Time Out Group Plc · LSE:TMO
Time Out — H1 FY2024 Earnings Presentation
23 slides from Time Out's earnings presentation, 2024
Slide 1: Time Out Group plc Half Year Results
Time Out Group plc Half Year Results For the 6 months ended 31 December 2023
Slide 2: The only global brand dedicated to the best of city life
TIME OUT GROUP The only global brand dedicated to the best of city life – since 1968 We curate and create the best food, drinks and culture in cities around the world To inspire and enable people to experience the best of the city 1
Slide 3: Timeline of the transformation from a UK print business to a multi-platform global brand
TIME OUT GROUP Timeline of the transformation from a UK print business to a multi-platform global brand Unmatched city authority built over 55+ years First Time Out NY Launch Digital Media Monthly Increasing Time Out kicks off of transition Media global Media London global media digital completed au
Slide 4: Media + Market synergies drive brand awareness, traffic and revenues
TIME OUT GROUP Media + Market synergies drive brand awareness, traffic and revenues 1 2 Unmatched expertise: Since 1968, we’ve built a Our award-winning Time Out reputation for authenticity editors curate the best of which opens doors to chefs and the city creative artists Engaging content delivered
Slide 5: Continued EBITDA growth across both Markets and Media
TIME OUT GROUP Continued EBITDA growth across both Markets and Media 6 months ended 31 December 2023 (£m) Group Markets Media +7% +11% 54.9 Gross Revenue(1) 51.4 ‘Like for like’ 36.5 33.0 - 32.0 19.2 18.4 18.4 12.8 1x large low margin US deal LY =400bps HY22 HY23 HY24 HY22 HY23 HY24 HY22 HY23 HY24 6
Slide 6: Time Out Market
ie Time Out Market ©
Slide 7: Rollout focussed on Top 50 global cities
TIME OUT MARKET Rollout focussed on Top 50 global cities Based on currently signed agreements SIGNED OWNED & FY27 MANAGEMENT OPERATED AGREEMENTS MARKETS RIYADH FY26 PRAGUE ABU DHABI $/£/€ OSAKA FY25 Kitchens/Bars Transactions VANCOUVER Feb 2024 160 10m BAHRAIN FY24 By 2027 300+ 20m+ CAPE PORTO TOWN
Slide 8: Sourcing high-quality leads for new Time Out Markets
TIME OUT MARKET Sourcing high-quality leads for new Time Out Markets Collaboration with leading landlords and developers Focus on Top 50 cities globally – aligned with Media synergies Critical success factors: • City macro environment: tourist + local mix • Exact location characteristics and footfal
Slide 9: Cape Town opened 17th November 2023, Media supports successful launch
TIME OUT MARKET Cape Town opened 17th November 2023, Media supports successful launch Pre-launch campaign driving high traffic and transaction count (#2 after Lisbon) • 300+ press articles from announcement to opening in key local, national & global media • Positive landlord feedback; material sales
Slide 10: Upcoming market openings
TIME OUT MARKET Upcoming market openings Owned and operated: with 100% of capex from landlord/sponsors Management Agreement, no capex with minimum contracted Ebitda Will consider further O&O markets where scale of opportunity and demand is greatest (Top 10 global cities) New formats developed, maxim
Slide 11: Optimising our operations, contributing +500bps to EBITDA margin year on year
TIME OUT MARKET Optimising our operations, contributing +500bps to EBITDA margin year on year % I Updated Curation Improved Commercial Improved use & Optimised Increase in private commissions renegotiations with analysis operational execution event sales with vendors landlords of data New chefs add
Slide 12: c.1,000 cultural activations a year, leveraging media authority
c.1,000 cultural activations a year, leveraging media authority to drive awareness and footfall LOCAL ART INSTALLATIONS ACOUSTIC MUSIC RED CARPET EVENTS KIDS ACTIVATIONS CHEF APPEARANCES BAR SPECIALS 11 11
Slide 13: Time Out Media
Time Out Media maou THE BEST OF THE CITY
Slide 14: Our Media model: driving profitable growth in US/UK, now expanding to EU/APAC
TIME OUT MEDIA Our Media model: driving profitable growth in US/UK, now expanding to EU/APAC AUTHENTIC CURATED CONTENT: Global Brand Reach(1) grew +12% to 136m focus on video content driving social reach and Gen Z appeal, BEST OF THE CITY and continued growth in traffic to Timeout.com HIGHER CAMPAIG
Slide 15: Our best of the city content has impact and influence, driving audience growth
TIME OUT MEDIA Our best of the city content has impact and influence, driving audience growth Content strategy is driving audience growth across channels Focus on video and Gen Z relevance: • 12 million monthly Instagram and TikTok views • London video views up 200% YoY • 18-24 London Instagram audi
Slide 16: New Global Media Campaign for Coca-Cola
TIME OUT MEDIA New Global Media Campaign for Coca-Cola Cross-platform partnership, launched in February 2024 spanning FY24 and FY25 Why Time Out? • Global brand reach that’s deep, authentic, and grounded in dining, places, people and moments • Over 55 years of trusted food credentials, from restaura
Slide 17: Financials
Financials KET MAR
Slide 18: Group Summary – P&L
TIME OUT GROUP Group Summary – P&L 6m to Dec 6m to Dec 2023 2022 Change £’000 £’000 ‘Like for like’ Gross revenue(1) 54,897 51,372 +7% • Like for like gross revenues in constant currency grew +7% YoY Market net revenue 21,848 21,154 +3% • Reported Market net revenue +3% YoY, (+11% like for like in c
Slide 19: Cash Flow: point of inflection with operations now cash-generative
TIME OUT GROUP Cash Flow: point of inflection with operations now cash-generative 6m to Dec 2023 6m to Dec 2022 £’000 £’000 Cash generated from/ (used in) operations 6,426 755 • Cash generated from operations represents positive Interest paid (12) (1,027) Tax paid (814) (329) adjusted EBITDA Net cas
Slide 20: Cash and debt: Improved Cash generation
TIME OUT GROUP Cash and debt: Improved Cash generation GBP m 31 December 2023 31 December 2022 Cash and cash equivalents 7.1 5.3 Borrowings (34.8) (31.4) Adjusted net debt (27.7) (26.0) IFRS 16 liabilities (21.3) (26.7) Net debt (49.0) (52.7) Key terms of finance Crestline loan facility (repayable N
Slide 21: Balance Sheet
TIME OUT GROUP Balance Sheet 31 Dec 2023 31 Dec 2022 £’000 £’000 Non-current assets Intangibles assets - Goodwill 29,518 30,200 Intangible assets – Other 7,372 7,663 Property, plant and equipment 28,800 35,549 Right-of-use assets 14,168 19,692 Other receivables 4,510 1,773 84,368 94,877 Current asse
Slide 22: Outlook: scaling proven models and well positioned for sustained growth
TIME OUT GROUP Outlook: scaling proven models and well positioned for sustained growth • Four new sites scheduled to open by summer 2025, significantly increasing revenues and EBITDA MARKETS • In addition to maturing profitability of O&O Markets, currently signed Management Agreements will generate
Slide 23: Thank You
Thank You