FY2017 Full Year Results Joe Powell (CEO) and Shane Greenan (CFO) 31 August 2017 Catapult Group International Limited | ACN 164 301 197
Executing in line with our strategic pillars Own t n the he per erformance e Lev ever erage e e elite e into Commercialise e e elite e techno hnology s stack f for pro rosume mer wea earable le & & vid ideo d data elite s elit spor ort Our ur Pur Purpose • Aggressively grow share • Target prosumer market • Explore avenues to To build and improve the in elite sport globally with a dedicated offer generate incremental performance of athletes income from elite • Maximise and deepen • Elevate the Catapult performance data elite customer brand and sporting teams relationships • Extend elite product leadership Wha hat do do w we do do? We make and sell Ho How w will l we s succeed? technology platforms to 1. Improve sports performance via technology dominate the industry globally improve sports 2. Aspirational, disruptive brand and company with highly motivated, engaged staff performance 3. Build a fast-growing, high margin, recurring revenue business 2
Delivering an expanded product offering across our two key markets Transformational FY16 16 FY17 17 FY18 18 year Tactical AMS Elite Video Elite teams 1 c. 10, 10,00 000 t Data Commercialisation Elite Wearables Full prosumer release AMS Pr Prosume mer 20x 1 c. 10x 10x – 20x PLAYERTEK by Catapult Software upgrade, 3PL, global e-commerce platform PLAYERTEK 3 Consu nsumer er 1 In # of teams. Management estimate. Acquired Developed In development
Sustained track record of successful acquisitions Ubiquitous (or nearly ubiquitous) offering Relevant to Catapult’s existing elite Catap apult’s s strat ategic c ‘For’ performance customer base acquis isit itio ion c checklis list Software component – sold or able to be sold as SaaS Bonus: potential prosumer application Key d ey driver er Completed eted Elite te m market et s share Q1 FY15 Combination created a clear market leader in wearables for elite sport • From n no r rev evenue ue g growth wh when a en acqu quir ired ed t to C CAGR o of 2 20% through F gh FY17 • Tech ch s stack ck e expansi sion Q1 FY17 Integration into Group has created significant cross-sell opportunities • of 10.4% 1 in FY Pro-forma r Pro rev even enue g e growt wth o FY17 vs 3 3.6% in F FY16 • Q1 FY17 The Group’s prosumer ‘sandbox’ Prosumer • April ‘17 product relaunch market e t entr try • ed 2 Q4 deliv livered 1 d 1.8x m more s e sales es t than Q1 – Q3 c combined • Q1 FY18 Central to the continued evolution of Catapult as the global market Tech ch s stack ck e expansi sion • leader for analytics solutions for elite sports 1 Pro-forma, USD basis. Includes XOS revenue from 1 July 2017 4 2 Pro-forma basis. 344 units sold prior to the close of the PLAYERTEK acquisition in August 2016
Establishing global scale Global s staf aff b breakdown 66 e employe oyees 108 e 108 employees s 131 employees 131 e EMEA & & ROW OW AP APAC AC Nort rth A Ameri rica ca GA & A & Ex Exec 12% Op Operatio ions 33% Sales es & M Market eting 34% Technol olog ogy 21% Regio ional r rev even enue b ue brea eakdo down 60.8 Hub offi offices 73% Melbourne, Aus A$m Boston, USA 17.4 Chicago, USA 36% 16% London, UK 300+ e employees ees 34% 4% 13% 7% Leeds, UK 16% FY16 FY17 (vs 125 125 a year a ago) Australia APAC (ex Australia) EMEA USA Regional Leader ership T Team Matt Bairos – CEO Elite, Americas Barry McNeill – CEO Elite, ROW Benoit Simeray – CEO Prosumer 5
FY17 Key Achievements 1 Strong e g elite w wearable les gr growth 52% YoY revenue growth (CAGR of 90% since FY14) and 62% of FY17 elite contracts sold on subscription vs 57% in FY16 • 2 Takin ing X g XOS t to double le d digit git gr growth Successful integration saw top-line XOS growth accelerate to 10.4% in FY17 1 (vs 3.6% in FY16) • 3 First y year of posit itiv ive u underly lyin ing E EBITDA Transformatio ional a l acquisit itio ions 4 XOS D Digi gita tal: Compelling combination, bringing together market leaders in wearable and video tech for elite teams • PLAYER YERTEK: Proven, commercialised solution accelerating Catapult’s entry into the prosumer market • AMS: S: Parent-layer AMS product widening the scope of Catapult’s analytics offering and tech stack across elite and prosumer (acquisition closed Q1 FY18) • 5 Valid idated d data commercia ialis lisatio ion m model a and delivered ed key l ey lear arnings State of Origin partnership validated live broadcast model • AFL 2 nd -screen app integration delivering live data to Telstra AFL app users • 6 Continued R R&D &D delivering s significant p product e enhancement Re-engineered PLAYERTEK by Catapult, continued development of advanced algorithms, next-gen Openfield platform (including mobile and tablet apps) • R&D development team delivered GPSports EVO device and rolled out upgraded ClearSky LPS technology • 7 Layin ing d down p prosumer f foundatio ions Relaunch of PLAYE YERTEK EK b by Cata tapult t paving the way for full prosumer release in FY18 • combined 2 Q4 d deliv ivered 1 1.8x mor more s sale ales than an Q Q1 – Q3 c • Organis isatio ional e l excelle llence 8 Codification of Catapult purposes and values to drive continued organisational excellence as Catapult’s business scales globally • 1 Pro-forma, USD basis. Includes XOS revenue from 1 July 2017 6 2 Pro-forma basis. 344 units sold prior to the close of the PLAYERTEK acquisition in August 2016
1. 1.0 FY17 Financial Results 7
Significant recurring revenue growth story 1.1 1. Underlying EBITDA positive for the first time since subscription model commenced in 2012 Recurring vs one-off statutory revenue Historical underlying EBITDA 60.8 2.9 2. 3 136% C 136% CAGR 1 0 71% A$m A$m -0.9 17.4 -3 -2.5 11.3 53% 4.8 45% 28% -4.4 47% 54% -6 FY14 FY15 FY16 FY17 FY14 FY15 FY16 FY17 One-off Recurring Other 1 Since FY14 8
1.2 1. Summary financial performance Transformational year supported by another strong • FY17 17 FY16 YoY year of elite wearables sales delivering 52% YoY growth $m $m $m change and addition of high quality business in XOS Capital revenue 17. 17.2 8.1 112% 112% Catapult now predominantly a recurring revenue • business Subscription & services 1 revenue 43. 43.0 9.2 368% 368% Statutory EBITDA impacted by one-off expenses largely • relating to acquisitions and share based payments Other revenue 0. 0.6 0.1 860% 860% Net loss after tax further impacted by acquisition driven • Tota tal r revenue 60. 60.8 17.4 249% 249% depreciation and amortisation profile Group annual recurring revenue 2 Statutory EBITDA (3.7) 7) (6.8) 44% 44% 46.1 Underlying EB EBITDA 2. 2.9 (4.4) A$m 13.5 Pro-forma underlying EBITDA 3.7 3. 3.4 7.3 2.7 Statutory net loss after tax (13. 3.6) 6) (5.9) (131)% 30 Jun 14 30 Jun 15 30 Jun 16 30 Jun 17 1 Subscription and services revenue includes elite wearables subscription revenue, XOS SaaS revenue, XOS support and maintenance revenue, and XOS content licensing revenue 9 2 Annual recurring revenue = Monthly recurring revenue x 12
Statutory to underlying 5.0 EBITDA 3.3 2.9 2.5 Capital raising, acquisition • and integration costs following transformational A$m 0.4 0.0 year supporting acquisitions 0.8 and growth 0.7 1.4 Share based payments costs • -2.5 associated with employee share plan and tranche of options awarded to directors -3.7 as approved at AGM -5.0 Statutory Capital raising Integration Litigation and Severance Share based Underlying EBITDA and costs contract costs payment costs EBITDA acquisition settlement costs costs 10
Strong working capital position 1. 1.4 leading into peak cash collections cycle Group’s cash flow cycle sees strong receipts in Q1 as a • Pro-forma Gr Group operatin ing c cash r receip ipts result of sales and billing seasonality, concentrated in Q4 Pre XOS acquisition Post XOS acquisition* Full benefit of XOS working capital cycle available • in FY18 20 8.4 Healthy working capital position with accounts • receivable balance of $26.8m and total available funds of $21.2m including: A$m – Cash: $16.7m 10 – Undrawn facility: $4.5m 14.4 14.2 13.7 10.6 5.7 5.2 4.4 3.8 0 Q1 FY16 Q2 FY16 Q3 FY16 Q4 FY16 Q1 FY17* Q2 FY17 Q3 FY17 Q4 FY17 Operating cash receipts XOS pro-forma Q1 cash receipts 11 * Pro-forma basis, including XOS cash receipts from 1 July 2017 converted to AUD based on an AUD:USD exchange rates of 0.75
Recommend
More recommend
