Bailador Technology Investments Ltd · ASX:BTI
Bailador Technology Investments — FY2022 Earnings Presentation
29 slides from Bailador Technology Investments's earnings presentation, Aug 15, 2022
Slide 1: Results presentation FY22
For personal use only Results presentation Financial Year to 30 June 2022 (FY22) Bailador Technology Investments Limited (ASX:BTI)
Slide 2: Contents
Contents For personal use only FY22 PORTFOLIO PERFORMANCE PAGE 3 – 12 F Y 2 2 O P E R AT I N G H I G H L I G H T S PAGE 13 – 20 FY22 SUMMARY FINANCIALS PAGE 21 – 23 FY23 OUTLOOK PAGE 24 This presentation was authorised for release to the ASX by Helen Plesek, Company Secretary & Chief Financial Offic
Slide 3: Executive Summary
Executive Summary ü 21.6% NTA per share growth over FY22 For personal use only PORTFOLIO PERFORMANCE ü BTI shares outperformed the S&P/ASX All Technology index by 46% over FY22 ü BTI realised $153m of investments including Instaclustr ($118m), SMI ($20m) and SiteMinder ($15m) ü BTI invested $39m acr
Slide 4: Performance highlights for FY22
Performance highlights for FY22 For personal use only PORTFOLIO PERFORMANCE 9.8% 21.6 % $34m Shareholder Return NTA per share growth1 Net Profit After Tax (FY21; 89%) (FY21; 23%) (FY21; $28m) $153m $39m $144m Cash realisations Cash invested Cash on balance sheet (FY21; $31m) (FY21; $15m) (30 June 20
Slide 5: Bailador has generated strong investor returns
Bailador has generated strong investor returns For personal use only BTI Portfolio Return1 PORTFOLIO PERFORMANCE 25% 23% 23% 20% 15% 13% Returns as at 30 June 2022 1-yr 2-yr 3-yr 10% Portfolio Return (%pa)1 22.6% 23.0% 13.4% Shareholder Return (%pa)2 9.8% 44.1% 12.4% Benchmark 5% S&P/ASX All-tech in
Slide 6: Strong NTA per share growth in FY22 driven by cash realisations
Strong NTA per share growth in FY22 driven by cash realisations Growth tempered by decrease in value of ASX-listed investments (SiteMinder and Straker) due to market conditions For personal use only NTA per share $2.60 PORTFOLIO PERFORMANCE Valuation Carrying Cash Portfolio Company Movement ($m) val
Slide 7: Bailador successfully completed three cash realisations in FY22
Bailador successfully completed three cash realisations in FY22 For personal use only PORTFOLIO PERFORMANCE Instaclustr returned 14.2x invested SMI returned 2.7x invested capital at SiteMinder investment returned 24.8x capital at an IRR of 79.8% an IRR of 15.0% invested capital at an IRR of 40.4% $1
Slide 8: Bailador outperformed the technology sector by 46% in FY22
Bailador outperformed the technology sector by 46% in FY22 For personal use only Indexed 30-Jun-21 = 100 PORTFOLIO PERFORMANCE 140 130 BTI NTA/sh 120 110 BTI.ASX 100 90 46% outperformance1 80 70 S&P ASX All Technology Index ^XTX 60 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-2
Slide 9: Bailador's NTA composition has changed over the past two years
Bailador’s NTA composition has changed over the past two years due to cash realisations and IPO Bailador held 51% of NTA in cash and 26% of NTA in marketable securities as at 30 June 2022 For personal use only Only 23% of NTA was private company investments PORTFOLIO PERFORMANCE NTA per share $2.00
Slide 10: New ongoing dividend policy; dividend declared and DRP active
New ongoing dividend policy; dividend declared and DRP active Bailador has committed to: For personal use only > An ongoing dividend paying 4% of NTA (pre-tax) per annum, paid semi-annually (ie 2% of NTA (pre-tax) each half-year) PORTFOLIO PERFORMANCE > A special dividend of 2% of Jun-22 NTA (pre-ta
Slide 11: The Bailador portfolio ended FY22 in a strong position
The Bailador portfolio ended FY22 in a strong position For personal use only 8 PORTFOLIO PERFORMANCE investments $341m portfolio company revenue1 63% 118% portfolio company portfolio company revenue growth2 revenue growth (ex-travel)3 ~64% gross margin2 ~88% recurring revenue2 Note: 1Based on unaudi
Slide 12: Bailador's valuation has remained conservative despite the sell-off in tech stocks
Bailador’s valuation has remained conservative despite the sell-off in tech stocks EV/LTM Revenue Multiple For personal use only 40x PORTFOLIO PERFORMANCE 35x 30x 25x 20x 15x 10x 5x 0x Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 BTI Portfolio Wisetech G
Slide 13: It was a very active FY22 for the Bailador portfolio
It was a very active FY22 for the Bailador portfolio For personal use only 2 3 3 1 O P E R AT I N G H I G H L I G H T S full cash new follow-on IPO realisations investments investments • 118m cash realised • Leading digital healthcare • $4m follow-on investment • IPO priced (Oct-21) at 21% • 87% upl
Slide 14: Full realisation of Instaclustr in May 2022 delivered $118m cash
Full realisation of Instaclustr in May 2022 delivered $118m cash at 80% IRR For personal use only $8.4m $118.4m 14.2x 80% cash invested cash realised multiple of investment internal rate of return Investment Thesis Investment Outcome O P E R AT I N G H I G H L I G H T S • The company was addressing
Slide 15: Full realisation of SMI in May 2022 delivered $20m cash
Full realisation of SMI in May 2022 delivered $20m cash at 15% IRR For personal use only 7.4m $20m 2.7x 15% cash invested cash realised multiple of investment internal rate of return O P E R AT I N G H I G H L I G H T S Investment Thesis Investment Outcome • A unique ‘must have’ product for customer
Slide 16: Bailador invested $20.2m into InstantScripts
Bailador invested $20.2m1 into InstantScripts (first invested July 2021) ⇢ InstantScripts enables Australians to conveniently access high quality doctor care and routine prescription medication For personal use only Business overview InstantScripts investment thesis O P E R AT I N G H I G H L I G H
Slide 17: Bailador invested $12.5m into Access Telehealth
Bailador invested $12.5m into Access Telehealth (December 2021) ⇢ Access Telehealth is a hybrid in-person/telehealth provider operating across rural, aged care and NDIS communities For personal use only Business overview Investment thesis O P E R AT I N G H I G H L I G H T S • Founded in 2016, Acces
Slide 18: Bailador invested $7.5m into Mosh
Bailador invested $7.5m into Mosh (December 2021) ⇢ Mosh is a digital healthcare platform delivering subscription treatment plans for hair loss, sexual health, skin care and For personal use only mental health Business overview Investment thesis O P E R AT I N G H I G H L I G H T S • Launched in 201
Slide 19: Strong FY22 performance and prospects across the Bailador portfolio
Strong FY22 performance and prospects across the Bailador portfolio Portfolio Sector For personal use only Investment Sector Sector thematics Operational milestones weighting growth ü International travel reopening and gathering • Successful IPO on the ASX in Nov-21 O P E R AT I N G H I G H L I G H
Slide 20: Strong FY22 performance and prospects across the Bailador portfolio (cont.)
Strong FY22 performance and prospects across the Bailador portfolio (cont.) Portfolio Sector For personal use only Investment Sector Sector thematics Operational milestones weighting growth ü Highly fragmented provider landscape with patchy • Delivered 79% revenue growth in FY22, surpassing O P E R
Slide 21: Summary Profit and Loss
Summary Profit and Loss For the year ended 30 June 2022 For personal use only FY22 SUMMARY FINANCIALS FY21 FY22 $000 $000 Change in value of portfolio assets 52,032 70,667 Interest income 100 197 Total investment growth 52,132 70,864 1.75% management fee calculated on pre- Management fee (3,144) (4,
Slide 22: Summary Financial Position
Summary Financial Position For personal use only 30 June 2021 30 June 2022 Movement Increase in cash following cash realisations FY22 SUMMARY FINANCIALS $000 $000 $000 of SiteMinder ($15m, Oct-21), Instaclustr Cash 43,542 143,784 100,242 ($118m, May-22) and SMI ($20m, May-22) Marketable securities 1
Slide 23: Summary FY22 NTA movement by component
For personal use only $100m $200m $300m $400m $500m $600m $0m Sit Ca eM sh in Ju der n- re 21 al isa ti o In n st (p ac ar lus tia tr l) re ali sa tio n SM (fu ll) Ir ea lis at io n (fu ll) Po Cash movements rt fo lio co sts M Ca ar sh ke Ju ta n- bl 22 es ec u rit ie s Ju n- 21 Sit eM in d er IPO S
Slide 24: Market valuation multiples have reduced and Bailador is well positioned to make new investments
Market valuation multiples have reduced and Bailador is well positioned to make new investments For personal use only ü Likely to be additional new investments Average technology multiples have declined to below long-run average1 FY23 SUMMARY OUTLOOK during the year, and possibly follow on 20x inves
Slide 25: Bailador's commitment ESG principles
Bailador’s commitment ESG principles For personal use only ☼ Bailador will establish, integrate and implement long-term sustainability framework and goals ☼ Bailador will measure, manage and mitigate carbon emissions we are directly responsible for APPENDIX Scope 1 Emissions Scope 2 Emissions Scope
Slide 26: Bailador integrates ESG principles across the investment cycle
Bailador integrates ESG principles across the investment cycle For personal use only Screening and ü Bailador undertakes a high-level assessment of carbon intensity of potential qualification investments ü Bailador considers high carbon intensity companies (e.g. data centres and bitcoin mining) to h
Slide 27: Bailador provides investors with exposure to expansion-stage technology companies
For personal use only Bailador provides investors with exposure to expansion-stage technology companies at attractive valuations before they are public Investors get access through an ASX traded share [ASX:BTI] with liquidity available at any time 27
Slide 28: Disclaimer
Disclaimer For personal use only This presentation is confidential and may not be reproduced in whole or in part, or distributed except by Bailador Technology Investments Ltd (“Bailador”) or by authorised representatives of Bailador (“Affiliates”). This presentation does not contain a complete descr
Slide 29: Further Information
For personal use only FURTHER INFORMATION Website: www.bailador.com.au Investor Enquiries: investorservices@bailador.com.au Telephone: +61 2 9223 2344 Bailador Technology Investments Limited (ASX:BTI)
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