Vista Group International Ltd · NZX:VGL
Vista Group International — FY2024 Earnings Presentation
32 slides from Vista Group International's earnings presentation, Feb 28, 2025
Slide 1: 2024 Full Year Results
2024 Full Year Results 28 February 2025
Slide 2: Important Notice
Important Notice This presentation has been prepared by Vista Group International Limited • although Vista Group’s management may indicate and believe and its related companies (collectively referred to as Vista Group). This the assumptions underlying the forward-looking statements are notice applie
Slide 3: Agenda
Agenda 01 Highlights Stuart Dickinson | Chief Executive Officer 02 Financial Results Matt Cawte | Chief Financial Officer 03 Questions 3
Slide 4: Vista Group's solutions sit at the heart of a connected film industry
Vista Group’s solutions sit at the heart of a connected film industry and enable exceptional cinematic experiences 4
Slide 5: A stand-out financial performance
A stand-out financial performance 2024 $150.0m Total Revenue $150.0m 5% 2023 $143.0m 2022 $135.1m 2024 $134.6m • All-time record revenue Recurring Revenue $134.6m 9% 2023 $124.0m of $150.0m 2022 $112.3m 2024 $55.7m SaaS Revenue $55.7m 21% 2023 $45.9m • EBITDA margins of 15.5% 2022 $38.4m (excluding
Slide 6: Supported by strong operational performance
Supported by strong operational performance Free cash flow positive Exceeded guidance by achieving FCF+ for the second half of 2024 Improved operating leverage Surpassed EBITDA margins target with 15.5% (excluding foreign exchange losses) Client growth and onboarding Achieved significant momentum wi
Slide 7: Focus on enabling our clients to thrive, as the box office rebounded over 2H24
Focus on enabling our clients to thrive, as the box office rebounded over 2H24 2024 box office highlights • Strong 2H24: Outperformed 2H23 despite early-year strike impacts • All-time highest-grossing domestic 3-day and 5-day Thanksgiving weekend • Several new global box office records: Moana 2, Dea
Slide 8: Clients endorsing the value in moving to Vista Cloud
Clients endorsing the value in moving to Vista Cloud • “We see the transition to Vista Cloud as a no brainer.” • “Movio has been a phenomenal email marketing engine.” • “[With Vista Cloud] my team can do what they do best.” • “Phenomenally easier to not have to deal with a server.” • “There have bee
Slide 9: Accelerated Vista Cloud adoption setting up 2025 and beyond
Accelerated Vista Cloud adoption setting up Sites ‘live’ 2025 and beyond Live Live Target 30 Jun 31 Dec 31 Dec 2024 2024 2025 Vista Cloud 59 358 ~700 Vista Cloud Digital 166 683 ~1,600 Operational 942 solutions Excellence 1,800 Digital Solutions 35% Digital Moviegoer 1,499 1,600 Enablement Experienc
Slide 10: Today's run rate through Vista Cloud gives us a glimpse of the potential
Today’s run rate through Vista Cloud gives us a glimpse of the potential for the future What that means for tomorrow … Gross Transaction Value (GTV) through Vista Cloud during December 2024 annualised1 … • Data rich US$2.8b • Actionable • Enabling AI • Payments, marketing, operations, audience 1. Ma
Slide 11: Vista Cloud – Value now proven and $175m+ ARR aspiration in sight
Vista Cloud – Value now proven and $175m+ ARR aspiration in sight 2023 2024 2025 Proving product-market fit Proving delivery at scale Accelerating delivery at scale, at pace $175m+ ARR by end of 2025 11
Slide 12: Targeting ~35% of existing client sites on cloud journey by Dec 25
Targeting ~35% of existing client sites on cloud journey by Dec 25 … while continuing to adapt and innovate to meet client needs Accelerating delivery Client influence Transition inflection • Speed of onboarding • Insights and analytics • ~35% on cloud • Next generation F&B journey at Dec 25 • Engin
Slide 13: Momentum accelerates – enabling us to expand Vista Cloud's platform breadth
Momentum accelerates – enabling us to expand Vista Cloud’s platform breadth Includes potential ecosystem and Ecosystem and adjacent adjacent areas such as.. expansion opportunities • Payments • Marketing • Ticketing • Out of Home Entertainment 100% Platform ARR aspiration $300m • Film Distribution T
Slide 14: Financial Results
Financial Results
Slide 15: Income statement
Income statement • SaaS Revenue up 21% Recurring Revenue up 9% and NZ$m 2024 2023 % Change Total revenue 150.0 143.0 +5% ARR $145.6m up 15% Total segmental expenditure (97.8) (97.0) +1% • Total Revenue up 5%, with Non- Contribution margin 52.2 46.0 +13% Recurring down 19% General and administrative
Slide 16: Six monthly breakdown – SaaS P&L
• Recurring Revenue growth Six monthly breakdown – SaaS P&L underpinned by SaaS Revenue acceleration NZ$m (Six months – Unaudited) 1H23 2H23 1H24 2H24 • Continued solid cost management SaaS Revenue 21.1 24.8 25.4 30.3 Non-SaaS Revenue 39.4 38.7 38.0 40.9 • Improving, sustainable EBITDA Recurring rev
Slide 17: EBITDA margin (ex FX) – seasonality & timeline
EBITDA margin (ex FX) – seasonality & timeline • Seasonal trend of stronger 25 20.0% second half driven by: 18.0% • Box office seasonality 20 15.5% 16.0% • More projects live in the 14.0% second half 15 12.0% NZ$m 10.0% • Cost profile led by salary 10 8.0% changes from 1 Jan 9.2% 7.4% 6.0% • FY25 EB
Slide 18: Reporting segments
Cinema Reporting segments • SaaS Revenue up 25%, supporting overall 12% Cinema Segment – NZ$m (Unaudited) 1H23 2H23 1H24 2H24 SaaS revenue 16.2 19.3 19.5 24.1 Recurring Revenue growth Non-SaaS revenue 32.6 31.7 31.4 33.1 on 2H23 Recurring revenue 48.8 51.0 50.9 57.2 Non-recurring revenue 6.7 7.7 4.5
Slide 19: FCF / cash usage
FCF / cash usage NZ$m (Unaudited) 1H22 2H22 1H23 2H23 1H24 2H24 • Positive FCF for 2H24, Net movement in cash held (9.1) (6.0) (9.2) (8.0) (8.7) 1.4 exceeding guidance of 4Q24 Adjust for loan movements 0.1 - - (0.4) (0.8) 0.9 Adjust for exceptional items1 - - - 5.0 0.5 0.3 • Includes adverse working
Slide 20: Cashflow
Cashflow NZ$m 2024 2023 % Change Receipts from clients 150.0 149.2 +1% Payments to suppliers & employees (130.1) (132.8) -2% • Continued strong client Exceptional items1 (0.8) (5.0) Tax & interest (2.3) (2.4) collections, 100% of revenue Cash flow from operating activities 16.8 9.0 +87% Capitalised
Slide 21: Financial position
Financial position • Cash net of overdraft balances NZ$m Dec 2024 Dec 2023 % Change of $21.8m, up from $19.1m at Cash 21.8 28.5 -24% Receivables and other current assets 48.6 42.9 +13% 1H24 Non-current assets 153.9 149.0 +3% • Cash and undrawn bank Current liabilities (56.0) (57.3) -2% Non-current l
Slide 22: Outlook
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Slide 23: Upcoming movie slate confidence driving box office momentum
Upcoming movie slate confidence driving box office momentum 2024 $9.7B+ 2025 domestic market forecast1 2025 2026 1. Source: Omdia 23
Slide 24: Operating leverage evidenced in 2024 provides longer-term confidence
Operating leverage evidenced in 2024 provides longer-term confidence 100% Medium-term EBITDA (ex FX) , 15% cost drivers 90% EBITDA, 35% • Strong operating leverage 80% CTS – 15% grow with evidenced in FY24 70% recurring revenue, 25% with wage inflation plus CTS, 40% 60% modest role growth and • Room
Slide 25: Outlook: Delivery at pace, uprate of long-term EBITDA margins
Outlook: Delivery at pace, uprate of long-term EBITDA margins Guidance1 2025 Total Revenue guidance of $167m-$173m Recurring Revenue of $152m-$158m Non-Recurring Revenue of about $15m 2025 EBITDA margin of 16-18% (previous aspiration unchanged) Medium-term aspiration EBITDA margin aspirati
Slide 26: Cloud Transition – higher long-term EBITDA margin
Cloud Transition – higher long-term EBITDA margin Dec 2024 FY25 FY25 100% Platform Actuals Guidance Aspirations Aspirations Revenue1 $150.0m $167.0m-173.0m Recurring $134.6m Recurring $152.0m-158.0m 14.4% 16-18% 33-37% EBITDA margin No change to previous 15.5% excl FX Updated from 25-30%+ aspiractio
Slide 27: Questions
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Slide 28: Appendix
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Slide 29: Glossary
Glossary 100% Platform – All Vista on-premise Enterprise clients converting to Vista Cloud. ARR – Annualised Recurring Revenue, which is a non-GAAP measure calculated as trailing 3 month Recurring Revenue multiplied by four. Aspirations for 2025 ARR assume no delays in key cloud transition projects
Slide 30: Journey through Vista Cloud
Journey through Vista Cloud 30 30
Slide 31: Enterprise site count
Enterprise site count On-premise & Vista Cloud vs 30 June 2024 30 Jun New Closures 31 Dec Market Channel 2024 sites 1 / losses 1 2024 Enterprise market share3 46% Direct 4,631 27 (40) 4,618 India 1,460 162 - 1,622 Enterprise China2 362 362 Total enterprise 6,453 6,602 Veezi 987 44 (70) 961 Independe
Slide 32: Thank you
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Vista Group International — FY2024 Earnings Presentation on 6ix