Mahindra Holidays & Resorts India Limited · NSE:MHRIL
Mahindra Holidays & Resorts India — Q2 FY2023 Earnings Presentation
63 slides from Mahindra Holidays & Resorts India's earnings presentation, Nov 2, 2022
Slide 1: Cover letter to stock exchanges
November 2, 2022 MHRIL/SE/22-23/72 Listing Compliance Department of Corporate Services National Stock Exchange of India Limited BSE Limited Exchange Plaza, Plot No. C/1, G Block Floor 25, PJ Towers, Bandra-Kurla Complex Dalal Street Bandra E, Mumbai – 400 051 Mumbai – 400 001 Scrip Code: MHRIL Scrip
Slide 2: Q2 FY23 Investor Presentation
if INDIA'S "S,S /f INDIA'S .`a if RANK #20 '-sS /f RANK #51 ''.\ J Of ....I lo MOST POPULAR ‘I itEd BEST WORKPLACE ..1 xl I,& INDIA'S BEST ‘I li ASIA'S BEST vl ‘-1 RESORT CHAIN it• Ear 14 / 11 ''%..s IN HOSPITALITY 2&2t&2022 CL V E.„ %/ ,.,i COMPANIES TO -4•WORK FOR, 2022 v/ e, %. WORKPLACES, V ---1
Slide 3: Outline
Outline Ac 4 CLubMahindm Highlights of MHRIL (Standalone) Performance . 1 03 MHRIL, - Q2 Et H1 FY23 Performance 07 J - Key Trends 8- Business Environment 1 18 - Unique Er Profitable Vacation Ownership Business 11 24 - Long-Term Value Creation 32 - ESG Initiatives 38 Holiday Club Resorts - Business M
Slide 4: Highlights of MHRIL (Standalone) Performance
Ae 4 CLubMahindm Highlights of I MHRIL (Standalone) - - 7 7— • Performance • • _ • .•_ . __ • • -' . • -• - - - • -- I .- CLUB MAHINDRA ASHTAMUDI • . - - - KERALA _ •
Slide 5: Record-setting Quarterly Results
Record-setting Quarterly Results 4 CLubMahindm Inventory Acceleration Higher Sales Realization • 200+ keys added in H1 FY23; • Average Unit Realization (AUR) 800+ keys added during shows steady improvement pandemic • Aided by favorable product mix • Enhanced options for members • Highest ever in Q2:
Slide 6: Strong Operational Performance in Q2
Strong Operational Performance in Q2 Ac 4 CLubMahindm Member Base Resort Performance Room Inventory 4,397 79% 116 Member Additions Occupancy' Room Additions 2,73,488 Rs. 68 Crs 4,715 Cumulative Member Base Highest ever Q2 Resort Revenue Room Inventory Income Profitability Awards Er Recognitions • Pi
Slide 7: Higher Occupancy with increased Room Inventory; Healthy Member Addition
Higher Occupancy with increased Room Inventory; Healthy Member Addition with Sales Value Growth of 93% YoY Ac Room Inventory Sales Value2 155 101 4 OubMahindra 194 3,609 4,233 4,715 (Rs. Crs) (No. of keys) I 4,397 3,905 3,943 1.1 74% 79% . . . 73% Pre-Covid level Pre-Covid Resort level Member Occupa
Slide 8: MHRIL Q2 & FY23 Performance
Ae 4 CLubMahindm MHRIL Q2 Er 141 FY23 Performance 7
Slide 9: Robust Business Performance Delivered in Q2 FY23
Robust Business Performance Delivered in Q2 FY23 AP 4 CLubMahindra • Operational Excellence Financial Performance 02FY22 02FY23 02FY2202FY23 I Occupancy' Resort Revenue Member Additions 3,943 4,397 PBT Rs 40 Cr Rs 42 Cr 4,233 4,715 Room Inventory Cash Position Rs 1,041 Cr Rs 1,018 Cr rooms rooms ■ L
Slide 10: Higher Member Additions and AUR Deliver Highest Ever Sales Value
Higher Member Additions and AUR delivers Highest Ever Sales Value in Quarter 2 Ac 4 CLubMahindm 194 4,397 Nos. 3,943 101 Robust Demand for Sales Value Vacation Ownership including Upgrades drives Member (Rs. Crs) 2.6 Additions Q2 FY22 Q2 FY231 Q2 FY22 Q2 FY231 Average Unit Realization (AUR) • Member
Slide 11: Highest ever Resort Revenues in Q2
Highest ever Resort Revenues in Q2 Driven by Higher Inventory & Occupancies A eclubmat 4 Member to Room 61 58 Ratio c- Highest Ever in Q2 68 73% 51 Resort Resort Occupancy' Income (%) (Rs. Crs) Q2 FY22 Q2 FY23 Q2 FY22 Q2 FY23 • Highest ever Resort Revenues in Q2 at Rs. 68 Crs, growth of 34% YoY. • R
Slide 12: Q2 Income growth of 19% YoY and H1 Income growth of 30% YoY
Q2 Income growth of 19% YoY and H1 Income growth of 30% YoY id A ve Q2 FY23 vs Q2 FY22 CLubMahindm Rs. Crs Total Income EBITDA PBT r 19% 1 12% 1 5% 1 1 1 * 1 1 302 + i 83 Is 254 74 42 VO Resorts WM 51 187 68 216 m I 40 Others Q2 FY22 Q2 FY23 Q2 FY22 Q2 FY23 Q2 FY22 Q2 FY23 AMIE H1 FY23 vs H1 FY22 Rs
Slide 13: Healthy Growth in Income, EBITDA & PBT vs pre-pandemic levels
Healthy Growth in Income, EBITDA & PBT vs pre-pandemic levels Ae Rs. Crs Total Income Q2 FY23 vs Q2 FY20 (pre-pandemic) EBITDA PBT 4 CLubMahindm 21% 48% , 50% 1 1 302 1 250] 254 83 I 74 MOM + 56 42 40 Iv 44 28 VO 216 189 187 Resorts Others Q2 FY20 Q2 FY22 Q2 FY23 Q2 FY20 Q2 FY22 Q2 FY23 Q2 FY20 Q2 F
Slide 14: Profit Margin expands driven by Revenue Growth & Cost Optimization
Profit Margin expands (vs pre-pandemic) driven by Revenue Growth Er Cost Optimization AP ill CLubMahindm EBITDA Margin I 1.. PBT Margin A m PAT Margin A 500 bps 270 bps r 300 bps + 1 27.5% 1 22.5% 1 v 10.2% Q2 FY20 Q2 FY23 Q2 FY20 Q2 FY23 Q2 FY20 Q2 FY23 560 bps 1 350 bps 360 bps 1 27.6% 22.0% IN H1
Slide 15: Income Breakup - Q2 & H1 FY23
Income Breakup - Q2 & 141 FY23 Ae Total Income (Rs. Lakhs) Quarter ended Half year ended 4CLubMahindm Q2 FY23 Q2 FY22 YoY H1 FY23 H1 FY22 YoY Income from Vacation Ownership 11,102 9,670 14.8% 21,898 18,705 17.1% ASF Income 8,436 7,618 10.7% 16,291 15,125 7.7% Interest & Others 2,045 1,403 45.8% 3,78
Slide 16: Profit & Loss Statement - Q2 & FY23
Profit Er Loss Statement - Q2 Er 141 FY23 Ac Rs. In Lakhs Particulars Q2 FY23 Quarter ended Q2 FY22 YoY Gr H1 FY23 Half year ended H1 FY22 YoY Gr 4 OubMahindra Revenue from Operations 28,360 23,766 19.3% 57,147 43,440 31.6% • Leisure Travel continues to show healthy Non-Operating Income 1,820 1,604
Slide 17: Strong Balance Sheet
Strong Balance Sheet Ae 4 CLubMahindm Rs. 5,199 Cr Rs. 1,018 Cr Rs. 2,331 Cr Zero debt Post MHR Includes Land Q2 net addition Holdings valued at Rs. 1,233 Rs. 63 Cr (Mauritius) Ltd. Cr and loan repayment of excludes Long- 25 M€ Term Leases valued at Rs. 368 Cr In July'22, MHRIL provided a loan of 25
Slide 18: Snapshot of Balance Sheet
Snapshot of Balance Sheet AP L ASSETS Description Property, Plant and Equipment Right of Use Asset (IND AS 116) th In Rs. Lakhs As on 30 Sep 2022 233,052 36,771 st As on 31 March 2022 229,203 26,781 4CLubMahindm Trade receivables 114,118 112,817 Cash and cash equivalents (regrouped) 101,809 117,156
Slide 19: Key Trends & Business Environment
Ac 4 CLubMahindm MHRIL Key Trends 6- Business Environment CLUB MAHINDRA KANHA MADHYA PRADESH
Slide 20: Key Trends
Key Trends CLubMahindra RBI Consumer Confidence reflects subdued consumer demand Muted consumer durable spends urrent Situation Index (CS -Future Expectations Index (FEI) • Consumer Durables, (Base 2011-2012) 140.0 150 120.0 100 100.0 80.0 50 60.0 40.0 CY) o o rn O 0 0 0 0 o 0 N-1 CV CV CV CV CV 6_
Slide 21: Indian Hospitality Sector's key metrics show significant recovery
Indian Hospitality Sector's key metrics shows significant recovery post omicron wave & continues to grow AV 4 CLubMahindra JP Highest Occupancy Indian hotel occupancy reached 66% in Jun'22, highest since the pandemic began de Highest ADR since FY21 India reached ADR of Rs. 5,950 in Aug'22 L3 y Reach
Slide 22: Leisure Accommodation garnering a significant premium to Business accommodation
Leisure Accommodation is garnering a significant premium to Business accommodation on the back of strong domestic travel demand Ae ADR Ratio: RevPAR Ratio: 4 CLubMahindm Leisure Hotels vs Business Hotels Leisure Hotels vs Business Hotels Leisure hotels are 2.6 commanding a substantial premium (>2X)
Slide 23: Emerging Travel Trends in the Indian Hospitality Sector
Emerging Travel Trends in the Indian Hospitality Sector Ae 4 Cr.1 bMahindr a • • Seeking the Newfound Vacation Curated Experiences Er Family Bonding DIY Packages Outdoors Ideas Long periods of staying Multi-generational travel indoors have led to Newfound vacation ideas Travelers are seeking has pic
Slide 24: MHRIL well-positioned to capitalize on consumer preferences post Covid
MHRIL is well-positioned to capitalize on varying consumer preferences in the post Covid Era _re CLubMahindm e pandemic has led to certain trends emerging i ... which MHRIL is well placed to capitalize on the Indian Hospitality industry... TICKET FCTI Revenge Tourism due to pent-up demand for leisur
Slide 25: Unique & Profitable Vacation Ownership Business
Ae 4 CLubMahindm MHRIL Unique Et Profitable Vacation Ownership Business CLUB MAHINDRA VARCA GOA GLF
Slide 26: A Large & Attractive Market for Vacation Ownership in India
A Large Er Attractive Market for Vacation Ownership in India fir` CLubMahindm 01 • -3 Crs High-income Households with an annual income > Rs. 275 lakhs expected by CY30 There is a huge potential target market for VO as household • • Rs. 55 Lakh Crs Annual Consumption from high-income households by CY
Slide 27: MHRIL's unique and sustainable Vacation Ownership business
Over 25 years, MHRIL has created a unique and sustainable Vacation Ownership business and is the #1 Leisure Hospitality AV( player in the country CLubMahindra MHRIL Vacation Ownership business consists of .. ...with unique competitive advantages Strong economic model and difficult to replicate Club
Slide 28: Multi-Year Sources of Value Creation in Vacation Ownership
Multi-Year Sources of Value Creation in Vacation Ownership across ij the Tenure of the Membership ) ve CLubMahindm New member joins Vacation Ownership Income • Membership Fee over the entire e • tenure of membership Interest Income L ( Annual Subscription Fee (ASF) • Recurring fees • Adjusted for in
Slide 29: Club Mahindra's Product Portfolio
Club Mahindra's Product Portfolio .11.-Ptahindra CMH – 25 years, 7 nights per year Target Consumer: Lifestyle Parameters Consumer Holiday Needs Couples (Age 30-45 years) • Provider, adaptive to changes & • Plan vacations in advance with young children aspirational • Seek family bonding 1 have dreams
Slide 30: Expanding Choice of Destinations available to members
Expanding Choice of Destinations available to members across MHRIL and Holiday Club Resorts (HCR) along with 400+ Partner Hotels 4 OubMattindm C1,41,Nial-anclra CLUB ivl Holiday•Club HOriZ 011S SELECT 33 Timeshare/Spa Holiday Exchange Offer 365-day 4,700+ rooms across 86 Resorts Hotel Program with 2
Slide 31: Growing footprint of resorts with varied choices
Growing footprint of resorts with varied choices available sa to our members Ave OubMahindra LADAKH India SRINAGAR Overall 119 destinations/properties including 74 properties I DHARMASHALA NALDHERA 74 Properties in India, 12 properties in South-East Asia Ey Middle East and MANALIT RISHIKESH SHIMLA T
Slide 32: Our Business Model is Differentiated
Our Business Model is Differentiated A4e OubMahindra Focus on Family Vacations Multi-Product Portfolio serving diverse consumer needs A II Spacious Resortsi Kith Larger Apartments • Memorable family experiences • Portfolio approach to help • Members prioritize vacationing o New Er popular destinatio
Slide 33: Long Term Value Creation
CLUB MAHINDRA MANALI HIMACHAL PRADESH dlOc 4 CLubMahindm MHRIL Long Term Value Creation mita- isisineamontesoiremipmArreiwai Wit Vi ; rialimm -16115147 .47111 31 7 411 7117 4:7:fi:71 2F 4;7:: ,„ iddlAkt. • - - 32
Slide 34: Strategy to Drive Consistent Growth
Strategy to Drive Consistent Growth 4 CLubMahindm Mi. Accelerate Room Inventory Additions Grow Cumulative Member Base ) ( Improve Operational Efficiencies Strengthen Brand ( Deliver Superlative Customer Experience Digital Enablers Enablers 11 Pull Transformation 11 33
Slide 35: Robust Inventory Addition
Robust Inventory Addition A tp Total Room Inventory 4 ClubMahindra in Nos 5,500+ 4,568 4,197 3,595 3,732 3,472 3,152 2,816 2,879 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Estimated L We have planned to achieve room inventory of 5,500+ keys over the next 2-3 years 34
Slide 36: Accelerate Member Additions
Accelerate Member Additions 4 CLubMahindm I Scale up Member acquisition through Referrals, Digital and Alliances Use a multi-product portfolio to acquire members based on life- stage segmentation (Go Zest, CMH-25 and Bliss) Scale up resort onsite sales teams to acquire new members and upgrade existi
Slide 37: Creating New & Innovative Customer Experiences
Creating New Er Innovative Customer Experiences Ae 4 aubMahindra Mithaion ka bahar at Jaipur Janmashtami Er Ganpati celebrations in Maharashtra Independence Day Celebration Herbal Garden Tour at Derby, Ooty (at all resorts) Masala Chowk at Naldehra Oceanic Theme at Puducherry Rocksport Happy Hub Exp
Slide 38: Strengthening Brand Pull through Targeted Marketing Campaigns
Strengthening Brand Pull through Targeted Marketing Campaigns - Q2 FY23 Campaign Objective Er Theme: Afterall Moms know best es* CiuMahindm To Position 'Club Mahindra' as a caring Family Brand from the ..„4049 i\t4P4 \Z N C4e ote Start Date: perspective of a mother. 04° .4'47 , gc, ••• 1st week of S
Slide 39: ESG Initiatives
ASSONORA GOA OubMahindra ESG Initiatives
Slide 40: Our Sustainability Journey
Our Sustainability Journey la illif CLubMahindra • Achieve Carbon Neutrality by 2040: o RE100 (100% Renewable Energy by 2050) • Jal Jivan Initiative - improve efficiency of water utilization through 4 R principle (Reduce, Reuse, o EP100 (Double the Energy Productivity by 2030) Recycle, Rainwater har
Slide 41: CSR efforts for positive change in society
We drive our CSR efforts to bring positive change in our society with a focus on: Environmental Sustainability, Women's Economic Empowerment &lc Skill Development CLubMahindm AI Promoting Education Women Empowerment • 'claw Skilling 80 women in Hospitality sector (F8-B Steward role) 8- in • roject N
Slide 42: siCepTioH WPOIQ 01P0d1.3 OM
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Slide 43: Accommodation industry in Nordic countries growing at 9% CAGR
The Accommodation industry in Nordic countries is continuing to grow at a CAGR of 9% between 2022-2027 f bmahindra Paid accommodation industry revenue in Nordic countries Revenue in Euro Bn Projections 19 18 17 17 14 13 12 8 2020 2021 2022E 2023E 2024E 2025E 2026E 2027E Source: Statista —Actual unti
Slide 44: HCR - A Leading Timeshare Company
HCR - A Leading Timeshare Company Ae 4 aubMahindra HCR's business consists of .. ...with unique competitive advantages Timeshare In Finland, leader in Timeshare owner base vrivIt .••• Widespread network of Spa resorts with varied experiences 33 Timeshare 60,000+ 19,000 weeks Destinations in Finland,
Slide 45: HCR Business Model - Finland
HCR Business Model - Finland aubmahin Spa hotels and resorts are open for all visitors - timeshare owners are essential and frequent visitors • Large resort-style destinations with various room types, restaurants, waterparks/spa, Er leisure activities Spa hotels and resorts generating consistent rev
Slide 46: HCR's Robust Business Model delivered over €150 mn Turnover
HCR's Robust Business Model delivered more than € 150 mn of V Turnover per annum and healthy EBITDA except in FY21 Er FY22 it CLubMahmdm iP which was impacted due to Covid-19 Revenue (€ Mn) EBITDA (€ Mn) 161.9 165.0 161.1 1573 12.0 122.1 7.8 6.3 6.7 99.5 (0.3) FY17 FY18 FY19 FY20 FY21* FY22* (8.9) F
Slide 47: HCR has significantly reduced its debt since acquisition
HCR has significantly reduced its debt since acquisition and generated healthy cash flows from operations Ac 4 CLubMahindm Net Debt (€ Mn) Operating Cash Flows (€ Mn) 1 51.7 13.1 12.2 7.8 25.9 21.5 4.6 0.3 Sep-14 FY21* FY22* FY17 FY18 FY19 FY20 FY21* FY22* (5.4) Note: Financials are as per Finnish A
Slide 48: Holiday Club Q2 & H1 FY23 Performance
HolidayriClub Q2 & H1 FY23 Performance
Slide 49: HCR - Multiple Revenue Streams
HCR - Multiple Revenue Streams Ac CLubMahindm Particulars (Euro Mn) Q2 FY23 Q2 FY22 H1 FY23 H1 FY22 r • Russia-Ukraine war, inflationary pressures and spiraling energy crisis has led to poor consumer sentiment Timeshare 8.7 7.8 17.7 13.2 • Despite these challenges, HCR Spa Hotels delivered 70% Spa H
Slide 50: HCR - P&L
HCR - P&L Ae 4 OubMahindra Q2 Analysis YoY Particulars (Euro Mn) Q2 FY23 Q2 FY22 H1 FY23 H1 FY22 Revenue: Turnover 37.1 34.5 70.6 55.5 • Turnover increased by 2.6 M€; Growth of Operating Profit / (Loss) 1.9 3.9 0.4 0.4 8% YoY, largely driven by increase in Timeshare sales and Spa Hotels in Finland &
Slide 51: HCR: Performance & Outlook
HCR: Performance & Outlook CI .1 bMahincha • Despite Russia-Ukraine War which adversely affected consumer confidence and had inflationary impact on food, electricity and fuel prices, HCR delivered robust business performance in Q2. • In the face of input cost pressures, HCR delivered a positive EBIT
Slide 52: MHRIL Consolidated Q2 & H1 FY23 Financials
CLUB MAHINDRA POOVAR KERALA olf Clobivtahincira MHRIL Consolidated Q2 & 141 FY23 Financials 51
Slide 53: Consolidated Q2 Total Income grew by 6% YoY
Consolidated Q2 Total Income grew by 6% YoY Ae Quarter ended Half year ended 4CLubMahindm Particulars (Rs. Lakhs) Q2 FY23 Q2 FY22 H1 FY23 H1 FY22 - MHRIL 30,519 27,225 61,282 49,013 - HCRO 31,061 32,104 63,139 52,145 Total Segment Revenue 61,580 59,329 124,421 101,158 - Others 1,137 - 1,998 - Total
Slide 54: Consolidated H1 Total Income grew by 25% YoY & PAT by 86% YoY
Consolidated H1 Total Income grew by 25% YoY Er PAT by 86% YoY Tir CLubMahindm Quarter ended Half year ended Particulars (In Rs. Lakhs) Q2 FY23 Q2 FY22 H1 FY23 H1 FY22 Income from Operations 59,837 54,640 120,322 91,728 Non-Operating Revenue 2,880 4,689 6,097 9,430 Total Income** 62,717 59,329 126,4
Slide 55: MHRIL Historical Performance
CLUB MAHINDRA MASHOBRA HIMACHAL PRADESH Ae 4 CLubMahindm MHRIL Historical Performance 54
Slide 56: Large base of committed members continues to grow
Large base of committed members continues to grow Ae 4CLubMahindm In FY22, Cumulative Member Base is -2.66 Lakhs with 85% of Fully Paid Members Total Member Base 1,99,617 2,18,138 2,35,792 2,43,574* 2,58,336 2,54,431* 2,65,980 225,838 191,615 208,967 RI 177,277 162,875 145,960 Fully Paid 141,947 Mem
Slide 57: Member Acquisition & Holidaying improved in FY22 vs FY21
With an uptick in travel sentiment, Member Acquisition Er Holidaying improved in FY22 vs FY21 Ae Member Holidaying 4 Member Booking ClubMahindni Customer Acquisition Behaviour Preferences Customer acquisitions g Members holiday in a 58% through referral and 36% group of 4 or more digital route 3.2 R
Slide 58: Investment in Room Inventory with High Occupancy and growing Cash
Investment in Room Inventory continues with High Occupancy Levels and a growing Cash position Ae 4CLubMahindm Occupancy L81% I I 85% I r 85% 1 83%* I 72%* 74%* 1,600 4,568 4,500 1,400 1,172 1,200 4,000 3,595 940 1,000 3,472 3,500 800 572 600 3,000 2,879 470 332 331 356 400 266 301 267 2,500 265 8311
Slide 59: A Strong and Consistent Performance Track Record
A Strong and Consistent Performance Track Record Oil CI .1 NM.ailirLdr a Total Revenue CAGR of 10% (FY15-19) PBT CAGR of 23% (FY15-19); PBT CAGR of 27% (FY19-22) In Crs In Crs 1,170 1,090 1,094 18 1,071* 241 964 =JP 109 1,037 89 12 93 963 67 11iim 909* 67 201 207 2042 808 190 209 220 122 12 64 173 8
Slide 60: Revenue contributions from various streams
Revenue contributions from various streams AP 4 CLubMahindm IND AS 18 IND AS 115 . .„, i. e. 1 6% ■ 5% 7% 8% 9% 12% Our cumulative 11% 9% 6% 18% I member base 19% 20% provides us with 27% 28% 29% multiple annuity 32% 18% 17% 19% revenue streams which are 23% 22% 12% 18% predictable, such as VO Incom
Slide 61: Growing Profit Margins
Growing Profit Margins Ae 4 CLubMahindm EBITDA Margin PBT Margin a 32%1- 32%2 21% 2 18% 19% 19%1- 19% 25% 24% 24% 25% 23% 17% 13% 12% 16% 10% FY15 FY16 FY17 FY18 FY19 FY19 FY20 FY21 FY22 FY15 FY16 FY17 FY18 FY19 FY19 FY20 FY21 FY22 IND AS 18 ' IND AS 115 IND AS 115 & 116 IND AS 18 IND AS 115 IND AS
Slide 62: Disclaimer
Disclaimer CI .1 bMahincha This presentation may contain 'forward looking statements' within the meaning of applicable laws and regulations. Investors are cautioned that 'forward looking statements' are based on certain assumptions, which Mahindra Holidays b- Resorts India Limited considers reasonab
Slide 63: Club Mahindra awards and resorts
je INDIA'S /"" INDIA'S NA Pr RANK #20 0" RANK #51 :14 Of .."4 OF rIMOST POPULAR %I If BEST WORKPLACE 4 if INDIA'S BEST 6' ASIA'S BEST II 0 44 RESORT CHAIN o I/ ti %,14 /114 4.4 IN HOSPITALITY 2021 & 2022 de' 4, 41 ‘,44 COMPANIES TO -kb WORK FOR, 2022 e %%° WORKPLACES, 0,1/ 'b 2022 / ClubMahindra de'
Mahindra Holidays & Resorts India — Q2 FY2023 Earnings Presentation on 6ix