Gentrack Group Ltd · NZX:GTK
Gentrack — FY2023 Earnings Presentation
21 slides from Gentrack's earnings presentation, Nov 28, 2023
Slide 1: Gentrack Group FY23 Earnings
Gentrack Group FY23 Earnings 28 Nov 2023 [NZX/ASX: GTK] © Gentrack 2023. All rights reserved. This document is the intellectual property of Gentrack.
Slide 2: Disclaimer
Disclaimer This presentation may contain forward-looking statements. Forward-looking statements often include words such as ‘anticipate’, ‘expect’, ‘plan’ or similar words in connection with discussions of future operating or financial performance. The forward-looking statements are based on managem
Slide 3: FY23 Business Review
Gentrack FY23 Business Review Gary Miles Chief Executive Officer © Gentrack 2023. All rights reserved. This document is the intellectual property of Gentrack.
Slide 4: Financial Headlines
FY22 FY23 Financial Headlines $126.3M $169.9M REVENUE 34.5% Revenue growth driven by 36.7% increase at Utilities • Customer wins & upsells to existing customers UTILITIES $147.9M driving underlying growth. Excluding customers $108.2M REVENUE 36.7% in insolvencies, revenue up 47.0% • Revenue from Bul
Slide 5: Outlook Update
Outlook Update The strong underlying growth in both Utilities and Veovo means we are able to upgrade our revenue guidance for FY24, from the prior guidance of being between $157m to $160m to being at least in line with FY23 revenue at c.$170m despite the loss of ‘one off’ revenues of $27.6m from ins
Slide 6: 100% of utilities will have to transform in the next decade
100% of utilities will have to transform in the next decade to meet Energy Transition / Net Zero objectives, one of the world’s most significant imperatives. Gentrack is at the heart of this transformation with one of the leading propositions on the market: g2.0 best-in-class billing, crm, energy
Slide 7: Our scorecard for 'Grow in our core markets'
Our scorecard for ‘Grow in our core markets’ Regional growth Implement booked wins in Australia, revenue New Zealand and UK compared to AUS NZ UK FY22: 1st G2 full-stack transformation project. Strong pipeline and upsell to customer base full-stack Upsell G2, cloud services & innovation highway to a
Slide 8: Scorecard for 'Expand in EMEA and Asia'
Scorecard for ‘Expand in EMEA and Asia' We established our Middle-East hub Company geographic expansion: in Riyadh (Saudi Arabia) in EUROPE and MIDDLE-EAST We closed our first major contract with energy & water provider in Saudi Arabia We opened our Singapore hub, in SOUTH-EAST-ASIA local team, ke
Slide 9: Airport Division Growth Accelerating
Airport Division Growth Accelerating Win new airports 5 Doubled+ Major new airport customers the sales pipeline including UK and Middle East Expand the base 5 4 Numerous upsells, including in upgrades signed transformation projects go-live, including first managed services 5 tier-1 airports Migrated
Slide 10: FY23 Results
Gentrack FY23 Results John Priggen Chief Financial Officer © Gentrack 2023. All rights reserved. This document is the intellectual property of Gentrack.
Slide 11: Group Profit and Loss
Group Profit and Loss Revenue up 34.5% vs FY22: Strong growth Utilities Veovo Group at both Utilities & Veovo. Costs up 24% vs FY22 to support revenue growth and continued investment in R&D (all expensed in the year) and Sales. EBITDA up $15.1m at $23.2m R&D tax credit of $1.6m in UK (claim covers t
Slide 12: Utilities Revenue Analysis
Utilities Revenue Analysis Utilities Revenue FY23 v FY22 Total revenue up 36.7% v FY22 Total:$147.9m Strong underlying growth (excluding the $27.6m Underlying:$120.3m from Bulb & other UK insolvencies): Total:$108.2m Underlying:$82.0m • 47% growth in total underlying revenues. • 59% growth in underl
Slide 13: Utilities – Analysis of Underlying Revenue
Utilities – Analysis of Underlying Revenue FY23 v FY22 Revenue by region excl. insolvencies 56% • Strong underlying growth across all 63.4 regions. 40.6 39.5 22% • ROW - growing international footprint 32.5 with c.$4m revenue from customers in 13.3 Singapore, Fiji & Papua New Guinea. 7.3 83% 4.1 • S
Slide 14: Utilities Expenditure Analysis
Utilities Expenditure Analysis Utilities Costs FY23 v FY22 (NZ$m) • $12.5m increase in direct costs, in people & hosting, to support higher revenues. • Higher investment in strategic R&D (up $4.8m) as our underlying revenue grows. • $3.8m investment in international expansion (Asia & EMEA) including
Slide 15: Veovo Revenue Analysis
Revenue Analysis Veovo Revenue FY22 v FY23 Veovo Revenue by Geography FY23 v FY22 EMEA $21.9m Total Revenue $18.1m Up 21.3% on FY 22 Annual Recurring Americas Revenue $14.1m 21% Up 15.8% on FY 22 APAC FY 22 FY 23 Committed Monthly Non-contracted Non-recurring Recurring Revenues Recurring Revenues Re
Slide 16: Cashflow
Cashflow EBITDA to Net Cashflow FY23 (NZ$m) 30 30 September September 2022 2023 Cash $27.4m $49.2m Debt* Nil Nil Net Cash $27.4m $49.2m * Group retains a $25m credit facility currently undrawn • Cash up $21.8m from September 2022 (+80%). • High cash conversion from EBITDA, with no R&D capitalised in
Slide 17: In Summary
In Summary We are pleased with our progress in all of Gentrack’s core markets, and excited to be entering the Middle East, with contract wins at both our Utilities and Veovo businesses. For the other new markets targeted, in Southeast Asia and mainland Europe, we have built a strong pipeline and are
Slide 18: Q&A
Q&A © Gentrack 2023. All rights reserved. This document is the intellectual property of Gentrack.
Slide 19: GAAP to Non-GAAP Profit Reconciliation
GAAP to Non-GAAP Profit Reconciliation Full Year Full Year NZ$m 30 Sep 22 30 Sep 23 Reported net profit/(loss) for the period (GAAP) (3.3) 10.0 Add: Net finance Expense 0.9 1.3 Add/(deduct): Income Tax expense/(credit) (0.1) 5.0 Add: Depreciation and amortisation 10.7 8.5 Add/(deduct): Other Income
Slide 20: FY23 on a Constant Currency Basis
FY23 on a Constant Currency Basis FY23 Difference NZ$m FY23 Constant % (vs FY23) Currency Revenue 169.9 166.7 (3.2) (1.9%) Operating Costs 146.7 143.1 (3.6) (2.5%) EBITDA 23.2 23.6 0.4 1.6% Statutory NPAT 10.0 10.6 0.5 5.4% © Gentrack 2023. All rights reserved. This document is the intellectual prop
Slide 21: Thank you
Thank you © Gentrack 2023. All rights reserved. This document is the intellectual property of Gentrack.