#1그 17 August 2022 FY22 Financial Results Investor Presentation whispir ASX WSP#2Important notice and disclaimer FY22 Financial Results - Investor Presentation This presentation is provided for information purposes only. The information in this presentation is in a summary form, does not purport to be complete and is not intended to be relied upon as advice to investors or other persons. The information contained in this presentation was prepared by Whispir Limited (Whispir or Company) as of its date, and remains subject to change without notice. This presentation has been provided to you solely for the purpose of giving you background information about Whispir. Forward-looking statements This presentation may include forward-looking statements. Such statements can generally be identified by the use of words such as 'may', 'will', 'expect', ‘intend', 'plan', ‘estimate', 'anticipate', 'believe', 'continue', 'objectives', '‘outlook', 'guidance', 'forecast' and similar expressions. 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Preparation of information All financial information has been prepared and reviewed in accordance with Australian Accounting Standards. Certain financial data included in this presentation is 'non-IFRS financial information'. The Company believes that this non-IFRS financial information provides useful insight in measuring the financial performance and condition of Whispir. Readers are cautioned not to place undue reliance on any non-IFRS financial information including ratios included in this presentation. • Presentation of information Currency All amounts in this presentation are in Australian dollars unless otherwise stated. FY refers to the full year to 30 June. Rounding Amounts in this document have been rounded to the nearest $0.1m. Any differences between this document and the accompanying financial statements are due to rounding. 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This presentation should be read in conjunction with Whispir's other periodic and continuous disclosure announcements lodged with ASX. whispir 02#3그 Agenda Major Highlights Strong financial performance, strengthened leadership team, new strategic telco partnership in Asia to accelerate future growth FY22 Financial Results Impressive revenue performance, declining expense run-rate Regional Update Strong macro tail winds are enduring FY22 Financial Results - Investor Presentation FY23 Outlook Delivering positive earnings in 2H Jeromy Wells Founder & Chief Executive Officer Jenni Pilcher Chief Financial Officer whispir 03#4그 Whispir today 3 Major Regions ANZ, Asia and North America ASX WSP Whispir is a global communications intelligence company that supplies a no code, Communications-as-a-Service ("CaaS") platform that enables seamless omnichannel interactions between organisations, their systems and people to solve common communication challenges in terms of compliance, deliverability and engagement across more than 60 countries. whispir FY22 Financial Results - Investor Presentation 04 -#5그 FY22 Financial Results - Investor Presentation Financial Highlights - - - Record revenue $70.6m revenue, up 48% on PCP - Strong 3-year CAGR revenue growth of 31.4% Transactional Gross Margin improves by 2.5 percentage points · Operating expenses are reducing with Q4 down 11% on Q3, reflecting successful efficiencies program Strong balance sheet - cash $26.1m and no debt, well funded through to expected profitability in FY23 and cash flow positive during FY24. Revenue $70.6m $47.7m PCP; Guidance $64m-$68m; 48% growth YoY Gross Margin 58.5% 59.8% PCP; down 1.3% points due to change in revenue mix EBITDA* $(10.6)m $(3.8)m PCP; Guidance $(11.2)m-$(13.2)m; loss increased by 186%, better than expected Cash & Equivalents $26.1m $49.2m PCP; $23m cash outflows in line with expectations whispir *Excluding non-cash share-based payments 05 50#6그 Business Metrics - - - - ARR 3-year CAGR 27.6% · Strategic leading Asia Telco deal strengthens our operations and limits the opportunity for competitors to enter the market – 233% new customer growth in North America Pandemic recovery providing significant revenue opportunities. ARR $65.4m $53.6m PCP; +22% growth YoY Net CRR 126.6% 115.9% PCP; +10.7% points YoY exceeding expectations Customer Churn 2.1% 2.4% PCP; improved 0.3% points - well below <5% target Customers > 1000 801 PCP; >25% growth whispir FY22 Financial Results - Investor Presentation 06#7그 FY22 Financial Results Impressive revenue performance, declining expense run-rate whispir FY22 Financial Results - Investor Presentation 07#8Revenue $70.6m ($47.7m PCP) +48% Organic Revenue Growth on PCP; 31.4% 3-year CAGR Revenue Growth YoY by type 80,000 70,000 60,000 50,000 $'000 40,000 whispir 30,000 20,000 10,000 FY21 Platform and software revenue Transactional revenue Revenue Composition FY22 Financial Results - Investor Presentation FY22 FY21 Transactional revenue 77% 68% Platform revenue +68.2% Growth YoY 21% 29% Services and support 2% 3% FY22 +4.8% Growth YoY Professional services and configuration revenue Transactional revenue non-repeatable* Transactional revenue comprised 77% of total revenue, (68% PCP) due to the Australian state health departments vaccine roll out programs in response to Covid-19. 08 80#9Revenue by Region Established customers driving increased platform usage 70,000 60,000 50,000 40,000 $'000 30,000 Established Markets 8,000 ANZ out-performs expectations with +56% revenue growth of $22m 7,000 from $40m to $62m 20,000 10,000 whispir 6,000 5,000 $'000 4,000 Developing Markets 3,000 2,000 FY22 Financial Results - Investor Presentation North America delivers revenue growth of +38% - - - North America revenue up 38% to $1.8m, reflecting continued investment in digital marketing campaigns Asia revenue was relatively flat at $6.7m, as the Asia region is still ramping up in the wake of COVID-19 Telco partnership revenues expected to drive FY23 revenue growth in the Asia region. FY21 FY22 0 Asia North America 1,000 FY21 FY22 Australia & New Zealand 60 09#10Gross Margin 58.5% (59.8% PCP) Revenue mix change causes short-term impact on Group GM; underlying GM improves $47.7m $70.6m 100.0% 80.0% 60.0% 40.0% Revenue Composition - - Gross Margin (GM) is down slightly from 59.8% to 58.5% This is due to transactional revenue being a larger proportion of total revenue this year (77.4%) compared to the prior year (68.0%). Transaction revenue has a lower GM than platform and services revenue. 20.0% 0.0% FY21 FY22 whispir FY22 Financial Results - Investor Presentation Gross Margin by Product - GM from transaction revenue up 2.5 percentage points - GM from platform and services Up 2.5% points revenue in line with PCP. Platform and Service Revenue Mix % FY21 FY22 FY21 FY22 Transactional Revenue Mix % Transaction GM % Platform and Service Revenue GM % 010#11Operating Expenses $52.0m Q4 down 11% on prior quarter as cost efficiencies continue - Q4 operating expenses down 11% on Q3 to $12.2m ($48.7m annualised run-rate). This is the lowest for the year, reflecting the Group's cost efficiency program, which will continue into FY23. Note: Strong conviction to generate positive earnings during 2H FY23. To illustrate, the Group only requires $81.2m revenue**, at a 60% gross margin, to cover Q4 annualised expense run rate. *Operating expenses are those which form part of EBITDA, and therefore exclude all depreciation & amortization, interest, tax and non-cash share-based payments. **For illustrative purposes only, this is not FY23 revenue guidance. whispir Operating Expenses* FY22 Financial Results - Investor Presentation (11,000) Q1 Q2 Q3 Q4 (11,500) (12,000) (12,500) (13,000) (13,500) (14,000) Reduced by 11.0% 011#12Contribution Margin by Region Multiple levers to improve Margin in FY23 Regional contribution to EBITDA* - - ANZ $16.1m is the company's profit engine and an established growing market Asia $2.5m loss, before telco transaction revenue which will kick in from FY23 20,000 15,000 10,000 $'000 5,000 - North America $4.7m loss while in scale up phase. In addition, the Group: - - Invested $16.2m on research & development ($8.6m of this is capitalised), 23% of revenue; and Incurred $11.9m on supporting central corporate costs (eg ASX & governance, HR, finance, executive, IT etc), 17% of revenue. Group EBITDA loss $10.6m Total cash outflows (before working capital timing) $19.2m. -5,000 -10,000 -15,000 *EBITDA excluding share-based payments whispir Contribution Margin ANZ FY22 Financial Results - Investor Presentation Asia North America R&D Corporate Group 012#13ARR $65.4m ($53.6m PCP) +22% Growth on PCP; 3-year CAGR 27.6% ARR continues to demonstrate solid, consistent growth over time. Included in ARR: - Repeatable revenues for the month of June annualised, with some adjustment for seasonality. Not yet included in ARR (upside): - New customers signed since 30 June that are contributing to revenue - Sales pipeline opportunities. There is considerable potential revenue upside for FY23 revenue beyond the ARR of $65.4m. whispir ARR A$m 70 60 50 40 30 20 10 3-year CAGR 27.6% FY22 Financial Results - Investor Presentation 2H 19 1H 20 2H 20 1H 21 2H 21 1H 22 2H 22 013#14"Land & Expand" strategy increases customer revenue Many customers, particularly those across our established base, have ramped up their use of the platform and increased use cases post the pandemic. Net Customer Revenue Retention 125.5% - Organic growth from established customer base provides future revenue surety whispir H1-09 H2-09 H1-10 H2-10 H1-11 H2-11 H1-12 H2-12 H1-13 H2-13 H1-14 H2-14 FY22 Financial Results - Investor Presentation $40 IPO H1-15 H2-15 H1-16 H2-16 H1-17 H2-17 H1-18 H2-18 H1-19 H2-19 H1-20 H2-20 H1-21 H2-21 H1-22 H2-22 $0 $5 014 $10 $15 $20 $25 $35 $45 $50 $m $30 $55 $60 $70#15FY22 Financial Results - Investor Presentation Annualised revenue churn continues downward trend Our no-code platform ensures easy adoption and expansion as our customers scale and find new applications for our technology. Whispir becomes an essential provider of operational infrastructure. whispir 5% 4% 3% 2% 1% 0% Churn (3 Month Average) 2.4% Churn target < 5% at all times 2.1% Q1 FY21 Q2 FY21 Q3 FY21 Q4 FY21 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 015#16100% Organic Revenue Growth Sustained Over Time Whispir has delivered strong organic revenue growth from the Whispir platform consistently over many years. whispir Revenue $80 $70 $60 $50 $m $40 $30 $20 $10 FY22 Financial Results - Investor Presentation $0 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 016#17FY22 Financial Results - Investor Presentation Financial Performance Record revenue, operating expenses optimised Revenue growth of +48% driven by Whispir partnering with major healthcare providers to deliver personalised communications during Australia's pandemic response - - Gross margin 58.5%, down slightly from 59.8% PCP due to larger mix of transactional revenue as a % of total revenue Operating expenses growth of 61% reflecting investment in the product roadmap and sales and marketing For the year ended 30 June Total revenue Cost of services Gross profit Gross margin % 2022 $'000 2021 $'000 Change $'000 Change % 70,623 47,731 22,892 48% (29,331) (19,173) (10,158) 53% 41,292 28,558 12.734 45% 58.5% 59.8% NA -2% Operating expenses (60,724) (37,828) (22,896) 61% Net interest and income tax expense (4) (384) 380 -99% Net loss after tax (19,436) (9,654) (9,782) 101% 6,822 3,977 2,845 72% 4 385 (381) -99% Add back: share-based payments 2,031 1,523 508 33% EBITDA (excluding non-cash share-based payments) (10,579) (3,769) (6,810) 181% Add back: depreciation and amortisation Add back: net interest and tax - EBITDA* of $(10.6)m, up from $(3.8)m PCP. *Excluding share-based payments whispir 017#18Financial Position Strong cash position and no debt - Cash on hand $26.1m, no debt - Capitalised development intellectual property asset $15.7m - Net assets $38.4m. whispir As at 30 June FY22 Financial Results - Investor Presentation 2022 $'000 2021 $'000 Assets Current assets Cash and cash equivalents Trade and other receivables 26,077 49,173 5,954 6,511 Prepayments 2,190 1,700 Contract acquisition costs 2,579 2,324 Interest bearing assets 1,957 649 Total current assets 38,757 60,357 Non-current assets Property, plant and equipment 1,266 1,215 Intangibles 15,725 10,806 Right-of-use assets 656 1,973 Contract acquisition costs 1,560 1,430 Total non-current assets 19,207 15,424 Total assets 57,964 75,781 Liabilities Current liabilities Trade and other payables Contract liabilities Employee benefits Lease liabilities Total current liabilities Non-current liabilities 11,734 12,623 2,966 1,871 2,265 1,703 915 605 17,880 16,802 Trade and other payables 1,292 917 Contract liabilities 67 156 Employee benefits 130 Lease liabilities 225 2,216 Total non-current liabilities 1,714 3,289 Total liabilities 19,594 20,091 Net assets 38,370 55,690 018#19그 Regional Update Strong macro tail winds are enduring whispir FY22 Financial Results - Investor Presentation 019#20FY22 Financial Results - Investor Presentation Australia and New Zealand Australia and New Zealand continue to deliver positive earnings for the Company A high value base of blue-chip enterprise and government customers continue to increase their utilisation of the Whispir platform year on year, providing future revenue surety. Importantly during the period Whispir provided critical communications services to State Health Departments to support essential vaccination roll out services - validating the capacity and flexibility of the Whispir Platform to service complex critical workloads. FY22 Highlights - Revenue $62.0m, +56% YoY - Contribution margin $16.1m - Major expansion from existing State health department customers during vaccine campaigns. Growth Strategy - Expand existing Telstra channel partnership - Capitalise on post-pandemic adoption and use cases - Leverage state/local government use cases for repeatable high-value growth. Sample of new customers added in FY22 Government of South Australia Department for Education FIRE RESCUE VICTORIA Sample of growth customers fitzroy australia resources RACV SONIC HEALTHCARE VEC Tasmanian Government 130 employees (133 PCP) Technology & Product Customer Success Corporate/Administration Sales & Marketing whispir 020#21- Case Study Case Study Victoria Police Police Powering Australian-first reporting tool. One of the largest policing services in Australia, Victoria Police is working to help protect the entire Victorian community. STOPIT is a text-in service powered by Whispir to combat unwanted sexual behaviour on public transport. Members of the public experiencing, or witnessing such behaviour can instantly and discreetly report these incidents. To initiate the service, commuters simply text 'STOPIT' to a dedicated phone number. Users will then receive a text with a link to a form asking for details of the incident and each notification is sent directly to the police for intelligence gathering and investigation purposes. Initial use cases - Opt-in SMS: Keyword text-in to initiate reporting workflow Automation: Inbound text triggers an SMS with a link to a form for completion. Submitted forms sent to police for investigation - - Dedicated Alias: Inbound communications will be clearly authored by Victoria Police Rich messaging: A dedicated microsite with input fields for data gathering with media upload capabilities Reporting features: Detailed insights to help inform and refine processes. Customer benefits - - - Increase reporting: Members of the public can easily report incidents discreetly without having to confront offenders Enhance community engagement: Providing information to police assists in investigations and helps public perceptions of safety Deter potential offenders: Overwhelming presence of campaign posters on transport, and the discreet nature of reporting will deter offenders.#22FY22 Financial Results - Investor Presentation Asia Transformational mega deal signed with Asia's leading telco High quality, multi-lingual team targeting 3 key markets - Singapore, Indonesia, and the Philippines. With investments in localised content relevant to industry-based personas are delivering a growing pipeline of opportunities. Manila is now the location of Whispir's second largest office with 58 full time employees to achieve cost saving whilst accelerating growth. FY22 Highlights - Revenue $6.7m, +1% YoY - Contribution margin $(2.5)m - Major telco partnership signed - Development hub established in Philippines. Growth Strategy - Build out new telco channel partnership to grow revenue in FY23 - Leverage marketing efficiencies to accelerate customer acquisition - Capitalise on post-pandemic adoption and use cases - Focus on large enterprise deal opportunities. Sample of new customers added in FY22 dhost WIZ.AI VISION IT ZOLL an Asahi Kasei company Sample of growth customers MALAYAN INSURANCE Σ 84 Employees (50 PCP) Technology & Product Customer Success Sales & Marketing Corporate/Administration sch AIA whispir 022#23- Case Study DHost Pte Ltd Retail rejuvenation for the win in a post-pandemic world DHost is a venue connectivity systems integrator specialising in driving innovative technology implementation for various vertical markets and industry throughout the Asia Pacific region. DHost helps Lippo Mall - owned by one of Indonesia's largest listed property company - to lead with a digital approach to bring footfall back to stores. Using Whispir, DHost enables a performance enhancement for Lippo Mall, securing the rollout of public Wi-Fi across 40+ super malls, with Whispir as a core part of the value proposition to help retailers create new ways to engage with their customers more effectively. Initial use cases - Customer engagement: Facilitated via SMS-triggered incentives, personalised loyalty programs, and mall event announcements SMS and Rich Message: Used to help manage events and gain feedback through surveys QR codes: These make for easy form completion Customer benefits Higher conversions: 9 - 12 million: projected annual footfall as malls reopen fully + additional insights to fuel visitorship - Enhanced reporting: real-time insights into how features are working and how they can be improved - Multi-channel communications: more ways to reach customers Improve reputation: accomplished through engaging and tailored content#24North America A year of investment - building sales and marketing capacity A growing sales pipeline and faster sales cycles provide an early return on investments made in a new marketing technology stack and talented sales and marketing team to drive our ambitious agenda. Whispir is increasingly well placed to assist targeted industry personas in selected industry verticals as they respond to macro trends requiring them to drive productivity while keeping costs down and improving engagement. FY22 Highlights Sample of new customers added in FY22 Grant PUD CENTRAL Sample of growth customers BEST BUDDIES BEL USA UNITED STATES HOUSE REPRESENTATIVES ◆corovan Engineering your workplace change - Revenue $1.8m, +38% YoY - Contribution margin $(4.7)m - Significant expansion of customer base +233%. Growth Strategy - Focus on high value customer segments - Targeting SMB* & SME* via focussed industry personas - Leverage FY22 digital marketing campaigns to accelerate new customer growth. *SME - USD 100m to 1bn revenue *SMB-USD 20m to 100m revenue whispir 23 employees (14 PCP) Sales & Marketing Customer Success FY22 Financial Results - Investor Presentation John Nagle Imno. 024#25- Case Study Best Buddies Overall donation increase of 500%. Best Buddies is an international nonprofit organisation that raises millions of dollars for one-to-one friendships, integrated employment, leadership development, and inclusive living for individuals with intellectual and developmental disabilities (IDD). Using SMS, they have increased donations by 500% and have implemented the platform across multiple Best Buddies locations in America. Initial use cases - - - Multichannel, centralised platform: to drive donations through a variety of streams including SMS, email and rich message Speed of engagement: use SMS to drive last-minute fundraising drive campaigns Customisation and personalisation: Craft and personalise messaging to regions and donor segments to increase engagement Customer benefits - Reduce manual processes: Using automation and workflows, increase donations through targeted and automated messaging - Improved open rates: Best Buddies open rates are 95%, well above industry standard Streamline event management: increase attendance at events and manage fundraising efforts Real-time insights: see open rates, track emails, and see the true value of their efforts.#26FY22 Financial Results - Investor Presentation Whispir for Impact The non-for-profit sector can benefit from communications intelligence as much as the other industries we service. Most NFPs are generally unable to realise the full benefits of communications technology on their own. What most NFPs don't understand – is that communications technology can help address and solve for a lot of their challenges for example: Revenue is down? - Adding more intelligent donor communications and fundraising messaging increases revenue. Struggling with manual operations? Automated communications can reduce cost and free up more time to serve those who need it the most. FY22 Highlights 40 Grew the number of customers we service in the NFP sector to more than 40. 15,000 Joined the 1% Pledge with over 15,000 other companies. Some of the causes who work with us + Australian Red Cross LIFE WITHOUT BARRIERS THE SALVATION ARMY 6+ Invested in partnerships that support our key partners. GOODWIN THE BETTER LIFE CHOICE the Y whispir 026#27- Case Study Donate Direct Helping Donate Direct deliver more goodwill Donate Direct partners with dozens of charities to connect home essentials, such as furniture and electrical goods, directly with those in need. Whispir centralises and digitises two way communications to increase interactions with charities and coordinate contact. Initial use cases - - Multichannel communications: to simplify the process of liaising with different charities to coordinate exchange of goods API integration: link with existing systems to reduce manual intervention and improve automation - Onboard and train volunteers: easily onboard new volunteers and provide them with orientation and training materials using the full capabilities of rich messaging. Customer benefits - Streamline operations: remove manual and laborious processes through digital communications More time to focus on the cause: with admin digitised, there is more time to work with charities in sourcing much needed items.#28Product Activities in FY22 Our investment in FY22 brings us to next-generation services, increasing our data insight footprint and moving to a single portfolio view for FY23 Next Generation Services Cloud-native services for low-code/no-code composition and dispatch of messages with the highest engagement. Built for our Sparx platform, coming to all Whispir customers, soon. Next Generation Services Contact Management Identity Management Delivery Gateway Intelligence Rich Form Reporting Ensuring that next-generation form responses are captured with fidelity and reporting that brings meaning to campaigns User-Defined Flexibility Cloud-native architecture designed for web scale, with data schemas specified by our Customers Leading Authentication Services Modern security infrastructure designed for trust with flexibility to seamlessly accommodate MFA, SSO and Enterprise configurations Next-Generation Routing Scalable message routing for new services, to support our future channel growth, routing and event alerting Content Analysis & Scoring Applying Machine Language to help creators craft meaningful content, and score the response as an engagement metric whispir FY22 Financial Results - Investor Presentation Core Platform Expansion of Whispir's core platform to implement more messaging use cases and provide secure, reliable communication at scale. Push Notifications Message Trust Core Services Data Lake Scheduling, Rich Content and Prioritisation Supports for scheduling, sound & images, plus specification of priority to define device behaviour. Includes callbacks for improved API experience Observability & Redaction Provide enterprise-ready redaction of message (content and attachments) for email and web channels Continuous Improvement Commenced uplift of core security, identity management, scaling and resilience to align with emerging threats, architecture patterns & future growth Growth of Data Services Progressive capture and analysis of on-platform events to shape insights, serve cross-platform reporting and support digital experience programmes 028#29FY23 Accelerating customer impact in our roadmap Whispir provides intelligent communications for enterprises and small-business, with common challenges in terms of compliance, deliverability and engagement. whispir Voice of Customer/ Research Program Customer Value Tech Strategy / R&D Hypothesis Operational Experience Integration FY22 Financial Results - Investor Presentation Friction-Free Usability Services designed & built for enterprise scale with small-business usability Interoperable Services Web, API and SDK capabilities designed for our Customers' workflows Intelligence Deliverability Engagement Actionable Insights Aggregation & insight generation to inform content creators, developers and managers Compliance and Reach Campaign reach and support for globally evolving compliance needs Effective Campaigns Message composition & recipient insights improving engagement Enhancement Customer Insights Service Architecture Global Comms Mature Research & Data-Driven Decisions Customer experience & growth, with research & insights from 1st-party data Engineered for Next-Generation Modern, cloud-native service architecture designed for growth Interconnected & Reliable Comms ecosystem supporting comms from Crisis to Campaign 029#30그 FY23 Outlook Delivering positive earnings in 2H whispir FY22 Financial Results - Investor Presentation 030#31FY23 Outlook whispir - FY22 Financial Results - Investor Presentation Continuing to deliver strong revenue growth in all regions Improvement in gross margin as regions scale Continuation of efficiency program to drive further reduction in operating expenses - Delivering positive earnings in second half Well funded with no debt and no further capital requirements to deliver positive cash flows during FY24 031#32그 We are Whispir Vision Promise Mission FY22 Financial Results - Investor Presentation Human engagement with people at scale The world's highest engagement rates A way to communicate more humanly whispir 032#33Glossary Profit or loss • • Software revenue: revenue generated from collecting contracted monthly licence and transaction fees from customers based on a contracted fee per user and cost per transaction; Professional services revenue: professional fees in respect of implementation, configuration, training and integration fees; • Cost of service: the costs relating to the delivery of the software including the costs of running the data centre, wages and salaries of data centre based Whispir staff and the carrier cost in delivering transactions; • Gross profit: total revenue less cost of services; • EBITDA: earnings (or losses) before interest, income tax, depreciation and amortisation. Amortisation of contract acquisition costs are included within EBITDA. Management uses EBITDA to evaluate the operating performance of the business. EBITDA can be useful to help understand the cash generation potential of the business. EBITDA should not be considered as an alternative to measures of cash flow under IFRS and investors should not consider EBITDA in isolation from, or as a substitute for, an analysis of the results of Whispir's operations; and EBIT: earnings (or losses) before interest and income tax. Definitions • TAM: Total Addressable Market; • SME: Small to Medium Enterprise; • SMB: Small to Medium Business. whispir FY22 Financial Results - Investor Presentation Cash flow • Capitalised development: proportion of the wages and salaries of employees whose activities relate to the development of software; • Capital expenditure: investment in property, plant and equipment including leasehold improvements and IT equipment; • Working capital: trade and other receivables, contract acquisition costs, other current assets, less trade and other payables and income received in advance; • • Operating cash flow: EBITDA after the removal of non-cash items in EBITDA (such as share-based payments, amortisation of contract acquisition costs and net foreign exchange difference) less net interest paid and changes in working capital; and Free cash flow: operating cash flow less capital expenditure. Financial metrics • Gross margin: gross profit divided by revenue expressed as a percentage; EBITDA margin: EBITDA expressed as a percentage of total revenue; EBIT margin: EBIT expressed as a percentage of total revenue; Contract acquisition cost: commission and other direct costs incurred in winning new customers; Customer acquisition cost (CAC): expenses directly incurred in winning new customers, which includes the contract acquisition costs, divided by the total number of new customers won in the period; Customer revenue retention %: revenue earned from customers in a year divided by the revenue from the same customer cohort in the corresponding prior year; Customer churn %: number of customers lost in the last twelve months (LTM) divided by number of opening customers in the period; • Revenue churn %: Opening MRR of customers churned in LTM compared to opening MRR of customer cohort; • Lifetime value of customer (LTV): ARR per customer multiplied by the gross margin for the period, divided by the customer churn in the period. The LTV of the customer cohort represents the LTV multiplied by the number of customers at the period end; • Annualised recurring revenue (ARR): recurring revenue from the final month in a period (licence and transaction revenue) adjusted for Monthly Messaging Days multiplied by 12 months; • Monthly Messaging Days: monthly messaging days vary each month depending on days within the transactional billing cycle (26th day to the 25th day of the reporting month). To enable monthly comparisons on a consistent basis, ARR and related SaaS metrics are adjusted to a standard number of days per month to remove this volatility. The standard month is 30.4 days (365 days / 12 months); and Research and development % spend of revenue: The total of the research and development expenditure recorded in the statement of profit or loss (excluding amortisation) and the capitalised spend in the period divided by revenue. 033#34whispir