Agillic announces 2022 results with 37.7% growth in total

---

Announcement no. 1-2023

Contain insider information

Copenhagen 23 February 2023 - Agillic A/S (Nasdaq First North Growth Market Denmark: AGILC) releases financial results for 2022 and guidance for 2023

Emre Gürsoy, CEO of Agillic comments on the developments in 2022:
“I am truly proud that we have achieved a growth in total ARR of 37.7% ending the year at DKK 76.7 million, which is at the upper end of our guided range of DKK 72–78 million. It means that we reached the EUR / USD 10M SaaS company benchmark, which is an important milestone for us. Despite 2022 being a turbulent year for many, we delivered solid performance with significant growth, both positive EBITDA and cashflow from operating activities for the third consecutive year. Thus, we closed 2022 with strong financial results, a truly scalable international business model, and future readiness through a ready-to-integrate best of breed product. I would like to extend my sincere gratitude to the entire Agillic Team, our partners and clients.”

Key figures and ratios 

  2022 2021   2022 2021   
DKK million YTD YTD Change Q4 Q4 Change 
INCOME STATEMENT             
 Revenue subscriptions 49.945.010.8%13.410.824.5%
 Revenue transactions 16.76.8145.6%6.02.7123.3%
 Other revenue 0.41.0-60.0%0.00.3-100.0%
Total revenue 67.0 52.826.9% 19.413.840.8%
Gross profit  49.6 45.110.0% 15.510.744.9%
Gross margin 74% 85% 80%78% 
Employee costs -26.6-25.44.7%-8.6-5.556.4%
Operational costs -21.9-19.015.3%-5.5-7.7-28.6%
EBITDA 1.1 0.753.0% 1.4-2.5n/a
Net profit -10.6 -10.5-0.7%-2.0-4.656.5%
FINANCIAL POSITION           
Cash 1)7.4 20.6-64.1% 7.4 20.6-64.1% 
Cash flow from operating activities3.15.7-45.6%7.36.119.7%
ARR DEVELOPMENT           
  ARR subscriptions  54.1 45.718.4% 54.1 45.718.4% 
  ARR transactions 22.6 10.0126.0% 22.6 10.0126.0% 
Total ARR2 76.7 55.737.7% 76.7 55.737.7% 
Change in ARR (DKK) 21.0 6.8  21.0 4.4  
Change in ARR (%) 37.7% 19.7%  12.2% 9.5%  

1. Cash is defined as available funds less bank overdraft withdrawals. 
2. ARR is the annualised value of subscription agreements and transactions at the end of the actual reporting period. 

Financial guidance 2023
In 2023, revenue is expected to grow to DKK 79-83 million, which is equivalent to 18-24% growth, while Total ARR is expected to grow 16-23%, supported by growth in ARR from subscriptions.

DKK million 20232022 
Revenue 79-8367.0 
EBITDA 1-41.1 
ARR Subscriptions 66-7054.1 
ARR Transactions 23-2522.6 
Total ARR 89-9576.7 

  

Strategy going forward
We will continue to execute our Reboot 2.1 strategy and will add one additional financial goal which is to achieve positive ‘Cash-adjusted EBITDA’ by 2024.

Agillic continues its focus on internationalisation through a two-pronged go-to-market model, and cooperation with best-of-breed technology partners and global solution partners. Apart from Denmark, markets of particular interest are the DACH region, Norway, Sweden. Our target clients are digitally mature and data-driven B2C-businesses in industries such as retail, finance, travel & leisure, NGO and charities, and subscription businesses in e.g. entertainment & gaming, energy and utilities, media & publishing, and technology, software & cloud.

Annual Report 2022
The full Annual Report 2022 is attached to this press release and can be found on our website here: https://agillic.com/investor/financial-reports/

ESG Report 2022
We are pleased to announce that we have published our first ESG report covering the year 2022. The report is available here: https://agillic.com/esg/

For further information, please contact:
Emre Gürsoy, CEO, Agillic A/S
+45 30 78 42 00
emre.gursoy@agillic.com

Claus Boysen, CFO, Agillic A/S
+45 28 49 18 46
claus.boysen@agillic.com

Certified Adviser
John Norden, Norden CEF A/S

About Agillic A/S
Agillic is a Danish software company offering brands a platform through which they can work with data-driven insights and content to create, automate and send personalised communication to millions. Agillic is headquartered in Copenhagen, Denmark, with teams in Germany, Norway, and Romania.

For further information, please visit www.agillic.com.

Agillic A/S (publ) (Nasdaq First North Growth Market Denmark: AGILC) is obligated to publish the above information in compliance with the EU Market Abuse Regulation Article 17. The information was published via agent by Agillic A/S on 23 February 2023.

Agillic A/S
Masnedøgade 22, 2
2100 Copenhagen
https://agillic.com/  

Appendix: Financial development per quarter

 2022 20212020
DKK millionQ4 Q3* Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
INCOME STATEMENT                       
Revenue subscriptions13.4 13.1 12.2 11.1 10.8 11.0 11.9 11.3 10.5 10.5 10.8 12.0
Revenue transactions6.0 4.8 3.3 2.6 2.7 1.8 1.2 1.0 1.4 1.0 0.8 2.2
Other revenue0.0 0.0 0.1 0.3 0.3 0.3 0.2 0.3 0.5 0.2 0.1 0.5
Total revenue19.4 17.9 15.6 14.0 13.8 13.1 13.3 12.6 12.4 11.7 11.7 14.7
Gross profit 15.5 11.4 11.7 11.0 10.7 11.1 12.1 11.2 10.7 10.6 11.1 11.9
Gross margin80% 67% 75% 79% 78% 85% 91% 89% 87% 91% 94% 81%
EBITDA1.5 1.4 0.0 -1.7 -2.6 0.4 2.2 0.7 0.5 -0.4 0.6 -0.4
Net profit-2,0 -1.2 -2.7 -4.7 -4.6 -3.1 -0.5 -2.3 -1.4 -3.4 -0.5 -2.7
     

 
  

 
  

 
  

 
  

 
  

 
    

 
  

 
  

 
 
BALANCE SHEET              
Cash7.4  1.8 12.6 7.5 20.6 18.6 22.0 23.8 16.3 14.8 15.2 -6.1
Total assets60.3 54.0 58.7 55.4 61.6 65.7 69.5 67.2 63.8 55.7 59.3 38.4
Equity-15.0 -13.2 -12.0 -9.6 -4.5 1.0 2.9 3.2 -5.8 -4.6 -1.4 -18.7
Borrowings24.3 23.7 26.1 26.4 27.2 28.2 28.6 29.0 28.9 28.9 28.3 28.5
     

 
  

 
  

 
  

 
  

 
  

 
    

 
  

 
  

 
 
CASH FLOW              
Cash flow from operating activities7.3 -4.9 9.0 -8.3 6.1 0.0 1.2 -1.6 5.0 1.7 -1.7 -4.4
Cash flow from investments-3.3 -3.3 -3.7 -3.2 -2.0 -3.8 -2.5 -2.8 -7.6 -3.2 -2.8 -3.3
Cash flow from financing1.6 -2.5 -0.3 -1.6 -2.0 0.4 -0.5 11.8 4.2 1.0 25.9 5.5
Net cash flow5.6 -10.7 5.0 -13.1 2.1 -3.4 -1.8 7.4 1.6 -0.5 21.4 -2.2
     

 
  

 
  

 
  

 
  

 
  

 
    

 
  

 
  

 
 
EMPLOYEES & CLIENTS              
Employees end of period48 47 51 47 44 47 49 50 53 57 61 64
Clients end of period118 111 108 105 97 92 91 86 82 79 83 84
     

 
  

 
  

 
  

 
  

 
  

 
    

 
  

 
  

 
 
ARR & SAAS METRICS              
ARR subscriptions 54.1 50.3 49.6 48.5 45.7 44.0 43.2 42.4 40.7 40.1 43.6 47.0
ARR transactions22.6 19.6 14.6 10.3 10.0 7.3 4.8 4.2 5.8 4.1 3.3 8.9
Total ARR276.6 69.9 64.2 58.8 55.7 51.3 48.0 46.6 46.5 44.2 46.9 55.8
Change in ARR (DKK)6.8 5.7 5.4 3.1 4.4 3.3 1.4 0.1 2.3 -2.7 -8.9 0.8
Change in ARR (%)37.7       20.0              
Average ARR30.65 0.6 0.6 0.6 0.6 0.6 0.5 0.5 0.6 0.6 0.6 0.7
Yearly CAC40.1       0.3       0.5      
Months to recover CAC53       8       12      

*)There has been a reclassification between revenue and direct cost in Q3. The effect is DKK 0.9m.

1. Cash is defined as available funds less bank overdraft withdrawals.
2. ARR, i.e., the annualised value of subscription agreements and transactions at the end of the actual reporting period.
3. Average ARR, i.e. the average Total ARR per client.
4. Customer Acquisition Costs (CAC), i.e., the sales and marketing cost (inclusive salaries, commissions, direct and share of costs of office) divided by the number of new clients. CAC is calculated end of year.
5. Months to recover CAC, i.e., the period in months it takes to generate sufficient gross profit from a client to cover the acquisition cost.


Attachments

  • Agillic Company Announcement no-1-2023
  • Agillic_Annual_Report_2022
  • Agillic_ESG_Report_2022

Agillic announces 2022 results with 37.7% growth in total

Related News

menu
menu