Bango PLC ("Bango" or the "Company") 2023 Full Year Results and 2024 Outlook
08 Abril 2024 - 8:00AM
Bango (AIM: BGO) today announces its full year results for the 12
months ended 31 December 2023 and provides an update on the outlook
for 2024.
FY23 Financial Overview:
Results for the 12 months ended 31
December 2023 |
FY23 |
FY22 |
YoY Change |
|
|
|
|
Transactional Revenue1 |
$32.7M |
$18.3M |
+79% |
DVM,
Bango Audiences & One Off Revenue2 |
$13.4M |
$10.2M |
+31% |
|
|
|
|
Total Revenue |
$46.1M |
$28.5M |
+62% |
|
|
|
|
Annual
Recurring Revenue (ARR) 3 |
$8.8M |
$5.0M |
+77% |
Net
Retention4 |
137% |
- |
- |
|
|
|
|
Adjusted
EBITDA5 |
$6.4M |
$5.0M |
+29% |
|
|
|
|
Loss
After Tax |
($8.8M) |
($2.1M) |
($6.7M) |
|
|
|
|
Net (debt)/cash at 31 December6 |
($3.9M) |
$12.7M |
($16.6M) |
FY23 Operational highlights:
- 9 new Digital Vending Machine®
(‘DVM’) license customers (total 18 at end of 2023)
- Bango DVM now used by 3 out of the
top 5 US telcos
- 33 new subscription content
providers added to the DVM, taking the total to 93 at the end of
2023
- DVM sales opportunity funnel is 7x
larger in December 23 versus December 22
- DVM consumer interface released,
enabling telcos to launch their DVM faster and providing Bango with
more consumer behavior data
Outlook (unaudited)
Bango has delivered a strong first quarter,
sustaining good momentum and growing in-line with the plan. We
reiterate our guidance for the full year:
- Revenue in Q1 24 grew by over 20%
from Q1 23
- Annualized Recurring Revenue at the
end of March 2024 increased to $11.0M
- The Tier 1 US telco (previously
announced in FY23) launched in Q1 24, triggering the start of the
initial license fee tier – minimum $2M ARR
- 4 new DVM wins in Q1 24
- A leading European telco (one of
the early DVM customers) extended their DVM contract for a further
3 years. The minimum contract value over the three year term is
$1.5M
- The first launch of telco bundling
for the (previously announced) Global Technology Leader happened in
the quarter.
NewDeep Limited Joint Venture
Bango and NHN Corporation, the two shareholders of the NewDeep
Limited joint venture have agreed that it is in the best interests
of both shareholders to wind down the joint venture. And, to
transfer the technology developed in the joint venture to Bango and
NHN so both can use it without restriction in their respective core
businesses.
Investor Presentation:
Bango is hosting a presentation, open to all existing and
potential shareholders, at 10.00am BST today. Investors can sign up
to Investor Meet Company for free and register to join the call
here: https://www.investormeetcompany.com/bango-plc/register-investor
Bango CEO, Paul Larbey, said:
“This has been a year of significant development
for Bango. Our strategic focus on capturing the subscription
bundling opportunity with the Bango Digital Vending Machine® (DVM)
is seeing growing momentum, with a doubling of the customer base
and a strong growth of 77% in Annualized Recurring Revenue (ARR).
Our technology is trusted by some of the largest companies in the
world who rely on Bango to help them acquire and retain
customers.
One major area of focus in 2023 was the ongoing
integration of the acquired DOCOMO Digital business, which has
materially accelerated our growth. The complexity of the
integration was reflected in the low initial purchase price. The
integration went well with all $21M of cost synergies realized.
With the end of year integration challenges having now been
identified and addressed, we have a clear pathway to deliver
further operational and cost synergies in 2024.
We entered 2024 with increased momentum, a
significantly expanded pipeline and a larger customer base
providing clear growth opportunities. In Q1 24, we won 4 new DVM
customers and exited the quarter with ARR of $11M.
The subscriptions market remains buoyant, with
an increasing variety of services available beyond music and
movies. As consumers add subscriptions in all aspects of their
lives, it drives the need for a solution to manage these
subscriptions and the opportunity for the Digital Vending Machine
to become the standard industry platform for subscription bundling.
With our product, partners and customers, the building blocks are
firmly in place. In the year ahead, our focus is on driving DVM
growth with careful control of costs, which, together with
increasing long-term revenue visibility, gives us confidence in
capturing this opportunity.”
Notes:
The Annual Report, including full accounts, is available
at, https://bangoinvestor.com/reports-presentations/, and will
be sent to shareholders shortly.
1 Transactional Revenue is revenue derived by charging a
percentage of the retail price paid by the consumer and is made up
of carrier billing, resale and e-Disti revenue share amounts.2 DVM,
Bango Audiences & One Off Revenue includes all DVM license and
support fees, revenue from Bango Audiences and one off fees
including DVM set-up and change requests. 3Annual Recurring Revenue
is the expected annual revenues to be generated in the next 12
monthsbased on contracted revenues recognized as at 31 December.4
Net Retention is a measure of the retention and expansion of
revenue from existing customers over a specific period and is
calculated by dividing the ARR from existing customers at the end
of a period by the ARR generated from those same customers at the
beginning of the period.5Adjusted EBITDA is earnings before
interest, tax, depreciation, amortization, negative goodwill,
exceptional items, share of net loss of associate and share based
payment charge 6Net debt is cash and cash equivalents plus
short-term investments less loans and borrowings.
The information contained within this
announcement is deemed to constitute inside information as
stipulated under the Market Abuse Regulations (EU) No.596/2014.
Upon the publication of this announcement, this inside information
is now considered to be in the public domain. The person
responsible for making this announcement on behalf of Bango
is Paul Larbey, Chief Executive Officer.
The full announcement can be found here:
https://polaris.brighterir.com/public/bango_plc/news/rns/story/w1k0eex
The Annual Report 2023 can be found here:
https://bangoinvestor.com/wp-content/uploads/2024/04/Annual-report-FY23-Interactive.pdf
Contact
Details:
Bango PLC |
Singer Capital Markets
(Nominated Adviser and Broker) |
+44 1223 617 387 |
+44 20 7496 3000 |
investors@bango.com |
|
|
|
Paul Larbey, CEO |
Harry Gooden |
Matt Garner, CFO |
Jen Boorer |
|
Asha Chotai |
About Bango
Bango enables content providers to reach more
paying customers through global partnerships. Bango revolutionized
the monetization of digital content and services, by opening-up
online payments to mobile phone users worldwide. Today, the Digital
Vending Machine® is driving the rapid growth of the subscriptions
economy, powering choice and control for subscribers.
The world's largest content providers, including
Amazon, Google and Microsoft trust Bango technology to reach
subscribers everywhere.
Bango, where people subscribe. For more
information, visit www.bangoinvestor.com
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