RESULTS PRESENTATION FY 2016 31 July 2017
AGENDA 01 02 03 Operational Financial Outlook & Highlights Highlights Strategy Update Andreas Bodczek Heiner Luntz Ziv Elul 2 2
DISCLAIMER “These materials may contain forward-looking statements based on current assumptions and forecasts made by Fyber N.V.’s management and other information currently available to Fyber N.V. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results, performance or events to differ materially from those expressed or implied by the forward-looking statements. Statements contained in these materials regarding past trends or events should not be taken as a representation that such trends or events will continue in the future. Neither Fyber N.V. nor any other party is under any duty to update or inform you of any changes, whether as a result of new information, future events or otherwise, to the information in these materials. Certain market data and financial and other figures (including percentages) in these materials were rounded in accordance with commercial principles. Figures rounded may not in all cases add up to the stated totals or the statements made in the underlying sources. For the calculation of percentages used in the text, the actual figures, rather than the commercially rounded figures, were used. Accordingly, in some cases, the percentages provided in the text may deviate from percentages based on rounded figures. The financial information relating to the Group contained in this document has not been audited or reviewed. No reliance may be placed for any purposes whatsoever on the information contained in this document or on its completeness. No representation or warranty, expressed or implied, is given by or on behalf of Fyber N.V. or any of its affiliates, directors, officers or employees, advisors or any other person as to the accuracy or completeness of the information or opinions contained in this document, and no liability whatsoever is accepted for any such information or opinions or any use which may be made of them. This document does not constitute an offer to sell, or a solicitation of an offer to buy, any securities.” 3 3
01 Operational Highlights 4
DELIVERED ON M&A CENTRIC GROWTH STRATEGY FYBER TODAY – GLOBAL SET OUT IN 2014/2015 ADVERTISING › Transformed holding RNTS Media into a deep-stack ad tech TECHNOLOGY infrastructure provider Fyber POWERHOUSE MILESTONES ACHIEVED IN 2016 AND 2017YTD › Closed two further acquisitions › Outgrew the market at +69% in PF gross revenues FY2016 › Q2 2017: adj. EBITDA profit of more than €1.2m › Confirmed guidance for 2017 › Attained financing to fund the Company until cash generation, restructured convertible bonds › Completed renaming to Fyber N.V. › Successful transition to new Management Board OUTLOOK FOR 2018 › Gross revenues above €360m, further improved profitability 5
02 Financial Highlights 6
KEY FINANCIALS PRO-FORMA Change €m 2016 2015 Revenue 218.1 129.1 68.9% Gross margin EUR 62.4 40.7 53.3% Adjusted personnel costs -37.7 -31.9 18.2% Adjusted other op. expenses -36.2 -26.0 39.2% Adjusted other op. income 5.7 5.0 14.0% Adjusted EBITDA -5.8 -12.1 52.1% Adjusted D&A -4.0 -1.6 250.0% Net interest -9.2 -6.1 50.8% Tax -3.1 4.8 -164.6% Adjusted loss after tax -22.1 -14.9 -48.3% Adjusted basic loss per share -20c -13c -53.8% 7
PRO-FORMA QUARTERLY HEADLINE FINANCIALS Gross Revenue Gross Margin EUR Adj. EBITDA +69% YoY FY2016 +53% YoY FY2016 +52% YoY FY2016 71.0 69.9 52.452.3 49.7 48.8 42.5 20.3 1.2 18.6 30.5 15.6 15.0 24.025.9 14.6 14.2 13.2 -0.5 -1.0 -1.4 -0.9 9.4 8.7 8.4 -2.1 -3.0 -3.6 -5.0 -5.3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 '15 '15 '15 '15 '16 '16 '16 '16 '17 '17 '15 '15 '15 '15 '16 '16 '16 '16 '17 '17 '15 '15 '15 '15 '16 '16 '16 '16 '17 '17 8 Note: Pro-forma numbers as if Heyzap and Inneractive had been acquired on 1 January 2015; 2016, 2017 based on preliminary pre-audit calculations; All numbers in €m
REVENUE DETAILS Gross Revenue Variance vs. 2015 Gross Revenue by Geography Millions 100 1% 6% 80 36% 60 40 56% 20 0 FY 2016 Fyber Platform Cum. Delta YoY Fyber RTB & INN Cum. Revenue US EMEA APAC RoW 9 Note: Geography split based on reported revenues
WELL-DIVERSIFIED REVENUE BASE IN TERMS OF BUYING TECHNOLOGY AND AD FORMATS Gross Revenue by Revenue Source Gross Revenue by Segment 30 €3m 25 €83m 20 15 €52m 10 €80m 5 0 FY 2016 Fyber Platform Fyber RTB Inneractive Other OW RV INT Fyber RTB INN Other 10 Note: OW = Offer Wall; RV = Rewarded Video; INT = Interstitial Ads; Fyber RTB = programmatic revenues across ad formats; INN = Inneractive revenues across ad formats; Other = Other revenues
SEPARATELY DISCLOSED ITEMS PRO-FORMA €m 2016 2015 Discontinued operations (Big Star Global) 3.4 -14.4 Re-valuation of Heyzap earn-out obligation 8.7 - Transaction costs related to acquisitions -4.9 -1.2 - Pre-acquisition financing cost at Inneractive -4.0 Non-cash accounting charges for stock options, -2.4 -2.6 warrants etc. Amortization of acquisition intangibles -7.7 -2.5 Other -0.9 -1.0 Total -7.8 -21.7 11
KEY FINANCIALS REPORTED €m 2016 2015 Change Revenue 176.8 81.1 118.0% 48.2 24.3 98.4% Gross margin EUR -35.4 -25.6 -38.3% Personnel costs Other operating expenses -36.1 -23.0 -57.0% 14.6 4.9 198.0% Other operating income EBITDA -8.6 -19.3 55.4% -9.3 -3.9 -138.5% Depreciation & Amortization -9.3 -3.4 -173.5% Net interest Tax -2.1 3.1 -167.7% -29.2 -23.5 -24.3% Loss after tax from continuing operations Loss after tax from discontinued operations 3.4 -14.4 123.6% -25.9 -37.9 31.7% Loss after tax -23c -33c 30.3% Basic loss per share 12
CASH FLOW › Net Cash Flow from operating activities was €-22.1m STATEMENT 2016 (PY €-12.6m) with the increase being mainly due to higher working capital and interest › Capital Expenditure amounted to €-5.4m (PY €-6.3m) › Acquisition related investment amounted to €-70.1m (PY €-10.5m) for 100% of the shares of Heyzap and Inneractive › Financing activities have generated €48.0m (PY €88.5m) – the proceeds of the Convertible Bonds › Net changes in cash during the year were €-54.4m 13
EQUITY SHAREHOLDERS’ EQUITY › Decreased to €120.4m (PY €144.8m) due to › €-25.9m Loss after tax › €-5.0m Purchase of treasury shares in the BigStar Global transaction › €4.2m Capital reserve on convertible bonds tap issue › €2.6m Foreign currency translation reserve and other 14
03 Outlook & Strategy Update 15
THE FYBER FLYWHEEL Free Publisher Tools & Platforms Advertisers Publisher Reach Number, Size, Share of Environment, Size, Wallet Vertical, Geo User Reach Volume, Global, Data 16
MULTI-COMPANY MENTALITY › Currently three sub-companies: Fyber, Fyber RTB (formerly Falk THE NEED FOR Realtime) and Inneractive INTEGRATION – › Business is viewed and evaluated based on sub-company vs. product / TODAY VS. geo / target audience TOMORROW UNDER CAPITALIZED REVENUE OPPORTUNITIES › Current offering is mostly complementary, some similarities and overlap; may require multiple integrations EFFICIENCY AND COSTS › Need to eliminate / minimize redundancies, overlap and improve under- performing sections across the different organizations LACK OF STANDARDS FOR TRACKING AND MEASURING › Difficulty prioritizing investments due to lack of standardized mechanisms LONG PERIOD OF TRANSITION › No unified management structure = no unified leadership › Extended period of uncertainty led to a decrease in productivity 17
INTEGRATION SYNERGIES & OPTIMIZATION GOAL: ONE, › Leverage knowledge, assets, people and best practices to PROFITABLE COMPANY WITH A generate differentiation STRONG, DIFFERENTIATED › Identify and leverage synergies, optimize structure, processes BRAND and platforms to improve efficiency and reduce costs › Steer the re-organization into one company with functional design to focus on high growth opportunities › Enable all moving parts of the company to work in sync towards the new corporate goals 18
BUSINESS SYNERGIES IMMEDIATE FOCUS › Heyzap and Inneractive integration AND QUICK WINS › Fyber and Inneractive integration › Unified Direct Sales team UNIFIED SHARED SERVICES › One unified global management team › Integration across general functions: HR, Finance, Marketing, IT › Product and R&D organizations aligning towards unified product vision and roadmap SHARED INFRASTRUCTURE AND SERVICES › Joint office space in San Francisco, London, Beijing and New York › Combined memberships for various services, platforms, tools › Unified marketing sponsorships, events and campaigns 19
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