Kvartalsrapport Q4 2023

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===== SIDA 1 =====

YEAR-END REPORT 
JANUARY – DECEMBEMBER 2023
October – December 2023 
• Net sales amounted to SEK 162.5 (125.0) million, an increase of 30.0% 
year-on-year. In comparable currencies net sales increased by 27.2%. 
• Operating earnings amounted to SEK 29.4 (13.2) million, corresponding 
to an operating margin of 18.1% (10.6%). Excluding foreign exchange 
rate differences of SEK -0.1 (-2.7) million, operating earnings were SEK 
29.5 (15.9) million. 
• Net income for the period was SEK 22.6 (9.9) million. 
• Earnings per share diluted was SEK 0.06 (0.03).  
• Total cash was SEK 4.2 (14.0) million. Excluding the cash impact from 
share-related transactions, the cash flow was SEK 17.5 (37.5) million. 
 
January – December 2023 
• Net sales amounted to SEK 559.4 (475.1) million, an increase of 17.7% 
year-on-year. In comparable currencies net sales increased by 12.4%. 
• Operating earnings amounted to SEK 70.9 (60.5) million, corresponding 
to an operating margin of 12.7% (12.7%). Excluding foreign exchange 
rate differences of SEK -5.0 (-1.9) million, operating earnings were SEK 
75.9 (62.4) million. 
• Net income for the period was SEK 60.1 (54.0) million. 
• Earnings per share diluted was SEK 0.17 (0.15).  
• Total cash was SEK -41.7 (-47.0) million. Excluding the cash impact from 
share-related transactions, the cash flow was SEK 0.9 (51.3) million. 
 
FINANCIAL HIGHLIGHTS 
 
For definitions and calculation of KPI’s, see pages 15-19.  
 
 
 
 
 
 
 
        Net Insight AB (publ) corp.id.no. 556533–4397
 
SEK millions 2023 2022 Change 2023 2022 Change
Net sales 162.5 125.0 30.0% 559.4 475.1 17.7%
Operating earnings 29.4 13.2 123.1% 70.9 60.5 17.2%
Operating margin 18.1% 10.6% 12.7% 12.7%
EBITDA 46.2 28.7 60.9% 142.5 122.7 16.2%
EBITDA margin 28.4% 23.0% 25.5% 25.8%
EBITDAC 21.7 4.1 431.4% 49.1 35.1 40.0%
EBITDAC margin 13.4% 3.3% 8.8% 7.4%
Net Income 22.6 9.9 129.0% 60.1 54.0 11.3%
Net margin 13.9% 7.9% 10.7% 11.4%
Total cash flow 4.2 14.0 -41.7 -47.0
Oct-Dec Jan-Dec 
 
Q4 in brief 
 
• Strongest quarter in the company’s 
history concludes a record year 
• Product launches throughout the 
year resulting in strong growth 
• Framework agreement signed with 
Teracom for time synchronization of 
critical mobile networks 
• Expanded collaboration with a major 
American operator in time 
synchronization

===== SIDA 2 =====

2 | Net Insight 
CEO statement
Record quarter concludes 2023 
The fourth quarter was the strongest in the company's history. The long-term trend of 
improved growth and profitability is a result of many strategic initiatives, where two 
important components are a stronger product portfolio and expanded expertise, focus ing 
on the growth areas of IP and cloud. Key advancements within time synchronization 
included product launch, a new framework agreement with Teracom, and the initiation of 
standardization for our synchronization technology.
Despite an ongoing challenging market within 
the media industry, the technology 
transformation continues to create an 
underlying investment need among our 
customers. The shift towards IP and cloud 
brings both technical advantages and increased 
cost-effectiveness. The investments in product 
development within IP and cloud that we have 
made in recent years have resulted in us 
expanding our offering to existing customers 
and attracting new customers, which 
contributed to the strong growth. In the quarter, 
we have seen particularly strong development in 
the EMEA region, driven by several major deals. 
Revenue in the fourth quarter 
amounted to SEK 162.5 million, 
which is an increase of 30.0% 
compared to the same period the 
previous year (currency-adjusted 
27.2%). The gross margin for the 
quarter was 63.1% (62.1%). 
Operating profit for the quarter amounted to 
SEK 29.4 (13.2) million. The increase compared 
to the comparative period was largely driven by 
the strong growth. 
Revenue for the full year 2023 amounted to 
SEK 559.4 million, an increase of 17.7% year-on-
year, surpassing our long-term goal of average 
growth above 15%. The operating margin 
(EBIT%) was 12.7% for the full year 2023, and 
18.1% in Q4, compared to our long-term goal of 
a 20% operating margin by 2027. We maintained 
a high investment pace throughout the year, in 
line with our strategy for long-term growth and 
increased profitability. 
A reliable partner in the ongoing 
technological transformation of the market 
We continued to develop and enhance our 
media solutions throughout the year. Our 
extensive product portfolio now supports even 
more industry standards and protocols, and our 
open approach to technology and our new 
software solutions enables customers to 
maximize their existing infrastructure 
investments while seamlessly integrating new 
features. We also strengthened our expertise in 
IP and cloud and deepened our collaboration 
with new and existing customers and partners, 
which resulted in an increased average order 
value and more stable sales. 
Successful rollout of our new time 
synchronization solution Zyntai. 
We are proud to announce the commercial 
launch of our time 
synchronization 
solution, Zyntai. The 
orderbook increased 
from SEK 180 million to 
SEK 195 million in the 
quarter, and deliveries 
will gradually take place as customers expand 
and upgrade their networks. During the quarter, 
we also signed a framework agreement with 
Teracom with a project value of over SEK 10 
million for 2023 and 2024. We expanded our 
collaboration with a major US operator, who is 
expanding their network after successful 
testing.  
The recently initiated standardization of our 
time synchronization technology marks an 
important milestone for us, as it creates 
increased reliability for our customers. 
With significant progress in both media and time 
synchronization, we are determined to continue 
executing our strategy with full force. After a 
highly successful quarter and year, we are now 
eagerly looking forward to 2024. 
Crister Fritzson, CEO 
Solna, February 16, 2024
”The strongest quarter in the 
company’s history concludes a 
record year.”

===== SIDA 3 =====

3 | Net Insight 
 
REVENUES 
October-December 
Net sales in the fourth quarter of 2023 were SEK 162.5 (125.0) million, an increase of 30.0%. In 
comparable currencies, sales increased by 27.2%.  
Despite continued macroeconomic uncertainty, customers' willingness to invest has 
remained good. The ongoing transformation in the media market involving a move towards IP 
and the cloud means both technical advantages and increased cost efficiency, which in turn 
creates investment needs for our customers. The growth in the media business in the fourth 
quarter amounted to 42.2% year-on-year. All regions show growth compared to the previous 
year, but most of the increase is driven by strong sales in the EMEA region with a number of 
large deals. The long unbroken growth trend (13th consecutive quarter of growth) is a result of 
recent years' investments in product development and competence, which strengthened our 
offer and meant both new customers and expanded business with existing customers. 
Revenues from time synchronization for 5G and critical networks amounted to SEK 8.7 million 
in the quarter, compared to SEK 16.9 million the previous year. The previous year's fourth 
quarter included higher revenues linked to delivery of the initial time synchronization product. 
The new synchronization product Zyntai has been launched during the quarter and the first 
deliveries have been completed, which also means that the NRE (non-recurring engineering) 
fee linked to the development of this product has been reduced compared to the previous 
year. The orderbook increased from SEK 180 million to over SEK 195 million in the quarter, 
and deliveries will gradually take place as customers expand and upgrade their networks. 
Initially, we focus on telecom operators who use the product for time synchronization of 5G 
networks, but we also see a need and an interest for our time synchronization solution among 
customers with other critical networks. 
January-December 
Net sales for 2023 amounted to SEK 559.4 (475.1) million, an increase of 17.7%. In 
comparable currencies, sales increased by 12.4%.   
During 2023, we have seen continued good growth which accelerated during the second 
half of the year. As previously mentioned, the ongoing transformation in the media market has 
continued to create a need for investment among our customers, which has formed the basis 
for growth. Investments in product development in recent years have resulted in a series of 
launches of new and expanded functionality during the year, which strengthened our offer and 
increased our competitiveness. In combination with increased local presence, this has meant 
an increased number of new customers as well as deepened collaborations and expanded 
business with existing customers. Growth within the media business during 2023 amounted 
to 23.2% year-on-year. Revenue from time synchronization for 5G and critical networks during 
2023 amounted to SEK 34.8 million, compared to SEK 49.2 million the previous year. The 
decrease in sales compared to the previous year is a consequence of the decrease in sales of 
the previous version of the synchronization product as the launch of the new product 
approached (which took place at the end of 2023). 
The company has no direct seasonal variation, however there is a certain variation in 
revenue between quarters due to the concentration of larger deals in certain quarters.  
EARNINGS  
October-December 
Gross profit for the third quarter was SEK 102.6 (77.6) million, an increase by 32.2%. The 
increase is primarily driven by the increased revenue, but also by a slightly increased gross 
margin. Gross profit included amortization of capitalized development expenditure of SEK  
-12,9 (-11.9) million. Gross margin excluding and including amortization of capitalized 
development expenditure was 71.1% (71.6%) and 63.1% (62.1%) respectively. The gross 
margin is in line with the previous year despite cost increases and increased amortization of 
capitalized development expenditures. Increased support revenue as well as increased 
software content in the products, thus increased license revenue, contribute to maintaining 
and strengthening the margin.  
Operating expenses in the fourth quarter of SEK -72.3 (-61.6) million, an increase of 17.3% 
year-on-year. The increase is driven by strengthening of the organization (primarily in time 
synchronization). The increase is also due to cost increases driven by inflation, increased 
sales costs linked to the increased sales and the weakening of the Swedish Krona. Operating 
 
 
 
 
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Target follow-up
Organic growth target R4Q (Target 15%)
Operating margin R4Q (Target 20%)
* an organic average annual growth of at least 15% 
* an operating margin (EBIT%) that within the period will 
reach 20%
Financial targets 2023-2027:

===== SIDA 4 =====

4 | Net Insight 
costs in the quarter are also affected by costs related to the implementation of a new ERP 
system. 
Sales and marketing expenses were SEK -40,3 (-35,3) million, and administration expenses 
to SEK -16.6 (-13.4) million. Development expenses were SEK -15.4 (-12.9) million and the total 
development expenditures, i.e., before capitalization, were SEK -39.9 (-37.6) million. The 
increase in sales and marketing costs relates to building up the organization for the offer 
within time synchronization for 5G, increased costs for customer and marketing activities, and 
increased local presence. Part of the cost increase in the quarter is linked to increased variable 
compensation due to the high turnover which. The increase in administration costs is partly 
due to an ongoing project regarding the implementation of a new ERP system of SEK -0.7 (-) 
million, partly due to recruitment cost regarding new chairman of the board and CFO.  
Other operating income and expenses were SEK -0.8 (-2.8) million, of which foreign 
exchange rate differences of SEK -0.1 (-2.8) million.  
Operating earnings amounted to SEK 29.4 (13.2) million, corresponding to an operating 
margin of 18.1% (10.6%). Excluding foreign exchange rate differences of SEK -0.1 (-2.7) 
million, operating earnings were SEK 29.5 (15.9) million. See also table Material profit and loss 
items on page 19. 
EBITDA and EBITDAC (including reversal of capitalization of development expenditures) 
amounted to SEK 46.2 (28.7) million and SEK 21.7 (4.1) million, respectively, which 
corresponded to an EBITDA margin of 28.4% (23.0%) and an EBITDAC margin of 13.4% (3.3%). 
In the fourth quarter, net financial items amounted to SEK -0.5 (-0.4) million, of which 
foreign exchange rate differences of SEK -2.5 (-1.3) million and net interest income of SEK 2.0  
(0.9) million. The increased net interest income is due to increased interest income due to 
higher market interest rates.  
Profit before tax was SEK 29.0 (12.8) million, and net income was SEK 22.6 (9.9) million, 
corresponding to a net margin of 13.9% (7.9%).   
January-December 
Gross profit for the first nine-month period was SEK 341.8 (297.7) million, an increase by 
14.8%. The increase is due to the increased revenue and a favorable revenue mix, where a 
gradual increase of software-related revenue with a higher margin partially compensates for 
increased costs for components etc. Gross profit included amortization of capitalized 
development expenditure of SEK -55.1 (-46.2) million. Gross margin excluding and including 
amortization of capitalized development expenditure was 71.0% (72.4%) and 61.1% (62.7%) 
respectively. The increase in license and support revenue during 2023 has not fully 
compensated for lower event-base services revenue compared to the previous year.  
Operating expenses were SEK -266,4 (-234,2) million, an increase of 13.8% year-on-year. The 
increase includes cost increases driven by e.g. inflation, a strengthening of the organization, 
increased marketing-related costs, implementation of a new ERP system and the weakening 
of the Swedish Krona against the USD. Last year’s operating expenses included costs for 
restructuring of SEK -1.2 million. 
Sales and marketing expenses were SEK -152.1 (-130.0) million, and administration 
expenses to SEK -62.4 (-52.8) million. Development expenses were SEK -51.8 (-51.4) million 
and the total development expenditure, i.e., before capitalization, were SEK -145.2 (-139.0) 
million. The increase in sales and marketing costs as well as development expenditure relates 
primarily to building up the organization for the offer within time synchronization as well as 
increased costs for customer and marketing activities. The sales and marketing costs are also 
affected by a negative currency effect as a significant part of these costs are in USD. The 
increase in administration costs is attributable to a certain strengthening of central functions 
to ensure continued growth and to the replacement of ERP systems of SEK -3.3 (-) million. 
Other operating income and expenses were SEK -4.5 (-3.0) million, of which foreign 
exchange rate differences of SEK -5.0 (-1.9) million. During the year, the parent company 
received a government electricity subsidy of SEK 0.6 million (-). Last year included impairment 
of development projects of SEK -1.5 million 
Operating earnings amounted to SEK 70.9 (60.5) million, corresponding to an operating 
margin of 12.7% (12.7%). Excluding foreign exchange rate differences of SEK -5.0 (-1.9) million 
and items affecting comparability of SEK 0.6 (-2.6), operating earnings were SEK 75.3 (65.0) 
million. See also table Material profit and loss items on page 19.

===== SIDA 5 =====

5 | Net Insight 
EBITDA and EBITDAC (including reversal of capitalization of development expenditures) 
amounted to SEK 142.5 (122.7) million and SEK 49.1 (35.1) million, respectively, which 
corresponded to an EBITDA margin of 25.5% (25.8%) and an EBITDAC margin of 8.8% (7.4). 
Net financial items amounted to SEK 6.5 (8.4) million, of which foreign exchange rate 
differences of SEK -0.8 (6.9) million and net interest income of SEK 7.2 (1.4) million. The 
increased net interest income is due to increased interest income due to higher market 
interest rates.  
Profit before tax was SEK 77.4 (68.9) million, and net income was SEK 60.1 (54.0) million, 
corresponding to a net margin of 10.7% (11.4%).   
 
 
INVESTMENTS  
The investments in the fourth quarter were SEK 25.1 (25.4) million, of which SEK 24.5 (24.6) 
million related to capitalization of expenditure for development. The investments in 2023 were 
SEK 93.4 (87.6) million, of which SEK 93.4 (87.6) million related to capitalization of expenditure 
for development. The increase in capitalized development expenditure relates to the 
investment in 5G time synchronization. 
 Depreciation and amortization in the fourth quarter totaled SEK -16.8 (-15.5) million, of 
which SEK -12.9 (-11.9) million related to amortization of capitalized expenditure for 
development. Depreciation and amortization in 2023 totaled SEK -71.6 (-62.2) million, of which 
SEK -55.1 (-46.2) million related to amortization of capitalized expenditure for development. 
Launches of new products have increased the amortization. The previous year also included 
an impairment of development projects during the third quarter, as a consequence of closer 
integration of the Nimbra and Aperi platforms, of -1.5 MSEK. 
Net value of capitalized expenditure for development was SEK 236.5 million at end of the 
year, against SEK 198.2 million as of December 31, 2022. 
CASH FLOW AND FINANCIAL POSITION  
Cash flow from operating activities in the fourth quarter amounted to SEK 45.2 (65.2) million 
and for 2023 to SEK 107.3 (148.8) million. The increase in inventory during 2022 and the first 
six-month period of 2023 is a consequence of securing components with longer foresight 
than normal due to the prevailing component shortage. The continued growth, especially in 
the APAC region, has led to increased accounts receivable in 2022 and 2023. During the first 
quarter 2022, SEK 28.2 million was received for the second half the NRE (non-recurring 
engineering fee) from the 5G time synchronization business with Türk Telekom, a prepaid 
revenue that was recognized as revenue during the development of the new products for 5G 
synchronization until the launch in Q4 2023. 
 The total cash flow for the fourth quarter amounted to SEK 4.2 (14.0) million and for 2023 
to SEK -41.7 (-47.0) million. The increased investments in development projects 2023, 
compared to the previous year, are offset by a reduced repurchase of own shares and 
exercised warrants. Excluding the cash impact from share-related transactions (repurchase of 
own shares and exercised warrants, see page 19), cash flow for the fourth quarter was SEK 
17.5 (37.5) million and for 2023 SEK 0.9 (51.2) million. More information about the buyback 
program and warrants can be found on page 12. 
Cash and cash equivalents were SEK 266.4 million at year-end, against SEK 308.3 million as 
of 31 December 2022. 
 
Key Ratios 2023 2022 2023 2022
Net sales, SEK millions           162.5           125.0           559.4           475.1 
Net sales YoY, change in % 30.0% 15.9% 17.7% 24.8% 
Gross earnings 102.6 77.6 341.8 297.7 
Gross margin 63.1% 62.1% 61.1% 62.7%
Operating earnings 29.4 13.2 70.9 60.5 
Operating margin 18.1% 10.6% 12.7% 12.7% 
EBITDA 46.2 28.7 142.5 122.7 
EBITDA margin 28.4% 23.0% 25.5% 25.8% 
EBITDAC 21.7 4.1 49.1 35.1 
EBITDAC margin 13.4% 3.3% 8.8% 7.4% 
Oct-Dec Jan-Dec

===== SIDA 6 =====

6 | Net Insight 
The remaining tax loss carryforwards of SEK 12.9 million that the group companies had as 
of December 31, 2022, has been utilized during the year. For more information, see the section 
Tax on page 12.  
Equity was SEK 622.2 million at year-end, against SEK 605.1 million as of 31 December 
2022. The equity/assets ratio was 74.2%, against 71.6% as of 31 December 2022. That equity 
did not increase in line with the earnings during the year is due to the repurchase of own 
shares. For information about warrants, share repurchases and share structure, see the 
section Contributed equity on page 12.  
EMPLOYEES 
The average number of employees and consultants at Net Insight during the fourth quarter 
and for the year was 196 (183) and 191 (176), respectively, of which 160 (149) and 158 (143), 
respectively, in the parent company Net Insight AB (publ.). The increase is primarily 
attributable to the investment in time synchronization. 
CFO Joakim Schedvins who, as previously communicated, is leaving Net Insight during the 
first quarter of 2024. Annika Muskantor will hold the position of CFO and be member of the 
management team from March 13. 
PARENT COMPANY 
Net sales for the parent company were SEK 162.5 (124.8) million in the fourth quarter, and net 
income was SEK 21.9 (10.3) million. In the fourth quarter, intra-group sales totaled SEK 0.0 
(0.0) million, and intra-group purchases SEK -23.5 (-21.2) million. Last year, the net financials 
included a dividend from a subsidiary of SEK 3.1 million. 
Net sales for the parent company were SEK 559.4 (474.7) million in 2023, and net income 
was SEK 56.9 (49.7) million. In 2023, intra-group sales totaled SEK 0.0 (0.0) million, and intra-
group purchases SEK -86.0 (-71.5) million. Previous years’ net financials included a capital loss 
of -4.3 MSEK, when consolidating of the number of legal entities, and a dividend from a 
subsidiary of SEK 3.1 million 
Progress in the parent company during the year and its financial position largely shadowed 
group progress as indicated above (except for intra-group transactions). 
RISK AND SENSITIVITY ANALYSIS 
Net Insight’s operations and results of operations are affected by a number of external and    
internal factors. The company conducts a continuous process to identify all risks present, and 
to assess how each risk should be managed.  
Primarily, the risks the company is exposed to are market-related risks (including 
competition, technological progress, and political risks), operational risks (including product 
liability, intellectual property, disputes, customer dependency and contract risks) as well as 
financial and sustainability-related risks.  
The situation of component shortages that arose in connection with the pandemic has in 
recent years meant increased uncertainty. During 2022 and 2023, we worked to manage the 
shortage situation and in the second half of 2023 we have noted a gradual improvement in the 
situation The war in Ukraine that began in the first quarter 2022 has contributed to increased 
uncertainty and risk associated with operations and the implementation of events, especially 
in Ukraine, Russia, and Belarus. The company's exposure to these markets is extremely limited 
and the decision to comply with the sanctions in force at the time of reporting is therefore not 
considered to have any material impact on the company's operations, assets, or earnings. 
However, how the war develops is difficult to predict and the company makes ongoing 
evaluations of the need to take action. 
The ongoing conflict in the Middle East has generally meant increased uncertainty, but we 
currently have difficulty assessing the possible impact this may have on, for example, access 
and prices of components. However, the company's direct exposure to this region is limited. 
Except for this, no additional critical risks and uncertainty factors, other than those reviewed 
in the Annual Report for 2022, arose during 2023 or are anticipated in 2024.  
The risks and uncertainty factors are essentially the same for the parent company and the 
group as a whole. 
For a comprehensive review of the company’s risk and sensitivity analysis, and its risk 
management process, see pages 49-51, 54-55 and 72-74 of the Annual Report for 2022.

===== SIDA 7 =====

7 | Net Insight 
CONSOLIDATED INCOME STATEMENT, IN SUMMARY 
 
 
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 
 
 
 
SEK thousands 2023 2022 2023 2022
Net sales 162,474 125,017 559,368 475,118
Cost of sales -59,922 -47,441 -217,579 -177,454
Gross earnings 102,552 77,576 341,789 297,664
Sales and marketing expenses -40,310 -35,257 -152,106 -130,021
Administration expenses -16,619 -13,445 -62,431 -52,753
Development expenses -15,382 -12,922 -51,815 -51,379
Other operating income and expenses -808 -2,758 -4,545 -3,009
Operating earnings 29,433 13,194 70,892 60,502
Net financial items -452 -402 6,486 8,380
Profit before tax 28,981 12,792 77,378 68,882
Tax -6,374 -2,921 -17,276 -14,866
Net Income 22,607 9,871 60,102 54,016
Net income for the period attributable to the shareholders of the parent company 22,607 9,871 60,102 54,016
Oct-Dec Jan-Dec 
2023 2022 2023 2022
Earnings per share
-Basic, SEK 0.06 0.03 0.17 0.15
-Diluted, SEK 0.06 0.03 0.17 0.15
Average number of outstanding shares in thousands
-Basic 348,580 359,326 353,291 367,083
-Diluted 349,905 364,136 356,334 370,840
Earnings per share, based on net income attributable to the parent company's 
shareholders during the period 
Oct-Dec Jan-Dec 
 
SEK thousands 2023 2022 2023 2022
Net income 22,607 9,871 60,102 54,016
Other comprehensive income
Translation differences -916 -385 -494 1,321
Total other comprehensive income, after tax -916 -385 -494 1,321
Total other comprehensive income for the period 21,691 9,486 59,608 55,337            
parent company 21,691 9,486 59,608 55,337
Oct-Dec Jan-Dec

===== SIDA 8 =====

8 | Net Insight 
CONSOLIDATED BALANCE SHEET, IN SUMMARY 
 
  
SEK thousands 31 Dec 2023 30 Sep 2023 31 Dec 2022
ASSETS
Non-current assets 
Capitalized expenditure for development 236,461 224,853 198,200
Goodwill 38,751 38,751 38,751
Other intangible assets 1,057 1,208 1,673
Right-of-use assets 24,844 25,869 32,129
Equipment 12,687 13,446 16,095
Deferred tax asset 2,576 2,717 3,719
Deposits 5,123 5,137 4,902
Total non-current assets 321,499 311,981 295,469
Current assets
Inventories 88,638 95,369 84,249
Accounts receivable 139,707 140,377 129,415
Other receivables 22,150 28,817 27,716
Cash and cash equivalents 266,404 262,669 308,347
Total current assets 516,899 527,232 549,727
TOTAL ASSETS 838,398 839,213 845,196
EQUITY AND LIABILITIES
Equity attributable to parent company's shareholders
Share capital 14,362 14,326 14,750
Other paid-in capital 1,200,443 1,198,689 1,192,727
Translation reserve 1,010 1,924 1,504
Accumulated deficit -593,656 -601,121 -603,892
Total shareholders' equity 622,159 613,818 605,089
Non-current liabilities
Lease liabilities 12,185 14,011 20,733
Other liabilities 51,582 59,136 61,307
Total non-current liabilities 63,767 73,147 82,040
Current liabilities
Lease liabilities 12,105 11,584 11,434
Accounts payable 38,130 38,355 35,899
Other liabilities 102,237 102,309 110,734
Total current liabilities 152,472 152,248 158,067
TOTAL EQUITY AND LIABILITIES 838,398 839,213 845,196

===== SIDA 9 =====

9 | Net Insight 
CHANGES IN CONSOLIDATED EQUITY, IN SUMMARY 
 
 
CONSOLIDATED STATEMENT OF CASH FLOWS  
 
  
SEK thousands
Share
capital 
Other paid-in 
capital 
Translation 
reserve 
Accumulated 
deficit 
Total shareholders' 
equity 
January 1, 2022 15,597 1,192,727 183 -561,979 646,528
Transfer of quota value upon cancellation of repurchased shares -847 847 -
Repurchase of own shares - - -98,336 -98,336
Warrants issued - - - 1,561 1,561
Total comprehensive income - - 1,321 54,016 55,337
December 31, 2022 14,750 1,192,727 1,504 -603,892 605,089
January 1, 2023 14,750 1,192,727 1,504 -603,892 605,089
Transfer of quota value upon cancellation of repurchased shares -511 - - 511 -
Exercised warrants 122 7,716 - - 7,838
Repurchase of own shares - - - -50,376 -50,376
Total comprehensive income - - -494 60,102 59,608
December 31, 2023 14,362 1,200,443 1,010 -593,656 622,159
Attributable to parent company's shareholders
 
SEK thousands 2023 2022 2023 2022
Operating activities
Operating earnings 29,433 13,194 70,892 60,502
Depreciation, amortization & impairment 16,770 15,527 71,625 62,157
Other items not affecting liquidity 4,327 1,701 10,883 5,202
Sub-total 50,530 30,422 153,400 127,861
Interest received 2,230 1,150 8,208 2,445
Interest paid -226 -259 -960 -1,009
Other financial income and expenses -2,456 -1,293 -762 6,944
Income tax paid -4,838 -280 -9,708 -1,378
Cash flow from operating activities
before changes in working capital 45,240 29,740 150,178 134,863
Changes in working capital
Increase-/decrease+ in inventories 2,352 -9,030 -13,684 -33,830
Increase-/decrease+ in receivables 7,590 17,583 -4,990 -11,175
Increase+/decrease- in liabilities -9,960 26,891 -24,184 58,971
Total changes in working capital -18 35,444 -42,858 13,966
Cash flow from operating activities 45,222 65,184 107,320 148,829
Investment activities
Capitalized expenditure -24,507 -24,636 -93,402 -87,573
Investment in intangible assets -65 -273 -65 -575
Investment in tangible assets -525 -498 -2,597 -2,596
Increase-/decrease+ in financial assets, net - -51 -227 -152
Cash flow from investment activities -25,097 -25,458 -96,291 -90,896
Financing activities
Amortization leasing -2,576 -2,363 -10,177 -8,203
Exercised warrants 1,789 - 7,838 -
Warrant premiums paid - 104 - 1,561
Repurchase of own shares -15,141 -23,512 -50,376 -98,336
Cash flow from financing activities -15,928 -25,771 -52,715 -104,978
Net change in cash and cash equivalents 4,197 13,955 -41,686 -47,045
Exchange differences in cash and cash equivalents -462 -111 -257 529
Cash and cash equivalents at the beginning of the period 262,669 294,503 308,347 354,863
Cash and cash equivalents at the end of the period 266,404 308,347 266,404 308,347
Oct-Dec Jan-Dec

===== SIDA 10 =====

10 | Net Insight 
DISAGGREGATION OF REVENUE  
 
*) Of which NRE fee; SEK 2.2 (7.1) million Oct-Dec, SEK 23.4 (28.2) million. Jan-Dec. 
FINANCIAL ASSETS AND LIABILITIES 
 
 
 
Carrying value of account receivables, other receivables, cash and 
cash equivalents, account payables and other liabilities makes a 
reasonable approximation of fair value. 
Financial instruments in tier 2 
The fair value of derivative instruments is measured using exchange 
rates of currency forwards on the reporting date. 
  
  
SEK thousands 2023 2022  2023 2022 
Net sales by product group
Hardware 59,546 63,058 233,449 226,173
Software licenses 68,192 22,155 166,306 85,572
Support and Services* 34,736 39,804 159,613 163,373
Total 162,474 125,017 559,368 475,118
Net sales by region
EMEA 96,204 73,986 313,963 264,442
AM 49,430 38,580 158,514 161,706
APAC 16,840 12,451 86,890 48,970
Total 162,474 125,017 559,368 475,118
Timing of revenue recognition 
Products and services transferred at a point in time 122,220 81,644 384,793 302,088
Products and services transferred over time* 40,254 43,373 174,575 173,030
Total 162,474 125,017 559,368 475,118
Oct-Dec Jan-Dec 
Group's financial instruments by category - Assets 
SEK thousands Value-tier
Measured at 
amortized cost 
Measured at fair 
value through 
profit or loss Value-tier
Measured at 
amortized cost 
Measured at fair 
value through 
profit or loss 
Assets in Balance Sheet
Derivative instruments 2 682 2 -
Accounts receivable and other receivables, excluding 
non-financial assets 148,828 140,200
Cash and cash equivalents 266,404 308,347
Total 415,232 682 448,547 -
Dec 31, 2023 31 Dec 2022 
Group's financial instruments by category - 
Liabilities 
SEK thousands Value-tier
Measured at 
amortized 
cost 
Measured at fair 
value through profit 
or loss Value-tier
Measured at 
amortized 
cost 
Measured at fair 
value through profit 
or loss 
Liabilities in Balance Sheet
Derivative instruments 2 2 787
Accounts payable and other liabilities,  excluding non-
financial liabilities 45,974 47,368
Lease liabilities 24,290 32,167
Total 70,264 - 79,535 787
Dec 31, 2023 31 Dec 2022

===== SIDA 11 =====

11 | Net Insight 
PARENT COMPANY INCOME 
STATEMENT, IN SUMMARY 
 
PARENT COMPANY BALANCE SHEET, IN 
SUMMARY 
 
  
 
SEK thousands 2023 2022 2023 2022
Net sales 162,474 124,781 559,368 474,707
Cost of sales -59,881 -48,005 -217,319 -177,684
Gross earnings 102,593 76,776 342,049 297,023
Sales and marketing expenses -41,790 -36,176 -156,167 -131,021
Administration expenses -16,501 -13,567 -62,136 -52,757
Development expenses -15,794 -13,970 -53,351 -52,536
Other income expenses -457 -3,741 -4,763 -5,438
Operating earnings 28,051 9,322 65,632 55,271
Net financial items -244 2,895 7,434 8,087
Profit/loss before tax 27,807 12,217 73,066 63,358
Tax -5,936 -1,931 -16,116 -13,693
Net income 21,871 10,286 56,950 49,665
Oct-Dec Jan-Dec 
SEK thousands 31 Dec 2023 31 Dec 2022
ASSETS
Non-current assets 
Capitalized expenditure for development 236,461 198,200
Other intangible assets 1,057 1,673
Equipment 11,438 14,670
Participations in group companies 3,173 3,173
Deferred tax asset 1,044 2,657
Deposits 4,855 4,628
Total non-current assets 258,028 225,001
Current assets
Inventories 88,638 84,249
Accounts receivable 140,467 130,180
Receivables from group companies 346 346
Other receivables 24,541 30,113
Cash and cash equivalents 258,014 300,860
Total current assets 512,006 545,748
TOTAL ASSETS 770,034 770,749
EQUITY AND LIABILITIES
Equity
Restricted equity 327,488 277,979
Non-restricted equity 249,485 284,581
Total equity 576,973 562,560
Non-current liabilities
Other liabilities 50,269 60,557
Total non-current liabilities 50,269 60,557
Current liabilities
Accounts payable 38,066 35,617
Liabilities to group companies 8,763 7,504
Other liabilities 95,963 104,511
Total current liabilities 142,792 147,632
TOTAL EQUITY AND LIABILITIES 770,034 770,749

===== SIDA 12 =====

12 | Net Insight 
ACCOUNTING POLICIES 
 
This Interim Report has been prepared in accordance with IAS 34 
Interim Financial Reporting and applicable regulations of the Swedish 
Annual Accounts Act. The Interim Report of the parent company 
complies with chapter 9 of the Swedish Annual Accounts Act, Interim 
Financial Reporting, and RFR 2 Accounting for Legal Entities.  
Disclosures in accordance with IAS 34 are presented in the interim 
financial statements and the associated notes as well as elsewhere in 
the interim financial report.  
There are no new or amended International Financial Reporting 
Standards (IFRS) in 2023 that have had a material impact on the 
Company’s financial reporting. 
The company has changed the cash flow analysis so that it is 
based on the operating profit, as it is the performance measure that 
the company normally follows up the business from, both internally 
and externally. 
Except from stated above, the same accounting principles and 
basis of calculation as those used in the latest Annual Report have 
been applied to the group and parent company. For a description of 
these accounting principles, please refer to the Annual Report for 
2022.  
The preparation of the Interim Report requires management to 
make judgements, estimates and assumptions that affect the 
company’s earnings and position and information presented 
generally. Estimates and judgements are continually evaluated and 
are based on historical experience and other factors, including 
expectations of future events that are believed to be reasonable under 
the circumstances. For a description of these estimates and 
assumptions, please refer to the Annual Report for 2022.  
Figures in brackets in this report refer to comparison with the 
corresponding period or date in the previous year, if not stated 
otherwise. Divergences due to rounding may occur in this report. 
Tax 
The group reported tax of total SEK -6.4 (-2.9) million for the period 
October–December 2023, corresponds to an effective tax rate of -
22.0 (-22.8) percent. The group reported tax of total SEK 17.3 (-14.9) 
million for the period January–September 2023, corresponds to an 
effective tax rate of -22.3 (-21.6) percent. The effective tax rate is 
affected by tax adjustments and the relative effects of foreign tax 
rates.  
The remaining tax loss carryforwards of SEK 12.9 million that the 
group companies had as of December 31, 2022, has been utilized 
during the year.  
Contributed equity 
The repurchase program, which was decided by the board with the 
support of a mandate from the 2022 AGM, ran during the period July 
2022 to February 2023. Within the program, the parent company 
repurchased a total of 12,877,000 own B shares on Nasdaq 
Stockholm for SEK 70.1 million, including transaction costs, of which 
1,297,000 more shares for SEK 8.5 million during the period January-
February 2023. 
The 2023 AGM resolved to authorize the board of directors to 
resolve to repurchase, on one or several occasions until the next 
AGM, as many own shares as may be purchased without the 
company’s holding at any time exceeding ten per cent of the total 
number of shares in the company. Further, the AGM resolved to 
authorize the board of directors to resolve on one or several 
occasions until the next annual general meeting, to transfer (sell) own 
shares. 
At the Board meeting in June, the board of Directors of Net Insight 
AB decided to utilize the repurchase mandate given at the AGM in 
2023. The repurchase program commenced on June 7, 2023, and will 
last until the next AGM and will amount to maximum SEK 50 million. 
During June-December 2023, the parent company repurchased 
9,268,000 of its own B shares on Nasdaq Stockholm for SEK 41.9 
million, including transaction costs. 
The 2023 AGM resolved that the company’s share capital shall be 
reduced by SEK 511,000 for allocation to unrestricted equity through 
cancellation of 12,775,000 own B shares held by the company. The 
cancellation was completed on August 11. 
At the end of the period, the parent company had a total of 
9,370,000 of its own class B shares, at an average cost of SEK 4.54 
per share and with a par value of SEK 0.04 per share. The shares are 
held as own shares. The parent company has the right to reissue 
these shares at a later date.  
In 2023, subscription for shares in long-term incentive programs, 
decided by the 2020 AGM (LTI 2020 series 1 and 2) were exercised. A 
total of 3,055,000 warrants have been issued in the program and each 
warrant entitles the holder to subscribe for one (1) B -share against a 
predetermined subscription price of SEK 2.80 and SEK 2.00, 
respectively. During June- December, 3,055,000 warrants were 
exercised, which resulted in the number of B shares and votes in Net 
Insight AB increasing by 3,055,000 and the share capital increasing by 
SEK 122,200. 
In total, the Company has two additional ongoing warrant 
programs (LTI 2022 in series 1 and 2) with a total of 1,805,000 
warrants. When calculating earnings per share, a dilution effect arises 
when the average price for the period exceeds the exercise price for 
the warrants. For more information about the programs and the 
accounting principles, see Note 7 on page 82 in the 2022 Annual 
Report. 
All shares issued by the parent company were fully paid.
 
TRANSACTIONS WITH RELATED 
PARTIES 
In 2023, the parent company hired a member of the management 
team’s related party company for consulting services. Charged fees 
during the year amounted to SEK 0.8 (-) million. 
AUDITORS’ REVIEW 
This Report has not been reviewed by the company’s auditors. 
SIGNIFICANT EVENTS AFTER THE 
REPORTING PERIOD 
No significant events occurred after the end of the reporting period. 
The division of shares A-shares B-shares Total A-shares B-shares Total
Outstanding shares 1,000,000 348,668,009 349,668,009 1,000,000 356,178,009 357,178,009
Repurchased own shares - 9,370,000 9,370,000 - 11,580,000 11,580,000
Issued shares 1,000,000 358,038,009 359,038,009 1,000,000 367,758,009 368,758,009
31 Dec, 2023 31 Dec, 2022

===== SIDA 13 =====

13 | Net Insight 
THIS IS NET INSIGHT
Business concept and model 
Net Insight is defining new ways to deliver media. Net Insight is 
driving the transformation of video networks with open IP, virtualized 
and cloud solutions that enable our customers to simply and cost-
effectively create live experiences.  
With the product area Media Networks, Net Insight is opening up 
new routes for customers to produce and deliver content to viewers 
anywhere. Revenues are generated through sales of hardware and 
software solutions and services. 
The 5G synchronization product area enables cost-effective, more 
secure and faster roll-out of 5G networks or other critical networks. 
Strategy 
Net Insight wants to set the benchmark for media transport and help 
broadcasters, production companies, service providers and 
enterprises to transform their media businesses – enabling them to 
benefit from new software defined, virtual and distributed media 
workflows, without discarding their existing hardware investments. 
Net Insight wants to empower customers to work smarter through 
remote/distributed production and flexible networks.  
Net Insight is technology agnostic and has built the market’s most 
open and cloud-ready video centric media delivery platform, allowing 
customers to deliver content on any network, their way. 
The main strategic objective is to accelerate growth, in both 
existing and closely related market and customer segments. This will 
be achieved through a combination of leveraging our unique portfolio 
and our industry expertise, strengthened solutions competitiveness, 
and improved internal execution.  
Value creators 
The solutions are deployed by the world’s leading media brands to 
keep their mission-critical media networks running smoothly. New 
technology is enabling these players to adopt new, more cost-
efficient and flexible ways to produce and deliver content. Net Insight 
can play an important role to support our customers making this 
gradual transition.  
Net Insight benefits from underlying market trends like the general 
increase in video traffic, live streaming and file-based transfers. Other 
trends supporting the company’s growth prospects include the 
broader coverage of live events, move towards remote production 
and increased use of Internet and cloud for media production and 
transport.  
Reporting dates 
Publishing of Annual report 2023 April 16, 2024 
Interim report January – March April 23, 2024 
Annual General Meeting May 7, 2024 
Interim report January – June July 18, 2024 
Interim report January – September November 7, 2024 
Solna, Sweden, February 16, 2024 
 
Crister Fritzson  
CEO 
 
This interim report has been prepared in Swedish and translated into 
English. In the event of any discrepancies between the Swedish 
interim report and the English translation the former shall have 
precedence. 
 
For more information, please contact  
  
Crister Fritzson, CEO, Net Insight AB (publ)  Net Insight AB (publ), corp.id.no. 556533-4397 
Phone: +46 (0)8-685 04 00 Box 1200, 171 23 Solna, Sweden 
Email: crister.fritzson@netinsight.net Phone: +46 (0)8 – 685 04 00 
  
Joakim Schedvins, CFO, Net Insight AB (publ)  www.netinsight.net  
Phone: +46 (0)8-685 04 00  
Email: joakim.schedvins@netinsight.net  
 
This information is information that Net Insight AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information 
was submitted for publication, through the agency of the contact persons set out above, at 7:30 am CET on February 16, 2024.

===== SIDA 14 =====

14 | Net Insight 
FINANCIAL INFORMATION 
 
 
 
SEK millions (if not defined differently) 2023 2022 2023 2022
Earnings 
Net sales 162.5 125.0 559.4 475.1
Gross earnings 102.6 77.6 341.8 297.7
Operating expenses 72.3 61.6 266.4 234.2
Total development expenditure 39.9 37.6 145.2 139.0
EBITDA 46.2 28.7 142.5 122.7
EBITDAC 21.7 4.1 49.1 35.1
Operating earnings 29.4 13.2 70.9 60.5
Profit before tax 29.0 12.8 77.4 68.9
Net income 22.6 9.9 60.1 54.0
Balance sheet and cash flow
Cash and cash equivalents 266.4 308.3 266.4 308.3
Working capital 117.0 102.7 113.6 76.5
Total cash flow 4.2 14.0 -41.7 -47.0
The share
Dividend per share, SEK - - - -
Earnings per share, basic, SEK 0.06 0.03 0.17 0.15
Earnings per share, diluted, SEK 0.06 0.03 0.17 0.15
Cash flow per share, basic, SEK 0.01 0.04 -0.12 -0.13
Cash flow per share, diluted, SEK 0.01 0.04 -0.12 -0.13
Equity per share basic , SEK 1.78 1.68 1.76 1.65
Equity per share diluted, SEK 1.78                    1.66                    1.75                    1.63                    
Average number of outstanding shares basic, thousands 348,580             359,326             353,291             367,083             
Average number of outstanding shares diluted, thousands 349,905             364,136             356,334             370,840             
Number of outstanding shares at the end of the period, basic, thousands 346,613             357,178             346,613             357,178             
Number of outstanding shares at the end of the period, diluted, thousands 348,368             361,988             348,368             361,988             
Share price at end of period, SEK 5.20 6.06 5.20 6.06
Employees and consultants
Average number of employees and consultants 196 183 191 176
KPI
Net sales YoY, change in % 30.0% 15.9% 17.7% 24.8%
Gross margin 63.1% 62.1% 61.1% 62.7%
Total development expenditure/Net sales 24.5% 30.0% 26.0% 29.2%
Operating margin 18.1% 10.6% 12.7% 12.7%
EBITDA margin 28.4% 23.0% 25.5% 25.8%
EBITDAC margin 13.4% 3.3% 8.8% 7.4%
Net margin 13.9% 7.9% 10.7% 11.4%
Return on capital employed 8.0% 9.0% 8.0% 8.9%
Equity/asset ratio 74.2% 71.6% 74.2% 71.6%
Return on equity 9.7% 8.7% 9.8% 8.7%
Oct-Dec Jan-Dec

===== SIDA 15 =====

15 | Net Insight 
ALTERNATIVE PERFORMANCE MEASURES AND OTHER DEFINITIONS 
Non-IFRS financial measures are presented to enhance investors and management possibility to evaluate the ongoing 
operating results, to aid in forecasting future periods and to facilitate meaningful comparison of result between 
periods. The APMs in this report may differ from similar-titled measures used by other companies. The section has 
also been supplemented with some other definitions. 
Any key figures in text, diagrams or tables that include periods earlier than 1 April 2021, refer to continued 
operations, i.e. excluding the effect from divested operations. For more information, see interim reports and annual 
report for 2022. 
Calculation of performance measures not included in IFRS framework, and some other 
definitions. 
Performance measures Various types of performance measures and margin measures as a percentage of sales. 
Non-IFRS performance 
measures 
Description Reason for use of the measure 
Gross margin Gross earnings as a percentage of net sales. The gross margin is of major importance, showing 
the margin for covering the operating expenses., 
supplemented by the margin to cover the operating 
expenses as well as the cost of amortization of 
capitalized development expenditures. 
 
Gross margin excl. 
amortization of capitalized 
development 
Gross earnings excl. amortization of capitalized 
development as a percentage of net sales. 
Operating expenses Sales and marketing expenses, administration 
expenses and development expenses. 
Shows the company’s total operating expenses. 
Putting them in relation to net sales shows the 
company’s cost efficiency. 
 
Operating expenses/net sales Operating expenses as a percentage of net sales. 
Operating earnings (EBIT) Calculated as operating earnings before financial 
items and tax. 
Operating earnings provides an overall picture of 
earnings generated in the operating activities. 
Operating margin (EBIT%) Operating earnings as a percentage of net sales. The operating margin is a key measure together 
with sales growth and capital employed for 
monitoring value creation. 
Net sales YoY, change in % The relation between net sales for the period and 
the corresponding sales for the comparative period 
in previous year. 
The sales growth is a key measure together with 
operating margin and capital employed for 
monitoring value creation. 
Change in Net sales in 
comparable currencies 
The relation between the net sales for the period, 
recalculated using the foreign currency exchange 
rates from the comparative period, and the 
corresponding sales for the comparative period in 
previous year. Only sales from business 
combinations that has been part of the Group for 
the whole comparative period are recalculated. 
This measure is of major importance for 
management in its monitoring of underlying sales 
growth driven by changes in volume, price and 
product mix for comparable exchange rates 
between different periods. 
Net margin Net Income as a percentage of net sales. The net margin shows the remaining share of net 
sales after all the company’s costs have been 
deducted. 
Total development (R&D) 
expenditure 
Development expenses and capitalized 
expenditures for development. 
The measure is a good complement to 
development expenses, as it shows the company’s 
total expenditure in development. 
The development expenditures effect on income, 
financial position, and presentation in the 
statement of cashflow is affected by the periods 
level of capitalized development expenditures. 
Capitalization rate Capitalized development expenditures as a 
percentage of total development expenditures. 
Total development (R&D) 
expenditure/net sales 
Total development expenditure as percentage of 
net sales. 
EBITDA  Operating earnings before depreciation and 
amortization. Complementing EBITDA with EBITDAC, where 
capitalized development expenditures are 
reversed, provides a good complement to 
operating earnings and margin as it, simplified, 
shows the earnings-generated cash flow in the 
operation and it shows operating earnings without 
influence of variations in the level of capitalized 
development expenditures in the company’s 
development projects. 
EBITDAC Operating earnings before depreciation and 
amortization and capitalization of development 
expenditure. 
The performance measure EBITDA-2 has, in 2023, 
changed its conceptual name to EBITDAC, the 
definition is unchanged. 
EBITDA & EBITAC margin EBITDA & EBITDAC as a percentage of net sales. 
Regions Definition of regions for designation of revenue: 
• EMEA – Europe, the Middle East and Africa. 
• Americas (AM) - North and South America. 
• APAC – Asia and Pacific. 
Definition of regions for designation of revenue.

===== SIDA 16 =====

16 | Net Insight 
 
 
 
 
 
 
 
 
  
Change in net sales in comparable currencies 
SEK millions (if not defined differently) 2023 2022 2023 2022
Net sales 162.5 125.0 559.4 475.1
Net currency effect of comparable currencies -3.4 -13.1 -23.9 -43.7
Net sales in comparable currencies 159.1 111.9 535.5 431.5
Change in net sales in comparable currencies 27.2% 3.7% 12.7% 13.3%
Oct-Dec Jan-Dec 
KPI Income Statement 
SEK millions (if not defined differently) 2023 2022 2023 2022
Net sales 162.5 125.0 559.4 475.1
Net sales YoY, change in % 30.0% 15.9% 17.7% 24.8%
Cost of sales ex. amortization of capitalized development -47.0 -35.6 -162.4 -131.3
Gross earnings ex. amortization of capitalized development
115.5 89.5 396.9 343.8
Gross margin ex. amortization of capitalized development 71.1% 71.6% 71.0% 72.4%
Cost of sales amortization of capitalized development -12.9 -11.9 -55.1 -46.2
Gross earnings 102.6 77.6 341.8 297.7
Gross margin 63.1% 62.1% 61.1% 62.7%
Sales and marketing expenses -40.3 -35.3 -152.1 -130.0
Administration expenses -16.6 -13.4 -62.4 -52.8
Development expenses -15.4 -12.9 -51.8 -51.4
Operating expenses -72.3 -61.6 -266.4 -234.2
Operating expenses/net sales 44.5% 49.3% 47.6% 49.3%
Other operating income and expenses -0.8 -2.8 -4.5 -3.0
Operating earnings 29.4 13.2 70.9 60.5
Operating margin 18.1% 10.6% 12.7% 12.7%
Net financial items -0.5 -0.4 6.5 8.4
Profit before tax 29.0 12.8 77.4 68.9
Tax -6.4 -2.9 -17.3 -14.9
Net Income 22.6 9.9 60.1 54.0
Net margin 13.9% 7.9% 10.7% 11.4%
Oct-Dec Jan-Dec 
EBITDA margin  
SEK millions (if not defined differently) 2023 2022 2023 2022
Net sales 162.5 125.0 559.4 475.1
Operating earnings 29.4 13.2 70.9 60.5
Amortization of capitalized development expenditure 12.9 11.9 55.1 46.2
Other depreciation & amortization 3.9 3.6 16.5 14.5
Impairment - - - 1.5
EBITDA 46.2 28.7 142.5 122.7
EBITDA margin 28.4% 23.0% 25.5% 25.8%
Capitalization of development expenditure -24.5 -24.6 -93.4 -87.6
EBITDAC 21.7 4.1 49.1 35.1
EBITDAC margin 13.4% 3.3% 8.8% 7.4%
Oct-Dec Jan-Dec 
Development expenditure  
SEK millions (if not defined differently) 2023 2022 2023 2022
Development expenses 15.4 12.9 51.8 51.4
Capitalization of development expenditure 24.5 24.6 93.4 87.6
Total development expenditure 39.9 37.6 145.2 139.0
Capitalization rate 61.4% 65.6% 64.3% 63.0%
Net Sales 162.5 125.0 559.4 475.1
Total development expenditure/net sales 24.5% 30.0% 26.0% 29.2%
Oct-Dec Jan-Dec

===== SIDA 17 =====

17 | Net Insight 
 
CAPITAL AND RETURN 
MEASURES 
SHOWS HOW CAPITAL IS UTILIZED AND THE COMPANY’S FINANCIAL STRENGTH. RETURN IS A 
FINANCIAL TERM THAT DESCRIBES HOW MUCH THE VALUE OF AN ASSET CHANGES FROM AN 
EARLIER POINT IN TIME. 
Non-IFRS performance 
measure Description Reason for use of the measure 
Working capital Current assets less cash and cash equivalents, 
accounts payable and other interest-free current 
liabilities. The Company has no interest-bearing 
liabilities, excluding lease liabilities. Changes in 
working capital in the cash flow statement also 
includes adjustments for items not affecting 
liquidity and changes in non-current operating 
assets and liabilities. 
This measure shows how much working capital 
that is tied up in the operations and can be put in 
relation to sales to understand how effectively tied 
up working capital is used. 
Capital employed The Company capital employed is calculated as an 
average of total assets, less total liabilities, 
excluding interest-bearing liabilities. The Company 
has no interest-bearing liabilities, excluding lease 
liabilities. 
Return on capital employed is the central ratio for 
measuring the return on the capital tied up in 
operations. 
 
Return on capital employed Operating earnings plus interest income, in relation 
to average capital employed, rolling four quarters. 
Equity/asset ratio Shareholders’ equity divided by the balance sheet 
total. 
A traditional measure for showing financial risk, 
expressing the ratio of the assets that is financed 
by the owners. 
Return on equity Net income as a percentage of average share- 
holders’ equity, rolling four quarters (R4Q). 
Return on equity shows the total return on 
shareholders’ capital and reflects the effect of the 
company’s profitability as well as the financial 
leverage. 
Investments Investments in intangible and tangible assets.  
Definitions to rows in the cash flow statement. Total cash flow Change in cash and cash equivalents during the 
period, excluding exchange differences in cash and 
cash equivalents. 
 
 
 
 
 
 
Working capital 
SEK millions  2023 2022 2023 2022
Current assets 522.1 547.8 533.5 548.4
Cash and cash equivalents -264.5 -301.4 -276.4 -328.4
No interest-bearing short term liabilities -140.5 -143.7 -143.5 -143.5
Working capital 117.0 102.7 113.6 76.5
Oct-Dec Jan-Dec 
Return on capital employed  
SEK millions (if not defined differently) 2023 2022 2023 2022
Capital employed
Total balance 838.8 836.2 841.6 831.1
No interest-bearing liabilities -195.9 -193.9 -201.0 -175.5
Capital employed 642.9 642.3 640.6 655.6
Operating earnings less interest income R4Q
Operating earnings R4Q 70.9 60.5 70.9 60.5
Interest income R4Q 19.6 2.4 19.6 2.4
Operating earnings less interest income R4Q 51.3 58.1 51.3 58.1
Return on capital employed 8.0% 9.0% 8.0% 8.9%
Oct-Dec Jan-Dec 
Equity/asset ratio 
SEK millions (if not defined differently) 2023 2022 2023 2022
Equity 622.2 605.1 622.2 605.1
Total equity and liabilities 838.4 845.2 838.4 845.2
Equity/asset ratio 74.2% 71.6% 74.2% 71.6%
Oct-Dec Jan-Dec

===== SIDA 18 =====

18 | Net Insight 
 
 
SHAREHOLDERS’ 
INFORMATION 
MEASURES RELATED TO THE SHARE. 
Non-IFRS performance 
measure Description Reason for use of the measure 
Average number of 
outstanding shares 
Total number of shares in the Parent company, 
less the number of group companies’ holdings of 
shares in the Parent company (own/treasury 
shares). 
Definitions of IFRS performance measures. 
Measures showing the return of the business to 
the owners, per share. 
 
Dividend per share Dividend divided by the average number of 
outstanding shares during the period. 
Earnings per share (EPS) Net income divided by the average number of 
outstanding shares during the period. 
Cash flow per share Total cash flow, divided by average number of 
outstanding shares during the period. 
Measures showing the return of the business to 
the owners, per share. 
 Equity per share Shareholders’ equity divided by number of out-
standing shares at the end of the period. 
 
Employees Measures related to employees. 
Non-IFRS performance 
measure Description Reason for use of the measure 
Average number of employees 
and consultants/co-workers 
The average number of employees and consultants 
for non-temporary positions (longer than nine 
months) and who do not replace absent 
employees, in FTE (Full-time equivalent). 
To supplement the number of employees with 
consultants gives a better measure of the 
Company’s cost. 
 
 
 
  
Return on equity  
SEK millions (if not defined differently) 2023 2022 2023 2022
Net income - R4Q 60.1 54.0 60.1 54.0
Average equity - R4Q 618.0 624.2 612.4 624.2
Return on equity 9.7% 8.7% 9.8% 8.7%
Oct-Dec Jan-Dec 
2023 2022 2023 2022
Average number of employees 153 138 146 131
Average number of consultants 43 45 45 45
Total average number of employees and consultants 196 183 191 176
Average number of employees and consultants 
Oct-Dec Jan-Dec

===== SIDA 19 =====

19 | Net Insight 
MATERIAL PROFIT AND LOSS ITEMS 
The group has identified a number of items which are material due to the significance of their nature and/or amount. These are listed 
separately here to provide a better understanding of the financial performance of the group: 
 
 
 
All items in the table above effects operating earnings, except for (d) that affects cash flow. 
 
(a) Severance pay in due to structural changes. 
(b) Covid-19 related government grants for personnel and other resources that still contribute to creating value for the Company. 
(c) During the third quarter of 2022, a restructuring was carried out, among other things to achieve a tighter integration of the Nimbra and Aperi 
platforms. As a consequence, some development projects were cancelled. 
(d) Presenting the cash flow without effects from the repurchase program of own shares and exercised warrants provides a better understanding and 
comparison of the underlying operations' cash flow.  
 
Material profit and loss items 
SEK millions Note 2023 2022 2023 2022 
Exchange rate differences
Part of Other operating income & expenses -0.1 -2.7 -5.0 -1.9
Part of Net Financial Items -2.5 -1.3 -0.8 6.9
Total Exchange rate differences -2.5 -4.0 -5.7 5.1
Government grants Covid-19
Reduction of employee expenses - - - -
Other operating income - - - 0.1
Total - - - 0.1
Items affecting comparability
Restructuring (a) - - - -1.2
Government grants Covid-19, other operating income (b) - - - 0.1
Government grants electricity support, other operating income - - 0.6 -
Impairment of intangible assets (c) - - - -1.5
Total - - 0.6 -2.6
Operating earnings excluding items affecting comparability
Operating earnings 29.4 13.2 70.9 60.5
Items affecting comparability, as per above - - -0.6 2.6
Total 29.4 13.2 70.3 63.1
Operating earnings excluding exchange rate differences
Operating earnings 29.4 13.2 70.9 60.5
Exchange rate differences, as per above 0.1 2.7 5.0 1.9
Total 29.5 15.9 75.9 62.4
Operating earnings excluding exchange rate differences & items affecting 
comparability
Operating earnings 29.4 13.2 70.9 60.5
Exchange rate differences, as per above 0.1 2.7 5.0 1.9
Items affecting comparability, as per above - - -0.6 2.6
Total 29.5 15.9 75.3 65.0
Cash flow excluding share-base transactions (d)
Net change in cash and cash equivalents 4.2 14.0 -41.7 -47.0
Repurchase of own shares 15.1 23.5 50.4 98.3
Exercised warrants -1.8 - -7.8 -
Total 17.5 37.5 0.9 51.3
Oct-Dec Jan-Dec

===== SIDA 20 =====

Net Insight AB (publ), corp.id.no. 556533-4397 
Telephone: +46 (0)8 685 04 00, info@netinsight.net, www.netinsight.net 
 
The information presented in this document may be subject to change without notice. 
For further information on product status and availability, please contact info@netinsight.net or 
visit www.netinsight.net ©Copyright 2024. Net Insight AB (publ), Sweden.  
All rights reserved. Net Insight and Nimbra are trademarks of Net Insight AB, Sweden.  
All other registered trademarks are the property of their respective owners.