PRESS RELEASEFY 2023 ResultsCM.com reports positive
EBITDA over H2 2023.
This document has not been audited

1

PRESS RELEASEFY 2023 ResultsCM.com reports positive EBITDA over H2 2023,
and 17% gross profit growth in Q4 2023.

CM.com continued to grow its gross profit in 2023, following our strategic focus on creating value overrevenue. We have realized positive EBITDA in H2 2023 by increasing our sales in higher margins products,
while controlling our costs. Going forward, CM.com will continue to develop new customer solutions,improve margins, and keep a tight grip on costs. The newly introduced business unit structure will support
our strategy. CM.com reiterates its goal to become free cash flow positive by H2 2024.

BREDA, 29 FEBRUARY 2024

Q4 2023 financial highlights
•
•
•
•
•
•

Gross profit1 increased by 17% YoY to a record level of €20.4 million. Gross profit improved in all segments, with
CPaaS being the largest contributor, with an increase of 22% YoY.
Gross margin increased to 31.1% (Q4 2022: 22.3%), supported by product mix improvements in CPaaS, SaaS,
and Ticketing.
Implementation of a new business unit structure: as of 1 January 2024, CM.com is organized into four business
units: Connect (former CPaaS), Engage (former SaaS), Pay (former Payments), and Live (former Ticketing).
Record payments volumes processed in Payments.
Strong order intake at year-end in SaaS.
CM.com signed a standby Revolving Credit Facility (RCF) of €15 million with an accordion option of €10 million
with HSBC to increase financial flexibility.

FY 2023 financial highlights
•
•
•
•
•
•
•

Gross profit increased by 9% YoY to €78.5 million, supported by growth in all segments, especially Ticketing witha growth of 29%.
Gross margin improved to 29.5% in 2023 (2022: 25.4%), with CPaaS showing the strongest margin improvement
YoY.
Normalized EBITDA for the full year was -€0.9 million, before €1.8 million restructuring costs, compared to -€ 22.3
million in FY 2022, before €4.2 million one-off bad debt hit.
Normalized EBITDA H2 2023 was €2.8 million positive, before €1.0 million restructuring cost, meeting guidance.
Revenue developed to €266.2 million (-6% YoY), as revenue from higher margins products remained strong, andCPaaS focused on improving profitability.
Normalized OPEX decreased 16% YoY to €79.5 million, in accordance with our guidance.
The FTE count declined by 23% to 720 FTE per year-end 2023.

Outlook•••CM.com will continue to grow its gross profit, while controlling costs, leading to increasing EBITDA.
OPEX is expected to decline further in 2024, mostly as the cost base is now structurally lower than in 2023.
CM.com reiterates its target to be free cash flow positive by H2 2024.

1 Several alternative performance (non-IFRS) measures are disclosed in this press release, in order to provide relevant information to better understand the underlying business performanceof CM.com. Furthermore, CM.com has provided guidance on several of these (non-IFRS) financial measures, derived from the consolidated financial statements. An overview of the alternative
performance measures with their definitions is provided on page 19.

This document has not been audited

2

KEY FIGURES
Q4 2023

Q4 2022Δ Y-Y

FY 2023

FY 2022

Δ Y-Y(x € million)
Revenue

65.7

78.4

(16%)

266.2

283.2

(6%)

Cost of Sales

45.3

61.0

(26%)

187.7

211.3

(11%)

Gross Profit

20.4

17.5

17%

78.5

72.0

9%

Gross Margin

31.1%

22.3%

29.5%

25.4%

Normalized OPEX--

(79.5)(94.3)

Normalized EBITDA

-

-

(0.9)

(22.3)

One-offs

-

-

(1.8)

(4.2)

EBITDA

-

-

(2.7)

(26.5)

OPEX--(81.3)(98.5)

CAPEX

-

-

(20.6)(26.7)

Q4 2023

Q4 2022

FY 2023

FY 2022

CPaaS net dollar retention
rate (%)

-

-

-

87%

100%

CPaaS enterprise churn rate
(%)

-

-

-

6%

4%

Number of messages(billion)

2.0

2.0

0%

7.0

7.2

(3%)

Number of voice minutes(million)

78

97

(19%)

304

455

(33%)

Annual recurring revenue(ARR) (€ million)

31.8

29.3

9%

31.8

29.3

9%

Total payments processed (€million)

802

623

29%

2,467

1,982

24%

Number of tickets (million)

4.7

4.0

18%

18.5

14.6

27%

(16%)

(17%)

KPIs
Δ Y-Y

Δ Y-Y

This document has not been audited3

Message from the CEO
In 2023, performance and alignment were central topics within CM.com. As a next step in the executionof our sustainable growth strategy, we implemented a new business unit structure. Cash generationand cash management became more important in order to grow our business independently. Our grossprofit increased, and gross margins improved as we enhanced our product suite, while we lowered ourcost base. This all led to the return to positive EBITDA over H2 2023.
Innovations based on Gen AI: In 2023, CM.com launched its own GenAI tooling for contact center asa service (CCaaS) in sectors such as travel and e-commerce. These services and products resulted insensational improvements for our customers, such as an over 80% reduction in onboarding time on ourConversational AI platform, up to 40% time saving on human interactions, and 40% improvement incustomer satisfaction. In 2024 we will expand our services and products by offering GenAI applicationsin the Marketing environment – and much more.
Organizational change into business units: CM.com has always invested heavily in its products and its
employees. To further deploy the talents within our firm, CM.com is taking the next step in its growth
process, namely the launch of business units. Ever since listing, we have expanded our platform anddeveloped more innovative products. The business unit structure will empower our employees to further
grow the connection between our products and our customers across the globe. Per January 2024, ourorganization consists of four business units, being Connect (former CPaaS), Engage (former SaaS), Pay(former Payments), and Live (former Ticketing). Each business unit has their own management teamand financial targets.
Outlook: In 2024, we continue to focus on developing our business further to provide more value for ourcustomers. By offering innovative products, improving, and integrating our services and connections withour customers, we expect a further increase in our gross profit, together with strict cost management.
We have already noticed the first positive results from the business unit structure in client engagements,
successful proposals, and product development initiatives. That is why we reiterate our goal to be free
cash flow positive by the second half of 2024.
I would like to thank all employees of CM.com for their contribution to this result in 2023. As management,
we are proud of our employees and their accomplishments and look forward to continuing our journeyin 2024.
								Jeroen van Glabbeek								
C
EO C
M.com

This document has not been audited4

Gross profit development(x € million)

34.8

35.2

H2

H1

40.8

38.1

36.8

27.9
20.9
12.5

H1

H2

H1

2020

2021

H2

H1

H2

2023

2022

Q1		Q2		Q3		Q4Gross margin development (in %)
35%
30%
25%
20%
15%
10%
5%
0%
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
2020 2020 2020 2020 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023

Revenue development(x € million)
125.0

112.0

147.3

135.9

137.3

128.9

83.8
57.8

H1

H2
2020

H1

H2
2021

H1

H2

H1

H2
2023

2022

Q1		Q2		Q3		Q4
This document has not been audited

5

GROUP PERFORMANCEFY 2023

FY 2022% Δ Y-Y

Revenue

266.2

283.3

(6%)

CPaaS

211.5

236.3

(11%)

SaaS

28.9

25.4

14%

Payments

15.5

13.4

16%

Ticketing

10.3

8.1

27%

Cost of sales

187.7

211.3

(11%)

Gross Profit

78.5

72.0

9%

CPaaS

34.9

34.7

1%

Saas

25.6

22.3

15%

Payments

8.3

7.4

12%

Ticketing

9.7

7.6

29%

Gross Margin

29.5%

25.4%

CPaaS

16.5%

14.7%

SaaS

88.7%

87.9%

Payments

53.5%

55.1%

Ticketing

94.2%

93.0%

Normalized OPEX

(79.5)(94.3)(16%)

Employee benefit expenses excluding one-offs(52.6)(55.2)(5%)

Other operating expenses excluding one-offs(26.9)(39.1)(31%)

Normalized EBITDA(0.9)(22.3)

One-offs

(1.8)

(4.2)

EBITDA(2.7)(26.5)

Depreciation and Amortization(21.8)(18.1)

Financing income and expenses

(4.3)

(0.2)

Income Tax

0.7

0.2

Share of results in associates

(0.6)

(0.2)

(28.7)(44.7)(x € million)

Net result

This document has not been audited

6

Our financial performance improved further in 2023, in continuation of a successful 2022. With margins
trending above 30% in H2 2023, the profit contribution from SaaS, Payments, and Ticketing now determines
56% of the total gross profit and 21% of revenue in 2023, compared to 52% of gross profit and 17% of revenue
in 2022. This is the result of our emphasis on growing revenue from higher margins products in our product mix,
next to improving margins in messaging within CPaaS. Going forward, CM.com’s primary focus will remain on
increasing our gross profit, while controlling costs, leading to increasing EBITDA.

Organization
After years of tremendous revenue growth, CM.com focused on efficiency and value over revenue in 2023. Oneof the initiatives to assure sustainable profit growth going forward is the launch of a business unit structure
in January 2024, to improve our capabilities and grow talent within CM.com. Through business units, ouremployees can better connect with each other, prioritize product development and as such, create room tofurther align the service to our customers by offering them the latest technology and tooling. As of January2024, CM.com operates in four business units, being:••••

Connect (former CPaaS)
Engage (former SaaS)Pay (former Payments)
Live (former Ticketing)

Each business unit has its own management team, which reports to the Management Board of CM.com. In thispress release over 2023 we will report in the “old” format for the last time. As from 2024, CM.com will report inline with the new business unit structure.

Performance per business segment

CPaaS

In CPaaS, the shift in focus to value over revenue and volume resulted in improved gross margins of 16.5% in
FY 2023 compared to 14.7% in FY 2022, and a gross profit of €34.9 million in FY 2023, compared to a gross profitof €34.7 million in FY 2022.
Our CPaaS business finished strong in Q4 2023. Gross margins increased to 18.1%, and gross profit reached€9.4 million. Traffic via OTT channels took off, resulting in strong WhatsApp volumes in the fourth quarter. This
follows market trends, where AI-integrated software applications demand richer messaging communications
between consumers and organizations.
The various changes and shifts in our CPaaS product mix have led to better margins and slightly higher gross profits,
taking the COVID tailwinds in Q1 2022 into account. Subsequently, CM.com generated €211.5 million in revenues in
CPaaS in 2023, an 11% decline YoY. This does not come as a surprise to us, as we anticipated the shift from volume
to value would impact topline development and would take 12 months to absorb. That shift started in H1 2023.
Our CPaaS Net Dollar Retention (NDR) rate dropped to 87%, including Voice. Excluding Voice, the NDR was 91%,
reflecting the focus shift to value. Churn in CPaaS remained consistently low at 6%.

This document has not been audited7

Messages(# billion)

2.0

1.4
0.9

1.2

1.2

Q4

Q1

1.7

1.7

1.7

Q4

Q1

Q2

1.8

2.0
1.7

1.5

1.6

1.7

0.9
0.7

Q1

Q2

Q3

Q2

Q3

2021

2020

Q3

Q4

Q1

Q2

Q3

Q4

2023

2022

Voice minutes(# million)

190
163

179
163

157

109

99

97

96

97
79

74

73

Q2

Q3

52

78

37

Q1

Q2

Q3

2020

Q4

Q1

Q2

Q3

2021

Q4

Q1

Q2

Q3

2022

Q4

Q1

Q4

2023

This document has not been audited

8

SaaS
In 2023 we saw continuous growth in gross profit and Annual Recurring Revenue (ARR).
Our SaaS proposition performed well in 2023, as markets were increasingly seeking innovative solutions to improvetheir connection with customers. This meant that the demand for our contact center as a service (CCaaS) productsrose, supported by the AI enhancements we have integrated in our software tooling since Q3 2023.
As a result, gross profit increased 15% YoY to €25.6 million in FY 2023. Gross margins improved to 88.7% in
FY 2023 from 87.9% in FY 2022, and revenues increased 14% YoY to €28.9 million in FY 2023.
Our Annual Recurring Revenue (ARR) increased by 9% YoY to €31.8 million in 2023. In December 2023, we had astrong order intake, which will materialize in 2024.
For 2024, we expect the momentum to accelerate in SaaS due to the interest in AI solutions that CM.com offers.
We will roll out our GenAI tooling to support marketing capabilities with our client base, next to our contact center
offerings.

Annual recurring revenue(x € million)

26.3

27.6

29.1

29.3

30.3

30.9

31.3

Q1

Q2

Q3

31.8

22.7
20.4
18.2
14.0

15.0

10.8

3.4

3.8

Q1

Q2

Q3

2020

Q4

Q1

Q2

Q3

2021

Q4

Q1

Q2

Q3

2022

Q4

Q4

2023

This document has not been audited

9

Payments

In Payments, gross profit was up with 12% YoY to €8.3 million in FY 2023, and revenues increased 16% YoY to€15.5 million. The total payments volume processed increased by 24% YoY to €2,467 million in FY 2023, as the
migration of customers onto our in-house payments and processing platform progressed, and our payment solutions
became part of a total product solution for our customers more often.
In Q4 2023 we saw the best quarter so far in terms of volumes processed. Gross margins in Q4 2023 were 53.3%,
which is slightly lower compared to the 55% in Q4 2022. This is the result of a mix in payment flows processed, but
together with the increase in volumes, it formed the base for the 10% YoY growth in gross profit in Q4 2023.
Looking ahead, we expect the integration of our payment solutions into our total product offering to take flight, andas such we expect profit growth to continue in Payments.

Total payments processed(x € million)

802

623
526

596
526

543

479
354
262

166

Q1

183

Q2

2020

277

270

Q2

Q3

287

217
164

Q3

Q4

Q1

2021

Q4

Q1

Q2

Q3

2022

Q4

Q1

Q2

Q3

Q4

2023

This document has not been audited

10

Ticketing

Ticketing had a strong year in FY 2023, after an already strong FY 2022. Compared to the other segments, Ticketing
showed the highest increase with a 29% increase in gross profit to €9.7 million. Revenues increased by 27% to€10.3 million YoY in FY 2023, supported by a robust performance in H2 2023.
Margins continued to improve to 94.2% in FY 2023 from 93.0% in FY 2022. After some caution in Q2 2023, Ticketing
generated strong volumes and good margins in H2 2023.
In H2 2023, CM.com signed several significant deals where Ticketing was involved. CM.com renewed its technology
partnership with the Formula 1 Heineken Dutch Grand Prix by 2 years until 2025, where all our segments areincluded in the ultimate customer proposition besides Ticketing. CM.com also signed a 3-year partnership contract
with NOC*NSF for the organization of various sport events, and the ticketing services around the Holland Houseduring the Olympic Games in Paris in 2024. This contract was signed at the beginning of 2024.

Tickets(# million)
5.2
4.4
3.9
2.8

2.8

0.6

Q1

Q2

4.2

4.0

4.0

Q4

Q1

2.5

1.8

1.4
0.5

4.7

4.6

0.2
Q3

2020

Q4

Q1

Q2

Q3

2021

Q4

Q1

Q2

Q3

2022

Q2

Q3

Q4

2023

This document has not been audited

11

OPEX
Throughout 2023, CM.com consistently lowered its costs. Normalized OPEX decreased 16% YoY in FY 2023 to€79.5 million, most notably through 31% lower non-personnel related expenses YoY. Over H2 2023, our Normalized
OPEX declined by more than 25% YoY, in line with our guidance.
CM.com will focus on growing in a consistent and controlled way to reach our goals in 2024 and beyond. As of
FY 2024, CM.com has four business units. Each business unit has its own budget and financial targets. Cost control
is and will remain an important item in the target setting of the business units. Within each business unit there is ahighly empowered leadership team. After thorough evaluation and careful consideration, we mutually agreed that
due to this new decentralized structure the CTO-role will have other focus areas, which are not fully in line with
where our CTO Jan Saan believes he can bring most value. Therefore, Jan Saan will start exploring new opportunities
outside of our company. There are no plans to hire a new group CTO as these tasks will be assumed by the BU
Leadership Teams.
FTE development

Our workforce declined to 720 FTE at year-end FY 2023, compared to 930 FTE at year-end FY 2022. This was
realized through natural attrition, performance assessments, and efficiency improvements.
936
888

857

930

918

881
786

755
723

473

650

370

396

383

500

420

466

414

591

720

440

462

338

355
325
273

238

255

301

303

337

335

344

332

298

268

188

207

71

78

88

102

104

115

119

126

133

134

129

118

113

FY 2020

Q1 2021

Q2 2021

Q3 2021

Q4 2021

Q1 2022

Q2 2022

Q3 2022

Q4 2022

Q1 2023

Q2 2023

Q3 2023

Q4 2023

156

Sales & Marketing

Research & Development

General & Admin

In FY 2023, CM.com closed its local offices in Mexico and Kenya. The number of offices where CM.com operates
across the globe stood at 18 countries and 27 offices at the end of FY 2023.
Our OPEX-to-Revenue ratio over H2 2023 was 29.9%, confirming our ability to improve the performance of CM.com.
Over H2 2022, this ratio stood at 35.1%. CM.com’s mid-term goal is an OPEX-to-Revenue ratio of low-to-midtwenties.
OPEX-to-Revenue (per half year)
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
H1 2019

FY 2019

H1 2020

FY 2020

H1 2021

FY 2021

H1 2022

FY 2022

H1 2023 H2 2023

This document has not been audited

12

EBITDA
Our normalized EBITDA for the full year 2023 was -€0.9 million, excluding restructuring costs of €1.8 million. In H2
2023, our normalized EBITDA reached €2.8 million positive. This means we met our guidance to be EBITDA positive
over H2 2023 on a normalized level.
For FY 2024 we reiterate our guidance to grow our normalized EBITDA further and be free cash flow positive by H2
2024.

Normalized EBITDA(x € million)

2.9

2.8

2.5

0.6

0.0

-0.4
-3.7

-3.7
-7.4

-14.9
H1 2019

H2 2019

H1 2020 H2 2020

H1 2021 H2 2021

H1 2022

H2 2022

H1 2023 H2 2023

CAPEX
CAPEX amounted to €20.6 million (of which € 15.7 million relates to capitalized development hours), which compared
to a CAPEX of € 26.7 million end FY 2022, is a 23% decline YoY. The CAPEX-to-Revenue ratio improved to 7.8%,
compared to a CAPEX-to-Revenue ratio of 9.4% in FY 2022. CM.com reiterates its mid-term objective to reach a
CAPEX-to-Revenue ratio towards 5% of revenue.

Funding & cash position
At year-end 2023, our non-restricted cash position was €26.2 million. In 2023, CM.com improved its operating
results in combination with a lower OPEX and CAPEX, resulting in a further reduction in our cash outflow.
Together with continued improvements of our working capital, this resulted in a solid cash position at the endof 2023. Going forward, the net cash consumption of CM.com is expected to decrease further as we continue
to focus on increasing our EBITDA and further lowering our OPEX and CAPEX to reach a positive free cash flowlevel by H2 2024.
On the back of this solid financial progress and positive EBITDA performance, CM.com has decided to strengthen
its financial position and allow for more flexibility by signing a revolving credit facility of €15 million with anaccordion option of another €10 million with HSBC in February 2024, subject to lender approval, which isintended to be a standby facility.

This document has not been audited13

Outlook
FY 2023 was a year of transition for CM.com. As we reached positive levels in EBITDA in H2 2023, our next focus will
be to become free cash flow positive. The business units are operational as of January 2024, and the first reactions
so far have been very positive. The different business units will bring us closer to our clients and enable us to further
develop our product offerings.
CM.com will continue to strengthen its market leadership and innovation in conversational commerce throughan ongoing focus on innovative products and improved services to our customers. CM.com wants to serve morecustomers and realize more value per client in a cost-efficient way, to improve our performance further. As wecontinuously review our performance, CM.com decided to close our local offices in Brazil, Kazakhstan, and Turkey in
Q1 2024.
This means that, in terms of outlook:•••

CM.com will continue to grow its gross profit, while controlling costs, leading to increasing EBITDA.
OPEX is expected to decline further in 2024, mostly as the cost base is now structurally lower than in 2023.
CM.com reiterates its target to be free cash flow positive by H2 2024.

Analyst earnings call: FY 2023 results
On 29 February 2024 at 10.00 am CEST, CM.com will host its FY 2023 analyst and investor call that will be live
broadcasted in listen-only mode on our website: https://www.cm.com/investor-relations/This document has not been audited14

2024 Financial calendar & events

72023
Annual Report

March

23

17

Q1 2024
Trading update

April

HY 2024 Results+ webcast

July

18

19

Annual General
MeetingApril

Q3 2024
Trading update

OctoberContact Investor Relations
Serge Enneman
investor.relations@cm.com+31 643280788

About CM.com
CM.com is a listed company (Euronext Amsterdam: CMCOM) and provides Conversational Commerce services fromits cloud platform that connects enterprises and brands to the mobile phones of billions of consumers worldwide.
Conversational Commerce is the convergence of messaging and payments. CM.com provides messaging and voicechannels, such as SMS, Over The Top (OTT) (e.g. WhatsApp Business, Apple Business Chat, Google RCS, Facebook
Messenger, and Viber), Voice API and SIP. These messaging channels can be combined with cloud platform
features, like Ticketing, eSignature, Customer Contact, identity services and a Customer Data Platform. CM.com
is a licensed Payment Service Provider (PSP) offering card payments, domestic payment methods and integrated
payment methods like WeChat Pay. CM.com has approximately 750 employees and offices in 18 countries globally.
The platform of CM.com delivers fully integrated solutions, based on a primarily privately owned cloud and 100%in-house developed software. By doing so, CM.com can guarantee scalability, time-to market, and global redundancy
and delivery.

Forward Looking Statements
Statements included in this press release that are not historical facts (including any statements concerninginvestment objectives, other plans, and objectives of management for future operations or economic performance,or assumptions or forecasts related thereto) are forward-looking statements. These statements are only predictions
and are not guarantees. Actual events or the results of our operations could differ materially from those expressedor implied in the forward-looking statements. Forward-looking statements are typically identified using terms suchas “may,” “will,” “should,” “expect,” “could,” “intend,” “plan,” “anticipate,” “estimate,” “believe,” “continue,” “predict,”“potential” and/or the negative of such terms and other comparable terminology. The forward-looking statements
are based upon our current expectations, plans, estimates, assumptions, and beliefs that involve numerous risks anduncertainties. Assumptions relating to the foregoing involve judgements with respect to, among other things, future
economic, competitive and market conditions and future business decisions, all of which are difficult or impossible topredict accurately and many of which are beyond our control. Although we believe that the expectations reflected insuch forward-looking statements are based on reasonable assumptions, our actual results and performance could
differ materially from those set forth in the forward-looking statements. Although we believe that the expectations
reflected in such forward-looking statements are based on reasonable assumptions, our actual results andperformance could differ materially from those set forth in the forward-looking statements.

This document has not been audited

15

OVERVIEW KPIs

2023

2023

2023

2023

2022

2022

2022

2022

2021

2021

2021

2021

2020

2020

Q4

Q3

Q2

Q1

Q4

Q3

Q2

Q1

Q4

Q3

Q2

Q1

Q4

Q3

Total revenue(€ million)

65.7

63.2

65.9

71.4

78.4

68.9

65.4

70.5

66.8

58.2

62.2

49.8

45.3

38.5

Gross profit(€ million)

20.4

20.0

19.2

18.9

17.5

19.3

17.4

17.8

18.3

16.5

15.6

12.3

11.5

9.4

Gross margin (%)

31.1%

31.6%

29.1%

26.5%

22.3%

28.0%

26.6%

25.2%

27.4%

28.4%

25.1%

24.7%

25.4%

24.4%

Number ofmessages (billion)

2.0

1.7

1.6

1.7

2.0

1.8

1.7

1.7

1.7

1.5

1.4

1.2

1.2

0.9

Number of voice minutes(million)

78

73

74

79

97

96

99

163

179

157

190

163

109

97

Annual recurring revenue(€ million)

31.8

31.3

30.9

30.3

29.3

29.1

27.6

26.3

22.7

20.4

18.2

15.0

14.0

10.8

Total payments(€ million)

802

596

543

526

623

526

479

354

287

270

277

262

217

164

Total tickets(€ million)

4.7

5.2

4.6

4.0

4.0

4.2

3.9

2.5

2..8

4.4

1.8

0.2

1.4

2.8

This document has not been audited16

2023 Consolidated Financial
Statements.
This document has not been audited

17

Contents

Definitions											

19Consolidated statement of financial position as at 31 December 2023				20Consolidated statement of profit and loss and other comprehensive income
for the year ended 31 December 2023					

21Consolidated statement of change in equity for the year ended 31 December 2023 		22Consolidated cash flow statement for the year ended 31 December 2023				23This document has not been audited18

Definitions
Alternative performance measures

Several alternative performance (non-IFRS) measures are disclosed in our press release, in order to provide
relevant information to better understand the underlying business performance of the Company. Furthermore,
CM.com has provided guidance on several of these (non-IFRS) financial measures, derived from the consolidated
financial statements.
An overview of the alternative performance measures with their definitions is provided below:
Performance measure

Definitions

Gross profit

Revenue less cost of services.

Gross margin %Gross profit divided by revenue.

EBITDA

Operating result less amortization, depreciation, and impairment.

Normalized EBITDA

EBITDA corrected for material one-offs.

One-offs

Non-recurring, extraordinary or non-core items, being restructuring costs in FY 2023 and a bad debt hit in
FY 2022.

OPEX

Employee benefits expenses and other operating expenses.

Normalized OPEXOPEX corrected for material one-offs.

CAPEX

Investments in intangible assets, tangible fixed assets, and right-of-use assets.

Changes in Working capital

Changes in inventories, trade and other receivables, trade and other payables, and contract liabilities, excluding
receivables from and payables to merchants and financial institutions.

Free cash flow

EBITDA less CAPEX, less Changes in Working capital.

Shareholders’ equity

Issued ordinary share capital, share premium, reserves, and accumulated deficits.

Market capitalization

Total value of a publicly traded company’s outstanding common shares owned by shareholders.

Higher margin products

Higher margins products are products related to our SaaS, Payments, and Ticketing offerings.

CPaaS Net Dollar
Retention Rate

The ratio of revenue from CPaaS customers in comparable twelve months between the current and preceding
year for customers that generate more than € 10,000 in revenue in the current year.

CPaaS Enterprise Churn Rate

The ratio of revenue from CPaaS customers that generated more than € 10,000 in revenue in the preceding
year, but generated less than € 10,000 in the current year or were no longer customers in the current year
compared to the previous year.

Annual Recurring
Revenue (ARR)

Represents the annual recurring revenue streams from customers at the end of the period, related tosubscription-based product pricing.

Not all companies calculate alternative performance measures in the same manner or on a consistent basis. As aresult, these measures and ratios may not be comparable to measures used by other companies under the same
name or similar definitions.

This document has not been audited19

Consolidated Financial
Statements
Consolidated statement of financial
position as at 31 December 2023
(After proposal of appropriation of result)2023
Unaudited

2022
Audited

Goodwill
Intangible fixed assets
Property, plant, and equipment

29,39771,454
8,520

29,40469,099
8,792

Right-of-use assets

27,17730,658Long-term receivables

1,512

1,465

-

1,823

x € 1,000

Associates
Deferred tax assets
Total non-current assets
Current portion of long-term receivables
Inventories
Trade and other receivables

1,136

1,506

139,196

142,747

596
737

810
1,113

50,98957,035-559

Cash and cash equivalents1

48,59982,740Total current assets

100,921

142,257

Total assets

240,117

285,004

Share capital
Share premium reserve
Reserves

1,747
130,969
7,067

1,736
127,733
6,967

Accumulated deficits

Current tax receivable(113,499)(82,881)

Total equity

26,28453,555

Borrowings
Convertible bonds
Deferred tax liability

14,574
95,922
1,535

17,884
94,262
3,162

Provisions

144-

Other liabilities merchants

191

194

Total non-current liabilities

112,366

115,502

Current portion of borrowings
Trade and other payables
Contract liabilities

4,000
89,8126,500

6,878
103,070
5,280

Current tax liabilities

1,155

719

Total current liabilities

101,467

115,947

Total equity and liabilities

240,117

285,004

1 Of which restricted: € 22.4 million (2022: € 35.8 million).

This document has not been audited20

Consolidated statement of comprehensive result
for the year ended 31 December 2023

x € 1,000

2023
Unaudited

2022
Audited

Revenue

266,234

283,231

Total income

266,234

283,231

Cost of services(187,701)(211,262)

Employee benefits expenses(54,345)(55,148)

Amortization, depreciation, and impairments(21,841)(18,094)

Other operating expenses(26,915)(43,327)

Operating result(24,568)(44,600)

Financial income

1,296

4,740

Financial expenses(5,618)(4,963)

Share of results in associates
Result before tax
Income tax
Result after tax
Other comprehensive result2
Total comprehensive result

Basic and diluted earnings per share (in €)

2

(561)

(151)

(29,451)(44,974)732

233(28,719)(44,741)

(212)

1,180

(28,931)(43,561)(1.00)(1.51)The other comprehensive result consists completely of foreign currency translation which may be reclassified subsequently to profit or loss.

This document has not been audited21

Foreign currencytranslation reserve

Accumulated
deficits

Total

124,794

6,208

-

708

(35,575)

97,865Result for the year

-

-

-

-

-

(44,741)(44,741)

Other comprehensive
result

-

-

-

-

1,180

-

1,180

Convertible bonds (net oftax) 3

-

-

(268)

-

-

-

(268)

Purchase of treasury
shares---(3,585)--(3,585)Issuance of shares related tobusiness combinations

4

2,645

-

2,660

-

(2,725)2,584Issuance of shares to
employees

2

294

-

64

-

160

520

1,736

127,733

5,940

(861)

1,888

(82,881)

53,555Result for the year

-

-

-

-

-

(28,719)(28,719)

Other comprehensive
result

-

-

-

-

(212)

-

(212)

Convertible bonds (net of
tax)3

-

-

(202)

-

-

-

(202)

Issuance of shares related tobusiness combinations

11

3,041

-

-

-

(1,663)

1,389

-

195

-

514

-

(236)

473

1,747

130,969

5,738

(347)

1,676

(113,499)

26,284

Treasury shares

Share premium

1,730

x € 1,000

Equity componentof convertible
bonds

Share Capital

Consolidated statement of changes in equity forthe year ended 31 December 2023

Balance at
1 January 2022

Balance at
31 December 2022 (Audited)

Issuance of shares to
employees
Balance at
31 December 2023 (Unaudited)3

The equity component of convertible bonds is presented net of tax. It includes a Deferred tax liability recognized through equity offset by a related Deferred tax asset recognized through equity.

This document has not been audited22

Consolidated statement of cash flows for theyear ended 31 December 2023
x € 1,000
Operating result

2023
Unaudited

2022
Audited(24,568)(44,600)

21,841

18,094144-

Adjustments for:- Amortization, depreciation, and impairments- Movement provisions
Changes in working capital:- Inventories- Trade and other receivables- Trade and other payables

376

(780)

9,689

(9,274)97

20,502- Contract liabilities

1,220

534

- Trade and other receivables from merchants and financial institutions(1,696)(882)(11,836)

14,681- Trade and other payables to merchants and financial institutions
Interest received

419

127

Corporate income tax

257

(459)

Share benefit program personnel

475

515

Cash flow from operating activities(3,582)(1,542)

Investments in intangible assets(17,436)(16,061)Divestments in intangible assets--(1,865)(2,817)

Investments in property, plant, and equipment

-

40

220

(6,329)(19,081)(25,167)

Loans granted to third parties

(222)

(750)

Repayment of loans granted to third parties

460

548

Deposits paid

(568)

(623)

Deposits refunded

476

463

Repayment of borrowings

(20)

(3)

Repayment of lease liabilities(7,429)(7,162)

Interest paid

(2,816)(2,881)

Movement other long-term assets

(260)

(64)

Divestments in property, plant, and equipment
Disposals / Acquisitions of subsidiaries and associates (net of cash)
Cash flow from investing activities

Movement other long-term liabilities to merchants

3

2

Purchase of treasury shares-(3,585)

Cash flow from financing activities(10,376)(14,055)

Changes in cash and cash equivalents(33,039)(40,764)

Cash and cash equivalents at 1 January

82,740122,058

Currency results on cash and cash equivalents(1,102)

1,446

Cash and cash equivalents at 31 December

48,59982,740This document has not been audited23