Revenue Performance - 2023 revenue was $166.6 million, a decline of 7.7% year-over-year from $180.5 million in 2022[4] - Bills & Payments segment revenue decreased by 11.0% year-over-year to $121.9 million, primarily due to project completions and lower volumes[5] - Technology segment revenue increased by 2.5% year-over-year to $44.7 million, driven by higher software license sales and increased implementation services[5] - Revenue for the year ended December 31, 2023, was $166,336 thousand, a decrease of 7.1% from $180,349 thousand in 2022[16] - Cost of revenue for 2023 was $127,456 thousand, a decrease of 6.4% from $136,276 thousand in 2022[16] Net Loss and Adjusted EBITDA - Net loss for 2023 was $11.0 million, compared to a net loss of $7.9 million in 2022, largely due to a restructuring charge of $6.7 million[5] - Adjusted EBITDA for 2023 was $11.6 million, a decrease of 20.0% from $14.5 million in 2022, with an adjusted EBITDA margin of 7.0%[5] - Net loss for 2023 was $11,047 thousand, compared to a net loss of $7,929 thousand in 2022, representing a 39.4% increase in losses[16] - Adjusted EBITDA for 2023 was $11,597 thousand, down 19.7% from $14,487 thousand in 2022[20] - Operating loss for 2023 was $4,179 thousand, compared to an operating loss of $1,950 thousand in 2022[16] Capital Expenditures and Debt - Capital expenditures for 2023 were 1.6% of revenue, down from 3.5% in 2022, due to prior investments in the Irish headquarters[10] - The current portion of long-term debt decreased to $3.9 million at year-end 2023 from $5.0 million at year-end 2022[10] Growth Initiatives - The company is focusing on growth by investing in sales and expanding into new solutions, including Reaktr.ai and XBP Omnidirect[2] - The company won a ~$48 million Total Contract Value (TCV) contract in 2023, marking the largest contract win in the past five years[4] Stockholders' Equity and Cash Position - Total stockholders' deficit as of December 31, 2023, was $12,568 thousand, a decrease from $26,932 thousand in 2022[15] - Cash and equivalents at the end of 2023 were $6,905 thousand, down from $7,473 thousand at the end of 2022[18] Other Financial Metrics - Related party revenue increased to $234 thousand in 2023 from $143 thousand in 2022, marking a 63.6% increase[16] - Interest expense for 2023 was $5,224 thousand, an increase of 70.7% from $3,062 thousand in 2022[16] - The company reported a foreign currency translation adjustment loss of $1,416 thousand in 2023, compared to a loss of $17,789 thousand in 2022[15] Operational Overview - XBP Europe operates across 15 countries with a team of approximately 1,500 individuals, serving over 2,000 clients[7]
XBP Europe (XBP) - 2023 Q4 - Annual Results