Good morning, everyone, and.
You are now in the main conference.
Good morning, everyone, and welcome to our Q4 presentation for 2023. If we look at today's agenda, next slide, please, we will go over some Q4 highlights and the summary, then we'll naturally look at the full year of 2023. Andrzej will go over the financial details, and then we will end with a Q&A like always. If we look at the highlights, we did EUR 1.4 million in EBITDA, and we did, those EUR 1.4 million is equal to a 20% quarter-on-quarter increase, and our cash flow was about EUR 700,000 positive.
If we look at the key figures, revenue amounted to almost EUR 10 million, adjusted EBITDA was EUR 1.4 million, profit after tax was a negative of EUR 8 million. This predominantly is affected by write-down of goodwill for the HLM acquisition back a long time ago, and adjusted profit was EUR -400,000, and NDCs was a little bit above 45,000.
If we then look at the next slide, so the revenue was almost EUR 10 million, and those NDCs, the 45,000, you will notice that in comparable figures it's a significant drop. This is nothing to concern ourselves about in the sense that this is a choice we have made. We are refocusing our efforts on more high-value NDCs. For example, if you look at an NDC in Latin America compared to the value of an NDC in the UK, it's a big difference. But there is also a big difference in the acquisition cost. So it's just about moving our focus to where we have the best impact and best return on investments. And that's why we can say that NDCs will fluctuate based on our strategy and what customers we want to acquire. We also, during the quarter, had Andrzej join us.
He was with us already last presentation, and it's really nice to be working with him, so I'm very happy about that. We have proven, as you will see in our stable revenue, that we continue to adapt our business model and follow to ensure that we have a stable revenue. We did divest our poker, or pretty much did that deal while it actually did conclude the first days of January. The decision was made to divest poker. We have also strengthened the team. Andrzej is with us, and that has also led to a lot leaner finance organization. Next slide. So if we look at the full year, our revenue amounted to almost EUR 40 million, the adjusted EBITDA to EUR 6.3 million, and the profit after tax a -31 million. But this, again, is related to the write-down of the Highlight Media acquisition back in the day.
Adjusted profit after tax was EUR -2.2 million, and NDCs was almost EUR 330,000. If we then continue to look at the group revenue development, and this is something that I wanted to highlight, as you can see, our group revenue has been very stable. Even though the world around us is extremely dynamic, we managed to maintain a very stable platform of revenue. This has now given us a platform where we can say that we can now start proper growth from.
If we then go to the next slide, just to recap the mix we have, and this is, I think, a part of why we can have such a stable revenue, is that we have a lot of different companies in our portfolio, which has led to a risk diversification in the industry, if you will. So we are not super dependent on just that one thing works.
We have Voonix, which is our SaaS offering. We have Matching Visions, which is one of the better and larger super affiliate networks. We have the Gambling Cabin, which is Sweden's largest sports betting community. And we have what we call a core, the old casino and sports affiliation, or what also was the old highlight media. And we have the media buying and partnerships, which is what we call Fairgrounds. If we move on, it's time for Andrzej to go over the financial details.
Welcome, and good morning. And I'm going to present the financial details. We have a slide with the group revenue development. As Robert mentioned, it's been quite stable throughout the year. It's similar to the last quarter. I mean, actually, it increased a bit. With NDCs, we focused on higher-value clients. That's why we have such a significant drop in statistics.
Moving to the next slide, where we have a group revenue bridge from the last quarter, we can see that revenue is pretty in line with the increase in sports betting. Then with the cost bridge, the cost went down. The biggest contribution to decreasing cost is the SaaS network payouts and other external costs. We had increasing personnel expenses, but this is due to mostly contractors being employed as employees. That's why it's recorded under personnel expenses. Now, the group adjusted EBITDA development. We have an increase from the previous quarter by 16%. As for the operating margins of EBITDA, we have higher margin at affiliation of 22%, SaaS segment is stable at around 9%, and the blended group is 14%. Now I'm moving into iGaming affiliation segment. We see the group revenue development.
Revenue slightly increased, with the largest vertical being sports betting that consists of 85%, followed by poker and casino. Now I'm presenting the revenue by model and by affiliation type. The highest revenue contributor is the revenue share model, followed by the CPA. As for the affiliation type, it is paid media that consists of 73% and then SEO at 20%, whereas social and community base is 9%. For the NDC development, again, affiliation has a decrease, as I mentioned, due to a focus mostly on high-value customers. And then iGaming affiliation adjusted EBITDA development. It has a slight decrease from the last quarter and decrease from the last year of 44%. Now I'm moving into the cost base development.
The cost base is stable from the previous quarter and from Q4 2022 and Q1 2023, with a slight increase from the, actually, increase from the last quarter with an increase by personnel and decrease in other external expenses. Now I'm moving to the SaaS segment. As for the SaaS segment, the revenue is as well quite stable compared to the last quarter. As for the EBITDA development, it has increased from the last quarter. It's mostly due to cost saving in SaaS payout model. Then we have a 13% decrease from the last year. RGUs are very stable in the SaaS segment. We can see there are marginal changes over the quarters. Now I'm moving to the section of financing and cash flow. Due to the written procedure, the gross debt decreased, and it's stable at around EUR 18 million.
The fluctuation is due to currency exchanges and the bond value of time. The net debt to 12-month rolling adjusted EBITDA stands at 2.5, which is in line with the target. As for the cash flow, I can comment on that we have higher cash available compared to the last year, end of last year. Now it's over EUR 3 million. And with this, thank you from my side, and we are moving to the Q&A section.
Yes, so if there are any questions for either me or Andrzej, please go ahead.
If you wish to ask a question, please dial pound key 5 on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key 6 on your telephone keypad. The next question comes from Rikard Engberg from Carnegie Investment Bank. Please go ahead.
Good morning, guys.
Morning, Rikard .
Yeah, I have one question regarding the SaaS revenue. Going forward, will focus be growing RGUs or the revenue per RGU?
In the SaaS segment?
Yeah.
Yeah. It's a little bit of a combination because we have actually just launched a free version of Voonix, and this is to basically call it disrupt the market. There are a lot of cheaper available options out there than ours. We have by far the most elaborate and competent solution, but there are some competitors that are just catering to the smaller affiliates by simple revenue tracking, etc. And what we are doing now is pretty much offering a free version to these smaller affiliates, meaning that instead of paying EUR 20-EUR 100 to a competitor, they get to use the same features for free in our software. This doesn't cost us anything, and we are really not losing anything with them.
On the other hand, it gives us a big up when it comes to getting leads or potentially growing affiliates that would later need a bigger version of our software. So with this, you will also see that the RGUs are growing, but potentially not the same revenue to start with. So going forward, and we just launched this now in London, so it's a little bit hard to forecast exactly the impact that this will have, but we do believe that this will take Voonix to the next level over time.
Okay, great. One more question. Given your increased focus on sports betting the last couple of quarters and that we will have a EURO during the summer, do you think that you will see an accelerating growth of NDCs during mostly Q2 and Q3 this year?
This tends to happen around sporting events. Also, NDCs around Super Bowl as such, you will see increases around these events. In comparable numbers, it's always a bit hard to comment. Last year, we didn't really have any summer events. On the other hand, there was a lot more low-value NDCs being brought in from Latin America. I would say that naturally, yes, we get a lot more NDCs, and they will be more high-value considering the locality of the tournaments. So yeah.
Okay, great. That was all for me.
Thank you, Rikard.
Thank you.
As a reminder, if you wish to ask a question, please dial pound key 5 on your telephone keypad. There are no more questions at this time, so I hand the conference back to the speakers for any closing comments.
Okay. Well then, thank you, and thank you for the questions, and thank you for listening to the presentation. We will see you again in about three months for the Q1 presentation. Thank you very much.
Thank you. Have a good day.
Bye-bye.