Blue Prism Group plc Full Year Results 12 months ended 31 October 2016 24 January 2017 blueprism.com Commercial In Confidence Commercial In Confidence
Group Overview Blue Prism Group plc is a UK-based software company and a leader in the new global technology category of Robotic Process Automation (“RPA”) . Blue Prism’s RPA software delivers the world’s most successful digital workforce. Back office tasks The Digital Workforce Software robots Taking over the granular Enabling organisations to Versatile, flexible, trainable work, freeing up your people automate existing everyday and reliable to perform user actions • 153 predominately blue-chip customers • 86 employees globally • Multiple office locations in UK & US and Australia] 2 Commercial In Confidence
Financial Highlights Financial highlights FY16 Revenue Analysis £10.0m • Total contracted revenue trebled to £35.2m (FY15: £11.5m) £8.0m Total Revenue • Recognised revenue increased 59% to £9.6m (FY15: £6.1m) £6.0m • £4.0m Recurring revenue 85% of total revenues (FY15: 61%) £2.0m 83% 61% • Exit recurring licence run-rate increased 143% to £946k per 85% 61% 51% month (31 October 2015: £390k per month) £0.0m FY14 FY15 FY16 Adjusted operating loss of £4.4m (1) as a result of our • Recurring revenue Non-recurring licence revenue Professional services Other revenue accelerated investment programme (FY15 loss: £0.7m) Total Contracted Revenue Analysis (2) • Cash and cash equivalents at 31 October 2016 were £11.8m £40.0m (31 October 2015: £2.4m) Total Contracted Revenue £35.0m £30.0m £25.0m £20.0m £15.0m £10.0m £5.0m £0.0m FY14 FY15 FY16 (1) Adjusted to exclude IPO costs of £0.5m and share based payments £0.4m Billings Future contracted value 3 (2) Billings are defined as invoices raised in the period, and future contracted revenue is defined as the future value of the contract which has not yet been invoiced to the customer Commercial In Confidence
Operational Highlights Significant client momentum 96 new customers, 12 renewals Momentum 160 Customer base increased to 153 (FY15: 57) 140 Customer licence expansion 81 upsells across 47 customers 120 US growth 18 new customers; 19 upsells Number of customers 100 124 Over 90% of new customers acquired through partner Channel partner focus 80 ecosystem 60 Emerging and exciting global RPA market Positive market dynamics Increasing competition helping to validate the market 40 34 Launched version 5.0 focusing on enterprise-level Product innovation 16 differentiators 20 5 29 23 16 12 11 Brought forward investment Global employee base doubled from 43 to 86 0 FY12 FY13 FY14 FY15 FY16 Direct customers Indirect customers 4 Commercial In Confidence
RPA Market Development • “Blue Prism has been the standout pioneer driving the Emerging and exciting global market RPA industry since its inception a few years ago. Its • Increasing competition recent surge in client adoption, successful public • offering, and financial performance signals a new era of More informed buyers of this new technology maturity for the RPA industry, with Blue Prism and its category highly effective partnering strategy leading the way. • Early coverage from industry analysts “With the advent of digital labor already an integral, • Blue Prism differentiated by ability to deploy at transformative component of enterprise operations scale in enterprise-sized organisations strategy, there is an evolving ecosphere around the Blue • Emerging position as the scalable and robust Prism experience that includes many of the key IT and execution platform for third party AI technologies business process industry stakeholders. ” Phil Fersht, Chief Analyst and CEO of HfS Research 5 Commercial In Confidence
Proven Indirect Sales Model • 90 new indirect customers (FY15: 18) Global strategic partners 27 new customers Specialist resellers 63 new customers • Investment in sales enablement • Rolling-out partner certification programme in 2017 • Addressing Blue Prism skills shortage: introduction of autonomous training kits & first training partner signed • Inaugural Partner World events in London and New York • Professional Services largely focussed on partner delivery enablement and certification, quality assurance and development of best practice methodologies and operating models 6 Commercial In Confidence
Increasing US Presence The world’s leading technology economy US investment driving revenue growth • US is a strategic focus for the Group • Sales force now larger than UK • 18 new customer wins (16 indirect, 2 direct); 19 upsells • Revenues increased to £2.7m in FY16 (28% of Group revenue) (FY15: £0.6m (10% of Group revenue)) • Evidence of larger upfront commitments to licence adoption Chicago San Francisco • Continued focus on developing channel partner ecosystem New York Austin Miami (HQ) Blue Prism US office locations 7 Commercial In Confidence
Executing On Strategy What we said… What we are doing… • Continuing investments in sales and marketing Building a scalable sales and • Roll-out of partner certification programme delivery channel • Increasing Blue Prism accredited skills within the partner network Increasing business with the • 81 upsells across 47 customers Group’s customers • Further investment in indirect account management • Continues to be a strategic focus Executing on the Group’s US market • Maturing the channel partner ecosystem strategy • Opening Austin Tech Hub • Aim to reinvest approx. 10% of revenues in product development Reinforcing the Group’s market • Rolling-out 24/7 global customer support leadership • Positioning as the execution platform for third-party AI technologies 8 Commercial In Confidence
Financials blueprism.com Commercial In Confidence Commercial In Confidence
Financial Analysis Total Contracted Revenue Analysis (1) Revenue Analysis £10.0m £40.0m £9.0m £35.0m £8.0m £30.0m Total Contracted Revenue £7.0m Total Revenue £25.0m £6.0m £5.0m £20.0m £4.0m £15.0m £3.0m 83% £10.0m £2.0m 61% £1.0m £5.0m 51% £0.0m £0.0m FY14 FY15 FY16 FY14 FY15 FY16 Recurring revenue Non-recurring licence revenue Billings Future contracted value Professional services Other revenue 10 (1) Billings are defined as invoices raised in the period, and future contracted revenue is defined as the future value of the contract which has not yet been Commercial In Confidence invoiced to the customer
Income Statement Commentary Income statement for the twelve month period ended 31 October 2016 For the year ended 31 October (£'000) 2016 2015 % change 35% of billings (1) came from new customers • Billings (1) 16,748 7,186 133% Future contracted revenue (2) 18,479 4,343 325% • Prepayment of 3-year term licence by 2 customers Total contracted revenue 35,227 11,529 205% enhanced billings by £2.2m • Licence revenue 8,304 4,605 80% Recurring revenue now 85% of total revenue (FY15: Professional services & training 1,340 1,457 (8%) 61%) Total revenue 9,644 6,062 59% • Exit run-rate of £946k per month, as at 31 October 2016 (2015: £390k) • US Revenue grew to £2.7m (FY15: £0.6m), representing 28% of total revenues Staff costs (10,187) (4,159) 144% • Other expenses (3,906) (2,556) 48% Increased costs due to Adjusted loss from operations (4,449) (727) - • investments in period; and Adjusted EBITDA (4,410) (712) - • policy of expensing sales commissions on Share based payments (362) (26) - multi-year licences as soon as invoiced IPO costs (502) - - Total exceptional costs (864) (26) - EBITDA pre-exceptional costs (5,274) (738) - Loss before tax (5,249) (743) - Loss after tax (5,318) (796) - FD EPS (p) (10.53) (0.03) - 11 (1) Billings are defined as invoices raised in the period Commercial In Confidence (2) Future contracted revenue is defined as the future value of the contract which has not yet been invoiced to the customer
Balance Sheet Commentary Balance sheet as at 31 October 2016 As at 31 October (£'000) 2016 2015 Non-current assets 158 112 • Trade and other receivables increased due to Trade and other receivables 5,585 1,464 strong trading in Q416 Cash and cash equivalents 11,788 2,351 • Current assets 17,373 3,815 Deferred income +200% reflecting significant Total assets 17,531 3,927 increase in new business and prepayment • Revolving Credit Facility of £2.0m unutilised Deferred income 10,437 3,425 Trade creditors 574 188 • No intangibles and R&D fully expensed Accruals 2,031 466 Other 619 497 Current liabilities 13,661 4,576 Total liabilities 13,661 4,576 Net assets 3,870 (649) Share capital & premium 10,868 1,749 Merger reserve 356 Share based payment reserve 287 104 Retained losses (7,641) (2,502) Equity attributable to shareholders 3,870 (649) 12 Commercial In Confidence
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