Vista Group transforms as Barbenheimer ignites box office

Vista Group
Interim Report
2023

Management commentary
The following consolidated unaudited interim financial
statements for Vista Group International Limited
(Company) and its subsidiaries (collectively, Vista Group)
are for the six months ended 30 June 2023 (1H23)
and represent the half year results for Vista Group.
Comparisons are to the first six months of 2022 (1H22).
Industry overview
•Strong box office performance over the northern
hemisphere summer, with ‘Barbenheimer’ opening
weekend delivering the best domestic box office since
April 2019
•Q2 global box office produces the best quarterly result
since 2019
•Number of domestic movies released in 2023
trending towards pre-pandemic levels with box office
out-performing the return of the number of movies.
Operating overview
•Leading UK cinema group Everyman signed to Vista
Group’s cloud platform, including Movio Cinema EQ,
Vista Digital and Vista Cloud
•Vista Cloud transition accelerates client benefits,
with Vista Oneview app live with pilot client, ahead of
September 2023 launch
•Business transformation is underway to support
Vista Group’s vision and strategy, drive greater client
alignment, increase role clarity for our people, and
deliver improved financial performance.
Financial overview
•Total revenue of $69.7m (up 12% on 1H22) and Recurring
Revenue
1
of $60.5m (up 13% on 1H22)
•Combined Cinema and Movio Recurring Revenue
1
of
$49.8m, up 10% on 1H22
•Substantial growth in the AGC segment
2
with total
revenue up 29%
•EBITDA
3
of $2.5m and positive operating cashflow of
$6.2m
•Average monthly Cash Usage
4
of $1.2m in 1H23 now
expected to become free cashflow positive during Q4
2024 – a year earlier than previous guidance.
Outlook
•Vista Group reaffirms guidance for 2023 total revenue to
be in the range of $142m – $147m
•Through the organisational transformation and the
reprofiled capital expenditure program, Vista Group
expects to be free cashflow positive during the fourth
quarter of 2024
•Vista Group remains on target to achieve its 2023
ASM aspirations of ARR
5
between $175m – $205m and
EBITDA
3
of 15+% by the end of 2025.
Segment overview
Cinema
Vista Cinema, Vista Group’s largest business, reported
revenue up 9% to $47.5m on the first half of 2022.
Recurring Revenue
1
was up 12% due to expansion of
client revenues and the improved box office. As expected,
EBITDA
3
of $7.9m was in line with the first half of 2022.
The Vista Cloud roll out continues to expand with new
clients including Everyman, a UK circuit operating with 40
sites. Vista Group’s SaaS platform will support Everyman’s
mission to create an exceptional cinema experience for
their customers and aligns with their focus on innovation.
This project, and the digital component of Cineplex are
expected to go live in late 2023 or 1Q24. Several smaller
clients have also been added to the digital platform and
Vista Cloud. The increased investment in the core business
continues to build out the cloud operations capability,
and deliver improvements in platform observability and
manageability as well as functionality.
Movio
Movio, the global leader in data analytics and campaign
management solutions for the cinema industry, reported
revenue up 8% to $9.7m against the first half of 2022, as
variable fees increase with the strength of the global box
office.
The roll out of data analytics and campaign management
solution, Movio Cinema EQ, continues at pace, with the
transition for all clients expected before the end of 2023.
Clients who have migrated to EQ are already seeing
successful campaigns that reach more moviegoers and
connect them with their ideal movies.
Additional Group Companies
Box office reporting platform, Numero, and film distribution
software business, Maccs, reported revenue up 23%,
primarily driven by the continued geographic expansion of
the Numero platform. Numero and Maccs made a healthy
contribution to EBITDA
3
performance.
Creative studio Powster’s revenue was up 36% on the first
half of 2022 predominantly due to higher demand for
Powster's Showtimes platform as the number of movies
released increases.
Flicks, the cinema and streaming discovery platform,
reported revenue up 33% on the first half of 2022, with an
impressive 28% growth in average users in New Zealand,
Australia and the United Kingdom helping drive advertising
and affiliate revenues.
Corporate
Cost management across Vista Group remains a key focus,
with the $1.6m increase in general and administration costs
correlating to increased investment in the sales pipeline,
primarily travel and marketing.
Group financials
Vista Group’s reported
revenue of $69.7m was up 12%
on the first half of 2022, with Recurring Revenue
1
up 13%,
while EBITDA
3
of $2.5m was in line with the first half of
2022 (adjusting for foreign exchange losses) and in line
with the management’s strategy communicated in the 2023
Annual Shareholders Meeting.
Vista Group’s loss for the period of $8.5m included $1.8m
of other gains and losses (see section 2.3), including $1.6m
relating to the transition of Retriever clients to Veezi,
ensuring these clients are running the world leading cloud-
based product, enabling Vista Group to retire the legacy
Retriever platform.
A business transformation commenced at the end of the
period which will bring together Vista Group’s business
brands under a unified business model, supported by
a global senior leadership team. The streamlining of
operations is expected to result in a reduction in its global
workforce of between 6-8%.
Vista Group’s balance s heet remains strong with cash of
$37.1m ($18.8m net of borrowings), and cash liq
uidity of
$60.8m (including $23.7
m of undrawn bank facilities).
Vista Group generated $6.2m cashflow from
operating
activities, with an overall monthly Cash Usage
4
of $1.2m
over the six months.
A renewed focus on working capital has resulted in net
tr ade receivables over 90 days reducing from $10.9m to
$5.8m (see section 4.1). Work continues in this area with
management incentives aligned to receipts from clients.
1 Recurring Revenue is defined in section 2.1 of the 2023 Interim Report.
2 AGC segment includes Numero, Maccs, Powster and Flicks.
3 EBITDA is a non-GAAP measure which is defined as earnings before net finance costs, income tax, depreciation, amortisation, “other gains and losses” (see
section 2.3 of the 2023 Interim Report) and share of equity accounted results from associates.
4 Cash Usage is calculated using the net movement in cash held, less cash applied to the Retriever acquisition / earn-outs, and less $0.7m cash applied to cash
settled exceptional items (see other gains and losses in section 2.3 of the 2023 Interim Report).
5 ARR is Annualised Recurring Revenue, calculated as trailing 3 month Recurring Revenue
1
multiplied by four.
Management commentary • 32

The above statement should be read in conjunction with the accompanying notes.
The above statement should be read in conjunction with the accompanying notes.
Income statement
For the six months ended 30 June 2023
30 JUNE 202330 JUNE 2022
NZ$mNZ$m
CONTINUING OPERATIONSSECTIONUNAUDITEDUNAUDITED
Total revenue2.1, 2.269.7 62.4
Cost to serve2.3(26.4)(24.0)
Gross profit43.3 38.4
Sales and marketing costs2.3(7.7)(6.8)
Research and development costs2.3(14.6)(12.6)
General and administration costs2.3(17.6)(15.7)
Foreign currency losses (0.9)(0.2)
Total operating expenses(40.8)(35.3)
EBITDA
1
2.22.5 3.1
Amortisation
4.4(6.6)(5.7)
Depreciation(3.2)(2.7)
Finance costs(1.4)(1.1)
Finance income0.6 0.3
Share of equity accounted loss from associate- (2.7)
Other gains and losses2.3(1.8)(11.1)
Loss before tax (9.9)(19.9)
Taxation benefit1.4 1.9
Loss for the period (8.5)(18.0)
Loss for the period is attributable to:
Owners of the parent(8.7)(17.8)
Non-controlling interests0.2 (0.2)
Loss for the period (8.5)(18.0)
Basic and diluted earnings per share (cents)5.1($0.04)($0.08)
1 EBITDA is a non-GAAP measure which is defined as earnings before net finance costs, income tax, depreciation, amortisation, “other gains and losses” (see section 2.3) and share
of equity accounted results from associates.
Statement of other comprehensive income
For the six months ended 30 June 2023
30 JUNE 202330 JUNE 2022
NZ$mNZ$m
UNAUDITEDUNAUDITED
Items that may be reclassified subsequently to the income statement
1
Translation of foreign operations3.8 3.6
Items that will not be reclassified to the income statement
Excess income tax expense on share-based payments(0.2)(0.2)
Total other comprehensive income 3.6 3.4
Loss for the period(8.5)(18.0)
Total comprehensive loss for the period (4.9)(14.6)
Total comprehensive loss for the period is attributable to:
Owners of the parent(5.1)(14.6)
Non-controlling interests0.2 -
Total comprehensive loss for the period (4.9)(14.6)
1 Items of other comprehensive income will be reclassified to the income statement when specific conditions are met.
Interim financial statements • 54

The above statement should be read in conjunction with the accompanying notes.
The above statement should be read in conjunction with the accompanying notes.
Statement of changes in equity
For the six months ended 30 June 2023
SIX MONTHS ENDED 30 JUNE 2023 
CONTRIBUTED
EQUITY
NZ$m
RETAINED
EARNINGS
NZ$m
FOREIGN
CURRENCY
RESERVE
NZ$m
SHARE-
BASED
PAYMENT
RESERVE
NZ$m
TOTAL EQUITY
ATTRIBUTABLE
TO OWNERS
NZ$m
NON-
CONTROLLING
INTERESTS
NZ$m
TOTAL
EQUITY
NZ$m
UNAUDITED
Balance at 1 January 2023135.0 1.9 3.8 5.3 146.0 2.0 148.0
Total comprehensive income movement:
Loss for the period-(8.7)--(8.7)0.2 (8.5)
Other comprehensive (loss) / income
1
(0.2)-3.8 -3.6 -3.6
Total comprehensive (loss) / income(0.2)(8.7)3.8 -(5.1)0.2 (4.9)
Transactions with owners:       
Share-based payments5.7 --(3.4)2.3 -2.3
Dividends paid-----(0.7)(0.7)
Balance at 30 June 2023140.5 (6.8)7.6 1.9 143.2 1.5 144.7
SIX MONTHS ENDED 30 JUNE 2022
UNAUDITED
Balance at 1 January 2022131.3 23.3 1.7 1.7 158.0 1.8 159.8
Total comprehensive income movement:
Loss for the period-(17.8)--(17.8)(0.2)(18.0)
Other comprehensive (loss) / income
1
(0.2)-3.4 -3.2 0.2 3.4
Total comprehensive (loss) / income(0.2)(17.8)3.4 -(14.6)-(14.6)
Transactions with owners:
Retriever acquisition3.2 ---3.2 -3.2
Share-based payments0.9 --1.0 1.9 -1.9
Balance at 30 June 2022135.2 5.5 5.1 2.7 148.5 1.8 150.3
1 Items of other comprehensive income will be reclassified to the income statement when specific conditions are met.
Statement of financial position
As at 30 June 2023
30 JUNE 202331 DECEMBER 2022
NZ$mNZ$m
 SECTIONUNAUDITEDAUDITED
CURRENT ASSETS 
Cash37.146.0
Trade and other receivables4.130.336.4
Contract assets4.16.04.9
Income tax receivable 0.91.3
Total current assets 74.388.6
NON-CURRENT ASSETS 
Contract assets4.10.50.4
Property, plant and equipment4.34.7
Lease assets4.513.112.3
Net investment in sublease4.5-1.2
Goodwill4.359.057.1
Other intangible assets4.454.553.0
Deferred tax asset21.317.8
Total non-current assets 152.7146.5
Total assets 227.0235.1
CURRENT LIABILITIES 
Borrowings - related parties3.20.60.5
Trade and other payables19.523.6
Lease liabilities5.75.3
Deferred revenue23.822.3
Contingent consideration4.70.81.4
Provisions4.60.60.6
Income tax payable 0.40.4
Total current liabilities 51.454.1
NON-CURRENT LIABILITIES 
Borrowings - external3.218.317.6
Lease liabilities10.913.3
Deferred revenue0.50.4
Contingent consideration4.7-1.5
Provisions4.60.50.1
Deferred tax liability 0.70.1
Total non-current liabilities 30.933.0
Total liabilities82.387.1
Net assets 144.7148.0
EQUITY 
Contributed equity5.2140.5135.0
Retained earnings(6.8)1.9
Foreign currency reserve7.63.8
Share-based payment reserve
1.95.3
Total equity attributable to owners of the parent143.2146.0
Non-controlling interests1.52.0
Total equity 144.7148.0
For, and on behalf, of the Board who approved these interim financial
statements for issue on 24 August 2023.
Susan Peterson
Chair
James Miller
Chair, Audit and Risk Committee
6

The above statement should be read in conjunction with the accompanying notes.
Statement of cashflows
For the six months ended 30 June 2023
30 JUNE 202330 JUNE 2022
NZ$mNZ$m
SECTIONUNAUDITEDUNAUDITED
CASHFLOWS FROM OPERATING ACTIVITIES 
Receipts from clients78.463.4
Payments to suppliers and employees(71.7)(57.2)
Taxes received / (paid)0.1(0.2)
Interest paid(0.6)(0.9)
Net cash inflow from operating activities3.16.25.1
CASHFLOWS FROM INVESTING ACTIVITIES 
Purchase of property, plant and equipment(0.5)(0.7)
Purchase of internally generated software and other intangibles4.4(10.8)(7.6)
Interest received0.6-
Contingent consideration paid4.7(1.3)-
Retriever acquisition, net of cash acquired-(3.3)
Net cash applied to investing activities (12.0)(11.6)
CASHFLOWS FROM FINANCING ACTIVITIES 
Lease payments - principal elements(2.7)(2.5)
Loan repayment - related parties3.2-(0.1)
Dividends paid to non-controlling interests(0.7)-
Net cash applied to financing activities (3.4)(2.6)
Net decrease in cash (9.2)(9.1)
Cash at beginning of period46.060.4
Foreign exchange differences0.30.6
Cash at period end 37.151.9
Notes to the financial statements
1. Basis of preparation
The consolidated interim financial statements of Vista Group have been prepared in accordance with Generally Accepted Accounting
Practice in New Zealand (NZ GAAP). Vista Group is a for-profit entity for the purposes of complying with NZ GAAP. The consolidated
interim financial statements comply with NZ IAS 34 Interim Financial Reporting, and are not required to include all the notes presented in
the Annual Report. Accordingly, this report is to be read in conjunction with the 2022 Annual Report.
With exception to changes disclosed in the below notes, the accounting policies and methods of computation and presentation adopted in
the consolidated interim financial statements are consistent with those described and applied in the 2022 Annual Report.
Taxes on income in the interim periods are accrued using the tax rate that would have been applicable in respect of the total annual profit
or loss.
2. Financial performance
2.1 Revenue
Vista Group recognises revenue when performance obligations have been settled. A performance obligation is settled when the client has
received all the benefits associated with the performance obligation.
Revenue by category
30 JUNE 202330 JUNE 2022
NZ$m%NZ$m%
 UNAUDITEDUNAUDITEDUNAUDITEDUNAUDITED
SaaS revenue21.1 18.0
Non-SaaS revenue39.4 35.5
Recurring revenue60.5 87%53.5 86%
Perpetual software2.7 1.9
Hardware1.6 2.9
Services & development - one off4.6 4.0
Other revenue0.3 0.1
Non-recurring revenue9.2 13%8.9 14%
Total revenue
1
69.7 100%62.4 100%
1 No individual client exceeded 10% of revenue in either the current or prior comparative period.
Non-GAAP financial measures
Recurring and non-recurring revenues are non-GAAP financial measures that the Chief Operating Decision Maker (CODM) uses to help
evaluate the financial performance of Vista Group and its operating segments. Recurring revenue is the portion of revenues that are
expected to give rise to recurring cash receipts that will continue until the service is cancelled. Unlike non-recurring revenues, these
revenues are predictable, stable and can be expected to occur at regular intervals going forward with a relatively high degree of certainty.
This categorisation of revenue is also expected to help investors understand the nature of Vista Group’s revenue.
SaaS revenues are those derived from subscription-based cloud-hosted software, with the software located on externally provided
servers.
Non-SaaS revenues are those derived from recurring revenue streams that are not cloud-hosted software.
Non-GAAP financial information does not have a standardised meaning prescribed by NZ GAAP and therefore may not be comparable to
similar financial information presented by other entities.
8Notes to the interim financial statements • 9

Revenue process and policy
The following details Vista Group’s approach to categorising revenue:
REVENUE CATEGORYREVENUE TYPESEGMENTDESCRIPTIONTIMING OF REVENUE RECOGNITION
SaaS revenue
Recurring revenue
Vista recurring
subscriptions
– annual fee
Vista CinemaA subscription for the right
to access the Vista Cinema
cloud-hosted software.
Over time
Benefits are simultaneously
received and consumed;
revenue is recognised over the
contract term.
Vista recurring
subscriptions
– variable fee
Vista CinemaVariable revenue based on
the number of tickets sold.
Point in time
Variable fees recognised at
the end of each month once
usage-based quantities are
known.
Movio Cinema
– annual fee
MovioMovio Cinema cloud-hosted
data, marketing and
analytics platform.
Customers are charged an
annual access fee to the
platform plus a variable
component (see below).
Over time
Platform access is recognised
over time as benefits are
simultaneously received and
consumed.
Movio Cinema
– variable fee
MovioVariable revenue based
on the number of active
members managed and
the number of promotional
messages sent during a
given period.
Point in time
Variable license revenue is
recognised at the end of each
month once usage-based
quantities are known.
Movio Research
– platform fee
MovioMovio Research
cloud-hosted data,
marketing and analytics
platform.
Over time
Platform access is recognised
over time as benefits are
simultaneously received and
consumed.
Maccs platforms
– annual fee
AGC (Maccs)A subscription for the
right to access the Maccs
platforms, including
MaccsBox, DCHub and
MaccsCore.
Over time
Platform access is recognised
over time as benefits are
simultaneously received and
consumed.
Maccs platforms
– variable fee
AGC (Maccs)Variable revenue based on
the use of Maccs platforms,
including MaccsBox, DCHub
and MaccsCore.
Point in time
Variable license revenue is
recognised at the end of each
month once usage-based
quantities are known.
Numero platformAGC (Numero)A subscription for the right
to access cloud-hosted
regular box office reporting.
Over time
Platform access is recognised
over time as benefits are
simultaneously received and
consumed.
REVENUE CATEGORYREVENUE TYPESEGMENTDESCRIPTIONTIMING OF REVENUE RECOGNITION
Non-SaaS revenue
Recurring revenue
On-premise
subscription fees
Vista Cinema A subscription for the
right to access on-premise
software (i.e. not hosted
on the cloud). This service
includes the right to
basic support and any
enhancements or upgrades
in the software.
Over time
Benefits are simultaneously
received and consumed;
revenue is recognised over the
subscription term.
MaintenanceVista Cinema /
AGC (Maccs &
Numero)
Basic support and any
enhancements or upgrade
to the software.
Over time
Benefits are simultaneously
received and consumed;
revenue is recognised over the
maintenance term.
Services &
development
- recurring
Vista Cinema /
Movio /
AGC (Maccs)
Annually committed
bespoke development of
software.
Over time
Recognised when the service or
development is complete or on a
stage of completion basis.
Showtimes platform AGC (Powster)Website and marketing
platform for feature films,
incorporating Showtimes
data.
Point in time
Recognised when the platform is
made available to the customer.
Non-recurring revenuePerpetual softwareVista Cinema /
AGC (Maccs)
Perpetual ERP software
license targeted at larger
cinema circuits.
Point in time
Recognised at the point in time
when the software goes live,
which is when the customer can
benefit from using the software.
Movio Media
– targeted
campaigns
Movio Targeted marketing
campaigns, digital
advertising and reports.
Point in time
Revenue is recognised when
the campaigns and reports are
completed.
Website
development
AGC (Powster)Creation of websites for
new films about to be
released.
Point in time
Recognised when the website
has been delivered to the
customer.
Services &
development
– one off
Vista Cinema /
Movio /
AGC (Maccs)
Fees charged for one
off value-add services,
implementation services
and bespoke development
of software.
Over time
Recognised when the service or
development is complete or on a
stage of completion basis.
HardwareVista CinemaRevenue from the one-off
sale of hardware.
Point in time
Recognised at a point in time
when delivery has been made.
Notes to the interim financial statements • 1110

2.2 Operating segments
Vista Group operates in the vertical cinema / film market via the following three reportable segments and a corporate segment.
•Cinema segment: Software associated with cinema management via the Vista software suite of products, plus the cloud-based Veezi
product for smaller scale cinemas. This segment also includes the Retriever client contracts, movieXchange and Share Dimension
products, and maintenance revenues from Vista China (an associate company).
•Movio segment: Includes the Movio Cinema and Media products, both of which provide data analytics and campaign management.
•Additional Group Companies segment (AGC): An aggregation of Maccs, Powster, Flicks and Numero. None of these businesses
individually exceed the 10% threshold for segment revenue or profitability that would require separate disclosure under NZ IFRS 8
Operating Segments.
•Corporate segment: The shared services functions associated with Vista Group, being legal, finance, people and culture, risk and
compliance, and the Vista Group Chief Executive.
Revenue by domicile of entity
Vista Group recognises revenue within entities across several jurisdictions. Revenue is allocated to geographical regions based on where
the sale is recorded by each operating entity within Vista Group. Independent resellers are used to promote Vista Group’s products in
multiple jurisdictions. The revenues recognised via these independent resellers are not allocated geographically, rather they are shown
within the New Zealand and United Kingdom jurisdictions based on the location of the transacting Vista Group entity.
30 JUNE 202330 JUNE 2022
NZ$mNZ$m
SECTION UNAUDITEDUNAUDITED
New Zealand13.0 13.7
United States
25.3 23.6
United Kingdom
18.8 15.3
Mexico
6.1 4.6
Other
1
6.5 5.2
Total revenue2.169.7 62.4
1 The other category includes entities in Australia, Brazil, Malaysia, Netherlands, Romania and South Africa.
Non-current assets by domicile of entity
Non-current operating assets by location of the reporting entity are presented in the following table.
30 JUNE 202331 DECEMBER 2022
NZ$mNZ$m
UNAUDITEDAUDITED
New Zealand68.9 65.3
United States
24.2 26.4
United Kingdom
10.5 10.2
Mexico
12.9 12.4
Other
1
14.9 14.4
Non-current assets
2
131.4 128.7
1 The other category includes entities in Australia, Brazil, Malaysia, Netherlands, Romania and South Africa.
2 As required by NZ IFRS 8, non-current operating assets in the table above excludes deferred tax assets and investments in associates and joint ventures.
Operating segment performance
1
SIX MONTHS ENDED 30 JUNE 2023 (UNAUDITED)
CINEMAMOVIOAGCCORPORATETOTAL% OF
REVENUE
NZ$mNZ$mNZ$mNZ$mNZ$m
SaaS revenue8.8 8.4 3.9 -21.1
Non-SaaS revenue32.1 0.5 6.8 -39.4
Recurring revenue40.9 8.9 10.7 -60.5
Non-recurring revenue6.6 0.8 1.8 -9.2
Total revenue47.5 9.7 12.5 -69.7
Cost to serve(17.7)(3.3)(4.3)-(25.3)
36%
Hardware cost of sales(1.1)---(1.1)
Gross profit28.7 6.4 8.2 -43.3
Gross profit %
2
60%66%66%62%
Sales and marketing costs(5.1)(1.5)(1.1)-(7.7)
11%
Research and development costs(10.3)(1.7)(2.6)-(14.6)
21%
General and administration costs(4.8)(1.3)(3.3)(8.7)(18.1)
26%
Movement in ECL provision through P&L
3
0.3 -0.2 -0.5
Foreign currency (losses) / gains(0.9)(0.1)0.1 -(0.9)
EBITDA
2
7.9 1.8 1.5 (8.7)2.5
EBITDA margin
2
17%19%12%4%
SIX MONTHS ENDED 30 JUNE 2022 (UNAUDITED)Re-presented
SaaS revenue6.7 8.2 3.1 -18.0
Non-SaaS revenue29.8 0.4 5.3 -35.5
Recurring revenue36.5 8.6 8.4 -53.5
Non-recurring revenue7.2 0.4 1.3 -8.9
Total revenue43.7 9.0 9.7 -62.4
Cost to serve(14.8)(3.1)(3.7)-(21.6)
35%
Hardware cost of sales(2.4)---(2.4)
Gross profit26.5 5.9 6.0 -38.4
Gross profit %
2
61%66%62%62%
Sales and marketing costs(4.2)(1.4)(1.2)-(6.8)
11%
Research and development costs(8.8)(1.8)(2.0)-(12.6)
20%
General and administration costs(4.3)(0.9)(3.1)(7.1)(15.4)
25%
Movement in ECL provision through P&L
3
(0.3)---(0.3)
Foreign currency (losses) / gains(1.1)0.2 0.6 0.1 (0.2)
EBITDA
2
7.8 2.0 0.3 (7.0)3.1
EBITDA margin
2
18%22%3%5%
1 The CODM does not regularly review assets and liabilities for each reportable segment.
2 EBITDA is a non-GAAP financial measure and is defined below. Gross profit % and EBITDA margin are calculated as gross margin over total revenue and EBITDA over total
revenue, respectively.
3 The movement in ECL provision through P&L represents the reduction in the prior period ECL provision which has been recognised in the income statement,
as the associated cash has either been received, or is now considered highly probable to be received. This value is reported in section 4.1.
Non-GAAP financial measures
EBITDA is a non-GAAP financial measure that the CODM uses to evaluate the financial performance of Vista Group and its operating
segments, because it closely correlates to operating cashflows, and therefore is considered useful to investors. It is defined as earnings
before net finance costs, income tax, depreciation, amortisation, “other gains and losses” (see section 2.3) and share of equity accounted
results from associates. A reconciliation is provided on the income statement.
Non-GAAP financial information does not have a standardised meaning prescribed by NZ GAAP and therefore may not be comparable to
similar financial information presented by other entities.
Notes to the interim financial statements • 1312

2.3 Expenses and other income
Classification of expenses on the income statement
Costs to serve are the direct costs incurred to support our clients in deriving Vista Group’s revenue. Examples of such costs include
hosting, technical staff, transaction fees and the cost of hardware.
Sales and marketing costs are those costs incurred by Vista Group in directly selling or marketing its products, including associated
personnel costs, sales commissions, trade shows and client conferences.
Research and development costs include staffing and supplier costs directly associated with the researching, developing and maintaining
Vista Group’s software platforms. These costs are net of development costs which meet the criteria of being capitalised as an intangible
asset.
General and administration costs are the overhead costs incurred by Vista Group that are not directly associated with costs to serve,
sales and marketing costs, or research and development costs. Amortisation and depreciation are separated from this category to
improve a reader’s understanding of the financial statements.
Total cost to serve and operating expenses
The table below provides a breakdown of the various types of expenditure incurred within ‘cost to serve’ and ‘operating expenses’.
30 JUNE 202330 JUNE 2022
NZ$mNZ$m
SECTIONUNAUDITEDUNAUDITED
Direct cost of sales (excl. hardware and personnel)7.8 7.2
Hardware cost of sales1.1 2.4
Personnel costs48.0 39.0
Share-based payment expense2.3 1.9
Defined contribution plans and employee insurances4.8 3.9
Capitalised development4.4(9.7)(7.6)
Government grants2.3(1.5)(0.2)
Computer equipment and software3.2 2.5
Marketing costs1.2 1.4
Travel related costs1.3 1.2
ECL benefit4.1(1.5)(0.1)
Bad debt expense4.11.0 0.4
Foreign currency losses0.9 0.2
Auditor's remuneration0.3 0.3
Other operating expenses8.0 6.8
Total cost to serve and operating expenses
67.2 59.3
Government grants
The total Government grants recognised in the income statement were $1.5m (30 June 2022: $0.2m) which includes an accrued amount
of $1.2m relating to the New Zealand Research & Development Tax Incentive (RDTI). The RDTI accrual results in $1.1m recognised as
an offset to intangible assets (due to the underlying costs being capitalised development costs) and $0.1m recognised as an offset to
operating expense. Cash associated with the 2022 RDTI claim ($0.8m) is expected to be received in H2 2023.
Other gains and losses
‘Other gains and losses’ are excluded from operating expenses and EBITDA because they result from non-cash activities, or relate to
unusual transactions not derived or incurred in the ordinary course of business. They have been disclosed separately in order to improve
a reader’s understanding of the financial statements.
30 JUNE 202330 JUNE 2022
NZ$mNZ$m
 SECTIONUNAUDITEDUNAUDITED
Acquisition expenses-(0.2)
Business transformation costs(0.8)-
CEO transition costs(0.5)-
Fair value movements on contingent consideration4.70.8 -
Impairment charges - Contract assets4.1(0.2)-
Impairment charges - Retriever client contracts4.4(2.4)-
Impairment reversal / (charges) - Lease and sublease asset4.51.3 (0.9)
Impairment charges - Vista China investment-(8.9)
Impairment charges - Vista China intangibles4.4-(1.1)
Total other gains and losses
(1.8)(11.1)
•Business transforma
tion costs: On 6 July 2023, Vista Group announced it had begun consultation with its people around a proposed
business transformation which will streamline operations into a single business approach and reduce the global workforce by between
6-8%. These business transformation costs predominantly relate to a constructive obligation for impacted people consulted prior to 30
June 2023 (see section 4.6) and do not include the expected redundancy payments for impacted people consulted after 30 June 2023
(
see section 7.4). These costs are considered unusual as they are non-recurring in nature and have been presented separately to
ensure the reader can better project future cashflows.
•CEO transition costs: To help facilitate a seamless CEO transition where momentum has been maintained, Vista Group’s Board agreed
to a cross-over consulting arrangement with the incoming and departing CEOs. These costs have been presented separately to ensure
the reader can better
project future cashflows.
•Impairment reversal / (charges) – Lease and sublease asset: In the prior period, Vista Group recognised impairment charges of $0.9m
for the six months to June 2022 and $1.5m for the year ended December 2022. These impairment charges related to the Vista Cinema
subleased premises in Los Angeles, where the previous subtenant vacated the premises with 4 years of the sublease term remaining. In
the current period, $1.3m of this impairment charge was reversed as this space is unlikely to be sublet on its own and due to Vista
Cinema now utilising this leased space.
•Impairment charges – Vista China investment: In the prior period, Vista Group reviewed its investment in Vista China for objective
evidence of impairment. In accordance with NZ IAS 28 Investments in Associates and Joint Ventures, Vista Group concluded that
this definition was
met due to there being a 'significant financial difficulty of the associate' (subsection 41A(a)). Full details of this
impairment charge ar
e available on page 135 of the 2022 Annual Report.
•Impairment charges
– Vista China intangibles: In the prior period, Vista Group reviewed the carrying value of its internally generated
software assets for indicators of impair
ment at 30 June 2022 and determined all intangible assets owned by Vista Group relating to
Vista China specific software were fully impaired.
Notes to the interim financial statements • 1514

3. Cash flows and borrowings
3.1 Reconciliation of net profit to operating cash flows
30 JUNE 202330 JUNE 2022
NZ$mNZ$m
Re-presented
 SECTIONUNAUDITEDUNAUDITED
Loss for the period (8.5)(18.0)
Non-cash items:
Amortisation 4.46.6 5.7
Depreciation3.2 2.7
Impairment charges2.31.3 10.9
Fair value movements in contingent consideration2.3(0.8)-
Share-based payment expense2.3 1.9
Deferred tax expense3.1 (4.0)
Non-cash finance charges0.8 0.2
Share of equity accounted loss from associate-2.7
Unrealised foreign currency (losses) / gains(0.6)0.2
Movement in ECL provision through the income statement4.1(0.5)0.3
Movement in revenue provision - concession discounts4.1(0.8)(0.7)
Movement in revenue provision - credit risk4.1(1.7)(1.9)
Movement in other provisions4.60.4 (1.5)
Net non-cash items 13.3 16.5
Movements in working capital:
(Decrease) / increase in related party trade and other payables(0.1)0.1
Decrease / (increase) in related party trade and other receivables, net of deferred revenue0.2 (1.2)
Decrease in trade and other payables, including contingent consideration(6.0)(0.5)
Decrease in trade and other receivables, net of deferred revenue6.7 6.8
Decrease in net taxation receivable0.6 1.4
Net change in working capital 1.4 6.6
Net cash inflow from operating activities 6.2 5.1
3.2 Borrowings
Borrowings are initially recognised at fair value less directly attributable transaction costs and subsequently measured at amortised cost
using the effective interest method. Borrowing costs are expensed as incurred.
The table below details the movement in borrowings during the period:
30 JUNE 202331 DECEMBER 2022
NZ$mNZ$m
 UNAUDITEDAUDITED
Balance at 1 January18.1 16.8
Repayments during the period-(0.1)
Movement in foreign exchange0.8 1.4
Total borrowings at period end18.9 18.1
Represented by: 
Borrowings - external18.3 17.6
Borrowings - related parties0.6 0.5
Total borrowings at period end18.9 18.1

A schedule of all debt facilities is shown below:
EXPIRY DATE
CURRENT
LIMIT
(NZ$m)
INTEREST RATEDEBT DRAWN (NZ$m)
FACILITY PROVIDERREASON FOR LOAN30-Jun-2331-Dec-2230-Jun-2331-Dec-22
ASB - revolving creditGeneral commercial /
Future acquisitions
Jan 202640.06.96%6.96%18.3 17.6
ASB - overdraftWorking capitalOn demand 2.0 9.98%8.73%--
Related partiesWorking capitalOn demand0.6 4.00%4.00%0.6 0.5
Total borrowings at period end 18.9 18.1
A line fee of 1.45% is paid on the credit limit of the ASB revolving credit facility, and a line fee of 1.30% is payable on the overdraft facility.
ASB facilities are secured by an interest in Vista Group's tangible assets. Agreed covenants include:
• Gearing ratio of not greater than 2.5 times
• Interest cover of equal or greater than 3.0 times
• A rolling 12 month normalised EBITDA of the charging group not being less than 80% of Vista Group.
Vista Group has been compliant with all ASB covenants for both the current and prior reporting periods.
The related party loan has been provided by the co-shareholder of Powster. This is unsecured, incurs interest at 4% per annum and is
likely to be repaid within the next 12 months.
Notes to the interim financial statements • 1716

4. Assets and liabilities
4.1 Trade and other receivables
Carrying value of trade and other receivables
30 JUNE 202331 DECEMBER 2022
NZ$mNZ$m
UNAUDITEDAUDITED
Trade receivables30.3 41.4
Revenue provision - concession discount
-(0.8)
Revenue provision - credit risk
(3.4)(5.1)
ECL provision
(2.4)(4.4)
Sundry receivables
2.4 1.2
Prepayments
2.9 3.6
Vista China acquisition deposit
0.5 0.5
Total trade and other receivables
30.3 36.4
Trade receivables
Included within trade receivables is a receivable from Vista China of $1.2m (31 December 2022: $1.4m) which has been fully provisioned.
Contract assets
Contract assets primarily relate to Vista Group’s rights to consideration for performance obligations completed but not billed at the
reporting date. Vista Group also recognises contract assets for ‘costs to fulfil a contract’ (i.e. Vista Cloud implementation costs), where
direct costs are incurred with the performance obligations being settled over time.
The movement in contract assets during the period was as follows:
30 JUNE 202331 DECEMBER 2022
NZ$mNZ$m
SECTIONUNAUDITEDAUDITED
Balance at 1 January5.3 4.6
Amounts included in opening balance released in the current period(4.6)(4.5)
Additional contract assets recognised during the period5.8 4.9
Impairment charges2.3(0.2)-
Exchange movements
0.2 0.3
Contract assets at period end
6.5 5.3
Represented by:
Current portion6.0 4.9
Non-current portion0.5 0.4
Contract assets at period end
6.5 5.3
Revenue provisioning (significant judgement / estimate)
Vista Group has assessed its trade receivable balances for revenue related provisions as follows:
•Credit risk provision: During the initial impact of the pandemic (1 March 2020 through to 30 June 2021), Vista Group was required to
apply ‘variable consideration’ rules when recognising revenue from each of its clients. This was because NZ IFRS 15 Revenue from
Contracts with Customers only permits revenue to be recognised when it is probable that Vista Group will collect the consideration.
These variable consideration rules meant only the estimated consideration that will be received was permitted to be recognised as
revenue.
Such revenue provisioning estimates require significant judgement, with any under / over estimation in the consideration received being
recognised as an adjustment to revenue in a subsequent reporting period. In doing this, Vista Group assess each of its clients for any
known risk that may impact the ability to collect the associated consideration and their ability to pay the amounts invoiced. Where
these facts are known, judgement has been applied to assess the amount that is likely to be collected.
Judgement was subsequently applied in determining that the variable consideration rules were no longer required for any receivables
where the revenue relates to 1 July 2021 onwards. These balances are instead assessed for an expected credit loss (ECL) provision.
All receivables relating to revenue earned between 1 March 2020 to 30 June 2021, but still on balance sheet at 30 June 2023 have
incurred a 100% revenue provision. An exception is made for any clients which have agreed and are adhering to a payment plan, or if
recovery of the debt is considered highly probable. These balances have not been written off as Vista Group continues to seek recovery
of these amounts owed.
•Concession discounts: To ensure timely payment from clients, or to facilitate support to clients during the pandemic, Vista Group
granted concessions to payment terms or discounts to recurring fees. Concession discounts are recognised as a reduction to revenue
when they have been agreed, or where the client has a reasonable expectation of being entitled to a discount.
Such discounts are less common with a provision of $nil being recognised at 30 June 2023.
Expected Credit Loss (ECL) provisioning (significant judgement / estimate)
For trade receivables and contract assets, Vista Group applies the simplified approach permitted by NZ IFRS 9 Financial Instruments,
which requires expected lifetime losses to be recognised from initial recognition of the receivables.
Trade receivables and contract assets are written off when there is no reasonable expectation of recovery. Indicators that there is no
reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with Vista Group and a
failure to make contractual payments for a period of greater than 180 days past due.
To measure ECL, trade receivables and contract assets have been grouped and reviewed based on the number of days past due. The ECL
has been calculated by considering the impact of the following characteristics:
•The baseline characteristic considers the age of each invoice and applies an increasing ECL estimate as the trade receivable ages.
•The aging and write off characteristics consider the history of write off related to the specific client and the relative size of aged debt
to current debt. If the trade receivable aged over 180 days makes up more than 45% of the total trade receivable for a specific client, a
further provision for ECL is added.
•The country, client and market characteristics consider the relative risk related to the country and / or region within which the client
resides and assesses the financial strength of the client and the market position that Vista Group has achieved within that market.
To avoid double counting, the specific and general ECL provisions are calculated after deducting the associated amount recognised as a
revenue provision.
Vista Group applied additional judgement in determining the ECL provision at 30 June 2023 as follows:
•Specific provision: All client invoices and contract assets have been reviewed with a specific provision made for clients that are known
to have liquidity / solvency issues, or where the debt is older than 180 days. Vista Group takes into account any forward-looking
information (such as macro-economic variables) when applying the provision to each specific client.
At 30 June 2023, Vista Group applied judgement by including a 2.5% (31 December 2022: 10%) insolvency risk for all Cinema or Movio
segment clients. This provision rate has reduced in the current period as Vista Group noted the level of credit notes required for
Cinema or Movio segment clients was not as high as the previous cautious level of provisioning had projected may occur.
•General provision: Vista Group applies an ECL matrix to its trade receivables and contract assets revenues to determine its general
ECL provision. This matrix was prepared using historical loss rates, updated to also include both the current and future economic
environment (both of which are largely unknown).
Notes to the interim financial statements • 1918

The movement in the ECL provision during the period was as follows:
 30 JUNE 202331 DECEMBER 2022
 NZ$mNZ$m
 UNAUDITEDAUDITED
Balance at 1 January4.4 4.6
Bad debts written off(1.0)(0.6)
Movement in provision through the income statement(0.5)(0.4)
Movement in provision through deferred revenue(0.6)-
Exchange differences0.1 0.8
ECL provision at period end2.4 4.4
The table below illustrates how the carrying value of the ECL has been derived:
30 JUNE 2023 (UNAUDITED)
0-90 DAYS
NZ$m
91-180 DAYS
NZ$m
181-270 DAYS
NZ$m
271-360 DAYS
NZ$m
361+ DAYS
NZ$m
TOTAL
NZ$m
Net trade receivables and contract assets
1
28.1 2.0 1.1 0.9 1.8 33.9
Baseline0.3 ---0.1 0.4
Aging, write offs and collection----0.1 0.1
Country, client and market0.1 ----0.1
ECL - general provision0.4 ---0.2 0.6
ECL - specific provision0.5 0.3 0.1 0.1 0.8 1.8
Total ECL provision0.9 0.3 0.1 0.1 1.0 2.4
General provision effective rate1.4%0.0%0.0%0.0%11.1%1.8%
31 DECEMBER 2022 (AUDITED)
      
Net trade receivables and contract assets
1
30.44.13.12.01.741.3
Baseline0.40.10.1--0.6
Aging, write offs and collection--0.1-0.10.2
Country, client and market0.1----0.1
ECL - general provision0.50.10.2-0.10.9
ECL - specific provision1.50.50.50.10.93.5
Total ECL provision2.00.60.70.11.04.4
General provision effective rate1.6%2.4%6.5%0.0%5.9%2.2%
1 Presented net of the impact of concession discounts and credit risk provisioning.
Total revenue and ECL provisioning
The below table highlights the proportion of total provisioning made against trade receivables and contract assets. Vista Group believes
that cumulative ECL and revenue provisions of 15.5% was a reasonable level to provide against trade receivables and contract assets.
 30 JUNE 202331 DECEMBER 2022
 NZ$mNZ$m
 
UNAUDITEDAUDITED
Trade receivables and contract assets 37.3 47.2
Revenue provision - concession discounts -0.8
Revenue provision - credit risk 3.4 5.1
ECL provision 2.4 4.4
Total provisioning 5.8 10.3
Total provisioning effective rate 15.5%21.8%
One of the key judgements was that 2.5% of core business receivables may not be collectible. The following illustrates the sensitivity of
this judgement.
30 JUNE 2023 (UNAUDITED)
0% JUDGEMENT
NZ$m
2.5% JUDGEMENT
NZ$m
5% JUDGEMENT
NZ$m
Revenue provision - concession discount---
Revenue provision - credit risk3.33.4 3.5
ECL provision1.9 2.4 2.9
Total provisioning 5.25.8 6.4
Total provisioning effective rate13.9%15.5%17.2%
4.2 Investment in associates
Impairment of Vista China
In accordance with NZ IAS 28, Vista Group concluded on 30 June 2022 that there was objective evidence of impairment in its investment
in Vista China due to there being a ‘significant financial difficulty of the associate’ (subsection 41A(a)). This was due to the Chinese
Government’s continued ‘zero-covid’ public health response, including broad based lockdowns across many major cities, negatively
impacting the Chinese cinema industry and box office in 2022. At the beginning of June 2022 lockdowns were eased with the box office in
China showing signs of recovery. Accordingly, Vista Group concluded on 30 June 2022 that the entire carrying value was impaired, with
an impairment charge of $8.9m being recognised within ‘other gains and losses’ (see section 2.3).
At both 31 December 2022 and 30 June 2023, Vista Group reviewed its investment in Vista China for objective evidence that its fair value
may be materially higher than its nil carrying value. No such objective evidence was noted.
4.3 Goodwill
Testing for indicators of goodwill impairment
Vista Group reviewed the carrying value of its goodwill for indicators of impairment at 30 June 2023. No such indicators were noted. In
accordance with NZ IAS 36 Impairment of Assets, no impairment review was performed at 30 June 2023.
Notes to the interim financial statements • 2120

4.4 Other intangible assets
Carrying amount of intangible assets
30 JUNE 2023 (UNAUDITED)SECTION
INTERNALLY
GENERATED
SOFTWARE
NZ$m
SOFTWARE
LICENSES
NZ$m
INTELLECTUAL
PROPERTY
NZ$m
CLIENT
RELATIONSHIPS
NZ$m
TOTAL
NZ$m
Gross carrying amount     
Balance at 1 January 64.7 4.5 2.6 16.2 88.0
Additions 9.7 ---9.7
Impairment charges2.3---(2.4)(2.4)
Exchange differences 0.6 0.1 0.1 0.6 1.4
Balance at period end75.0 4.6 2.7 14.4 96.7
Accumulated amortisation     
Balance at 1 January (24.1)(2.9)(1.9)(6.1)(35.0)
Current period amortisation(5.2)(0.3)(0.1)(1.0)(6.6)
Exchange differences (0.1)(0.1)(0.1)(0.3)(0.6)
Balance at period end(29.4)(3.3)(2.1)(7.4)(42.2)
Intangible assets at 30 June 202345.6 1.3 0.6 7.0 54.5
31 DECEMBER 2022 (AUDITED)     
Gross carrying amount     
Balance at 1 January 50.6 4.6 2.6 6.0 63.8
Additions 15.9 --9.6 25.5
Disposals (1.3)(0.1)--(1.4)
Impairment charges (0.5)---(0.5)
Exchange differences ---0.6 0.6
Balance at period end 64.7 4.5 2.6 16.2 88.0
Accumulated amortisation     
Balance at 1 January(15.7)(2.4)(1.8)(4.1)(24.0)
Current period amortisation(8.9)(0.6)(0.2)(1.8)(11.5)
Disposals 1.3 0.1 --1.4
Impairment charges (0.8)---(0.8)
Exchange differences --0.1 (0.2)(0.1)
Balance at period end(24.1)(2.9)(1.9)(6.1)(35.0)
Intangible assets at 31 December 202240.6 1.6 0.7 10.1 53.0
Cash additions
Internally generated software cash additions for the period were $10.8m and exclude the $1.1m accrual for Government grants (see
section 2.3).
Internally generated software cash additions for the year ended 31 December 2022 were $16.8m and include a 2021 trade payable of
$0.9m and the Retriever client relationships of $3.3m.
Testing for indicators of impairment – internally generated software
Vista Group reviewed the carrying value of its internally generated software for indicators of impairment at 30 June 2023. No such
indicators were noted. In accordance with NZ IAS 36, no impairment review was performed at 30 June 2023.
An impairment charge of $1.1m was recognised on the income statement at 30 June 2022 as Vista Group determined all intangible assets
owned by Vista Group relating to Vista China specific software was fully impaired.
Impairment of Retriever client contracts
On 16 February 2022, Vista Group announced it acquired the client relationships assets of Retriever Software Inc. (‘Retriever’). The
fundamental driver behind this transaction was to sign their largest North American client to Vista Cloud, which has created significant
intrinsic value in assisting Vista Cloud’s development. The secondary driver was to transfer their smaller clients to the Veezi platform.
Vista Group progressed with the closure of the Retriever legacy platform on 31 July 2023 which resulted in a higher client churn rate
than anticipated. An impairment review was performed using a multi-excess earnings method (MEEM), which is ‘fair value less costs to
dispose’ model that uses level 3 fair value measurement techniques. This model concluded that the $8.0m carrying value exceeded the
$5.6m recoverable amount by $2.4m. Vista Group has recognised the $2.4m as an impairment charge within ‘other gains and losses’ (see
section 2.3).
The key inputs applied to the MEEM include:
30 JUNE 2023 (UNAUDITED)RATE ASSUMEDSENSITIVITY APPLIED
IMPAIRMENT CHARGE
ADJUSTMENT IF SENSITIVITY
IS APPLIED
Future cash flows: 5-year revenue CAGR4.4%+/- 1.0%+/- $0.1m
Future cash flows: Direct costs46.0%+/- 5.0%+/- $0.4m
Discount rate17.0%+/- 2.0%+/- $0.5m
Long-term growth rate2.5%+/- 1.0%+/- $0.1m
4.5 Leased and subleased assets
Carrying amount of leased assets
30 JUNE 202331 DECEMBER 2022
  NZ$mNZ$m
  UNAUDITEDAUDITED
Balance at 1 January12.3 15.6
Additions during the period-1.8
Additions relating to previously subleased premises2.5 -
Adjustments in respect of assumed lease term(0.1)(1.5)
Current period depreciation(2.2)(4.0)
Exchange differences0.6 0.4
Lease assets at period end 13.1 12.3
Carrying amount of subleased assets
30 JUNE 202331 DECEMBER 2022
NZ$mNZ$m
SECTIONUNAUDITEDAUDITED
Balance at 1 January1.2 2.7
Impairment reversal / (charge)2.31.3 (1.5)
Amounts reclassified to right of use assets(2.5)-
Lease payments received (including interest)-(0.1)
Exchange differences-0.1
Net investment in sublease at period end -1.2
In the prior year, the subtenant of Vista Group’s Los Angeles premises abandoned their sublease with 4 years remaining on its term. Prior
to the end of 2022 the sublease was terminated. Vista Group reviewed the sublease asset for impairment at 30 June 2022 and again at
31 December 2022 and recognised an impairment charge on the income statement (within ‘other gains and losses’) of $0.9m and $1.5m,
respectively.
Following termination of the sublease, the asset reverted to being a right of use asset of Vista Group, presented separately as Vista
Group was pursuing a new subtenant. At 30 June 2023, these assets have been presented together as Vista Group started using the space
as it is considered unlikely to be re-sublet on its own. As the space is now being utilised, a $1.3m impairment reversal has been recognised
in the current period.
Notes to the interim financial statements • 2322

4.6 Provisions
A provision is a liability of uncertain timing or amount and is recognised when Vista Group has a present obligation (legal or constructive)
as a result of a past event; it is probable that an outflow of resources embodying economic benefits will be required to settle the
obligation; and a reliable estimate can be made of the amount of the obligation.
Carrying amount of provisions
30 JUNE 202331 DECEMBER 2022
NZ$mNZ$m
SECTIONUNAUDITEDAUDITED
US sales taxes -0.3
Business transformation constructive obligations2.30.6 -
Lease dilapidations0.5 0.4
Total provisions at period end 1.1 0.7
Represented by:
Current0.6 0.6
Non-current0.5 0.1
Total provisions at period end 1.1 0.7
Movement in provisions
30 JUNE 202331 DECEMBER 2022
NZ$mNZ$m
SECTIONUNAUDITEDAUDITED
Balance at 1 January 0.7 3.2
US sales taxes(0.3)(2.5)
Business transformation constructive obligations2.30.6 -
Movement in lease dilapidations0.1 -
Total provisions at period end 1.1 0.7
4.7 Contingent consideration
Movement in contingent consideration
30 JUNE 202331 DECEMBER 2022
NZ$mNZ$m
UNAUDITEDUNAUDITED
Balance at 1 January 2.9 -
Retriever acquisition - revenue earn-out-1.5
Retriever acquisition - transition earn-out-1.6
Amounts settled in cash during the period(1.3)-
Movements in fair value through the income statement(0.8)-
Exchange movements-(0.2)
Total contingent consideration at period end 0.8 2.9
Represented by:
Current0.8 1.4
Non-current-1.5
Total contingent consideration at period end 0.8 2.9
The acquisition price for Retriever included contingent cash consideration through the following earn-outs:
• Revenue earn-out: $1.5m was payable before 30 April 2023 if specific revenue targets were achieved. In the current period Vista Group
settled $1.3m of this earn-out in cash.
• Transition earn-out: $1.6m remains payable in Q1 2024 based on the retention and integration of key clients to Vista Group’s platforms.
Vista Group project $0.8m of this earn-out will be achieved and ultimately payable.
Vista Group recognised a fair value gain of $0.8m in the current period relating to the reduction in these contingent cash consideration
liabilities (see section 2.3). See section 4.4 for details of the $2.4m impairment charge relating to the Retriever client contracts
(intangible asset).
Notes to the interim financial statements • 2524

5. Capital structure
5.1 Earnings per share
Vista Group presents basic and diluted earnings per share (EPS) data for its ordinary shares.
Basic EPS is calculated by dividing the profit or loss attributable to owners of the parent by the weighted average number of ordinary
shares in issue during the period.
Diluted EPS is determined by adjusting the profit or loss attributable to owners of the parent and the weighted average number of
ordinary shares in issue during the period for the effects of all dilutive potential ordinary shares, which for Vista Group comprise share
rights and performance rights. Potential ordinary shares are treated as dilutive when their conversion to ordinary shares would decrease
EPS or increase the loss per share.
 NUMBER OF SHARES (MILLIONS)
30 JUNE 202330 JUNE 2022
UNAUDITEDUNAUDITED
Weighted average ordinary shares for basic EPS (millions)234.5 232.6
Effect of dilution:
Share options and awards (millions)3.6 4.8
Weighted average ordinary shares adjusted for the effect of dilution238.1 237.4
Loss for the period attributable to owners of the parent (NZ$m)(8.7)(17.8)
Basic and diluted EPS (cents)($0.04)($0.08)
5.2 Contributed capital
At 30 June 2023, there were 236,243,042 shares were in issue (31 December 2022: 233,192,093). The following reflects where these
shares were allocated:
MILLIONS OF SHARESNZ$m
30 JUNE 202331 DECEMBER 202230 JUNE 202331 DECEMBER 2022
UNAUDITEDAUDITEDUNAUDITEDAUDITED
Shares issued and fully paid:
Balance at 1 January233.2 231.2 135.0 131.3
Ordinary shares issued during the period:
Shares issued as part of Retriever asset
acquisition
-1.5 -3.2
Employee incentives3.0 0.5 5.7 0.9
Excess income tax expense on share-based
payments
--(0.2)(0.4)
Total contributed equity at period end236.2 233.2 140.5 135.0
Vista Group issued 1,529,987 shares on 16 February 2022 which formed part of the consideration transferred for the Retriever asset
acquisition.
6. Financial instruments
6.1 Financial instruments by category
30 JUNE 2023 (UNAUDITED)
FINANCIAL ASSETS AT
AMORTISED COST
NZ$m
FINANCIAL
INSTRUMENTS AT FAIR VALUE
THROUGH P&L
NZ$m
FINANCIAL LIABILITIES AT
AMORTISED COST
NZ$m
Cash37.1 - -
Trade receivables25.0 - -
Sundry receivables2.4 - -
Total financial assets64.5 - -
Borrowings - external - -18.3
Borrowings - related parties - -0.6
Trade payables - -3.0
Sundry payables - -6.4
Lease liabilities - -16.6
Contingent consideration -0.8 -
Total financial liabilities -0.8 44.9
31 DECEMBER 2022 (AUDITED)
Cash46.0 - -
Trade receivables31.6 - -
Sundry receivables1.2 - -
Net investment in sublease1.2 - -
Total financial assets80.0 - -
Borrowings - external - -17.6
Borrowings - related parties - -0.5
Trade payables - -7.7
Sundry payables - -4.9
Lease liabilities - -18.6
Contingent consideration -1.4 -
Total financial liabilities -1.4 49.3
Vista Group’s financial instruments that are measured after initial recognition at fair value are grouped into levels based on the degree to
which the fair value is observable:
Level 1 Fair value measurements derived from quoted prices in active markets for identical assets.
Level 2 Fair value measurements derived from inputs other than quoted prices included within level 1 that are observable for the
asset or liability, either directly or indirectly.
Level 3 Fair value measurements derived from valuation techniques that include inputs for the asset or liability which are not based
on observable market data.
During the current period, there have been no transfers between fair value measurement levels. The contingent consideration of the
Retriever asset acquisition is subsequently fair valued using level 3 measurements, such as the probability Vista Group deem the earn-
outs are likely to be earned and movements in exchange.
Notes to the interim financial statements • 2726

Vista Group International Limited
Shed 12, City Works Depot
90 Wellesley St West
Auckland 1010
New Zealand
+64 9 984 4570
info@vistagroup.co.nz
vistagroup.co
7. Other disclosures
7.1 Related parties
Related parties are materially consistent with those disclosed in the 2022 Annual Report. The following table represents transactions with
related parties excluding key management personnel.
AMOUNTS OWED BY
RELATED PARTIES
AMOUNTS OWED TO
RELATED PARTIES
30 JUNE 202331 DECEMBER 202230 JUNE 202331 DECEMBER 2022
NZ$mNZ$mNZ$mNZ$m
UNAUDITEDAUDITEDUNAUDITEDAUDITED
Associate company1.21.4(0.3)(0.4)
Vista Group’s associate and joint venture related party transactions were as follows:
ASSOCIATE COMPANY
30 JUNE 202330 JUNE 2022
NZ$mNZ$m
UNAUDITEDUNAUDITED
Receiving of services--
Rendering of services1.4 2.4
Total related party transactions1.4 2.4
Services rendered to Vista China in 2023 have incurred a 100% credit risk provision. Vista Group recognised $0.9m of maintenance
revenue from Vista China during the period (30 June 2022: $0.9m) through an agreement to offset amounts due to Vista China.
7.2 Going concern
These interim financial statements have been prepared on a going concern basis, which requires the Board to have reasonable grounds to
believe that Vista Group will be able to pay their debts as and when they become due. The minimum requirement by NZ IAS 1 Presentation
of Financial Statements being at least, but not limited to, twelve months from the end of the reporting period.
Vista Group has prepared cash flow projections factoring in the current market, covering a period of at least twelve months after these
financial statements have been authorised for issue. This takes into account forecast revenue, operating cash flows, forecast capital
expenditure and Vista Group’s liquidity position.
At 30 June 2023, Vista Group had $60.8m in cash liquidity, with $37.1m in cash and $23.7m of undrawn ASB revolving credit and
overdraft facilities. In addition to this, Vista Group’s EBITDA and operating cash flows are accretive. The ASB facilities are due to mature
in January 2026.
Due to the above, the Board determined that the going concern basis of accounting is appropriate in the preparation of these interim
financial statements.
7.3 Capital commitments and contingent liabilities
There were no significant capital commitments or contingent liabilities for Vista Group at 30 June 2023 (31 December 2022: $nil).
7.4 Events after balance date
On 6 July 2023, Vista Group commenced a consultation with its people around a proposed business transformation which if accepted
will streamline the business into a platform operating model and reduce the global workforce by between 6-8%. Sections 2.3 and 4.6
provide details of the costs / provisions recognised at 30 June 2023 for impacted people that were consulted prior to 1 July 2023. These
provisions do not include the estimated costs of impacted people who were consulted after 30 June 2023. Due to the consultation period,
if accepted, only concluding after the date of these financial statements, it is too early to estimate the additional transformation costs that
may be incurred through this process.
There were no other significant events between the balance date and the date that these financial statements were authorised for issue.
28

---

FY23
Half Year Results
25 August 2023

Important notice
This presentation has been prepared by Vista Group International Limited and its
related companies(collectively referred to as Vista Group).This notice applies to this
presentation and the verbal or written comments of any persons presenting it.
Information in this presentation:
•is provided for general information purposes only, does not purport to becomplete
or comprehensive, and is not an offer or invitation or subscriptionor purchase of,
or solicitation of an offer to buy or subscribe for, financialproducts in Vista Group;
•does not constitute a recommendation or investment or any other typeof advice
and may not be relied upon in connection with any purchaseor sale of financial
products in Vista Group.The presentation is not intended as investment, legal,
tax, financial advice or recommendation to any person.Independent professional
advice should be obtained prior to making any investment or financial decisions;
•should be read in conjunction with, and is subject to, Vista Group’sfinancial
statements, market releases and information available on Vista Group’s website
(vistagroup.co.nz) and on NZX Limited’s website (nzx.com) under ticker code
VGL;
•may contain forward-looking statements about Vista Group and the environments
in which it operates.Forward-looking statements can include words such as
“expect”, “intend”, “believe”, “continue” or similar words in connection with
discussions of future operating or financial performance or conditions.Such
forward-looking statements are based on significant assumptions andsubjective
judgements which are inherently subject to risks, uncertaintiesand contingencies
outside of Vista Group’s control.
•although VistaGroup’smanagement may indicate and believe theassumptions
underlying the forward-looking statements are reasonable,any assumptions could
prove inaccurate or incorrect and, therefore, therecan be no assurance that the
results contemplated in the statements will be realized. Vista Group’s actual
results or performance may differ materially from any such forward looking
statements; and
•may include statements relating tothepast performanceofVista Group,
whichare not, andshould not be regarded as,a reliable indicatoroffuture
performance.
While all reasonable care has been taken in compiling this presentation, Vista Group,
and their respective directors, employees,agents and advisers accept no
responsibility for any errorsor omissions. Neither Vista Group or any of its respective
directors, employees, agents or advisers makes any representation or warranty,
express or implied, as to the accuracy or completeness of the information in this
presentation or as to the existence, substance or materiality of any information
omitted from this presentation.No person is under any obligation to update this
presentation at any time after its release.
Unless otherwise stated, all information in this presentation is expressed at the
date of this presentation and all currency amounts are in NZ dollars.
2

Agenda
01
Our Business
Stuart Dickinson | Chief Executive Officer
02
Financial Results
Matt Cawte | Chief Financial Officer
03
Questions
3

Vista Group’s purpose is to bring more people
together to experience the magic of movies and
cinema by creating the platform that connects the
industry and powers the moviegoer experience
4

Financial Highlights
5
Total Revenue
$69.7m +12%
Recurring Revenue
1
$60.5m +13%
SaaS / Cloud Revenue
1
$21.1m +17%
EBITDA
3
$2.5m-19%
Operating Cashflow
$6.2m +22%
ARR
2
$118.3m+6%
1.For definitions of Recurring Revenue and SaaS Revenue, refer to section 2.1 of the 2023 Interim Report.
2.ARR is AnnualisedRecurring Revenue, calculated as trailing 3 month Recurring Revenue multiplied by four.
3.EBITDA is a non-GAAP measure and is defined as earnings before net finance costs, income tax, depreciation, amortisation, “other gains and losses” (see section 2.3 of the 2023 Interim
Report) and share of equity accounted results from associates.

Recurring Revenue Growth
1H23 Recurring Revenue
1
has increased 29% from
2H 2019
6
1.Recurring Revenue is defined in section 2.1 of the 2023 Interim Report.
20
25
30
35
40
45
50
55
60
2H191H201H211H221H23
NZDm
+29%

Vista Group Outlook
•2023 revenue guidance of $142m – $147m range
•Free cash flow positiveexpected4Q 2024
•Transformation underway to drive greater client alignment / outcomes
and deliver improved financial performance
7

Strategic Priorities
Support our
clients to thrive
Expand our core
platform and
deliver value
Create and invest in
new opportunities
8

The world of movies...gets bigger
•Q2 global box office produces best quarterly result since 2019
•The Super Mario Bros. Movie was the biggest worldwide opening ever for
an animated title
•Creed 3, John Wick 4 and Scream 6opened to franchise-best numbers
•Diversity of content continues to improve and delivers broader audience
to cinemas
•‘Barbenheimer’ opening weekend in July was the best domestic box office
since April 2019, with many circuits reporting best admissions revenue in
their history
“[Barbenheimer] is a
victory for cinema.”
Francis Ford Coppola, July 2023
9
Mega movie titles see audiences flock to theatres

Upcoming 2023 Blockbusters
10

Industry outlook
•Strong blockbusters with original content drive
excitement for the cinema experience
•Studio pipeline of more diverse content announced
for 2023 and 2024, potential headwind from writers
and actors strikes
•Apple and Amazon movies on release schedule
•July box office 105% of 2019
•Cinema operators reporting positive cash
performance
11
US$1.3BUS$0.7B
US$2 Billion
Combined global box office
11

Addressing our clients’ needs
Studio /
Distribution
clients
Cinema /
Exhibition
clients
What our clients want
•Greater customer/moviegoer intimacy
•Expanded digital reach and engagement
•Operating efficiency, reduced costs
•Connected actionable data to drive
decision making
•Expanded offerings – the movie and more
•Technology solutions to connect the
industry
12

Exhibition platform momentum
Vista Cinema / Movio
Vista Cinema
Cinema management software used
by the world’s largest cinema
exhibitors
• Total revenue up by 9%
• Strong client interest in Vista Digital
adoption as stepping stone to Vista
Cloud
• Staggered Vista Cloud migration
journey received well at CineEurope
• Vista Oneview app live with pilot
client ahead of September 2023
launch
Movio
Global leader in data-driven
marketing, providing products
and ​services to exhibitors, studios
and film advertising specialists
• Total revenue up by 8%
• Rollout of Movio Cinema EQ on
track for full migration by EOY
• Making analytics actionable with a
smarter approach to movie
marketing
Vista Cinema Total Revenue
$47.5m
up 9% vs 1H22
13
Movio Total Revenue
$9.7m
up 8%vs 1H22

Site count
1
14
Compared to 31 December 2022
Enterprise Market Share
2
50%
MarketChannel
31 DecNewClosures30 Jun
2022Sites
1
/ Losses
1
2023
Enterprise
Direct4,98462(62)4,984
India1,61371(192)1,492
China3553358
Total Enterprise6,952
136
(254)6,834
Independent
Veezi956
19
975
Veezi China147(1)146
TOTAL8,055155(255)7,955
1.Management estimate - market data is less available post-pandemic. New sites, closures and losses for China are aggregated.
2.Vista Cinema percentage of the world market for Cinema Exhibition Companies with 20+ screens, excluding India and China.

Create new opportunities
Additional Group Companies (AGC)
Numero• Maccs
Box office reporting and world leading
theatrical distribution software
•Combined total revenue up by 23%
•Numero’spresales comparison feature
launched in June to great studio acclaim
•Good geographic expansion continues
to drive revenue growth for Numero
Flicks
Movie and cinema review
andshowtime guide
•Total revenue up by 33% due to higher
average users in NZ, Australia and the
UK
•Strong advertising and affiliate revenue
growth
Powster
World leading film marketing products
•Total revenue up by 36% due to strong
Showtimes performance
AGC
1
Total Revenue
$12.5m
+29% vs 1H22
15
1.AGC is the Additional Group Companies operating segment, as reported in section 2.2 of the 2023 Interim Report. It is
an aggregation of Vista Group’s portfolio companies, being Maccs, Numero, Flicks and Powster.

Financial results
Name Surname
Job title
16

Income statement
•Total revenue up 12%
supported by underlying ARR
2
growth
•Costs in line with 2023 ASM
update
•Business transformation
underway, path to 4Q24
positive free cash flow
17
NZ$m
(Six months – Unaudited)
1H231H22% Change
Total revenue69.762.4+12%
Total operating expenditure (66.3)(59.1)+12%
Foreign exchange losses(0.9)(0.2)
EBITDA
1
2.53.1-19%
Depreciation and amortisation(9.8)(8.4)+17%
Net finance costs(0.8)(0.8)
Other gains and losses (incl. impairment & associates)(1.8)(13.8)
Loss before tax(9.9)(19.9)+50%
Net lossattributable to VGL shareholders(8.7)(17.8)+51%
1.EBITDA is a non-GAAP measure and is defined as earnings before net finance costs, income tax, depreciation, amortisation, “other
gains and losses” (see section 2.3 of the 2023 Interim Report) and share of equity accounted results from associates.
2.ARR is AnnualisedRecurring Revenue, calculated as trailing 3-month Recurring Revenue multiplied by four.

Six monthly breakdown
•Strong underlying revenue
performance despite
headwinds
•Cost run rate stablisingas per
2023 ASM update and 2022
Investor Day
•EBITDA
3
in line with
expectations
•Operating leverage expected
to improve from 1H24 with
continued Recurring Revenue
1
growth and post transformation
cost base
18
1.For definitions of Recurring Revenue and Non-Recurring Revenue, refer to section 2.1 of the 2023 Interim Report.
2.The movement in ECL provision through P&L represents the reduction in the prior period ECL provision which has been recognisedin the
income statement, as the associated cash has either been received, or is now considered highly probable to be received. This value is
reported in section 4.1, or page 20.
3.EBITDA is a non-GAAP measure and is defined as earnings before net finance costs, income tax, depreciation, amortisation, “other gains
and losses” (see section 2.3 of the 2023 Interim Report) and share of equity accounted results from associates.
NZ$m
(Six months – Unaudited)
1H202H201H212H211H222H221H23
Recurring Revenue
1
32.932.637.344.153.558.860.5
Non-Recurring Revenue
1
11.910.17.69.18.913.99.2
Total revenue44.842.744.953.262.472.769.7
Cost to serve16.917.616.318.821.624.325.3
Hardware cost of sales2.10.90.50.82.42.31.1
Gross profit25.824.228.133.638.446.143.3
Sales and marketing5.14.74.25.16.87.57.7
Research and development9.69.210.312.012.615.014.6
General and administration13.013.110.215.315.417.618.1
EBITDA
3
(ex ECL
2
and FX)(1.9)(2.8)3.41.23.66.02.9
Movement in ECL provision through P&L
2
6.01.5(2.9)0.50.3(0.7)(0.5)
Foreign exchange (gains)/losses(1.4)0.6(0.1)0.60.2(0.8)0.9
EBITDA
3
(6.5)(4.9)6.40.13.17.52.5

Operating segments
•Solid underlying revenue
growth in Vista Cinema and
Movio, with strong
performance in studio focused
AGC
1
•Good growth in EBITDA
margin
2
in AGC
1
•Business transformation
programmeunderway
19
1.AGC is the Additional Group Companies operating segment, as reported in section 2.2 of the 2023 Interim Report. It is an aggregation
of Vista Group’s portfolio companies, being Maccs, Numero, Flicks and Powster.​
2.EBITDA is a non-GAAP measure and is defined as earnings before net finance costs, income tax, depreciation, amortisation, “other
gains and losses” (see section 2.3 of the2023 Interim Report) and share of equity accounted results from associates.EBITDA margin
is calculated as EBITDA over total revenue.
30 June 2023 (Six months – unaudited)
NZ$mVista CinemaMovioAGC
1
CorporateTotal
Total revenue47.59.712.5-69.7
EBITDA
2
7.91.81.5(8.7)2.5
EBITDA % of revenue17%19%12%4%
30 June 2022 (Six months – unaudited)
NZ$mVista CinemaMovioAGC
1
CorporateTotal
Total revenue43.79.09.7-62.4
EBITDA
2
7.82.00.3(7.0)3.1
EBITDA % of revenue18%22%3%5%
Revenue growth9%8%29%12%

Financial position
•Strong cash position of $37.1m
($18.8m net of bank
borrowings)
•Cash and undrawn bank
facilities of $60.8m
•Working capital improvement
1

of $1.4m solidifying a strong
balance sheet
•Substantial reduction in
receivables of $6.7m
•Substantially reduced
payables of $6.0m
•Net trade receivables
2
over 90
days reducing from $10.9m to
$5.8m
20
NZ$m
Jun 2023
(Unaudited)
Dec 2022
(Audited)
% Change
Cash37.146.0-19%
Receivables and other current assets37.242.6-13%
Non-current assets152.7146.5+4%
Current liabilities(51.4)(54.1)-5%
Non-current liabilities(30.9)(33.0)-6%
Net assets / total equity144.7148.0-2%
1.See the net change in working capital in section 3.1 of the 2023 Interim Report..
2.The aging of net trade receivables and contract assets are disclosed in section 4.1 of the 2023 Interim Report.

Cashflow
•Good operating cash flows
•Capitalised development up
with increased investment in
SaaS platform
•Average monthly Cash Usage
1
of $1.2m in 1H23 as platform
development continues
•Positive free cash flows now
expected during 4Q24, 12
months earlier than previous
guidance
21
NZ$m
(Six months – Unaudited)
1H231H22% Change
Receipts from clients78.463.4+24%
Payments to suppliers & employees(71.7)(57.2)+25%
Tax & interest(0.5)(1.1)
Cash flow from operating activities6.25.1+22%
Capitalised development(10.8)(7.6)+42%
Retriever acquisition / earn-outs(1.3)(3.3)
Other investing activities0.1(0.7)
Other financing activities(3.4)(2.6)
Net movement in cash held(9.2)(9.1)
Opening cash46.060.4
Foreign exchange differences0.30.6
Closing cash37.151.9-29%
1.Cash Usage is calculated using the net movement in cash held, less cash applied to the Retriever acquisition / earn-outs,
and less $0.7m cash applied to cash settled exceptional items (see other gains and losses in section 2.3 of the 2023
Interim Report).

Questions
22

---

1 VISTA GROUP INTERNATIONAL LTD, SHED 12, CITY WORKS DEPOT, 90 WELLESLEY STREET WEST, AUCKLAND 1010, NZ


For immediate release
Vista Group transforms as ‘Barbenheimer’ ignites box office
Auckland, New Zealand, 25 August 2023 – Vista Group International Limited (NZX & ASX:VGL) reported its interim
results for the period ending 30 June 2023 (1H23) today, as the recently announced business transformation
accelerates strategy progress.
Stuart Dickinson, Vista Group Chief Executive, commented: “We’ve just seen one of the biggest movie weekends
ever, with the July global box office reaching more than USD$2 billion for Barbie and Oppenheimer, along with a
number of other high performing releases. We’ve been thrilled to see that ‘Barbenheimer’ has resulted in a number
of our exhibitor clients experiencing record-breaking days for their businesses. What is doubly exciting is that these
two movies are responsible for one of the best opening weekends in film history and they are both original content
movies.
“Off the back of an excellent period for the industry, Vista Group is also sharply focused on its future. Last month we
announced the business transformation project to streamline operations, bringing benefits to both clients and Vista
Group. When completed, this transformation will see Vista Group emerge as a more connected organisation,
delivering improved client engagement and opening up new opportunities for the future.”

Industry overview
• Strong box office performance over the northern hemisphere summer, with ‘Barbenheimer’ opening
weekend delivering the best domestic box office since April 2019
• Q2 global box office produces the best quarterly result since 2019
• Number of domestic movies released in 2023 trending towards pre-pandemic levels with box office out-
performing the return of the number of movies.

Operational overview
• Leading UK cinema group Everyman signed to Vista Group’s cloud platform, including Movio Cinema EQ,
Vista Digital and Vista Cloud
• Vista Cloud transition accelerates client benefits, with Vista Oneview app live with pilot client, ahead of
September 2023 launch
• Business transformation is underway to support Vista Group’s vision and strategy, drive greater client
alignment, increase role clarity for our people, and deliver improved financial performance.

2 VISTA GROUP INTERNATIONAL LTD, SHED 12, CITY WORKS DEPOT, 90 WELLESLEY STREET WEST, AUCKLAND 1010, NZ

Financial overview
• Total revenue of $69.7m (up 12% on 1H22) and Recurring Revenue
1
of $60.5m (up 13% on 1H22)
• Combined Cinema and Movio Recurring Revenue
1
of $49.8m, up 10% on 1H22
• Substantial growth in the AGC segment
2
with total revenue up 29%
• EBITDA
3
of $2.5m and positive operating cashflow of $6.2m
• Average monthly Cash Usage
4
of $1.2m in 1H23 now expected to become free cashflow positive during Q4
2024 – a year earlier than previous guidance.

Outlook
• Vista Group reaffirms guidance for 2023 total revenue to be in the range of $142m – $147m
• Through the organisational transformation and the reprofiled capital expenditure program, Vista Group
expects to be free cashflow positive during the fourth quarter of 2024
• Vista Group remains on target to achieve its 2023 ASM aspirations of ARR
5
between $175m – $205m and
EBITDA
3
of 15+% by the end of 2025.

The box office continues to outperform expectations, with the recent ‘Barbenheimer’ weekend being the fourth
highest grossing domestic weekend for cinema of all time, with high demand for premium large format seats and
concession sales. The diversity of content also continues to expand, and the July domestic box office was 106% of
2019 and is 83% year to date. Avatar: The Way of Water, released in the last weeks of 2022, is now the number
three worldwide grossing movie of all time and two of the top five movies in 2023 so far are animated: The Super
Mario Bros. Movie and Spider-Man: Across the Spider-Verse. Cinema circuits in general are reporting operating
cashflow positive results and continue to invest in expanding the moviegoing experience.

Vista Group’s reported revenue of $69.7m was up 12% on the first half of 2022, with Recurring Revenue
1
up 13%,
while EBITDA
3
of $2.5m was in line with the first half of 2022 (adjusting for foreign exchange losses).

Vista Cinema, Vista Group’s largest business, reported revenue up 9% to $47.5m on the first half of 2022. Recurring
Revenue
1
was up 12% due to expansion of client revenues and the improved box office. As expected, EBITDA
3
of
$7.9m was in line with the first half of 2022.

The Vista Cloud roll out continues to expand with new clients including Everyman, a UK circuit operating with 40
sites. Vista Group’s SaaS platform will support Everyman’s mission to create an exceptional cinema experience for
their customers and aligns with their focus on innovation. This project, and the digital component of Cineplex are
expected to go live in late 2023 or 1Q24. Several smaller clients have also been added to the digital platform and
Vista Cloud. The increased investment in the core business continues to build out the cloud operations capability,
and deliver improvements in platform observability and manageability as well as functionality.

Movio, the global leader in data analytics and campaign management solutions for the cinema industry, reported
revenue up 8% to $9.7m against the first half of 2022, as variable fees increase with the strength of the global box
office. The roll out of data analytics and campaign management solution, Movio Cinema EQ, continues at pace, with
the transition for all clients expected before the end of 2023. Clients who have migrated to EQ are already seeing
successful campaigns that reach more moviegoers and connect them with their ideal movies.

3 VISTA GROUP INTERNATIONAL LTD, SHED 12, CITY WORKS DEPOT, 90 WELLESLEY STREET WEST, AUCKLAND 1010, NZ


Box office reporting platform, Numero, and film distribution software business, Maccs, reported revenue up 23%,
primarily driven by the continued geographic expansion of the Numero platform. Numero and Maccs made a
healthy contribution to EBITDA
3
performance.

Creative studio Powster’s revenue was up 36% on the first half of 2022 predominantly due to higher
demand for Powster's Showtimes platform as the number of movies released increases.

Flicks, the cinema and streaming discovery platform, reported revenue up 33% on the first half of 2022,
with an impressive 28% growth in average users in New Zealand, Australia and the United Kingdom helping
drive advertising and affiliate revenues.

1 Recurring Revenue is defined in section 2.1 of the 2023 Interim Report. 
2 AGC segment includes Numero, Maccs, Powster and Flicks.
3 EBITDA is a non-GAAP measure which is defined as earnings before net finance costs, income tax, depreciation, amortisation, “other gains
and losses” (see section 2.3 of the 2023 Interim Report) and share of equity accounted results from associates.
4 Cash Usage is calculated using the net movement in cash held, less cash applied to the Retriever acquisition / earn-outs, and less $0.7m
cash applied to cash settled exceptional items (see other gains and losses in section 2.3 of the 2023 Interim Report).
5 ARR is Annualised Recurring Revenue, calculated as trailing 3 month Recurring Revenue
1
multiplied by four.

ENDS

For further information please contact:

Media Contact:
Kate Ford
Communications Manager
Kate.ford@vista.co


About Vista Group
Vista Group International Ltd (Vista Group) is a public company, founded in New Zealand in 1996 and listed on both
the New Zealand and Australian stock exchanges in 2014 (NZX & ASX: VGL). Vista Group is a global leader in
providing tech solutions to the international film industry. With brands including Vista, Veezi, Movio, Numero,
Maccs, Flicks and Powster, Vista Group’s expertise covers cinema management software; loyalty, moviegoer
engagement and marketing; film distribution software; box office reporting; creative studio solutions; and the Flicks
movie, cinema and streaming website and app.

---

Vista Group International Limited
Results Announcement


Results for announcement to the market
Name of issuer Vista Group International Limited (NZX & ASX: VGL)
Reporting Period 6 months to 30 June 2023
Previous Reporting Period 6 months to 30 June 2022
Currency New Zealand Dollars
Amount (000s) Percentage change
Revenue from continuing
operations
$69,700 11.7%
Total Revenue $69,700 11.7%
Net profit/(loss) from
continuing operations
($8,500) 52.8%
Total net profit/(loss) ($8,500) 52.8%
Interim Dividend
Amount per Quoted Equity
Security
No interim dividend will be paid in 2023
Imputed amount per Quoted
Equity Security
Not applicable
Record Date Not applicable
Dividend Payment Date Not applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.04486905 $0.10463477
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
This announcement should be read in conjunction with the
Interim Report for the six months ended 30 June 2023 that
accompany this announcement.

Authority for this announcement
Name of person authorised
to make this announcement
Matt Cawte – Chief Financial Officer
Contact person for this
announcement
Matt Cawte – Chief Financial Officer
Contact phone number
09 984 4570
Contact email address
matt.cawte@vista.co
Date of release through MAP
25 August 2023

Unaudited financial statements accompany this announcement.