EBITDA increases 188%, with FCF positive in sight

Vista Group
Interim Report
2024

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 2024 (
1H24) and represent the half
year results for Vista Group. Comparisons are to the first six
months of 2023 (1H23).
Vista Group delivered a strong performance during 1H24 with
the benefits of a simplified organisation flowing through, not
just to deliver improved operational efficiencies and margin
expansion, but also a more connected client experience.
The new business structure is now fully operational, with
a $4.8m reduction in total cost to serve and operating
expenses
6
from 1H23.
Vista Cloud client onboarding accelerated during 1H24, and
on 5 August 2024, 138 sites were live on Vista Cloud and 247
on digital solutions.
In addition to existing clients transitioning to Vista Cloud,
new name clients to Vista Group continued to sign during
the period including Silky Otter in New Zealand and Cine
Colombia in South America.
Vista Group’s reported revenue of $69.6m was consistent with
1H23, with Recurring Revenue
3
up 5% and Sa
aS Revenue
3
up
20%. EBITDA
1
of $7.2m was up 188% or $4.7m on 1H23, with
the new business structure delivering significant operating
leverage improvement. The EBITDA
1
margin for 1H24 wa
s 10%,
up from 4% on 1H23.
Vista Group continues to expect to be Free Cash Flow
5

positive in 4Q24.
Financial overview
•EBITDA
1
of $7.2m (up $4.7m on 1H23)
•ARR
2
of $129.4m (up 9% on 30 June 2023)
•Total revenue of $69.6m (in line with 1H23), with Recurring
Revenue
3
of $63.4m (up 5% on 1H23) and SaaS Revenue
3
of
$25.4m (up 20% on 1H23)
•Operating cashflow of $3.0m, or $6.1m after adjusting for
movements in working capital
4
(up $8.5m on 1H23 on a like
for like basis)
•Loss for the period of $2.7m (a 68% improvement on 1H23).
Outlook
• 2024 total revenue guidance of $148m-$153m (was
$152m-$157m), Recurring Revenue
3
of $133m-$137m and
Non-Recurring Revenue
3
of $15m-$16m (was ~$18m)
• On track to be Free Cash Flow
5
positive in 4Q24
• 2024 EBITDA
1
margin of 13-14% (stronger than expected)
•2025 EBITDA
1
margin upgraded to 16-18% (was 15%+)
•On target to achieve December 2025 ARR
2
of $175m+.
Operational overview
• 247 sites were live on Vista Cloud solutions on 5 August
2024, including Major Cineplex (79 sites), Everyman
(44 sites), Pathé (29 sites), NCG (27 sites), and Megaplex
(15 sites)
• New client Cine Colombia (48 sites) has signed to move its
cinema circuit to Vista Cloud’s Moviegoer Engagement
solution
•
The new business structure is now fully operational, with
a $4.8m reduction in total cost to serve and operating
expenses
6
from 1H23.
Industry overview
•Deadpool & Wolverine has smashed domestic box office
records, becoming only the ninth film to open above
US$200m, representing the sixth-highest opening weekend,
and the highest R-rated film opening weekend of all time
7
•Animated coming-of-age Pixar film Inside Out 2 has taken
US$1.5b at the box office, making it the highest grossing
animated film of all time
7
•Highly successful film franchises anchor the 2H24 movie
slate including Joker: Folie à Deux, Moana 2, Transformers
One, The Lord of the Rings: The War of the Rohirrim,
Mufasa: The Lion King, and Gladiator II
•1H24 domestic box office of US$3.6b, down ~19% on 1H23
7

due to the impacts of the 2023 writers’ and actors’ strikes.
Group results
Vista Group’s reported revenue of $69.6m was consistent with
1H23, with Recurring Revenue
3
up 5% and SaaS Revenue
3
up
20%. EBITDA
1
of $7.2m was up 188% or $4.7m on 1H23, with
the new business structure delivering significant operating
leverage improvement. The EBITDA
1
margin for 1H24 was 10%,
up from 4% on 1H23.
Vista Group’s balance sheet remains sound with cash of
$20.0m ($0.9m net of bank borrowings) now expected to
approximate to its lowest point before Free Cash Flow
5

positive is realised in 4Q24. At 30 June 2024, Vista Group had
$42.9m of cash and bank facilities available for use ($20.0m
cash and $22.9m undrawn bank facilities).
Vista Group generated $3.0m cashflow from operating
activities, which after adjusting for movements in working
capital
4
would be $6.0m (up $8.5m on 1H23 on a like for like
basis).
A continued focus on working capital has resulted in cash
collections from clients representing 108% of total revenue,
a pleasing outcome given the content delays from the 2023
writers’ and actors’ strikes.
Segmental results
The management reports which are regularly reviewed by the
CEO to make strategic decisions changed in the 2024 financial
year to align to the newly transformed business.
Cinema
Vista Group’s largest reporting segment ‘Cinema’
8
, represents
~80% of Vista Group’s revenue, and includes software
solutions for the cinema industry, primarily Vista Cloud,
Movio EQ, Vista Classic (legacy on-premises) and Veezi.
The Cinema segment reported total revenue of $55.4m (in line
with 1H23). Recurring Revenue
3
was up 4% and SaaS Revenue
3
was up 20%. The Cinema segment contribution margin
9
of
$17.1m was up 4% on 1H23. The Cinema segment’s global
market share
10
of enterprise clients, excluding China and
India, remained at 46% at 30 June 2024.
Client signings to Vista Cloud continue, with new client Cine
Colombia being signed in July 2024. Vista Group sees this as
a strong market validation, with 247 sites live on Vista Cloud’s
Digital Enablement, Moviegoer Engagement and Operational
Excellence capabilities on 5 August 2024, and about 800 sites
are expected to be live on Vista Cloud solutions by the end of
2024.
Movio Cinema EQ, a data analytics and campaign
management solution offered as part of Vista Cloud’s
Moviegoer Engagement capability, continues to increase
engagement and visitation.
Film
Vista Group’s new ‘Film’ segment
8
includes software solutions
for film studios and distributors, including Maccs and Numero
(for box office reporting and film distribution), Movio Research,
Powster and Flicks.
The Film segment reported total revenue of $14.2m is in line
with 1H23, with a segment contribution margin
9
of $5.5m, up
22% on 1H23.
Box office reporting and film distribution products (Maccs,
Numero, Movio Research) performed exceptionally well with
revenue up 12% on 1H23, primarily driven by the continued
geographic expansion of the Numero platform, with complete
coverage of UK box office data achieved in 1H24.
The Powster creative studio business, which is one of the
few Vista Group brands that was directly impacted by the
content delays caused by the writers’ and actors’ strikes, saw
revenue decline 22% on 1H23. This drop in creative revenue
is expected to be temporary, with substantial improvements
forecast in the 2H24 box office and movie slate.
Flicks, the cinema and streaming discovery app, reported
revenue up another 20%, and is now reaching 22 million
unique users globally each year. Flicks continue to innovate
through a new membership offering, and rewarding users by
offering discounts and tickets from partner brands.
1 EBITDA is a non-GAAP measure which is defined as earnings before net finance
costs, income tax, depreciation, amortisation, and “other gains & losses” (see
section 2.3 of the 2024 Interim Report).
2 ARR is Annualised Recurring Revenue, calculated as trailing 3 month Recurring
Revenue multiplied by four. Aspirations for 2025 ARR assume no delays in key cloud
transition projects and no adverse change in industry or operating outlook.
3 Recurring Revenue, SaaS Revenue and Non-Recurring Revenue are defined in
section 1 of the 2024 Interim Report.
4 Net changes in working capital are reported in section 3.1 of the 2024 Interim
Report.
5 Free Cash Flow and Cash Usage are non-GAAP measures and are calculated using
the net movement in cash held, less cash used or applied to business acquisitions /
earn-outs / movement in loans / exceptional items included within “other gains and
losses” (see section 2.3 of the 2024 Interim Report).
6 Total cost to serve and operating expenses are disclosed in section 2.3 of the 2024
Interim Report.
7 Sources: Box Office Pro, Box Office Mojo, Rotten Tomatoes and Variety Magazine.
8 New reporting segments are defined in section 2.2 of the 2024 Interim Report,
with 1H23 and FY23 comparative values also supplied. A datasheet is available
on vistagroup.co.nz/investor-centre which contains reporting segment details by 6
month intervals from 1H20.
9 Contribution margin is a non-GAAP measure which is calculated as total revenue,
less cost to serve, sales & marketing costs, and research & development costs.
10 Management’s estimate of the Cinema segment percentage of the world market for
Cinema Exhibition Companies with 20+ screens, excluding China and India.
2Management commentary • 3

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 2024
30 JUNE 202430 JUNE 2023
NZ$mNZ$m
CONTINUING OPERATIONSSECTIONUNAUDITEDUNAUDITED
Total revenue2.1, 2.269.6 69.7
Cost to serve2.3(28.9)(26.4)
Gross profit40.7 43.3
Sales and marketing costs2.3(4.9)(7.7)
Research and development costs2.3(13.2)(14.6)
Contribution margin
1
2.222.6 21.0
General and administration costs2.3(14.6)(17.6)
Foreign currency losses2.3(0.8)(0.9)
EBITDA
2
7.2 2.5
Amortisation4.3(6.7)(6.6)
Depreciation(3.0)(3.2)
Finance costs(1.3)(1.4)
Finance income0.2 0.6
Other gains and losses2.3- (1.8)
Loss before tax (3.6)(9.9)
Taxation benefit5.10.9 1.4
Loss for the period (2.7)(8.5)
Loss for the period is attributable to:
Owners of the parent(2.4)(8.7)
Non-controlling interests(0.3)0.2
Loss for the period (2.7)(8.5)
Basic and diluted earnings per share (dollars)6.2($0.01)($0.04)
1 Contribution margin is a non-GAAP measure which is calculated as total revenue, less cost to serve, sales & marketing costs, and research & development costs. It is the profit
measure that the Chief Operating Decision Maker (CODM) and Board use to monitor operating segment performance.
2 EBITDA is a non-GAAP measure which is defined as earnings before net finance costs, income tax, depreciation, amortisation, and “other gains & losses” (see section 2.3).
Statement of other comprehensive income
For the six months ended 30 June 2024
30 JUNE 202430 JUNE 2023
NZ$mNZ$m
SECTIONUNAUDITEDUNAUDITED
Items that may be reclassified subsequently to the income statement
1
Translation of foreign operations1.8 3.8
Items that will not be reclassified to the income statement
Excess income tax benefit / (expense) on share-based payments6.10.3 (0.2)
Total other comprehensive income2.1 3.6
Loss for the period(2.7)(8.5)
Total comprehensive loss for the period(0.6)(4.9)
Total comprehensive loss for the period is attributable to:
Owners of the parent(0.3)(5.1)
Non-controlling interests(0.3)0.2
Total comprehensive loss for the period(0.6)(4.9)
1 Items of other comprehensive income will be reclassified to the income statement when specific conditions are met.
4Interim financial statements • 5

Statement of changes in equity
For the six months ended 30 June 2024
2024 (UNAUDITED)
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$m
Balance at 1 January 2024140.5 (12.0)4.5 2.8 135.8 1.5 137.3
Total comprehensive income movement:
Loss for the period-(2.4)--(2.4)(0.3)(2.7)
Other comprehensive income
1
0.3 -1.8 -2.1 -2.1
Total comprehensive income / (loss)0.3 (2.4)1.8 -(0.3)(0.3)(0.6)
Transactions with owners:       
Share-based payments2.4 --(1.3)1.1 -1.1
Balance at 30 June 2024143.2 (14.4)6.3 1.5 136.6 1.2 137.8
2023 (UNAUDITED)
Balance at 1 January 2023135.0 1.9 3.8 5.3 146.0 2.0 148.0
Total comprehensive income movement:
Loss for the period-(8.7)--(8.7)0.2 (8.5)
Other comprehensive (loss) / income
1
(0.2)-3.8 -3.6 -3.6
Total comprehensive (loss) / income(0.2)(8.7)3.8 -(5.1)0.2 (4.9)
Transactions with owners:
Share-based payments5.7 --(3.4)2.3 -2.3
Dividends paid-----(0.7)(0.7)
Balance at 30 June 2023140.5 (6.8)7.6 1.9 143.2 1.5 144.7
1 Items of other comprehensive income will be reclassified to the income statement when specific conditions are met.
Statement of financial position
As at 30 June 2024
30 JUNE 202431 DECEMBER 2023
NZ$mNZ$m
 SECTIONUNAUDITEDAUDITED
CURRENT ASSETS 
Cash20.028.5
Trade and other receivables4.131.138.4
Contract assets4.15.24.1
Net investment in sublease0.6-
Income tax receivable 0.50.4
Total current assets 57.471.4
NON-CURRENT ASSETS 
Contract assets4.11.00.5
Property, plant and equipment2.43.2
Lease assets7.38.7
Net investment in sublease0.7-
Goodwill4.258.757.7
Other intangible assets4.357.154.8
Deferred tax asset5.225.424.1
Total non-current assets 152.6149.0
Total assets 210.0220.4
CURRENT LIABILITIES 
Borrowings3.21.91.0
Trade and other payables14.522.3
Lease liabilities6.25.5
Deferred revenue25.226.7
Provisions4.40.21.2
Contingent consideration-0.5
Income tax payable -0.1
Total current liabilities 48.057.3
NON-CURRENT LIABILITIES 
Borrowings3.218.217.6
Lease liabilities5.17.0
Deferred revenue0.70.5
Provisions4.40.20.1
Deferred tax liability5.2-0.6
Total non-current liabilities 24.225.8
Total liabilities72.283.1
Net assets 137.8137.3
EQUITY 
Contributed equity6.1143.2140.5
Retained earnings(14.4)(12.0)
Foreign currency reserve6.34.5
Share-based payment reserve
1.52.8
Total equity attributable to owners of the parent136.6135.8
Non-controlling interests1.21.5
Total equity 137.8137.3
For, and on behalf, of the Board who approved these
interim financial statements for issue on 5 August 2024.
Susan Peterson
Chair
James Miller
Chair, Audit and Risk Committee
The above statement should be read in conjunction with the accompanying notes.The above statement should be read in conjunction with the accompanying notes.
6Interim financial statements • 7

Statement of cashflows
For the six months ended 30 June 2024
30 JUNE 202430 JUNE 2023
NZ$mNZ$m
SECTIONUNAUDITEDUNAUDITED
CASHFLOWS FROM OPERATING ACTIVITIES 
Receipts from clients75.378.4
Payments to suppliers and employees(70.4)(71.7)
Payments associated to the 2023 business transformation2.3(0.5)-
Taxes (paid) / received(0.2)0.1
Interest paid(1.2)(0.6)
Net cash inflow from operating activities3.13.06.2
CASHFLOWS FROM INVESTING ACTIVITIES 
Purchase of property, plant and equipment(0.2)(0.5)
Purchase of internally generated software and other intangibles4.3(9.2)(10.8)
Interest received0.40.6
Contingent consideration paid(0.5)(1.3)
Net cash applied to investing activities (9.5)(12.0)
CASHFLOWS FROM FINANCING ACTIVITIES 
Lease payments - principal elements(3.0)(2.7)
Loan drawdown - ASB3.22.7-
Loan repayment - ASB3.2(1.9)-
Loan drawdown - RDTI loan3.20.2-
Loan repayment - related parties3.2(0.2)-
Dividends paid to non-controlling interests-(0.7)
Net cash applied to financing activities (2.2)(3.4)
Net decrease in cash (8.7)(9.2)
Cash at beginning of period28.546.0
Foreign exchange differences0.20.3
Cash at period end 20.037.1
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 2023 Annual Report.
With exception to changes in reporting segments in section 2.2, 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 2023
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.
Impact of climate-related matters on these financial statements
Vista Group continues to assess the impact of climate change on its business along with plans to set targets and to reduce its
emissions. The current commitments made by Vista Group are detailed within the 2023 Group Climate Statement, located at
vistagroup.co.nz/investor-centre. The main emission commitments include:
1. An absolute reduction for Scope 2 GHG emissions of 42% by 2030, from the 2022 base year;
2. Measuring all applicable Scope 3 GHG emission categories; and
3. Setting reduction targets for Scope 3 GHG emissions aligned with science-based targets.
To the best of our knowledge, when preparing this interim report, Vista Group determined there were no material impacts from
climate-related matters on these financial statements, including sources of estimation uncertainty or significant judgements.
Non-GAAP financial measures
Vista Group’s CODM (being Vista Group’s CEO) and Board use the following non-GAAP financial measures to evaluate the
financial performance of Vista Group and its reporting segments:
• Contribution margin: which closely correlates to the operating cashflows of each reporting segment that the business leads
can control. It is calculated as total revenue, less cost to serve, sales & marketing costs, and research & development costs. A
reconciliation by reporting segment is provided in section 2.2.
• EBITDA: which 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, and “other gains and losses” (see section 2.3). A
reconciliation is provided on the income statement.
• Recurring and Non-Recurring Revenues: 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
classification 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.
The above statement should be read in conjunction with the accompanying notes.
8Notes to the interim financial statements • 9

2. Financial performance
This section outlines further details of Vista Group’s financial performance by building on information presented in the income
statement.
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 202430 JUNE 2023
NZ$m%NZ$m%
 UNAUDITEDUNAUDITEDUNAUDITEDUNAUDITED
SaaS revenue25.4 21.1
Non-SaaS revenue38.0 39.4
Recurring revenue63.4 91%60.5 87%
Perpetual software1.4 2.7
Hardware0.9 1.6
Services & development - one off3.7 4.6
Other revenue0.2 0.3
Non-recurring revenue6.2 9%9.2 13%
Total revenue
1
69.6 100%69.7 100%
1 No individual client exceeded 10% of revenue in either the current or prior comparative period.
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 jurisdictions based on the location of the transacting Vista Group entity.
30 JUNE 202430 JUNE 2023
NZ$mNZ$m
 UNAUDITEDUNAUDITED
New Zealand12.3 13.0
United States25.2 25.3
United Kingdom18.9 18.8
Mexico5.3 6.1
Other
1
7.9 6.5
Total revenue69.6 69.7
1 The other category includes entities in Australia, Brazil, Malaysia, Netherlands, Romania and South Africa.
Revenue process and policy
The following details Vista Group’s approach to categorising revenue:
REVENUE CATEGORYREVENUE TYPEREPORTING SEGMENTDESCRIPTIONTIMING OF REVENUE RECOGNITION
SaaS revenue
Recurring revenue
Vista recurring
subscriptions
– annual fee
CinemaA subscription for the right
to access cloud-hosted
software.
Over time
Benefits are simultaneously
received and consumed;
revenue is recognised over the
contract term.
Vista recurring
subscriptions
– variable fee
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
CinemaMovio cloud-hosted data,
marketing and analytics
platform. Clients 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
CinemaVariable 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
FilmMovio 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
FilmA subscription for the
right to access the Maccs
platforms, including
Maccs Box, DCHub and
Theatrical Distribution
Services.
Over time
Platform access is recognised
over time as benefits are
simultaneously received and
consumed.
Maccs platforms
– variable fee
FilmVariable revenue based
on the use of Maccs
platforms, including
Maccs Box, DCHub and
Theatrical Distribution
Services.
Point in time
Variable license revenue is
recognised at the end of each
month once usage-based
quantities are known.
Numero platformFilmA 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.
10Notes to the interim financial statements • 11

REVENUE CATEGORYREVENUE TYPEREPORTING SEGMENTDESCRIPTIONTIMING OF REVENUE RECOGNITION
Non-SaaS revenue
Recurring revenue
On-premises
subscription fees
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.
MaintenanceCinema & FilmBasic 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
Cinema & FilmAnnually committed
bespoke development of
software.
Over time
Recognised when the service
or development is complete or
on a stage of completion basis.
Showtimes
platform
FilmWebsite and marketing
platform for feature films,
incorporating Showtimes
data.
Point in time
Recognised when the platform
is made available to the client.
Non-recurring revenuePerpetual softwareCinema & FilmPerpetual 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 client
can benefit from using the
software.
Website
development
FilmCreation of websites for
new films about to be
released.
Point in time
Recognised when the website
has been delivered to the
client.
Services &
development
– one off
Cinema & FilmFees 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.
HardwareCinemaRevenue from the one off
sale of hardware.
Point in time
Recognised at a point in time
when delivery has been made.
2.2 Reporting segments
The management reports which are regularly reviewed by the CODM to make strategic decisions changed in the 2024 financial
year to align to the newly transformed business. The new reporting segments are as follows:
• Cinema segment: Software products predominantly sold to the cinema industry, including Vista Cinema, Veezi, Share
Dimension and movieXchange (each previously included within the 2023 Cinema segment), and also includes Movio Classic
and Movio Cinema EQ (previously included within the Movio segment).
• Film segment: Software products predominantly sold to film studios and distributors, including Maccs and Numero (both
being box office reporting software products), Movio Research and Movio Media (each previously included within the Movio
segment), Powster and Flicks.
Reporting segment performance
1
The table below provides a breakdown of Vista Group’s new reporting segments. Comparative disclosures for the periods
ending 30 June 2023 and 31 December 2023 have been restated in this table to align to the new segmental reporting.
Unaudited historical reporting segment results are available in the Investor Centre section of Vista Group's website
vistagroup.co.nz/investor-centre.
FOR THE SIX MONTHS ENDED
30 JUNE 2024 (UNAUDITED)
FOR THE SIX MONTHS ENDED
30 JUNE 2023 (UNAUDITED)
CINEMAFILMTOTAL% OFCINEMAFILMTOTAL% OF
NZ$mNZ$mNZ$mREVENUENZ$mNZ$mNZ$mREVENUE
SaaS revenue19.5 5.9 25.4

16.2 4.9 21.1

Maintenance revenue19.4 2.5 21.9

22.3 2.3 24.6

Other non-SaaS revenue12.0 4.1 16.1

10.3 4.5 14.8

Recurring revenue50.9 12.5 63.4

48.8 11.7 60.5

Hardware revenue0.9 -0.9

1.6 -1.6

Other non-recurring revenue3.6 1.7 5.3

5.1 2.5 7.6

Non-recurring revenue4.5 1.7 6.2

6.7 2.5 9.2

Total revenue55.4 14.2 69.6

55.5 14.2 69.7

Hardware cost of sales(0.5)-(0.5)(1.1)-(1.1)
Other cost to serve(23.9)(4.5)(28.4)
41%
(19.8)(5.5)(25.3)
36%
Cost to serve(24.4)(4.5)(28.9)

(20.9)(5.5)(26.4)

Gross profit31.0 9.7 40.7

34.6 8.7 43.3

Gross profit %56%68%58% 62%61%62%
Gross profit (excl hardware) %56%68%59% 63%61%63%
Sales and marketing costs(2.9)(2.0)(4.9)
7%
(6.2)(1.5)(7.7)
11%
Research and development costs(11.0)(2.2)(13.2)
19%
(11.9)(2.7)(14.6)
21%
Contribution margin
2
17.1 5.5 22.6

16.54.521.0

Contribution margin

%31%39%32% 30%32%30%
1 Vista Group’s CODM does not regularly review assets and liabilities for each reporting segment. The prior comparative period values (30 June 2023 and 31 December 2023)
have been restated to align to Vista Group’s new reporting segments.
2 Contribution margin is a non-GAAP measure which is calculated as total revenue, less cost to serve, sales & marketing costs, and research & development costs. It is the profit
measure that the CODM and Board use to monitor operating segment performance.
12Notes to the interim financial statements • 13

Reporting segment performance

(prior year)
FOR THE YEAR ENDED
31 DECEMBER 2023 (UNAUDITED)
CINEMAFILMTOTAL% OF
NZ$mNZ$mNZ$mREVENUE
SaaS revenue35.5 10.4 45.9
Maintenance revenue41.0 4.6 45.6
Other non-SaaS revenue23.3 9.2 32.5
Recurring revenue99.8 24.2 124.0
Hardware revenue3.7 -3.7
Other non-recurring revenue10.7 4.6 15.3
Non-recurring revenue14.4 4.6 19.0
Total revenue114.2 28.8 143.0
Hardware cost of sales(2.6)-(2.6)
Other cost to serve(39.9)(10.8)(50.7)
35%
Cost to serve(42.5)(10.8)(53.3)
Gross profit71.7 18.0 89.7
Gross profit %63%63%63%
Gross profit (excl hardware) %64%63%64%
Sales and marketing costs(12.4)(2.9)(15.3)
11%
Research and development costs(23.0)(5.4)(28.4)
20%
Contribution margin
1
36.3 9.7 46.0
Contribution margin

%32%34%32%
1 Contribution margin is a non-GAAP measure which is calculated as total revenue, less cost to serve, sales & marketing costs, and research & development costs. It is the profit
measure that the CODM and Board use to monitor operating segment performance.
Non-current assets by domicile of entity
30 JUNE 202431 DECEMBER 2023
NZ$mNZ$m
UNAUDITEDAUDITED
New Zealand71.0 69.3
United States
19.9 20.7
United Kingdom
9.8 8.5
Mexico
12.7 12.3
Other
1
 13.8 14.1
Non-current assets
2
127.2 124.9
1 The other category includes entities in Australia, Brazil, Malaysia, Netherlands, Romania and South Africa.
2 As required by NZ IFRS 8 Operating Segments, non-current operating assets in the table above excludes deferred tax assets.
2.3 Expenses and other income
Classification
of operating expenses on the income statement
Cost to serve: are the incremental direct costs incurred 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 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 cost to
serve, sales and marketing costs, or research and development costs. Amortisation and depreciation are separated from this
category as they are non-cash costs, and it also enables Vista Group’s non-GAAP financial measure, EBITDA (as defined in
section 1) to be presented clearly on the income statement.
Impact of the business transformation on the classification of operating expenses
On December 2023,
Vista Group completed a business transformation by unifying its seven operating businesses into a single
SaaS-focused business. As a result of this transformation, significant changes were made to Vista Group’
s operating model
which have impacted how personnel costs are now categorised within the operating expense classifications (cost to serve, sales
& marketing costs, research & development costs, and general & administration costs). Prior year classifications have not been
re-categorised as they better reflect how the business was operating at that time.
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’. The prior period values have been represented to show the capitalised development costs in a like for like manner
(those that were recognised on the income statement).
30 JUNE 202430 JUNE 2023
NZ$mNZ$m
Represented
SECTIONUNAUDITEDUNAUDITED
Direct cost of sales (excl. hardware and personnel)8.1 7.8
Hardware cost of sales0.5 1.1
Personnel costs43.5 46.6
Share-based payment expense1.1 2.3
Defined contribution plans and employee insurances4.7 4.8
Capitalised development4.3(8.8)(9.7)
Government grants2.3(0.6)(0.1)
Computer equipment and software3.0 3.2
Marketing costs1.1 1.2
Travel related costs1.0 1.3
ECL expense / (benefit)4.10.4 (1.5)
Bad debt expense4.10.1 1.0
Foreign currency losses0.8 0.9
Group auditor remuneration0.3 0.3
Other operating expenses7.2 8.0
Total cost to serve and operating expenses
62.4 67.2
14Notes to the interim financial statements • 15

Other gains and losses
‘Other gains and losses’ are excluded from operating expenses, contribution margin and EBITDA because they result from
non-cash activities, or relate to unusual transactions not derived 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 202430 JUNE 2023
NZ$mNZ$m
  SECTIONUNAUDITEDUNAUDITED
Business transformation costs-(0.8)
CEO transition costs-(0.5)
Fair value movements on contingent consideration-0.8
Impairment charges - Contract assets4.1-(0.2)
Impairment charges - Retriever client contracts4.3-(2.4)
Impairment reversal - Sublease asset-1.3
Total other gains and losses -(1.8)
Details of the other gains and losses recognised in the prior period:
• Business transformation costs: On 6 July 2023, Vista Group announced it had commenced consultation with its people around
a proposed business transformation designed to streamline operations into a single business approach and reduce the global
workforce by 6-8%. These business transformation costs predominantly related to a constructive obligation for impacted
people consulted prior to 30 June 2023 and do not include the expected redundancy payments for impacted people consulted
after 30 June 2023. These costs were considered unusual as they were non-recurring in nature and were presented separately
to ensure the reader can better project future cashflows. Full details of the 2023 full year business transformation costs of
$5.4m are available in the 2023 Annual Report.
At 31 December 2023, Vista Group recognised a $0.8m provision relating to business transformation costs expected to be
settled during the 2024 financial year. At 30 June 2024, $0.5m of this provision had been settled in cash.
• CEO transition costs: To help facilitate a seamless CEO transition where momentum was maintained, Vista Group’s Board
agreed to a cross-over consulting arrangement in 2023 with the incoming and departing CEOs. These incremental costs were
presented separately to ensure the reader can better project future cashflows. Full details of the 2023 full year CEO transition
costs of $1.1m are available in the 2023 Annual Report.
• Fair value movements on contingent consideration: The acquisition price for Retriever included contingent cash consideration
through two earn-outs. In the prior period Vista Group recognised a fair value gain of $0.8m as the amount likely to be settled
had reduced.
The final amount due under the Retriever earn-outs was $0.5m, which was settled in the current period. No fair value gains or
losses were recognised in the current year.
• Impairment reversal – Sublease asset: During the 2022 financial 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 and
the leased asset reverted to being a right of use asset of Vista Group. An impairment charge of $1.5m was recognised at 31
December 2022.
By 30 June 2023, Vista Group had started using the space as at that time it was considered unlikely to be re-sublet on its own.
This resulted in an impairment reversal of $1.3m at 30 June 2023.
By 31 December 2023, Vista Group had found a new subtenant for the same space with the lease commencing in March 2024.
The new sublease asset has therefore been reclassified from lease assets and recognised as a sublease asset in 2024. The
impairment charge reversal of $1.3m recognised at 30 June 2023 was then reduced to $0.6m at 31 December 2023.
Government grants (significant accounting judgement)
Government grants are recognised when there is reasonable assurance that the grant will be received, and all attached conditions
will be complied with. Government grants are recognised in the income statement within operating expenses on a systematic basis
over the periods in which Vista Group recognises the related costs that the grants are intended to compensate. Grants relating to
capitalised development are included within the cost of the developed intangible asset recognised.
Total Government grants recognised in the income statement during the period were $0.6m (30 June 2023: $0.1m):
• Employee Retention Credit (ERC): Vista Group made an ERC claim with the US Government which could refund up to US$2.0m
of pandemic related wage costs. While Vista Group believes it is eligible to make this claim, due to its complexity and various
procedural factors, Vista Group applied judgement in determining that reasonable assurance will only be achieved when the
claim has been accepted, meaning no ERC claim has been recognised.
• New Zealand Research & Development Tax Incentives (RDTI): Vista Group recognised $0.5m of Government grants associated
to the RDTI (30 June 2023: $1.2m). The amount recognised on the income statement was $0.1m (30 June 2023: $0.1m) and the
amount recognised as an offset to capitalised intangible asset costs was $0.4m (30 June 2023: $1.1m). Vista Group determines
claims under the RDTI are reasonably probable when a general approval has been received by the Inland Revenue.
3. Cash flows and borrowings
This section outlines further details of Vista Group’s cash flows and liquidity.
3.1 Reconciliation of net profit to operating cash flows
30 JUNE 202430 JUNE 2023
NZ$mNZ$m
Represented
 SECTIONUNAUDITEDUNAUDITED
Loss for the period (2.7)(8.5)
Non-cash items:
Amortisation 4.36.7 6.6
Depreciation3.0 3.2
Impairment charges2.3-1.3
Fair value movements in contingent consideration2.3-(0.8)
Share-based payment expense1.1 2.3
Deferred tax benefit5.1(1.9)(3.1)
Non-cash finance charges0.3 0.8
Unrealised foreign currency losses / (gains)0.3 (0.6)
Movement in ECL provision through the income statement4.10.4 (1.5)
Movement in revenue provisions4.1(0.2)(2.5)
Movement in other provisions4.4(0.9)0.4
Net non-cash items 8.8 6.1
Movements in working capital:
Decrease in related party trade and other payables-(0.1)
Decrease in related party trade and other receivables, net of deferred revenue-0.2
Decrease in trade and other payables(8.2)(4.4)
Decrease in trade and other receivables, net of deferred revenue4.8 12.3
Decrease in net taxation receivable0.3 0.6
Net change in working capital (3.1)8.6
Net cash inflow from operating activities 3.0 6.2
16Notes to the interim financial statements • 17

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 202431 DECEMBER 2023
NZ$mNZ$m
 UNAUDITEDAUDITED
Balance at 1 January18.6 18.1
Repayments during the period(2.1)(0.1)
Drawdowns during the period2.9 0.5
Movement in foreign exchange0.7 0.1
Total borrowings at period end20.1 18.6
Represented by: 
Current portion1.9 1.0
Non-current portion18.2 17.6
Total borrowings at period end20.1 18.6

A schedule of all debt facilities is shown below:
EXPIRY DATE
CURRENT
LIMIT
(NZ$m)
WEIGHTED AVERAGE
INTEREST RATE
DEBT DRAWN (NZ$m)
FACILITY PROVIDERREASON FOR LOAN30-Jun-2431-Dec-2330-Jun-2431-Dec-23
ASB - revolving creditGeneral commercial /
Future acquisitions
Jan 202640.07.31%7.43%18.2 17.6
ASB - overdraftWorking capitalOn demand 2.0 10.13%10.13%0.9 -
Related partiesWorking capitalOn demand0.3 4.00%4.00%0.3 0.5
RDTI loansGovernment grantsMay 20250.7 --0.7 0.5
Total borrowings at period end 20.1 18.6
ASB facilities
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; and
• 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.
Other borrowings
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.
4. Assets and liabilities
This section outlines details of Vista Group’s financial performance by building on information presented in the statement of
financial position.
4.1 Trade and other receivables
Carrying value of trade and other receivables
30 JUNE 202431 DECEMBER 2023
  NZ$mNZ$m
 UNAUDITEDAUDITED
Trade receivables 25.7 31.5
Sundry receivables 2.6 2.2
Prepayments 2.8 4.7
Total trade and other receivables 31.1 38.4
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 202431 DECEMBER 2023
  NZ$mNZ$m
SECTIONUNAUDITEDAUDITED
Balance at 1 January 4.6 5.3
Amounts included in opening balance released in the current period(3.3)(4.5)
Additional contract assets recognised during the period4.9 3.8
Impairment charges2.3-(0.2)
Exchange movements -0.2
Contract assets at period end 6.2 4.6
Represented by:
Current portion5.2 4.1
Non-current portion1.0 0.5
Contract assets at period end 6.2 4.6
18Notes to the interim financial statements • 19

Revenue provisioning (significant estimation uncertainty)
During the pandemic period, Vista Group was required to assess its trade receivable and contract asset balances for revenue
related provisions as follows:
• Credit risk provision: During the initial impact of the pandemic (March 2020 to June 2021), Vista Group applied ‘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.
All receivables relating to this period, but still on balance sheet at 30 June 2024, 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.
Due to the above, total revenue may include a reversal of prior period revenue provisioning, where the performance obligations
were performed in a prior period. In the current period the amount was less than $0.1m (30 June 2023: $1.1m).
ECL provisioning (significant estimation uncertainty)
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:
• 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.
• 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).
The movement in the ECL provision during the period was as follows:
 30 JUNE 202431 DECEMBER 2023
 NZ$mNZ$m
 UNAUDITEDAUDITED
Balance at 1 January1.5 4.4
Bad debts written off(0.1)(1.6)
Movement in provision through the income statement0.5 (0.7)
Movement in provision through deferred revenue-(0.7)
Exchange differences-0.1
ECL provision at period end1.9 1.5
The table below illustrates how the carrying value of the ECL has been derived:
30 JUNE 2024 (UNAUDITED)
0-90 DAYS
NZ$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
29.4 2.2 1.3 0.2 0.7 33.8
Baseline0.1 ----0.1
Aging, write offs and collection--0.1 --0.1
Country, client and market0.1 ----0.1
ECL - general provision0.2 -0.1 --0.3
ECL - specific provision0.7 0.1 0.1 -0.7 1.6
Total ECL provision0.9 0.1 0.2 -0.7 1.9
General provision effective rate0.7%0.0%7.7%0.0%0.0%0.9%
31 DECEMBER 2023 (AUDITED)
      
Net trade receivables and contract assets
1
33.22.60.80.30.737.6
Baseline0.1----0.1
Aging, write offs and collection------
Country, client and market0.1----0.1
ECL - general provision0.2----0.2
ECL - specific provision0.20.30.10.10.61.3
Total ECL provision0.40.30.10.10.61.5
General provision effective rate0.6%0.0%0.0%0.0%0.0%0.5%
1 Net trade receivables and contract assets have been adjusted for the impact of concession discounts and credit risk provisioning.
20Notes to the interim financial statements • 21

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 7.8% is a reasonable level to provide against trade receivables and
contract assets.
 30 JUNE 202431 DECEMBER 2023
 NZ$mNZ$m
 
UNAUDITEDAUDITED
Trade receivables and contract assets 34.6 38.6
Revenue provision - credit risk 0.8 1.0
ECL provision 1.9 1.5
Total provisioning 2.7 2.5
Total provisioning effective rate 7.8%6.5%
4.2 Goodwill
Testing for indicators of goodwill impairment
Vista Group reviewed the carrying value of its goodwill for indicators of impairment at 30 June 2024. No such indicators were
noted. In accordance with NZ IAS 36 Impairment of Assets, no impairment review was performed at 30 June 2024.
Details of the significant estimates Vista Group applied in the 2023 annual impairment testing of goodwill, along with sensitivity
disclosures, are included in section 4.4 of the 2023 Annual Report. The 2024 annual impairment testing of goodwill will be
performed at 31 August 2024 (same month as prior year reviews).
4.3 Other intangible assets
Development costs and internally generated software (significant accounting judgement)
Capitalised development: Internally developed software is capitalised as an intangible asset when it meets the recognition criteria
of NZ IAS 38 Intangible Assets. This requires Vista Group to establish that the expenditure can be reliably measured, and the
development is:
• technically feasible;
• likely to be completed and then used or sold;
• likely to generate probable future economic benefits; and
• Vista Group will have adequate technical, financial and other resources available to complete the development.
Carrying amount of other intangible assets
30 JUNE 2024 (UNAUDITED)
INTERNALLY
GENERATED
SOFTWARE
NZ$m
SOFTWARE
LICENSES
NZ$m
INTELLECTUAL
PROPERTY
NZ$m
CLIENT
RELATIONSHIPS
NZ$m
TOTAL
NZ$m
Gross carrying amount     
Balance at 1 January80.9 4.6 2.5 14.0 102.0
Additions8.8 ---8.8
Exchange differences0.1 --0.4 0.5
Balance at period end89.8 4.6 2.5 14.4 111.3
Accumulated amortisation     
Balance at 1 January(33.9)(3.5)(2.1)(7.7)(47.2)
Current period amortisation(6.0)(0.3)(0.1)(0.3)(6.7)
Exchange differences---(0.3)(0.3)
Balance at period end(39.9)(3.8)(2.2)(8.3)(54.2)
Intangible assets at 30 June 202449.9 0.8 0.3 6.1 57.1
31 DECEMBER 2023 (AUDITED)
INTERNALLY
GENERATED
SOFTWARE
NZ$m
SOFTWARE
LICENSES
NZ$m
INTELLECTUAL
PROPERTY
NZ$m
CLIENT
RELATIONSHIPS
NZ$m
TOTAL
NZ$m
Gross carrying amount     
Balance at 1 January64.7 4.5 2.6 16.2 88.0
Additions18.7 ---18.7
Disposals (0.7)---(0.7)
Impairment charges(2.0)--(2.4)(4.4)
Exchange differences0.2 0.1 (0.1)0.2 0.4
Balance at period end80.9 4.6 2.5 14.0 102.0
Accumulated amortisation     
Balance at 1 January(24.1)(2.9)(1.9)(6.1)(35.0)
Current period amortisation(10.7)(0.6)(0.2)(1.5)(13.0)
Disposals 0.7 ---0.7
Impairment charges0.2 ---0.2
Exchange differences---(0.1)(0.1)
Balance at period end(33.9)(3.5)(2.1)(7.7)(47.2)
Intangible assets at 31 December 202347.0 1.1 0.4 6.3 54.8
Internally generated software cash additions
The costs reported above on developing internally generated software differ from the cash outflows recognised in the statement
of cashflows due to timing of cash receipts relating to RDTI Government grants. For example:
• 30 June 2024: Additions in the table above of $8.8m include a $0.4m RDTI Government grant accrual (see more details in
section 2.3). The total cash outflow for the period was therefore $9.2m.
• 31 December 2023: Additions in the table above of $18.7m include a $0.8m RDTI Government grant accrual. The total cash
outflow for the year ended 31 December 2023 was therefore $19.5m.
Impairment of intangible assets (significant estimation uncertainty)
Vista Group reviewed the carrying value of its internally generated software for indicators of impairment at 30 June 2024. As no
such indicators were noted, in accordance with NZ IAS 36 no impairment review was performed at 30 June 2024.
Vista Group reviewed the carrying value of its internally generated software for indicators of impairment in the prior periods and
recognised the following impairment changes:
• Capitalised development: Due to a change in the expectations of the Madex product, the carrying value was fully impaired in
the second half of 2023, resulting in an impairment charge of $1.8m being recognised within ‘other gains and losses’ at
31 December 2023 (30 June 2023: $nil).
• Retriever client contracts: On 16 February 2022, Vista Group announced it acquired the client relationship assets of Retriever
Software Inc. (Retriever). The fundamental driver behind this transaction was to onboard 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) at 30 June
2023, which is a Fair Value Less Costs to Dispose (FVLCD) 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 recognised the
$2.4m as an impairment charge within ‘other gains and losses’ at 30 June 2023 (see section 2.3).
Key inputs applied to the MEEM are included in section 4.5 of the 2023 Annual Report.
22Notes to the interim financial statements • 23

4.4 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 202431 DECEMBER 2023
  NZ$mNZ$m
 SECTION UNAUDITEDAUDITED
Business transformation constructive obligations2.30.2 0.8
Lease dilapidations0.2 0.5
Total provisions at period end 0.4 1.3
Represented by:
Current0.2 1.2
Non-current0.2 0.1
Total provisions at period end 0.4 1.3
Movement in provisions
30 JUNE 202431 DECEMBER 2023
NZ$mNZ$m
SECTIONUNAUDITEDAUDITED
Balance at 1 January1.3 0.7
US sales taxes-(0.3)
Business transformation constructive obligations2.3(0.6)0.8
Lease dilapidations(0.3)0.1
Total provisions at period end 0.4 1.3
5. Taxation
This section outlines details of the income tax expense incurred by Vista Group and the deferred taxes recognised on the
statement of financial position.
5.1 Income tax expense
The income tax expense for the period comprises current and deferred tax. Taxation is recognised in the income statement,
except when it relates to items recognised directly in equity (in which case the income tax is recognised in the statement of other
comprehensive income). Income tax expense is based on tax rates and regulation enacted, or substantively enacted at the balance
date, in the jurisdiction in which the respective entity operates.
Composition of income tax expense
30 JUNE 202430 JUNE 2023
NZ$mNZ$m
SECTIONUNAUDITEDUNAUDITED
Current tax expense 1.0 1.7
Deferred tax benefit5.2(1.9)(3.1)
Total taxation benefit (0.9)(1.4)
Reconciliation of income tax expense
The relationship between the expected tax expense based on the domestic effective tax rate of the Company at 28%
(30 June 2023: 28%) and the reported tax expense in the income statement can be reconciled as follows:
30 JUNE 202430 JUNE 2023
NZ$mNZ$m
UNAUDITEDUNAUDITED
Loss before tax (3.6)(9.9)
Domestic tax rate for Vista Group International Limited28%28%
Expected taxation benefit (1.0)(2.8)
Foreign subsidiary company tax(0.1)(0.1)
Non-assessable income / non-deductible expenses0.2 0.1
Prior period adjustments(0.1)0.1
Other0.1 1.3
Total taxation benefit (0.9)(1.4)
Effective tax rate 25%14%
Unrecognised tax losses and imputation credits
Vista Group had $3.1m (31 December 2023: $3.2m) of unused tax losses for which no deferred tax asset has been recognised, as
they did not meet the required recognition criteria.
At 30 June 2024, the value of Vista Group’s imputation credits available for use in subsequent reporting periods reduced to
$1.3m (31 December 2023: $10.9m). This is due to significant changes in Vista Group’s share register resulting in the associated
shareholder continuity requirement no longer being met.

24Notes to the interim financial statements • 25

5.2 Deferred tax assets and liabilities
Deferred tax is recognised for temporary differences between the carrying amounts of assets and liabilities for financial reporting
purposes and the amounts used for taxation purposes. The amount of deferred tax is based on the expected manner of realisation
of the carrying amount of assets and liabilities, using tax rates enacted or substantially enacted at the end of the period. A deferred
tax asset is recognised only to the extent that it is probable that future taxable profits will be available for the asset to be utilised.
Recognition of deferred tax assets (significant estimation uncertainty)
Deferred tax at period end includes temporary timing differences and income tax losses available to carry forward against future
profits. A deferred tax asset is recognised on losses, only when it is considered probable that sufficient taxable profits will be
available to utilise the losses in the near future. Vista Group applies judgement when reviewing current business plans and forecasts
to ascertain the likelihood of future taxable profits. The financial forecasts used in this assessment are the same as those used in the
annual impairment review of goodwill and other assets (see section 4.4 of the 2023 Annual Report).
Deferred taxes can be summarised as follows:
30 JUNE 2024 (UNAUDITED)
OPENING
BALANCE
NZ$m
RECLASS (TO) /
FROM CURRENT
TAX
NZ$m
RECOGNISED
IN OTHER
COMPREHENSIVE
INCOME
NZ$m
RECOGNISED
IN INCOME
STATEMENT
NZ$m
CLOSING
BALANCE
NZ$m
Trade and other receivables1.0 --0.9 1.9
Property, plant and equipment(2.7)--(1.1)(3.8)
Lease assets (2.2)--0.4 (1.8)
Intangible assets(0.6)--0.1 (0.5)
Employee benefits2.9 -0.3 (1.0)2.2
Lease liabilities3.1 --(0.6)2.5
Available tax losses21.3 --3.4 24.7
Other0.7 (0.3)-(0.2)0.2
Deferred tax net asset at 30 June 202423.5 (0.3)0.3 1.9 25.4
31 DECEMBER 2023 (AUDITED)
Trade and other receivables2.6 --(1.6)1.0
Property, plant and equipment(2.2)--(0.5)(2.7)
Lease assets (2.7)--0.5 (2.2)
Intangible assets(1.0)--0.4 (0.6)
Employee benefits3.2 -(0.2)(0.1)2.9
Lease liabilities3.8 --(0.7)3.1
Available tax losses13.9 --7.4 21.3
Other0.1 --0.6 0.7
Deferred tax net asset at 31 December 202317.7 -(0.2)6.0 23.5
Deferred tax net asset is represented by:
30 JUNE 202431 DECEMBER 2023
NZ$mNZ$m
UNAUDITEDAUDITED
Deferred tax asset25.4 24.1
Deferred tax liability-(0.6)
Deferred tax net asset25.4 23.5
The deferred tax asset of $24.7m recognised for available tax losses relate to the New Zealand ($23.1m), United States ($0.7m),
United Kingdom ($0.6m) and Netherlands ($0.3m) tax jurisdictions. As none of these jurisdictions impose an expiry date on tax
losses, and due to management prepared 5-year business models projecting a return to profitability, Vista Group applied judgement
in determining that it is probable that these tax losses will be utilised.
6. Capital structure
This section outlines Vista Group’s capital structure, earnings per share and share-based employee incentives which have an
impact on Vista Group’s equity.
6.1 Contributed capital
At 30 June 2024, there were 237,676,202 shares in issue (31 December 2023: 236,243,042). The following reflects where these
shares were allocated:
MILLIONS OF SHARESNZ$m
30 JUNE 202431 DECEMBER 202330 JUNE 202431 DECEMBER 2023
UNAUDITEDAUDITEDUNAUDITEDAUDITED
Shares issued and fully paid:
Balance at 1 January236.2 233.2 140.5 135.0
Ordinary shares issued during the period:
Employee incentives1.5 3.0 2.4 5.7
Excess income tax benefit / (expense) on
share-based payments
--0.3 (0.2)
Total contributed equity at period end237.7 236.2 143.2 140.5
No dividends were paid during the year (31 December 2023: $nil).
6.2 Earnings per share
Vista Group presents basic and diluted earnings per share (EPS) data for its ordinary shares.
Basic EPS is calculated by dividing the profit or loss attributable to owners of the parent by the weighted average number of
ordinary shares in issue during the period.
Diluted EPS is determined by adjusting the profit or loss attributable to owners of the parent and the weighted average number of
ordinary shares in issue during the period for the effects of all dilutive potential ordinary shares, which for Vista Group comprise
share rights and performance rights. Potential ordinary shares are treated as dilutive when their conversion to ordinary shares
would decrease EPS or increase the loss per share.
Earnings per share calculation
30 JUNE 202430 JUNE 2023
UNAUDITEDUNAUDITED
Weighted average ordinary shares for basic EPS (millions)236.8 234.5
Effect of dilution:
Share options and awards (millions)3.1 3.6
Weighted average ordinary shares adjusted for the effect of dilution (millions)239.9 238.1
Loss for the period attributable to owners of the parent (NZ$m)(2.4)(8.7)
Basic and diluted EPS (dollars)($0.01)($0.04)
26Notes to the interim financial statements • 27

7. Other disclosures
7.1 Financial instruments by category
30 JUNE 2024 (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
Cash20.0 - -
Trade receivables25.7 - -
Sundry receivables2.6 - -
Net investment in sublease1.3 - -
Total financial assets49.6 - -
Borrowings - -20.1
Trade payables - -1.2
Sundry payables - -3.6
Lease liabilities - -11.3
Total financial liabilities - -36.2
31 DECEMBER 2023 (AUDITED)
Cash28.5 - -
Trade receivables31.5 - -
Sundry receivables2.2 - -
Total financial assets62.2 - -
Borrowings - -18.6
Trade payables - -7.6
Sundry payables - -4.0
Lease liabilities - -12.5
Contingent consideration -0.5 -
Total financial liabilities -0.5 42.7
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.
7.2 Related parties
Related parties are materially consistent with those disclosed in the 2023 Annual Report. There have been no transactions with
any associate companies during the period.
7.3 Going concern
These 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 2024, Vista Group had $42.9m in cash liquidity (net cash), with $20.0m in cash and $22.9m of undrawn ASB revolving
credit and overdraft facilities. In addition to this, Vista Group’s EBITDA and operating cash flows are positive. 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.
7.4 Capital commitments
There were no significant capital commitments for Vista Group at 30 June 2024 (31 December 2023: $nil).
7.5 Events after balance date
There were no significant events between the balance date and the date that these financial statements were authorised for issue.
28Notes to the interim financial statements • 29

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

---

2024
Half Year Results
6 August 2024

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 realised. Vista Group’s actual
results or performance may differ materially from any such forward looking
statements; and
•may include statements relating tothepast performanceof Vista Group,
whichare not, andshould not be regarded as,a reliable indicatorof future
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 orimplied, 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
Highlights / Strategy
Stuart Dickinson | Chief Executive Officer
02
Financial Results
Matt Cawte | Chief Financial Officer
03
Questions
3

4
Highlights

Vista Group’s vision is for our
digital ecosystem toconnect the film industry
and power the moviegoer experience.
5

6
1.Recurring Revenue and SaaS Revenue are defined in section 1 of the 2024 Interim Report.
2.ARR is Annualised Recurring Revenue, calculated as trailing 3 month Recurring Revenue multiplied by four.
3.EBITDA is a non-GAAP measure which is defined as earnings before net finance costs, income tax, depreciation, amortisation, and “other gains & losses”
(see section 2.3 of the 2024 Interim Report).
4.Movements in working capital are disclosed in section 3.1 of the Interim Report, and represent ($3.1m) cash outflows in 1H24, and $8.6m cash inflows in 1H23.
Financial Highlights
•Strong Recurring Revenue
1

and SaaS Revenue
1
growth
•EBITDA
3
margin of 10%, up
from 4% in 1H23
•Disciplined focus on getting
clients live with Vista Cloud
capabilities
•Good client momentum with
new signings
•Operating cash flows up
$8.5m on 1H23, after
adjusting for working capital
4

$69.6mTo t a l Revenue
n/c
$69.6m
$69.7m
1H24
1H23
1H22
$62.4m
$63.4mRecurring Revenue
1
1H24
1H23
1H22
5%
$63.4m
$60.5m
$53.5m
$25.4mSaaS Revenue
1
1H24
1H23
1H22
20%
$25.4m
$21.1m
$18.0m
$129.4mARR
2
1H24
1H23
1H22
9%
$129.4m
$118.3m
$112.0m
$7.2mEBITDA
3
1H24
1H23
1H22
188%
$7.2m
$2.5m
$3.1m
$3.0m
Operating Cashflow
1H24
1H23
1H22
52%
$3.0m
$6.2m
$5.1m
6

The Industry and 1H24
The Industry
•
Impacts of delayed movies, due to the writers' and actors'
strikes, flowed through the first five months of 2024
•Stronger end to the period with:
•Inside Out 2 the highest grossing animated movie of all time
1
•Deadpool & Wolverine has the sixth-highest opening weekend
of all time
1
Industry Impact for Vista Group 1H24
•Impact to clients flowing through to Vista Group on a short-
term basis primarily across non–recurring revenue
(h ardware, services, creative)
•Vista Cloud full steam, 17 roll-outs July - August
7
7
1.Source: Box Office Mojo and Variety.com
7

Strong 2H24 Movie Slate
Building box office momentum
$8B+
Domestic market forecast
2
8
Inside Out 2
Released June 2024: US$1.5B+
1
2H24
Wide releases every week for rest of year
3
1.Source: Box office mojo
2.Source: Omdia
3.Source: The Numbers

Vista Cloud – The Proof Points
2023
Proving product-market fit
2024
Proving delivery at scale
2025
Delivery at scale, at pace
On track for ~800 sites live
on Vista Cloud capabilities
by end of 2024
9
On track for $175m+
ARR
1
by end of 2025
1.ARR is Annualised Recurring Revenue, calculated as trailing 3 month Recurring Revenue multiplied by four. Aspirations for 2025 ARR assume no delays in key cloud transition
projects and no adverse change in industry or operating outlook.

Clear Client Pathway to Vista Cloud Adoption
Delivers early benefits, path and pace tailored to client priorities
Data
Empowerment
Reveal how I am
performing, why, and
recommend what I
should do to seize every
opportunity
Digital
Enablement
Allow me to scale to
blockbuster moments
and deliver amazing user
experiences regardless
of who builds my sales
channels
Moviegoer
Engagement
Allow me to drive
incremental returns and
boost moviegoer
retention with tailored
interfaces,
communications and
offers
Operational
Excellence
I want my team to serve
our guests and operate
our theatres as efficiently
and effectively as
possible
Progressive steps through Vista Cloud
Data
Empowerment
Digital
Enablement
Moviegoer
Engagement
Operational
Excellence
10
Data Empowerment
Digital Enablement
Moviegoer Engagement
Operational Excellence
Core Confidence

02004006008001,0001,2001,4001,6001,8002,0002,2002,400
Sites
Live NowLive in 24/25ContractingDec-23
Cinema Cloud Momentum
Acceleration across all cloud solution areas
11
1.Clients currently negotiating an agreement for the service.
Vista Cloud
Digital solutions
Horizon / Oneview
1
648
1,091
Live
30 Jun
2024
Live
5 Aug
2024
Target
31 Dec
2024
Target
31 Dec
2025
Vista
Cloud
59138~400
700 –
1,000
Digital
solutions
166247~8001,600+
Sites ‘live’
2,248

Loyalty and
engagement
Premiumisation
Operational
efficiency
Revenue &cost
optimisation
Build audience engagement, drive incremental
returns, and boost moviegoer retention
Increase spend per head by developing
premium experiences
Improve labour productivity
Maximiseattendance and revenue
while reducingcosts
The movie
and more
Create memorable experiences
withbroaderentertainment offerings
Cinema Alignment to Industry Drivers
Solutions enable clients to capture value
Exhibition
Client
Value
Drivers
Increase in
revenue and
per admit
spend
Reduction in
cost to serve
12

Real AI-Driven Solutions to Empower our Clients
Delivering practical business-oriented benefits
“Vista Group is ahead of
the curve. They’re using
leading-edge [AI] tools
like agents, which have
really only been around
as a concept for less
than a year.”
Microsoft New Zealand
13

Our Connected Ecosystem
14

15
Financial Results

Income Statement
•Total revenue flat, non-
recurring down 33%
•Recurring Revenue
4
up 5%
and SaaS Revenue
4
up 20%
•ARR
5
$129.4m
•Business transformation full
year savings evident in lower
cost run rate
•Strong contribution margin
1

and EBITDA
2
growth
•EBITDA
2
margin now 10%,
up from 4% in 1H23
16
NZ$m (Six months – Unaudited)1H241H23% Change
Total revenue69.669.7-
Total segmental expenditure(47.0)(48.7)-3%
Contribution margin
1
22.621.0+8%
General and administrative expenses(14.6)(17.6)-17%
Foreign exchange losses(0.8)(0.9)
EBITDA
2
7.22.5+188%
Depreciation and amortisation(9.7)(9.8)
Net finance costs(1.1)(0.8)
Other gains and losses
3
-(1.8)
Loss before tax(3.6)(9.9)+64%
Net loss attributable to VGL shareholders(2.4)(8.7)+72%
1.Contribution margin is a non-GAAP measure which is calculated as total revenue, less cost to serve, sales & marketing costs, and R&D costs.
2.EBITDA is a non-GAAP measure which is defined as earnings before net finance costs, income tax, depreciation, amortisation, and “other gains & losses” (see
section 2.3 of the 2024 Interim Report).
3.Other gains and losses are excluded from operating expenditure and EBITDA
1
because they result from non-cash activities, or are not derived in the normal
course of business (more details are provided in section 2.3 of the 2024 Interim Report.
4.Recurring Revenue and SaaS Revenue are defined in section 1 of the 2024 Interim Report.
5.ARR is Annualised Recurring Revenue, calculated as trailing 3 month Recurring Revenue multiplied by four.

Six Monthly Breakdown – SaaS P&L
•Recurring revenue
1
growth
underpinned by SaaS revenue
1
acceleration
•Post transformation costs
below 2023 US Investor Day
run rate
•Movement between SaaS cost
classifications due to
transformation, primarily S&M
and G&A to CTS (see next
slide)
•Improving, sustainable
EBITDA
3
growth
•Operating leverage expected to
continue to improve through
2H24 and FY25
17
1.Recurring revenue and Non-recurring revenue are defined in section 1 of the 2024 Interim Report.
2.Contribution margin is a non-GAAP measure which is calculated as total revenue, less cost to serve, sales & marketing costs, and research &
development costs.
3.EBITDA is a non-GAAP measure which is defined as earnings before net finance costs, income tax, depreciation, amortisation, and “other gains & losses”
(see section 2.3 of the 2024 Interim Report).
NZ$m(Six months – Unaudited)1H222H221H232H231H24
Recurring revenue
1
53.558.860.563.563.4
Non-recurring revenue
1
8.913.99.29.86.2
Total revenue62.472.769.773.369.6
Cost to serve21.624.325.325.428.4
Hardware cost of sales2.42.31.11.50.5
Gross profit38.446.143.346.440.7
Sales and marketing6.87.57.77.64.9
Research and development12.615.014.613.813.2
Contribution margin
2
19.023.621.025.022.6
Contribution margin
2
%30%32%30%34%32%
General and administration15.716.917.615.214.6
EBITDA
3
(ex FX)3.36.73.49.88.0
EBITDA
3
(ex FX) margin5%9%5%13%11%
Foreign exchange (gains)/losses0.2(0.8)0.9(1.0)0.8
EBITDA
3
3.17.52.510.87.2
EBITDA
3
margin5%10%4%15%10%

18
Post Transformation SaaS Costs
G&A, 24%
G&A, 21%
R&D, 21%
R&D, 19%
S&M, 10%
S&M, 7%
CTS, 37%
CTS, 41%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
FY21-FY23 Average
Pre-Transformation
1H24
SaaS Costs as % of Revenue
G&AR&DS&MCTS
•Overall operating leverage
showing significant
improvement
•Business transformation has
changed cost classifications
•Account management now
classified as CTS (previously
S&M)

Reporting Segments
1
Cinema
•SaaS Revenue
2
up 20%,
supporting overall 4%
Recurring Revenue
2
growth
on 1H23
•Contribution margin
3
up 4%
on 1H23
Film
•SaaS Revenue
2
up 20%,
supporting overall 7%
Recurring Revenue
2
growth
on 1H23
•Strong contribution margin
3

growth, 22% up on 1H23
19
1.New reporting segments are defined in section 2.2 of the 2024 Interim Report.
2.SaaS revenue, Non-SaaS revenue, Recurring revenue and Non-recurring revenue are defined in section 1 of the 2024 Interim Report.
3.Contribution margin is a non-GAAP measure which is calculated as total revenue, less cost to serve, sales & marketing costs, and research &
development costs.
Cinema Segment – NZ$m(Unaudited)1H232H231H24
SaaS revenue
2
16.219.319.5
Non-SaaS revenue
2
32.631.731.4
Recurring revenue
2
48.851.050.9
Non-recurring revenue
2
6.77.74.5
Total revenue55.558.755.4
Contribution margin
3
16.519.817.1
Contribution margin
3
%30%34%31%
Film Segment – NZ$m(Unaudited)1H232H231H24
SaaS revenue
2
4.95.55.9
Non-SaaS revenue
2
6.87.06.6
Recurring revenue
2
11.712.512.5
Non-recurring revenue
2
2.52.11.7
Total revenue14.214.614.2
Contribution margin
3
4.55.25.5
Contribution margin
3
%32%36%39%

Financial Position
•Cash position of $20.0m
($0.9m net of bank
borrowings)
•Cash and undrawn bank
facilities of $42.9m
•Continued strong client
collections improving the
receivables book
20
NZ$mJun 2024
Unaudited
Dec 2023
Audited
% Change
Cash20.028.5-30%
Receivables and other current assets37.442.9-13%
Non-current assets152.6149.0+2%
Current liabilities(48.0)(57.3)-16%
Non-current liabilities(24.2)(25.8)-6%
Net assets / total equity137.8137.3+0%

FCF / Cash Usage
1
•Working capital was $3.1m
adverse in 1H24
3
, after a
sustained period of positive
contribution from strong post
pandemic receivables
management
•1H24 Cash Usage
1
when
adjusted for working capital
movements
3
was similar to
2H23
•On track for 4Q24 FCF
1

positive
21
1.Free Cash Flow (FCF) and Cash Usage are non-GAAP measures and are calculated using the net movement in cash held, less cash applied to
business acquisitions / earn-outs, and less cash used to settle exceptional items included within “other gains and losses” (see section 2.3 of the 2024
Interim Report).
2.Business transformation items represents the cash outflow for the business transformation and CEO transition in 2023.
3.Movements in working capital are disclosed in section 3.1 of the Interim Report.
NZ$m(Unaudited)1H222H221H232H231H24
Net movement in cash held(9.1)(6.0)(9.2)(8.0)(8.7)
Adjust for loan movements0.1--(0.4)(0.8)
Adjust for business transformation items
2
---5.00.5
Adjust for acquisitions / earn-outs3.3-1.3-0.5
FCF / Cash Usage
1
(5.7)(6.0)(7.9)(3.4)(8.5)
Cash Usage
1
per month(1.0)(1.0)(1.3)(0.6)(1.4)

Cashflow
•Adjusting for changes in
working capital
2
, operating
cash flows of $6.1m
•Capitalised development
down 15% on 1H23 due to
transformation and delivery of
Vista Cloud
22
NZ$m(Unaudited) 1H241H23% Change
Receipts from clients75.378.4-4%
Payments to suppliers & employees(70.4)(71.7)-2%
Business transformation items
1
(0.5)-
Tax & interest(1.4)(0.5)
Cash flow from operating activities3.06.2-52%
Capitalised development(9.2)(10.8)-15%
Retriever earn-outs(0.5)(1.3)
Other investing activities0.20.1
Loan drawdowns0.8-
Other financing activities(3.0)(3.4)
Net movement in cash held(8.7)(9.2)
Opening cash28.546.0
Foreign exchange differences0.20.3
Closing cash20.037.1
1.Business transformation items relate to cash outflow associated with the 2023 business transformation and CEO transition.
2.Net changes in working capital are reported in section 3.1 of the 2024 Interim Report.
3.Free Cash Flow and Cash Usage are non-GAAP measures and are calculated using the net movement in cash held, less cash used / applied to
business acquisitions / earn-outs / movement in loans / cash used to settle exceptional items included within “other gains and losses” (see section 2.3
of the 2024 Interim Report).

23
Outlook

Vista Group Outlook
Strong cost control and accelerated client onboarding leads to margin expansion
and 4Q24 FCF
1
positive
2024 total revenue guidance of $148m-$153m (was $152m-$157m)
Recurring Revenue
2
of $133m-$137m (was $134m-$139m, implied)
Non-Recurring Revenue
2
of $15m-$16m (was ~$18m)
Free Cash Flow
1
positive in 4Q24
2024 EBITDA
3
margin of 13-14% (stronger than expected)
2025 EBITDA
3
margin upgraded to 16-18% (was 15%+)
On target to achieve December 2025 ARR
4
of $175m+
24
1.Free Cash Flow and Cash Usage are non-GAAP measures and are calculated using the net movement in cash held, less cash applied to business acquisitions / earn-outs, and less cash
used to settle exceptional items included within “other gains and losses” (see section 2.3 of the 2024 Interim Report).
2.Recurring revenue and Non-recurring revenue are defined in section 1 of the 2024 Interim Report.
3.EBITDA is a non-GAAP measure which is defined as earnings before net finance costs, income tax, depreciation, amortisation, and “other gains & losses” (see section 2.3 of the 2024
Interim Report).
4.ARR is Annualised Recurring Revenue, calculated as trailing 3 month Recurring Revenue multiplied by four. Aspirations for 2025 ARR assume no delays in key cloud transition projects
and no adverse change in industry or operating outlook.

FY24 Recurring v Non-Recurring Guidance
25
18
100
110
120
130
140
150
160
Feb 24 Revenue Guidance
100
110
120
130
140
150
160
Aug 24 Revenue Guidance
133-137
134-139
152-157
148-153
15-16
Aug 2024 Key Assumptions:
•Improved 2H24 domestic box
office, full year now $8b+
2
•Recovery of non-recurring
purchasing of hardware and
services
1.Recurring and Non-recurring revenue is defined in section 1 of the 2024 Interim Report.
2.Source: Omdia.
NZ$mNZ$m

Page 26
Guidance and aspirations updated, higher EBITDA
1
margin
Jun 2024
Actuals
FY24
Guidance
Dec 2025
Aspirations
100% Platform
Aspirations
(not updated)
Revenue
Recurring $133m-137m
Non-recurring $15m-16m
Total $148m-153m
Sites
~800
(~400 on Vista Cloud)
1,600+
(Digital solutions or Cloud)
6,000+
ARR
2
$129m$175m+$300m+
EBITDA
1
margin10%13-14%
16-18%
Was 15%+
25-30%+
Free cash flow
3
Positive for 4Q24
Impact of GTV
4
on
Revenue
12%
50%+
(Cinema 60-70%)
26
1.EBITDA is a non-GAAP measure which is defined as earnings before net finance costs, income tax, depreciation, amortisation, and “other gains & losses” (see section 2.3 of the 2024 Interim Report).
2.ARR is Annualised Recurring Revenue, calculated as trailing 3 month Recurring Revenue multiplied by four. Aspirations for 2025 ARR assume no delays in key cloud transition projects and no adverse change in
industry or operating outlook.
3.Free Cash Flow and Cash Usage are non-GAAP measures and are calculated using the net movement in cash held, less cash applied to business acquisitions / earn-outs, and less cash used to settle
exceptional items included within “other gains and losses” (see section 2.3 of the 2024 Interim Report).
4.Gross Transactional Value.

27
Questions

28
Appendix

Enterprise Site Count
On-Premises & Vista Cloud: Compared to 30 June 2024
29
Enterprise Market Share
3
46%
MarketChannel
31 DecNewClosures30 Jun
2023Sites
1
/ Losses
1
2024
Enterprise
Direct4,63050(49)4,631
India1,663106(309)1,460
China
2
362362
Total Enterprise6,6556,453
Independent
Veezi1,008
48
(69)987
Veezi China
2
148148
TOTAL7,8117,588
1.Management estimate: New sites, closures and losses are aggregated when the split is not known or includes seasonal client changes.
2.China market share not updated, as Vista Group renegotiates its China reseller arrangement.
3.Management’s estimate of the Cinema segment percentage of the world market for Cinema Exhibition Companies with 20+ screens,
excluding China and India.

Thank You

---

For immediate release
Vista Group’s EBITDA increases 188%, with free cash flow positive in sight
Auckland, New Zealand, 6 August 2024 – Vista Group International Limited (NZX & ASX: VGL) reported its half year
results for the six months ending 30 June 2024 today. As part of the announcement, Vista Group demonstrated the
benefits of its 2023 business transformation – delivering a significant operating improvement over 1H23, growing
momentum of cloud client transitions, and reaffirmed it will be free cash flow positive for the fourth quarter of 2024.
Stuart Dickinson, Vista Group’s Chief Executive, said: “I am delighted to report our strong operating leverage
improvement and strong SaaS and recurring revenue growth for Vista Group in the first half of 2024. It is
encouraging to be able to show the value of our recurring revenue stream and, at the same time, demonstrate
improvements in all our profitability measures. This is especially pleasing given the lower box office in the first half
of 2024 resulting from last year’s actors’ and writers’ strikes.”
“Significant progress has also been made in our clients’ journey to Vista Cloud. We have more than 20 client
transition projects underway today, with the number of sites successfully transitioning to our Vista Cloud solutions
ramping up considerably over the second half of 2024. On 30 June 2024, we had 166 sites live on our Vista Cloud
solutions and by 5 August 2024 this had increased to 247 sites. We remain on track to have ~800 sites live on our
Vista Cloud solutions by the end of the year – with ~400 of these expected to be live with all of our Vista Cloud
capabilities. Our service, delivery and technology teams are doing an incredible job.”
Financial overview
• EBITDA
1
of $7.2m (up $4.7m on 1H23)
• ARR
2
of $129.4m (up 9% on 30 June 2023)
• Total revenue of $69.6m (in line with 1H23), with Recurring Revenue
3
of $63.4m (up 5% on 1H23) and SaaS
Revenue
3
of $25.4m (up 20% on 1H23)
• Operating cashflow of $3.0m, or $6.1m after adjusting for movements in working capital
4
( up $8.5m on 1H23
on a like for like basis)
• Loss for the period of $2.7m (a 68% improvement on 1H23).
Outlook
• 2024 total revenue guidance of $148m-$153m (was $152m-$157m), Recurring Revenue
3
of $133m-$137m
and Non-Recurring Revenue
3
of $15m-$16m (was ~$18m)
• On track to be Free Cash Flow
5
positive in 4Q24
• 2024 EBITDA
1
margin of 13-14% (stronger than expected)
• 2025
EBITDA
1
margin upgraded to 16-18% (was 15%+)
• On target to achieve December 2025 ARR
2
of $175m+.
Operational overview
• 247 sites were live on Vista Cloud solutions on 5 August 2024, including Major Cineplex (79 sites), Everyman
(44 sites), Pathé (29 sites), NCG (27 sites), and Megaplex (15 sites)
• New client Cine Colombia ( 48 sites) has signed to move its cinema circuit to Vista Cloud’s Moviegoer
Engagement solution
• The new business structure is now fully operational, with a $4.8m reduction in total cost to serve and
operating expenses
6
from 1H23.

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

Industry overview
• Deadpool & Wolverine has smashed domestic box office records, becoming only the ninth film to open above
US$200m, representing the sixth-highest opening weekend, and the highest R-rated film opening weekend of
all time
7

• Animated coming-of-age Pixar film Inside Out 2 has taken US$1.5b at the box office, making it the highest
grossing animated film of all time
7

• Highly successful film franchises anchor the 2H24 movie slate including Joker: Folie à Deux, Moana 2,
Transformers One, The Lord of the Rings: The War of the Rohirrim, Mufasa: The Lion King, and Gladiator II
• 1H24 domestic box office of US$3.6b, down ~19% on 1H23
7
due to the impacts of the 2023 writers’ and
actors’ strikes.
Group results
Vista Group’s reported revenue of $69.6m was consistent with 1H23, with Recurring Revenue
3
up 5% and SaaS
Revenue
3
up 20%. EBITDA
1
of $7.2m was up 188% or $4.7m on 1H23, with the new business structure delivering
significant operating leverage improvement. The EBITDA
1
margin for 1H24 was 10%, up from 4% on 1H23.
Segmental results
Cinema: Vista Group’s largest reporting segment ‘Cinema’
8
, represents ~80% of Vista Group’s revenue, and includes
software solutions for the cinema industry, primarily Vista Cloud, Movio EQ, Vista Classic (legacy on-premises) and
Veezi.
The Cinema segment reported total revenue of $55.4m (in line with 1H23). Recurring Revenue
3
was up 4% and SaaS
Revenue
3
was up 20%. The Cinema segment contribution margin
9
of $17.1m was up 4% on 1H23. The Cinema
segment’s global market share
10
of enterprise clients, excluding China and India, remained at 46% at 30 June 2024.
Client signings to Vista Cloud continue, with new client Cine Colombia being signed in July 2024. Vista Group sees
this as a strong market validation, with 247 sites live on Vista Cloud’s Digital Enablement, Moviegoer Engagement
and Operational Excellence capabilities on 5 August 2024, and about 800 sites are expected to be live on Vista Cloud
solutions by the end of 2024.
Movio Cinema EQ, a data analytics and campaign management solution offered as part of Vista Cloud’s Moviegoer
Engagement capability, continues to increase engagement and visitation.
Film: Vista Group’s new ‘Film’ segment
8
includes software solutions for film studios and distributors, including Maccs
and Numero (for box office reporting and film distribution), Movio Research, Powster and Flicks.
The Film segment reported total revenue of $14.2m is in line with 1H23, with a segment contribution margin
9
of
$5.5m, up 22% on 1H23.
Box office reporting and film distribution products (Maccs, Numero, Movio Research) performed exceptionally well
with revenue up 12% on 1H23, primarily driven by the continued geographic expansion of the Numero platform,
with complete coverage of UK box office data achieved in 1H24.
The Powster creative studio business, which is one of the few Vista Group brands that was directly impacted by the
content delays caused by the writers’ and actors strikes’, saw revenue decline 22% on 1H23. This drop in creative
revenue is expected to be temporary, with substantial improvements forecast in the 2H24 box office and movie slate.
Flicks, the cinema and streaming discovery app, reported revenue up another 20%, and is now reaching 22
million unique users globally each year. Flicks continue to innovate through a new membership offering,
and rewarding users by offering discounts and tickets from partner brands.

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

1 EBITDA is a non-GAAP measure which is defined as earnings before net finance costs, income tax, depreciation, amortisation, and “other
gains & losses” (see section 2.3 of the 2024 Interim Report).
2 ARR is Annualised Recurring Revenue, calculated as trailing 3 month Recurring Revenue multiplied by four. Aspirations for 2025 ARR
assume no delays in key cloud transition projects and no adverse change in industry or operating outlook.
3 Recurring Revenue, SaaS Revenue and Non-R ecurring Revenue are defined in section 1 of the 2024 Interim Report.
4 Net changes in working capital are reported in section 3.1 of the 2024 Interim Report.
5 Free Cash Flow and Cash Usage are non-GAAP measures and are calculated using the net movement in cash held, less cash used or
applied to business acquisitions / earn-outs / movement in loans / exceptional items included within “other gains and losses” (see section 2.3
of the 2024 Interim Report).
6 Total cost to serve and operating expenses are disclosed in section 2.3 of the 2024 Interim Report.
7 Sources: Box Office Pro, Box Office Mojo, Rotten Tomatoes and Variety Magazine.
8 New reporting segments are defined in section 2.2 of the 2024 Interim Report, with 1H23 and FY23 comparative values also supplied. A
datasheet is available on vistagroup.co.nz/investor-centre
which contains reporting segment details by 6 month intervals from 1H20.
9 Contribution margin is a non-GAAP measure which is calculated as total revenue, less cost to serve, sales & marketing costs, and research &
development costs.
10 Management’s estimate of the Cinema segment percentage of the world market for Cinema Exhibition Companies with 20+ screens,
excluding China and India.

ENDS
For further information please contact:

Media Contact:
Holly Fraser
Communications Specialist
Holly.Fraser@vista.co

021 0855 3124

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 LTD, SHED 12, CITY WORKS DEPOT, 90 WELLESLEY STREET WEST, AUCKLAND 1010, NZ
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 2024
Previous Reporting Period 6 months to 30 June 2023
Currency New Zealand Dollars
Amount (000s) Percentage change
Revenue from continuing
operations
$69,600 (0.1%)
Total Revenue $69,600 (0.1%)
Net profit/(loss) from
continuing operations
($ 2,700) 68.2%
Total net profit/(loss) ($ 2,700) 68.2%
Interim Dividend
Amount per Quoted Equity
Security
No interim dividend will be paid
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
($ 0.01430518) $0.04486905
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Net tangible assets (NTA) per quoted equity security is negative
in the current period, as primarily all of Vista Group’s value is
held through its internally developed software (an intangible
asset which is held at cost, and not included in NTA).
This announcement should be read in conjunction with the
Interim Report for the six months ended 30 June 2024 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 6 August 2024
Unaudited interim financial statements accompany this announcement.