Slide 1: accesso: preliminary results 2016
accesso: preliminary results 2016 Tuesday, 21 March 2017 0
Slide 2: 2016 Highlights
2016 Highlights 1
Slide 3: Highlights
Highlights Achieving scale and leading the market Strong performance across New wins and contract all key financial metrics expansions Group Revenue 10.0% $102.5m Continued cross-selling 68 new wins in the year success Adj, Operating Profit 24.6% Merlin roll out on schedule, $15.7m accesso PrismSM s
Slide 4: Operational Review
Operational Review 3
Slide 5: Success at scale
Success at scale Growing footprint providing foundation for future growth Footprint growth Profit expansion 5 30% 362 accesso Continents served Passport Total headcount 25.7% 38.7% volume up 68 38% 10% Adj. EBITDA EPS Growth Growth accesso Group New wins in Passport revenue the year mobile growth sh
Slide 6: Globalising the platform
Globalising the platform Readying accesso Passport for ongoing international expansion • accesso Passport Exchange & accesso Passport Control introduced • First full year for our ACE portal, allowing clients improved Platform access to our 24/7 support services upgrades • Ski market development • PO
Slide 7: Investing in people and products
Investing in people and products Breaking new ground to ensure we stay ahead of the pack Generate the best ideas and provide the best Attract and retain the best talent service in the industry Cross-company and cross- 80 new hires country transfers accesso ShoWare accesso rebrand Prism launch Facebo
Slide 8: Finding the answer
Finding the answer A solutions-based approach to meeting our clients’ needs Customer challenge Example markets accesso solution Client win example High-volume ticketing and • Theme parks queuing • Water parks Ticketing, free movement within • Cultural a confined space, point-of-sale, guest managemen
Slide 9: Financial Performance
Financial Performance 8
Slide 10: Financial KPIs
Financial KPIs A year of ongoing success, demonstrating the rationale for the investments we’ve made Group Revenue Adj. EPS 10.0% 25.7% Adj. EBITDA Operating Cash Flow 25.7% 26.5% Conversion from adj. EBITDA 97.4% 9
Slide 11: Income statement
Income statement Strong performance despite investments FY 2016 % of FY 2015 % of Queueing revenue growth mid YoY % ($m) revenue ($m) revenue single digit; ticketing mid teen growth Revenue 102.5 100.0% 93.2 100.0% 10.0% Gross profit margin COGS (47.2) -46.0% (47.2) -50.6% 0.0% improvement: -mix of
Slide 12: Revenue
Revenue Highly repeatable revenue stream Repeatable (transactional and other repeatable) reflects FY revenue expected to repeat FY 2016 % of % of from existing agreements 2015 ($m) revenue revenue ($m) Repeatable revenue $’s expected to increase annually Transactional revenue 84.9 82.8% 77.8 83.5% a
Slide 13: R&D Evolution
R&D Evolution Ongoing investment ahead of anticipated return R&D accesso 2016 expenditure includes 70.0% Prism accelerated development relating to accesso Prism 60.0% 2016 Total R&D spend 50.0% $17.9m (2015:12.0m), with Merlin $11.7m (2015: $6.2m agreement capitalised) 40.0% Merlin agreement 30.0% 2
Slide 14: Cash Flow & funding
Cash Flow & funding Pleasing cash conversion FY2016 FY2015 Change ($m) ($m) ($m) Operating cash represents Operating cash flow 18.6 14.7 3.9 97.4% conversion from adj. EBITDA Tax (0.8) (1.1) 0.3 Free cash flow reduced due Fixed assets - tangible (1.9) (1.8) (0.1) to accelerated development spend Fix
Slide 15: Effective rate of tax
Effective rate of tax Tax rate lower than initial 2016 guidance The full year rate at 25.5% (2015: 25.6%) Group continues to review opportunities for lowering its effective rate against a background of operating in markets that currently have significantly higher headline tax rates than the UK The B
Slide 16: Looking ahead
Looking ahead 15
Slide 17: The three pillars of our strategy
The three pillars of our strategy A strong organic growth strategy with the ability to accelerate considerably via M&A and other initiatives 1 > Cross and upsell Core Product > Benefits of ‘queue-less’ coming through Demand > Mix of sales from online growing and mobile shift ongoing 2 > Growing with
Slide 18: Outlook
Outlook Optimistic about the year ahead Reassuring start despite a strong 2016 comparator Ingredients in place to enjoy sustained period of increasingly profitable growth Ongoing investments in product, people and infrastructure to support global opportunities ongoing Restrained short-term o
Slide 19: Q&A
Q&A 18