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SECOND QUARTER AND FIRST HALF 2022 REVENUES   (12/07/2022 17:45)
  • first half REVENUES up 38% YEAR-on-year, 29% like-for-like1
  • continued dynamic growth in monthly recurring revenues
  • All financial objectives confirmed for FY 2022
Revenue in €000s 2021(*) 2022 Change Change
like for like
[1]
First Quarter 14,796 19,828 34% 28%
Second Quarter 16,241 23,026 42% 30%
First Half 31,036 42,853 38% 29%

(*) Following the disposal of the Enterprise business, financial statements have been prepared in accordance with the provision of IFRS 5 relating to discontinued operations

Q2 figures are unaudited.

Revenue in €000s H1 2021 H1 2022 Change Like for like1
EMEA 11,939 11,769 -1% -2%
USA / Canada 10,465 18,227 74% 58%
Latin America 4,276 4,861 14% 4%
Asia Pacific 4,357 7,996 84% 68%
TOTAL 31,036 42,853 38% 29%

Data subject to limited review by ATEME's statutory auditors.

MRR in €000s July 2021 July 2022
Monthly Recurring Revenue[2] 1,685 2,115



Paris, July 12, 2022 - Ateme (ISIN: FR0011992700) generated revenues of €23.0 million in the Second Quarter of 2022, up 42% year-on-year and by 30% on a like-for-like basis.

For the First Half, revenues were up 38% year-on-year and by 29% on a like-for-like basis:

  • EMEA revenues were virtually stable, down 1% year on year and 2% like-for-like at €11,769K. However, the region was the largest contributor to MRR growth.
  • The USA/Canada region generated revenues of €18,227K, up 74%, and by 58% like-for-like, confirming as the Group's largest market, at almost 43% of revenues.
  • Latin America revenues were up 14% to €4,861K, and by 4% on a like-for like basis.
  • Asia Pacific remained the fastest growing region, with revenues up 84% to €7,996K, and by 68% on a like-for like basis.

Monthly Recurring Revenues (MRR) rose from €1,960K in January 2022 to €2,115K in July 2022. Considering the Second Half of the year is always significantly more dynamic than the first one in terms of bookings, the level reached at the end of this semester puts Ateme well on track to achieve its longer term objectives of €3M by 2024 and €4M by 2026.

Impacts of the pandemic, global semiconductor shortage, and Ukraine war

With international travel restrictions now mostly relaxed, trade shows and customer meetings are progressively normalizing. NAB took place in April in Las Vegas, with attendance slightly below 2019, and the IBC in Amsterdam in September should return to normal. 

Semiconductor companies are still facing production challenges which are affecting all major server manufacturers, partners as Dell and HPe and the production of Ateme's Kyrion product line. Although the efforts to build-up an inventory have mitigated the impact, the situation resulted in H1 in some €500K of business lost or postponed.

Elsewhere, Ateme has interrupted shipments to Russia and Belarus. The impact on H1 revenue is of a similar magnitude.

New technological developments

During the last quarter, Ateme continued to demonstrate its technological leadership and its role as a catalyst for transformation in the Media, TV & streaming industry.

Ateme's solutions have enabled the highest quality of streaming experience for premium events such as the UEFA Champions League final, the Roland Garros tennis tournament and the Eurovision Song Contest.

Ateme has gone further, with 5G or massive deployment on the AWS cloud for Comcast Technology Solution.

All these advances are described in more details in the following links:

Outlook for Full Year 2022

The Second Half is expected to deliver a strong performance thanks to:

  • A high backlog, cumulating the effect of growing MRR and orders received at the very end of Q2 that will be delivered in Q3,
  • An increasingly robust pipeline, strengthened by the gradual take-up of NEA software by Ateme's historical installed base.

Therefore, Ateme is confident in achieving the upwardly revised topline growth target of 15-20% on a like-for-like basis.

Ateme has continued to invest in R&D to support ongoing development, with the global headcount now standing at 520 FTE. Nevertheless, the profitability level of the First Half of 2022 should be improved compared to the same period in 2021, and Ateme also confirms its Full Year EBITDA target of €10m.

Michel Artières, Chairman and CEO of Ateme, commented: “The First Half of 2022 has showcased both the synergies of our 2020 acquisition and the benefits of our strategy of building MRR, which is clearly feeding through to more predictable growth quarter after quarter. We are continuously improving our model of MRR creation and renewal, and the success of this model enhances our confidence in our future profitability objectives.”

Upcoming events:

September 29th, 2022: First Half 2022 Results



About Ateme: Ateme is a global leader of video compression and delivery solutions helping Tier-1 Content Providers, Service Providers and Streaming Platforms to boost their viewership and subscription engagement.

Leveraging a unique R&D task force in the video industry, Ateme's solutions power green sustainable TV services, improve end-users' quality of experience, optimize the total cost of ownership of TV/VOD services and generate new revenue streams based on personalization and ad insertion. Beyond the technology agility, Ateme's value proposition is to partner with his customers by offering a great flexibility in the engagement and business models matching their financial priorities. A consequence is a rapid shift to Recurring Revenues, boosting the company resilience and creating long term value for the shareholders.

Founded in 1991, Ateme has 520 employees spread over its headquarters in France and 20 offices around the world including the USA, Brazil, Argentina, UK, Spain, Germany, the UAE, Singapore, China, Korea, and Australia.

Ateme has been listed on the Paris Euronext market since 2014 and in November 2020 it made the acquisition of Anevia, a provider of OTT and IPTV software solutions. In 2021, Ateme served close to 1,000 customers worldwide with revenues of €79 million, of which 93% outside its home market.

Find out more: www.ateme.com.

Name: ATEME - ISIN Code: FR0011992700 - Ticker: ATEME - Compartment: C

Ateme INVESTOR RELATIONS PRESS RELATIONS
Michel Artières 
President and CEO
Anne-Catherine Bonjour
Tel: +33 (0)1 53 67 36 93
ateme@actus.fr
Amaury Dugast
Tel: +33 (0)1 53 67 36 74
adugast@actus.fr

1 At constant exchange rate and perimeter

[2] Alternative performance indicator, not subject to ATEME's statutory auditors' review: Monthly Recurring Revenue is defined as the sum of (1) the monthly revenue from support contracts in hand, and (2) the monthly revenue from multi-year licensing contracts in hand (capex), and (3) the monthly revenue from license lease contracts (OPEX).



DISCLAIMER

This press release does not constitute or form part of and should not be construed as any offer for sale of or solicitation of any offer to buy any securities of Ateme, nor should it, or any part of it, form the basis of or be relied on in connection with any contract or commitment whatsoever concerning Ateme's assets, activities or shares.

All statements other than historical facts included in this presentation, including without limitations, those regarding Atemes' position, business strategy, plans and objectives are forward-looking statements.

The forward-looking statements included herein are for illustrative purposes only and are based on management's current views and assumptions. Such forward-looking statements involve known and unknown risks. For illustrative purposes only, such risks include but are not limited to impact of external events on customers and suppliers; the effects of competing technologies competition generally in main markets; profitability of the expansion strategy; litigation; ability to establish and maintain strategic relationships in major businesses; and the effect of future acquisitions and investments.

Ateme expressly disclaims any obligation or undertaking to update or revise any projections, forecasts or estimates contained in this presentation to reflect any change in events, conditions, assumptions or circumstances on which any such statements are based, unless so required by applicable law. These materials are supplied to you solely for your information and may not be copied or distributed to any other person (whether in or outside your organization) or published, in whole or in part, for any purpose.


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