Is relatable to a write-off of assets from Highlight Media acquisition in 2016. Adjusted profit of the tax was EUR 20 million, as I said, or sorry, was negative EUR 500,000. I'm sorry again. It's EUR 500,000. NDCS was 84,000 new customers. Moving on, the 2022 figures, revenue amounted to EUR 30.9 million and adjusted EBITDA to EUR 7.5 million. Profit of the tax again is those EUR 18 million we talked about before. Adjusted profit of the tax, EUR 1.5 million, and NDCS was a whopping 186,000 during the whole year. If we summarize in words the quarter, first quarter with our new media business, as you will see, this has changed the company around significantly in the numbers.
Optimizing, we have been working on our management team as well as the organization in general, and we've been able to cut some more costs, and this will be reflected in 2023. It's clear that our strategy of diversifying our revenue streams is really paying off, and our risks has been reduced with that. Now with the new acquisition, we have 68% sportsbook revenue, which is on predominantly rev share. This is a real strength. Sportsbook is not as sensitive to regulation, and on revenue share, we have a secure steady stream of revenue going forward. Successful acquisition, what we have done so far is really promising strong growth for 2023. With this, we are kind of entering a new era, and we are on the right track to deliver our targets.
The new acquisition of Acroud Media makes us very agile. This is paid media and not SEO, which makes us be able to move into new markets quickly. We are able to capitalize on opportunities quickly, for example, such as Super Bowl or any other events that comes up. We are diversified. Before, if you look back, we were pretty much an SEO-driven company. Now we are driven by our technology stack, our software, and our media buying. It's a nice mix of revenue streams, and we have stable growth from all these revenue streams now. If we look at comparison compared to our financial targets, it is 40% adjusted EBITDA year-on-year growth. If we look at what we delivered, we delivered EUR 7.9 million, and we had guided on EUR 8 million-EUR 10 million.
I was actually quite sure we were gonna come in over eight, but we had some last-minute adjustments. We had some unfortunate results in the end of the year in terms of how the sportsbook landed. All the favorites won in Premier League. That's always really hard on the sportsbook figures. If we look at our financial targets, particularly what this will mean for 2023, well, we have said that we're gonna come out with an organic growth over 20%. I just wanted to clarify in this presentation and going forward, when you think about this, the organic growth is of the businesses that we already have in.
We are gonna grow those 20%, and then on top, we will have the media business because this is what we consider acquired growth for another year. Looking at the group's revenue development, as you can see, it's a massive jump from EUR 6.7 to over EUR 10, and this is related to the acquisition that we did. We are still a house of brands. We have a lot of brands, and, you know, you can go and check out the different websites. For example, if you also want a demonstration of Voonix, which is our software, I encourage you to reach out if you're an investor and you want to understand the software, or if you're a potential customer, please do reach out. It's a market-leading software.
If you look at how we have our offer and what we base it on, we have one part of our company working on innovative SEO. The other one, as we now have, is the media in-house and buying media. We have the advertisement networks in Matching Visions, and we have media house partnerships that we are building out as we speak as well. Let's go and look at the financial details a little bit more. Today I am alone. I don't have the CFO with me, so hopefully I will be able to deliver as much as a good CFO would do, but I might not be able to answer all the questions in detail later on. Again, looking at the revenue development, you can see a massive jump from EUR 6.7 million to over EUR 10 million.
What I do like even more is the NDC development, where you can see that we have gone from 34,000 to 84,000 and since our media business delivers so much new NDCs, and all of it is on revenue share, this is something that gives me great security in the fact that we're gonna sustain a really nice growth forward with this business. If we look at the group revenue bridge from Q4, as you can see that we have, we had EUR 6.5 million, and now we have EUR 10 million. While we have had some small increases and decreases in the different businesses, you can see that the majority of the jump comes from increase in sports book revenue, and this is related to that acquisition that we have kept mentioning so much.
Looking at the cost bridge from the previous quarter, we look at the previous quarter because this is more relevant. You can see that the main increase from the previous quarter is again in other external costs, and this is predominantly media buying. Then you have a slight decrease in cost from the network model payouts, and this is simply because you have also had less revenue, and this is directly correlating with each other. You can see that while the cost base has increased, it's predominantly driven by media buying. If we look at the adjusted EBITDA development, as you can see, if you look at this from a year ago, you can see that we were just above EUR 1 million, and now we're at almost EUR 2.5 million.
You can see that we have had the growth. Although Q3, we had an effect of summer, we have had a very steady growth. Obviously, contributing to this is also the new acquisition. But I am confident we are gonna continue to deliver growth here. The revenue development in affiliation, again, as you can see, this is pretty much what you have seen in the group total as well, but it is continuing to grow and thankfully a lot with regards to this acquisition that we did. As you can see, sports betting is now a massive part of our company, and something that I'm very happy and proud of to be able to be working mostly in sports betting nowadays.
Looking at that, our revenue model, as I said, we now have a lot more on revenue share. Revenue share brings stability to the company because if we were to stop taking in new players at all tomorrow, we would still generate a lot of money over a very long time, together with this. Our CPA now just stands for 12% and others, which is fixed phase, pretty much in selling advertisement space for other companies is 13%. If you split this up, we have now revenues are 59% from paid media. Again, this is really good because we can be very agile, and you can adjust this as pretty much the world around you happens instead of SEO, which is still very important.
The upside of SEO is that you don't need to spend money on media per se, but it takes a long time to rank in Google, and it is actually quite expensive to get to the top positions of Google. I think we have a really good mix now. The 9% of community base, that is pretty much The Gambling Cabin. If we go to the NDC development in affiliation, you can see that we are closing in on 70,000 compared to the 21,000. Again, I feel a little bit like a broken record, but this is a lot correlating to the media acquisition that we did.
EBITDA development in affiliation, you see the same trend here as in the group total, where we have had a huge jump in Q4 compared to Q4 in 2021. The adjusted cost base, if we look at what's interesting here is the personnel costs are flat. In Q4 this year, we have taken steps to reduce this further. In Q1 now you will see a change in the cost base in personnel. The big jump in cost is other external costs. Again, this is actually predominantly bought media. This is something you will see going forward now, in our companies, that we spend a lot of money on buying media. Let's look at the SaaS segment and the revenue development there. As you can see, it's been fairly flat.
The network model is has decreased somewhat, and this is where we are call it the super affiliates. Other affiliates send their traffic into our Matching Visions, where we send it onwards to the operator. The subscription model keeps growing steadily, which is really nice to see, and that's our Voonix software. We have landed some very nice big clients lately, so I'm really looking forward to 2023 with these new clients. When it comes to the adjusted EBITDA development, in the SaaS segment, as you can see, we have had the quarter, the Q4 of 2021 to now, we have had a very significant growth, and we can see that the growth will continue going forward.
In terms of the RGU development, we have a steady increase in RGUs, 419 compared to 398. This is both in our network model as well as our subscription model. Looking at financing and cash flow, our gross debt is stable. We did refinance the bond earlier this year, and we are at EUR 21 million in gross debt now. What's really good to say, and what the bond investors should feel very happy and safe about, is that our net debt to adjusted EBITDA keeps decreasing, and we are now pretty much at exactly 2.5 net debt towards adjusted EBITDA. When it comes to the cash position and operating cash flow, we have, we closed the year at EUR 2.4 million in cash position.
Cash conversion was a bit lower. It's 78% compared to 89%. We are constantly working on cash position, and it can fluctuate a little bit between the quarters. We also had during the year, we had a payout in relation to the acquisition. Network capital was negatively influenced by this acquisition. With this, we are ready for closing comments and Q&A.
Thank you very much. We will now begin the question and answer session. To ask a question, you may press star then one on your telephone keypad. If you're using a speaker phone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our rosters. The first question comes from Rikard Engberg from Erik Penser Bank. Please go ahead.
Good morning.
Good morning, Rikard.
I have a couple questions, if I may. My first question is regarding the growth in NDCs.
Yes
... they are quite driven by the World Cup.
Yes. Yes. We have.
Going forward.
Yes, go ahead.
Going forward, looking at 2023, would you say that it would be better to look at the numbers from the earlier of the year in terms of NDCs rather than looking at Q4 this year?
Yeah. I mean, we had the, we had a very solid boost from the World Cup. That is correct, it would be prudent to assume that the NDCs could go down somewhat. Yes.
Okay, great. My next question is regarding the network sales. Looking at them quarter-on-quarter and year-on-year as it went down a bit, can you please elaborate a bit about the development in NDCs in the network out of the business?
We have had a slight shift in focus, and model there, and we are working a little bit more on lower volume, but higher quality, and try and help those that deliver, you know, higher quality NDC than just bulk. We are kind of, let's say promoting them, and this is all on revenue share, so it takes a little bit of a time for this to have an effect. With that said, also, some of the bigger ones, they will move on. This is normal fluctuations in the business. We do foresee a continued growth going forward over time.
With the network also, as you can say, like revenue, since it's quite a low margin business and cost directly correlates to payouts to the sub-affiliates. That's why you will say that when revenue decreases quite a bit, cost will also go down and the impact on EBITDA is not that great.
Okay. Thank you. One follow-up question on that segment. It's as you say, you are going to focus more on qualities in leads. If you then would look at, let's say, revenue per NDC, would you say that that could come up from the levels of today?
That is something we are aiming to do. Yes.
Okay. Thank you. One last question, if I may. Looking at the revenues from subscriptions, and it's a quite strong growth in RGUs. I also notice a quite strong and social revenue per RGU. Can you please describe what is driving this development?
Yeah. If you look historically with Voonix, it's, I would say it was a small enterprise software solution. What we are seeing now is if you look at it from an affiliate standpoint, we are now onboarding the giants of this industry, if you will. Obviously they deliver a lot more revenue for one RGU, if you will, for one subscription. What's happening is that while the subscription, you know, we're not adding, you know, a tremendous amount of new subscriptions, but we are moving into what you can call, at least within this industry, the larger corporations, so like mid-size enterprises, if you will, instead. You know, we are climbing up the value chain quite clearly.
Okay. Thank you. That was all for me.
Thank you. Participants, if you have a question, please press star then one. Again, if you have a question, please press star then one. As there are no further questions, I now hand the conference over to Mr. Robert Andersson for closing comments. Thank you, and over to you, sir.
Okay. Thank you. With that and those questions, we wrap this up, and I look forward to presenting you the first quarter of this year in three months. With that, thank you very much for today's time.