Q4 2023 and preliminary 2023 full year results - Stronger ARR growth

Oslo, Norway, 14 February 2023 - Pexip Holding ASA ("Pexip" or "The Company",
Oslo Børs Ticker: PEXIP), today presented its quarterly results for the fourth
quarter of 2023 and full year results, with an Annual Recurring Revenue base of
USD 102.8 million exiting the quarter, recognised revenue in the quarter of NOK
285.2 million (NOK 260.4 million in Q4 2022) and EBITDA of NOK 54.6 million
(negative NOK -7.5 million). 

"We are pleased to end the year with a positive development in ARR for the year,
as well as positive EBITDA in all four quarters. Our focus going forward is on
generating profitable growth through our market leading positions in our two key
segments, targeting double-digit growth and solid profitability." said Trond K.
Johannessen, Pexip CEO. 

Pexip has delivered on the financial targets for 2023. The Company delivered 3%
growth in ARR against the target of flat to positive development in ARR. On
EBITDA the Company delivered NOK 113 million adjusted for other gains and losses
against a target of NOK 100-150 million. Lastly, the company delivered NOK 105
million in free cash flow against an updated target of NOK 85-100 million
(original target of NOK 40-60 million).

Pexip announced a new cash distribution policy in November 2023. In line with
this policy, the Board of Directors will recommend to the Annual General Meeting
a dividend of NOK 1.1 per share, consisting of an ordinary dividend of 0.6 NOK
per share and an extraordinary dividend of NOK 0.5 per share.

Key highlights for the quarter include:
o	Q4 2023 revenue of 285 million, up 10% y-o-y. Pexip's subscription base
measured in ARR was USD 102.8 million in Q4 2023, up 3% y-o-y and up 3% since Q3
2023. EBITDA excluding other gains and losses amounted to NOK 59.2 million, up
NOK 37.5 million from Q4 2022.
o	Cash flow of NOK 28 million in the quarter, with a cash position of NOK 523
million and no material interest-bearing debt. This is up from NOK 419 million
at the end of Q4 2022.
o	Improved Connected Spaces momentum, resulting from strategic partnerships,
product innovation as well as improved competitive situation with BlueJeans by
Verizon exiting the market.
o	Improved new sales in Secure and Custom, in particular from Secure Spaces
growing 22% year-on-year. Combined Secure and Custom year-on-year growth of 13%,
below ambition of 20% annual growth.
o	Pexip continues to drive operational excellence. In Q4 2023 we executed a cost
reduction in the Pexip Engage business area, which will have a positive
contribution to overall cash flow and profitability. 


Analyst consensus estimates
Every quarter ahead of the earnings announcement, Pexip collects earnings
estimates from the equity analysts currently covering the Company. The consensus
estimates and the methodology used in the preparation of the consensus estimates
are published on the Company's IR web pages here:
https://investor.pexip.com/consensus 


Q4 results presentation
The fourth quarter results for 2023 will be presented by video webcast today,
Wednesday, 14 February, at 08:00 CET. The presentation will be held by Trond K.
Johannessen (CEO), Øystein Dahl Hem (CFO), and Åsmund Fodstad (Chief Revenue
Officer) The presentation will be held in English and conducted as a webcast.
Questions can be submitted to [e-mail] in advance of the presentation or
live during the presentation. 

Please join the webcast via the following link:
https://www.pexip.com/events/q4-2023-results-presentation 

A recorded version of the presentation will also be available after the webcast
is concluded.

For questions, please contact:
Øystein Dahl Hem, CFO
[e-mail], [phone]


About Pexip | pexip.com

Pexip is a video technology company that offers multi-platform software for
various purposes such as business meetings, secure government communication,
doctor's appointments, and court proceedings. It is an excellent tool for
organizations that want seamless, secure, and scalable meetings that enhance the
video experience. Pexip (PEXIP) is listed on the Oslo Stock Exchange.  Visit us
at www.pexip.com or on LinkedIn

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5 -12 of the Norwegian Securities Trading Act.

This stock exchange announcement was published by Øystein Dahl Hem, CFO, Pexip
Holding ASA, on 14 February 2023 at 07:00 CET.

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© Oslo Bors ASA, source Oslo Stock Exchange