Webstep As · OSL:WSTEP
Webstep As — Q1 2022 Earnings Presentation
22 slides from Webstep As's earnings presentation, May 19, 2022
Slide 1: Q1 2022
Q1 2022 Save Asmervik, CEO 19 May 2022 | Oslo
Slide 2: Agenda
Agenda 1. Highlights 2. Business review 3. Financial review 4. Outlook
Slide 3: Highlights from the quarter
Highlights from the quarter
Slide 4: Highlights
Number of employees (EoP) Highlights ● Close to 500 employees ○ 492 employees at the end of the quarter ○ Increase of 57 employees YoY Revenues (LTM) ● Exceeding 800 million in revenues LTM ○ 233.0 million for the quarter (+20%) ○ 814.0 MNOK for last twelve months (+16%) ● EBIT margin above 10% ○ EB
Slide 5: Business review
Business review
Slide 6: Market fundamentals
Market fundamentals ● High demand and continued growth ● Increased need for team deliveries Digitalization of business Cyber security and processes information security ● In sync with market trends ● Global tech vendors dominating ● Optimized go-to-market model Transformation of Increased automation
Slide 7: Go-to-market model
BUSINESS REVIEW Go-to-market model Experts for hire IT Expert House Client run projects Services and solutions based on leading tech platforms Team-as-a-Service (TaaS) Cloud, AI, AR/VR, Blockchain, IoT, Security Webstep run projects System development, architecture, UX and project Projects & Solutio
Slide 8: A diversified customer base
BUSINESS REVIEW A diversified customer base Top 10 customers represent 35% of total revenues 8
Slide 9: Smart app making it easier to monitor energy consumption
BUSINESS REVIEW Smart app making it easier to monitor energy consumption ● Development and design project with two dedicated resources from Webstep ● Developing a user friendly and intuitive design providing customers with a better and more effective user experience ● Webstep contributes to the back
Slide 10: Developing future safety solutions for Autoliv using AI
BUSINESS REVIEW Developing future safety solutions for Autoliv using AI ● Autoliv chose Webstep as an IT partner and signed a frame agreement in 2021 ● Webstep has successfully launched projects covering several consultant technology areas, eg. Data Science, app development, software development ● F
Slide 11: Organization and employees
BUSINESS REVIEW Organization and employees 63 Trondheim ● Strong local presence ○ Close to the Customer (+3) ○ Strategic Partner 77 Bergen ● Strong commitment to build competence (+14) 172 Oslo ○ High quality competence events Uppsala 19 (+8) ● Employee growth in all regions Haugalandet (+8) 9 ○ Taa
Slide 12: Financial review
Financial review
Slide 13: Key figures - Group
FINANCIAL REVIEW Key figures - Group Q1 Q1 Y/Y FY Highlights NOK million 2022 2021 change 2021 ● Employee growth YoY +57 Revenues 233.0 194.2 20.0% 775.0 EBITDA 28.7 21.7 32.4% 81.2 ● Strong revenue growth EBITDA margin 12.3% 11.2% 1.2 pts 10.5% ● Strengthening of the EBIT EBIT 23.9 18.1 31.9% 65.9 ●
Slide 14: Key figures - Norway
FINANCIAL REVIEW Key figures - Norway Q1 Q1 Y/Y FY Highlights NOK million 2022 2021 change 2021 ● Employee growth YoY +40 Revenues 202.2 165.7 22.0% 668.4 EBIT 20.9 15.8 32.0% 61.1 ● Solid growth in revenues EBIT margin 10.3% 9.6% 0.8 pts 9.1% ● Norwegian segment represents 87% Number of employees, a
Slide 15: Key figures - Sweden
FINANCIAL REVIEW Key figures - Sweden Q1 Q1 Y/Y FY Highlights NOK million 2022 2021 change 2021 Revenues 30.8 28.6 7.9% 106.7 EBIT 3.0 2.3 31.1% 4.8 ● Employee growth YoY +17 EBIT margin 9.7% 8.0% 1.7 pts 4.5% ● Revenue growth Number of employees, average (FTE) 80 64 24.0% 70 ● Swedish segment repres
Slide 16: Outlook
Outlook
Slide 17: Outlook
Outlook ● Positive market outlook ○ High demand for Webstep services and consultants ● Fierce competition to attract talent ○ Effective recruitment and retention key to success ● Capacity growth ○ Expect to be more than 500 employees by end of Q2 ● Main focus ○ Continued focus on existing GTM model
Slide 18: Questions?
Questions? Please contact us at ir@webstep.com
Slide 19: Appendix
Appendix
Slide 20: Cash flow and net debt
FINANCIAL REVIEW Cash flow and net debt Highlights ● Q1 free cash flow of NOK MNOK 20.5 ● Capex relates to office equipment ● Credit facility of NOK 110m in Norway and SEK 5m in Sweden per end of quarter 31 Mar 2022 NOK million Cash and cash equivalents* (67.2) Restricted cash 1.6 Debt to credit institu
Slide 21: Top shareholders at May 2022
APPENDIX Top 20 shareholders at 13 May 2022 21
Slide 22: Disclaimer
Disclaimer This Presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this Presentation are based on current expectations, estimates and projections abo