H2 2023
Shareholder letter
Expanding existing customer relationships delivered a period of profitable growth
Net Revenue was up 23% YOY, driven by continued growth across our existing customer base consistent with our underlying land-and-expand fundamentals.
Across each pillar, a range of variables determine exact go-live and roll-out dates, underscoring why maintaining a long-term commercial view is core to our decision-making and continued to serve us this period.
Growth is not always linear, as demonstrated across our commercial pillars. In the second half of H2, we significantly expanded our relationship with a single, existing Digital customer. Unified Commerce grew steadily despite inherent retail exposure. Platforms saw continued traction as the appetite for embedded payments further scaled.
Hiring gradually slowed as the team reached its next intended scale
We concluded our two-year accelerated investment period of significantly scaling our global team, which brought the company to its next level of maturity.
EBITDA margin was 48%, reflecting our intentionally slowed hiring pace.
We continued to prioritize hiring outside of Amsterdam across our tech and commercial domains.
Commercial ambitions were bolstered by iterative product innovation
Throughout H2, we further invested in a range of new and existing functionalities, from alternative payment methods to platform automations and optimized routing.
With many customers shifting focus to optimization this year, we helped them improve conversion rates, reduce fraud, and enable significant operational efficiencies.
Though it will take time for the impact to be realized, we adapted our sales and account management strategies to better emphasize the total cost of ownership benefits Adyen brings.
Interim Condensed Consolidated Financial Statements
The information in this press release and the shareholder letter & interim financial results is unaudited.
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