Agile Content wraps up 2023 with 14.1 Million Euros in EBITDA and welcomes Koldo Unanue as CEO

Agile Content closes 2023 generating 14.1 million euros of EBITDA, an increase of 21.7% compared to the previous year, and appoints Koldo Unanue as new CEO to boost the TV Platform business

• The company, with audited results in accordance with IFRS standards, reached 102.6 million euros in revenues at the end of the 2023 financial year, 1.1 million euros above the previous year. 
• EBITDA grew by 21.7% over 2022, and OFCF reached EUR 7 million, an increase of 42.9% compared to the previous year.
• Positive net income was 1.1 million euros.
• The Agile TV Platform business, with the highest contribution to recurring revenues, has been consolidated in Spain, where it continues to grow and agreements have been signed for the launch in 3 new markets.
• Koldo Unanue, until now TV Director of MASMOVIL Group and with a long professional career within Euskaltel, takes over from Alfredo Redondo, who becomes Senior Advisor of the company.

Bilbao, April 11th 2024 – Agile Content, an international tech company and leader in the development of technology and solutions for the provision of television services over the Internet, announces its 2023 results. 

The company, with audited results following IFRS standards, reaches €102.6 million in revenue at the end of the 2023 financial year, which is €1.1 million above the previous year. Recurring revenues accounted for 75.2% of sales, compared with 74.4% in the previous year.

Net sales revenue excluding the impact of content would be EUR 64.1 million. 

EBITDA of 14.1 million euros was also achieved, 21.7% above the previous year, representing 13.6% of sales compared to 11.4% in the previous year and 22% of net sales, reflecting the nature of the technology business. 

With a conversion rate of over 49% of EBITDA, OFCF reached 7.0 million euros, an increase of 42.9% compared to the previous year. 

The positive net result is 1.1 million euros.

On the other hand, the company’s Gross Debt stands at 37.8 million euros, while the Net Financial Debt is reduced to 23.1 million euros.

All of the above strengthens the company’s financial position, going from a ratio of x2 DFN/EBITDA at year-end 22 to x1.6 at the end of the current year.

Beyond the strong cash generation and the improvement of the company’s financial position, it is worth mentioning some other considerations related to the evolution of the business itself, explained as usual in the two main lines of activity: TV Platform and Video Technologies.

TV Platform

Its performance in 2023 was extraordinary in both quantitative and qualitative terms:

• Revenues have reached €63.6 million, which is €2.7 million more than in 2022, or in other words an increase of 4.5%.
• The contribution of this business is substantial for the increase in recurring revenues from 75.5 million euros at the end of 2022 to 77.1 million euros at the end of the current fiscal year.
• New countries have been added, such as Italy, Finland and Brazil, with TV launch agreements with several telecommunications operators in each region. 
• These customers provide broadband service to more than 4 million households, which speaks of the future growth capacity of the TV service, in line with the penetration potential.

TV Technologies

• Sales reached 39 million euros, 1.7 million euros less than the previous year, a 4.1% drop, having prioritized the most profitable and recurring product lines, focusing the contribution to EBITDA and OFCF.
• Synergies with our TV Platform value proposition, allow us to evolve our proprietary processing, subtitling and CDN Intelligence technologies towards SaaS models, progressively shifting the revenue model to one of higher recurrence.
• Agile Content technologies demonstrate an enormous competitiveness in the market, reflected in the winning of new accounts and the renewal of significant contracts with reference clients.
• The transversality of the company’s value proposition is is evident in its client base, which encompasses content providers, broadcasters, telecommunications operators and vertical segments of the business world such as hotels, DOOH (Digital out of Home) advertising, health services and others.

As mentioned above, the audit for the year 2023 has already been carried out in accordance with IFRS. However, in order to allow a comparison with the financial objectives set by the company, the main parameters according to the General Accounting Plan are detailed below.

• Sales of 102.6 million euros, 1.1 million euros higher than last year.
• EBITDA of 12.3 million euros, 19.5% above last year:
  
  • This means 12.0% of sales compared to 10.1% in 2022.
  • The percentage is 19.2% of net sales.
• OFCF of 5.2 million euros, an increase of 44.3%.
• Gross Debt of 34.2 million euros and a DFN of 19.6 million euros.

Koldo Unanue, New CEO of Agile Content

In 2023, we saw the successful consolidation of acquisitions, accompanied by the ongoing optimization of our operations. This year marked a milestone as we operated on fully comparable perimeters to the previous year, benefiting from a seamlessly integrated global organization. Our international capabilities have been strengthened, and we now stand in a robust financial position following several years of integration efforts.

The company would like to thank the current CEO, Alfredo Redondo, for his contribution to this consolidation and the strengthening of the company’s capabilities. In addition to his work over the last two years, he will continue to contribute his value and experience as Senior Advisor, supporting the next phase of transition, in a new stage of growth opportunities, which the company is approaching with a consolidated competitive potential.

With a firm belief in the company’s value proposition and the impactful role of our technologies and services in the TV business, which aligns with the strategy of Telecommunications Service Providers, Agile Content confirms the appointment of Koldo Unanue as the new CEO to spearhead this new stage.

Unanue, a telecommunications engineer, marketing expert, and former TV director at Euskaltel and MASMOVIL group, brings over 25 years of experience in the telecommunications sector. He is a key figure in TV service provision, having made a significant positive impact on the digital experience of millions of customers, resulting in increased revenue for Agile Content’s clients. The company’s differentiating factor lies in its technological excellence and operational capacity to contribute successfully to operators’ convergent strategies, leveraging video as a crucial element in marketing and customer loyalty for high-value segments.