 REVENUES BY PRODUCT AND SERVICES LINE Ink€ Dec-22 Dec-21 y.o.y. change SaaS platform 28,158 16,304 73% Digital Marketing 7,210 7,674 -6% Other 3,179 3,582 -11% Revenues 38,547 27,560 40% In k€ Dec-22 Dec-21 y.o.y. change Recurring 27,084 14,820 83% Contract star
Slide 23: FY 22 R&D Expenses
‘+ FY 22 — R&D EXPENSES FY 2022 R&D EXPENSES Ink€ Dec-22 Dec-21 y-o.y. change R&D expenses 14,293 7,850 82% - of which capitalised (8,707) (3,490) 149% - of which expensed in the income statement 5,586 4,360 28% R&D expenses as a percentage of Revenues 37% 28% 9%
Slide 24: FY 22 Cash Flow Statement
‘+ FY 22 — CASH FLOW STATEMENT FY 2022 CASH FLOW STATEMENT (Reclassified) In k€ Cash - Beginning of the period EBITDA Adjusted Decrease / (increase) in working capital Decrease / (increase) in contract assets Operating free cash-flow Taxes paid Cash flow from investing activities - tangible assets C
Slide 25: FY 22 Statement of Financial Position
FY 22 ― STATEMENT OF FINANCIAL POSITION 25