Signa Sports United N.v. · OTC:SSUNF
Signa Sports United — Q1 2022 Earnings Presentation
16 slides from Signa Sports United's earnings presentation, Mar 2, 2022
Slide 1: Exhibit 99.1
Exhibit 99.1
Slide 2: Disclaimer and forward-looking statements
This presentation (“Presentation”) is provided by SIGNA Sports United N.V. (“SSU”, and together with its consolidated subsidiaries, the “Group”) for informational purposes only. The information contained herein does not purport to be all-inclusive and neither the Company nor any of its or their cont
Slide 3: Pro forma LTM key metrics
(1) (2) PF LTM Revenue PF LTM Gross Margin PF LTM Adjusted EBITDA 2.6% of LTM Net Revenue PF LTM Active Customers PF LTM Net Orders PF LTM AOV Source: Company information. Note: SSU financial year end as of 30-Sep-21 and LTM refers to twelve-month period ending 31-Dec-21. Metrics pro forma for WCRC,
Slide 4: Q1 FY22 highlights and market context
– Industry lapping period of powerful growth augmented by COVID-19 demand – Continued severe shortage in full-bike inventory amidst COVID-19 supply disruptions offsetting growth – Inflationary environment weighing on global consumer spend, most impactful in U.K. market – Acceleration of government i
Slide 5: Pro forma for closed acquisitions: customers, traffic and orders
Pro Forma For Closed Acquisitions Recently closed acquisitions (M) meaningfully augment scale of SSU platform Targeted marketing spend Q1 FY22 YoY Growth resulted in strong customer Q1 FY21 growth and conversion, YoY Growth leading to 5.3M organic active customers (25% YoY growth), 7.4M PF for recen
Slide 6: Recent acquisitions offer significant additional scale
Recent acquisitions offer 15% YoY growth 24% YoY growth excluding full- excluding full- significant additional scale bike category bike category (M) Net revenue growth in Q1 FY22 of 11%, aided by WCRC contribution with organic Q1 FY21 Q1 FY22 LTM FY21 LTM FY22 growth limited amidst supply YoY Growth
Slide 7: Confirming previous management assessment
Confirming previous management assessment (M) €1,400 - €1,550 €1,362 €872 FY21A PF FY21 PF FY22E – Favorable structural megatrends remain, double digit topline growth expected to return once supply chain pressures ease towards the end of CY22 – Uncertainty relating to consumer demand against inflati
Slide 8: Long-term margin targets
Dynamic pricing E-commerce Improving wholesale economics Gross Margin 38.9% 37 – 39% Private label share Increased automation Personnel (10.1%) (8) – (10) % Logistics efficiencies Logistics (10.3%) (8) - (9)% Marketing (7.0%) (5) – (6) % Growing repeat share IT / Other (6.2%) (4) – (6) % Close to ta
Slide 9: Investment highlights
Large, fragmented sports retail market with high long-term growth in focus verticals Market leading sports specialist webshop brands with ~7M+ active customers Robust, double digit organic growth with demonstrated ability to enter new markets Proven unit economics and expanding margins Unique global
Slide 10: Appendix
Slide 11: Quarterly KPIs: legacy and pro forma SSU
Legacy SSU Pro Forma SSU Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 PF Q2 PF Q3 PF Q4 PF Q1 PF FY20 FY20 FY20 FY20 FY2020 FY21 FY21 FY21 FY21 FY2021 FY22 FY21 FY21 FY21 FY21 FY2021 FY22 LTM Active Customers (M) 3.2 3.3 3.6 3.9 3.9 4.2 4.5 5.0 5.1 5.1 5.3 7.0 7.3 7.4 7.4 7.4 7.4 YoY Growth 17.0% 14.6% 22.7% 27.1%
Slide 12: SSU Q1 FY2022 pro forma adjustments
SSU Q1 FY2022 Pro Forma Adjustments EUR in millions SSU (-) WCRC Stub SSU SA €212.6 (€13.7) €198.9 Net Revenue % Growth 10.6% 3.5% (-) Cost of Materials (133.7) 9.1 (124.6) €78.9 (€4.6) €74.3 Gross Profit % Margin 37.1% 33.9% 37.4% (-) Marketing Expense (21.0) 0.6 (20.4) (-) Logistics (23.8) 1.4 (22
Slide 13: Adjusted EBITDA reconciliation
Q1 Q1 FY21 FY22 Net Loss (€1.4) (€165.0) Income Tax Benefit 0.2 (3.8) Earnings before tax (EBT) (€1.2) (€168.8) Share of results of associates 0.3 0.3 Finance income (0.0) (3.3) Finance costs 1.7 1.7 Depreciation and amortization 7.5 9.0 EBITDA €8.3 (€161.1) Total EBITDA Adjustments 1.3 149.4 Transa
Slide 14: Share structure, debt and leverage summary
# of Shares % of Total SSU Existing Shareholders 252.4 75.4% Cash on Balance Sheet (Dec 2021A) €139 WiggleCRC Sellers 31.0 9.3% SPAC + PIPE Shareholders 49.8 14.9% Debt Summary Other 1.3 0.4% Revolving Credit Facility €100 Total Basic Shares Outstanding 334.5 100.0% Bank Loans 8 Total SSU Debt €108
Slide 15: KPI definitions
KPI Definition Customers with one or more purchases within the last 12 months, irrespective of Active Customers cancellations or returns Number of visits including mobile and website. Cut off at 30 minutes of inactivity and at date change. Total Visits Not cut off at channel change during session Ne
Slide 16: SSU Investor Relations
SSU Investor Relations https://investor.signa-sportsunited.com SSU Investors Contact Matt Chesler, CFA Allison + Partners matt.chesler@allisonpr.com +1 646 809 2183 SIGNA SPORTS UNITED 16