Good morning, everyone. I'm very happy to talk today. I will lead the presentation, as our CEO is currently traveling in the U.S., and it seems he has issues to connect, so I will lead the presentation today. So very happy to talk with you today at the occasion of the publication of the Q1 2024 revenue, our first publication as a listed company. So before going in the details of the Q3, let me please make a quick reminder on Planisware profile for those who still don't know us well. So in a nutshell, we are a SaaS software provider for strategic portfolio management. We are addressing mostly blue-chip global customers with very long tenure. We achieved last year a revenue of EUR 156 million with a highly recurring revenue of 86%.
We are French-based, but we have more than 80% of global revenue made abroad, almost half in the US. We're growing at a pace of close to 20% with a high profitability of 32% last year. So let's now focus on the main highlights of Q1. So first, obviously, the success of our IPO on Euronext Paris. We welcome high-caliber quality institutional investors from around the world. That provided what was one of the main goals, increased market visibility and brand awareness already visible in our commercial momentum. I will go back on this operation more into details right after. So operationally, we have a strong start of the year, with a total revenue amounted to EUR 40.9 million for Q1.
A growth was strong of 19.6%, in line with the trajectory expected for the year. We have a particularly dynamic SaaS operations with revenue growth over 30%. So this strong performance confirmed the power of our Land, Expand, Retain go-to-market approach. So we have many commercial successes since the beginning of the year, with significant numbers of new clients, higher renewal rates, and multiple cross-sell and up-sell opportunities in Planisware large install base. I'll provide more details later on in this presentation. So we continue to maintain our commercial momentum. We hosted a few weeks ago a very successful user conference in North America. We keep investing to address the strong demand we receive from our AI/ML-powered predictive models. And our leadership position recognized by third-party analysts was reasserted by Forrester in the latest report.
Clearly, we are very proud of the strong success of our IPO last month, which was the largest one in Paris since 2021. It was well received by investors from all horizons, and we had a very strong international demand from high-quality institutional investors. In particular, for tier one investors who positioned themselves as cornerstone investors. We are delighted to welcome our new shareholders and thank them for their support in the growth journey at the heart of the Project Economy. The full exercise of the over-allotment options only a few days after the success of the initial offering raised the final size of the transaction at EUR 278 million. It is now 25% of the share capital, which is floating.
So the success of this operation also relates to the strong participation of the employees to the current offer reserved to employees, and that attest their confidence and inspire to pursue with enthusiasm, development of the group that we are building every day. Finally, we are happy by the strong presence of visibility and the brand awareness built through this IPO, and we hope to continue to-- that we continue to boost our commercial momentum. So, let's go now into the figures of the revenue evolution for Q1. So the total reported revenue, which is EUR 40.9 million in Q1 2024, it was up by EUR 7.4 million compared to Q1 2023, represented a reported growth of 18.5%.
This reported growth includes the negative impact of FX for EUR 0.4 million, which is mostly related to the appreciation of the euro versus US dollar and Japanese yen. In order to reflect the underlying performance of the company independently for and from exchange rates, I will now focus my comments on revenue evolution in constant currencies, which means applying Q1 2023 average exchange rates to Q1 2024 figures. So in constant currencies, the total revenue growth reached EUR 6.8 million, which represent a quarter-to-quarter growth of 19.6%. As expected, the driver of this performance is linked to our SaaS model, which grew by EUR 7.8 million, representing 31% of growth.
This is fueled by new customer Q1 and during the previous period, as well as continued expansion within our large install base. With EUR 32.6 million reported revenue, our SaaS model represented 46% of Q1 revenue. If you remember, our SaaS model is made of SaaS and hosting revenue, up by 32.5%, evolutive support, up by 26.7%, and subscription support, up by 38.2%. We also have recurring revenues coming from maintenance activity on perpetual licenses and legacy from our former business model before our SaaS transformation two years ago. This activity reported EUR 4.6 million revenue, and it's stable compared to the same period last year, reflecting the group's focus on SaaS.
I now move to the non-recurring part of the revenue that represented less than 10% of the total revenue of Q1. Planisware continued in Q1 to sell perpetual licenses for EUR 1.1 million to customers with specific on-premise needs, leading a growth of 39.1%, mostly coming from North America. Finally, revenue related to implementation decreased by EUR 1.1 million due to a combined effect of high comparison basis with a significant number of implementations delivered in Q1 2023, and some delays in the start of project at the beginning of 2024. Now I will continue with our strategy of land, expand, and retain. We continue the commercial success of land, expand, and retain strategy. You can see some key wins illustrated on this slide.
We have a significant number of new clients from a wide range of industries and geography. One example, GovTech in Singapore. Planisware was selected for pilot system in 2022 to assess the suitability for track contract system delivered and team milestones and various project artifacts. The initial project took three months, and then the system was successfully used for two years by a few hundred of users. In 2024, the very competitive tender for whole of government was again awarded to Planisware, which paved the way for a much broader use of our platform. We are now in discussions to bring more integrations with various systems to simplify data entry and ease the management of contractors and ultimately to onboard more agencies. We have a successful go-to-market also materializing in the high renewal rate maintained in Q1 2024.
Multiple upsell opportunities, notably driven by the strong demand of AI/ML, powered by predictive models of Planisware platform, and significant cross-sell, as shown by the very illustrative key example of Bausch + Lomb in the US. Back in 2023, Bausch + Lomb interest in having a single tool that would allow strategic decision-making based upon centralized data across all our R&D hub, to win them as new clients of our SaaS-PD&I pillar. Providing greater visibility and transparency into resource forecasting and portfolio management, we leverage our commercial relationship with Bausch + Lomb into quickly expand our offering to the global engineering team in PC&E pilot. Sorry. I will then make a quick focus on about Exchange. We have last month our Planisware user conference.
This is something we, we launch once a year in each of our geographies. We are gathering the key project portfolio stakeholders, our clients. It's one name that tends to exchange literally with our customers and between our customers, because they are our best ambassadors, spreading a word of mouth. So the North American 2024 edition in Philadelphia took place last month. It has a tremendous success. We have an incredible attendance with 98% of our clients who presented live demos showcasing all latest features. We are sharing the best practice by customers, celebrate success, and we have discussions on emerging market, market trends. So that sets the stage for future innovation and we have a particularly strong focus on AI this year.
Yeah, I think Loïc, Loïc is here. Yes, good morning, everybody, and maybe I will pursue. So really, what drives what our customers do, it drives the recognition of Planisware by the different industry analysts. So having good ratings from the industry analyst, from third party, really help us to have on the commercial front in order to be invited to RFPs. So Planisware, as you know, is very well-ranked and recognized by the four main analysts that cover and analyze Planisware. It comes from that we are recognized as being very robust for the strategic planning and the portfolio management capabilities that we have because what we bring is really tailored to meet the needs of diverse organization.
So this broad recognition that we have was further confirmed and more recently confirmed by the latest Forrester report, which was published in 2024, positioning again, Planisware as a leader in the industry. So it really reasserts the, the strategy that we have. In this report, it highlights the fact that Planisware has a solid implementation strategy to get our customers to value faster. It highlights the capabilities that we have to support a variety of customer needs. It also highlights the fact that we have very strong collaboration with our customers, and it also highlights the fact that Planisware roadmap continues to balance innovation in AI and integration with a very strong emphasis on user experience.
So it offers a very solid implementation strategy to get customer to value, and that's what is showcased in this report. Now, supported by the very strong performance that we have in our Q1 of 2024, and the growth of our SaaS model revenue, in particular, as well as the resilience of our revenue profile, we confirm 2024 objective, which for the main part are a top line revenue growth of circa 19.5% in Constant Currency, and Adjusted EBITDA margin of approximately 33%, and a cash conversion rate of circa 80%. To conclude, and before starting the Q&A session, I would just like to quickly remind all of you what makes us confident for our next phase. First, it's our leadership.
Being a multi-specialist mission, bringing a mission-critical solution to our customer, being or having a future-proof, scalable, and next-gen tech stack, being so global with so many sticky blue chip clients, with our proven Land, Expand, Retain, as Stéphanie commented, we feel we are very well positioned. We are a true accelerator of the Project Economy. This Project Economy that is fueled by mega trend, in which we see double-digit growth in our market. It's a very large and underpenetrated addressable market that we have. We are very well positioned with our four pillars to address multiple industry vertical and multiple use cases. We also have a very strong financial profile, with highly recurring business model. We are very highly profitable. We have no debt. We are very cash generative.
All of that is possible thanks to an incredible team that we have here at Planisware, with fully embarked into this journey. That's been showcased by the unprecedented level of subscription that we have from the Planisware employees to our stock during the IPO. What really glues this team together is our unique culture, fostering innovation, and this is here to stay. Thank you for your attention, and we are now ready to take some questions.
Thank you. As a reminder, to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again. Once again, please press star one and one if you wish to ask a question. We will now take the first question. Coming from the line of Victor Cheng from Bank of America. Please go ahead.
Hi. Morning. Thank you for taking my questions. A couple, if I may. Maybe can you talk a bit about the current macro environment and the sales cycle? What are you seeing in that space, and do you see it, you know, maybe improving or kind of being a bit stable for now on that front, and whether that, you know, is different by region? And then secondly, maybe can you talk a bit about the AI strategy that you have? What's the user adoption and how, you know, people are seeing the product versus, you know, maybe what some of the competition is having and implementing as well? It is still very early stages in adopting a lot of these, you know, AI use cases from a user endpoint. And I now have a follow-up.
Okay, yeah, I can take those questions. Well, if we look at the macro and the environment in which we are into, well, the need for minimizing or reducing the waste, the waste in the Project Economy, this need is very, very strong. There are projects everywhere, projects everywhere that are not delivering on time, on budget, on scope, on quality. There are portfolios everywhere that are largely underperforming portfolios of projects now. Portfolios of projects that are not even aligned with the corporate strategy. This need is there, and this need is really everywhere. Now, changing habits around managing portfolios, managing projects is not necessarily obvious.
It does require, and we're in an environment where it requires to get the business validation done. It requires to get internal approval in order to do that at a fairly high level. And that's pretty much standard across our pillar and across our geographies. North America has been extremely active in 2023, and maybe we have seen, at least in our space, that a lot of the projects were getting through, getting through. What we see is that they have to get some approval, they have to get the signature, they have to get the buy-in of a sponsor, and that takes a little bit of time.
It has delayed some of the contract signature for new clients that we have. Europe, what we are seeing in Europe is, you know, there was almost a pause in 2023. A lot of the projects at the tail end of 2022, they each pause, and then the activity level in 2023 was really reduced, at least for new project. What we see in Europe now, it may be a little bit too early to tell, but we see that budgets are being allocated in Europe. Those budgets are larger than what we've seen in 2023, so it's performing very well. Asia is really booming for us.
Granted, we've been there more recently, so we have a much lesser share, but the region remain very active for us there. So that's for the first question. For the AI strategy, Planisware. The Planisware founders, they come from the AI world. They had worked on AI in the previous wave of AI a few dozen years ago. And only at Planisware, around six years ago, we put together an AI lab to see how we could leverage the machine learning algorithm and how we could help our customers. And at the time, we had developed based on some machine learning, we had developed a predictive capabilities.
And this predictivity—this predictive capability help our customers to better forecast the resources. Because, you know, when you do a project, you have to allocate people, you have to allocate resources. And because the project is, it is really the first time you do such projects, knowing the amount of resources you need to allocate is, is, is a lot of come from a lot of experience. Experience can be captured with a machine learning algorithm. So at the time, about six years ago, we put together that predictive capability, and it was received in a mixed manner. There was a lot of black box effect. So it was generating some forecast. There was this black box of effects, so it was not really well adopted.
What we've seen with the latest wave of AI that, you know, we hear a lot in the last year or two years, really we directed that capability that we have with a lot of need and a lot of demand on it. And what we see today is that a lot of our customers, they will now leverage or want to leverage the specific capabilities, that where we really were at the forefront with such capability in our market, they now want to leverage it to either work on their forecast or to validate some of their forecasts. So having this capability really allow us to stay in front of everybody, to bring a capability that is very much used.
The level of acceptance of AI is much greater than what it was before, and so we see that being adopted. So we continue to bring more capabilities to facilitate how the users time work with the system, but we see the adoption curve moving up, very, very quickly, in this field.
Very clear. Maybe as a follow-up, on pricing, obviously I know your new contracts have some inflation-linked elements, if I understand correctly. How should we think about that dynamic going forward, as you know, or maybe what was the contribution last year and inflation as it starts to maybe come down a bit, should we expect less of a tailwind from pricing, or what are some of the other key-moving dynamics in there?
Yeah, you are correct that our contract link and adjusted pretty much to the inflation. We, the way we price and given the very strong relationship and partnership that we have with our customers, we stick with inflation. It was not necessarily the case in a few years back. We started to put in our contract an inflation adjustment clause since really the inflation started to kick in. Now, it's at a level that we know now. It's correct that it's inflation, this we see the impact and the tailwind that we'll have for that will reduce slightly.
But not all of our contract are adjusted on a yearly basis with inflation. The contract that we have signed, for January first, 2022, were not indexed on inflation, and it takes some time to, as we renew, to replace those contracts.
Understood. Thank you.
Thank you. One moment, please. We will now take the next question. It's coming from the line of Ben Castillo-Bernaus from BNP Paribas. Please go ahead.
Good morning. Thanks very much for taking my question. I had a couple, if I may. So firstly, just on the commercial momentum, so some nice new customer wins in Q1. Could you just talk a little bit about the new customer pipeline and the opportunities you have for this year? And I guess the question within that is, how should we think about when you land new customers? Are they typically landing in your sort of largest pillar, the PD&I pillar, or is it quite balanced across the four? And then the second question really is around this year and any seasonality.
You know, the beauty of the model is highly predictable, subscription-based, but I just wondered if you could help us with any seasonality impact to think about this year, whether that's on the top line, any one-offs or, or anything in the comps to think about the growth rate or on the margin, if there's any sort of OpEx phasing that we should be thinking about between H1 and H2. Thank you.
Right. So the commercial momentum is actually, it's actually quite good at the moment. As I said, it continues to be really, really strong in North America. And as I said, there is a real bit of a delay in nature, but when you look at our revenue growth, typically, one third come from new logos and two third come from existing logos. So on new logos, it's dynamic. It's well dynamic, I wanna say, all across the board. North America, Europe, as I said before, is dynamic with large budget that we see. Again, it's commercial. It's not yet signed, but it's, we see those projects, and Asia is extremely dynamic. When we land...
Or maybe before I answer the question of the new pipeline. So that's for the new customer. Now, two-thirds of our growth come from existing customers. And so, similarly, we see quite a bit of demand across the board. AI is a topic of interest that we also help our customers to adopt such capabilities. The new logos, the new pipeline, when we land them, it can be across the board in terms of pillar. It's not necessarily in product development, you know. You are right that this is our historic pillar, but it depends the type of project that the customer the portfolio of projects that the customer has to tackle.
It's really not unusual for us to not land in product development and innovation any longer. But the fact that we also have a broad offering that can also cover product development innovation is also of interest. But we can very much land into an IT in IT project, because there is a very strong need to manage the digital transformation, to manage all of those projects. In terms of seasonality, typically, Q2 are not the strongest quarter. Q3 and Q4 are much more stronger, especially on our enterprise side. It comes from the fact that a lot of the customers that we have in... Again, that's primarily for new logos.
They have a tendency to initiate a project and a selection at the beginning of the year in order to have this selection done and completed at the tail end of the year. And so during the initiation phase, they have a lot of work that they need to get going before they can procure and secure a provider. So that's why these first few quarters are much more dynamic on a commercial standpoint, but does not yet generate the revenue associated with it, that a tendency to come a little bit later in the year.
But again, that not everybody is aligned on this way, but that's what we have a tendency to see, and that's why we see usually a little bit stronger than an H1.
That's very helpful. Thank you. And anything on the, on the OpEx phasing or how you sort of invest through the year, or anything to call out there for this year?
About the OpEx, they are globally aligned all over the year. Last year, we have, we did some actions in the H2 that increased the H2 profitability, like, for example, renegotiating the contract or contract. But, on an ongoing basis, generally it's quite the same profitability, the same kind of OpEx. We just have a little bit more marketing events on the H1, but globally, we should have the same level of Adjusted EBITDA all over the half year.
Okay, brilliant. Thanks very much.
Thank you. As a reminder, if you wish to ask a question, please press star one one on your telephone. That's star one and one if you wish to ask a question. There are no further questions at this time. I would now like to turn the conference back to Loïc Sautour for closing remarks.
Well, thank you all for this conference and for attending the conference. It was a pleasure to be with you this morning. Thank you.