HIGHLIGHTS:
USD 715.9 million of total revenues and other operating income, USD 33.2 million of EBITDA and USD 0.9 million of operating income
Revenue growth in 2022 for Cybersecurity, IoT and Public Access in constant currency
Lower-than-expected sales for Digital TV in Europe with global revenues of USD 300.6 million and EBITDA of USD 65.1 million
Cybersecurity revenue progression, double-digit growth in gross profit and EBITDA improvement
IoT doubled total revenues to USD 15.7 million with deployments of RecovR in the US and expansion of security labs activities
Public Access revenues, in constant currency, reverted to growth with a 7.5% increase from 2021
Positive momentum of Cybersecurity and IoT confirms the importance of the Group's investment strategy
Outlook for 2023: revenue growth and EBITDA between USD 40 and 60 million
KEY FIGURES 2022:
(in million USD)
2022 2021
Revenues & Other Operating Income
715.9 778.8
EBITDA 33.2 72.4
Operating Income 0.9 30.2
Cheseaux-sur-Lausanne, Switzerland, and Phoenix (AZ), USA - February 23, 2023 - The Kudelski Group (SIX: KUD.S), the world leader in digital security, announced today its 2022 annual results.
In 2022, three of the Group's four business segments delivered increased revenues in constant currency. The Cybersecurity segment saw double-digit growth in margin after cost of material and a reduction of USD 3.8 million in EBITDA loss. Meanwhile, the IoT segment more than doubled its revenues from the previous year, with a reduction of USD 2.2 million in EBITDA loss. The Public Access segment reverted to positive revenue growth, recovering after two years of COVID-19 related revenue contraction, with a 7.5% growth in constant currency. However, increased operating expenses in local currencies were incurred to ensure the delivery of its growing backlog, resulting in a USD 1.9 million decline in EBITDA compared to the prior year. The Digital TV business delivered lower-than-expected sales, mainly in European markets. Revenues in constant currency decreased by 11.0% compared to the previous year, and EBITDA reached USD 65.1 million.
The Group's total revenues and other operating income decreased to USD 715.9 million from USD 778.8 million in 2021, while net revenues were USD 705.9 million, a marginal decrease of 0.6% in constant currency. The Group generated EBITDA of USD 33.2 million.
DIGITAL TV: DRIVING CHANGE IN A DYNAMIC MARKET
Digital TV revenues reached USD 300.6 million, a 11.0% decrease in constant currency compared to 2021. This decline can be attributed to the relatively strong performance of Digital TV revenues in 2021, particularly in Europe, which had a base effect on this years results.
A key area of focus for 2022 was the Latin American market, where Nagravision is successfully transitioning several customers and a large portion of the market to its security platform and services, setting the path for future growth opportunities in this region.
Over the past years, the Digital TV business has shifted to a resilient software and service-oriented model, from a legacy-hardware-based model that is heavily reliant on smart cards. In 2022, Nagravision supported the deployment of a cutting-edge streaming service for GTPL Hathway in India, while Claro Colombia implemented the OpenTV Video Platform solution from the Group, which harmonizes the administration of content, subscription packages, and accounts, resulting in a novel SaaS-based video aggregation service. In Peru, Hispasat empowered local video distributors to offer a superior over-the-top user experience through the utilization of the Groups video platform, and in the Netherlands, United Group capitalized on the Group's NexGuard forensic watermarking technology to eliminate piracy at its root, effectively safeguarding rightsholders' intellectual property.
The shift from hardware to a software and service-oriented model is reflected in the sales figures for the Digital TV business, with smart card sales declining from USD 61.4 million in 2019 to USD 30.0 million in 2021 and USD 12.8 million in 2022. Hardware sales also followed a similar pattern, peaking at USD 52.2 million in 2021 and declining to USD 39.0 million in 2022, similar to the level in 2019. On the other hand, service, royalties, and software sales were more resilient, reflecting the positive momentum of emerging product lines.
Nagravision continued to gain traction for its emerging solutions, such as NAGRA Scout, which provides connected lifestyle security for consumers, and NAGRA Insight Smart Pricing, which simulates subscriber behaviors based on pricing and content changes using AI-based digital twins. Digital TV is also working to leverage promising development opportunities in attractive new markets, using artificial intelligence to improve subscriber profitability and providing comprehensive all-in-one streaming solutions for sports and e-sports.
CYBERSECURITY: STRENGTHENED SERVICES AND EXPANDED ACTIVITIES
In 2022, the Groups cybersecurity business reached net revenues of USD 109.3 million. The European region exhibited robust growth, with net revenues rising to USD 43.3 million, representing an impressive year-on-year increase of 44.2% in constant currency.
The growth of European revenue has resulted in a notable year-on-year increase of USD 6.8 million in margin after cost of material for the region. Kudelski Security's expansion strategy in 2022 saw the business extending its presence outside the Swiss market, with a particular focus on Germany, France, and the UK. This strategic move lays the foundation for sustained growth in the coming years. On the other hand, revenues from the US experienced a year-on-year decline, primarily due to lower technology resell activities, while high added-value solutions and services continue to grow, r
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HIGHLIGHTS: 
