Accesso Technology Group Plc · LSE:ACSO
Accesso Technology — H1 2019 Earnings Presentation
31 slides from Accesso Technology's earnings presentation, Sep 18, 2019
Slide 1: Interim Results Presentation, 18 September 2019
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Slide 2: Highlights, Overview, Financial results, Evolving our product strategy, Summary
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Slide 3: Highlights
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Slide 4: Highlights
Highlights accesso. #1 Solid financials Underlying growth in context of one-offs in prior-year period #4 Product integration Important progress made #2 Ticketing and Distribution Strong organic growth offset by slower ramping of distribution #5 New COO John Guilfoy appointed in June 2019 #3 Guest Ex
Slide 5: Overview
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Slide 6: An Integrated Guest Experience
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Slide 8: Current Blue Chip Clients
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Slide 9: Passport, Siriusware and other clients
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Slide 10: Financial results
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Slide 11: Financial Highlights
Financial Highlights Group KPIs Underlying Revenue Adj Operating Transactional & Group Revenue Adj EBITDA Adj EPS Repeatable Profit (Constant currency) Revenue % 11
Slide 12: Income Statement
Income Statement ($m) HY 19 HY 18 Change YoY% Underlying revenue up 7.7% Revenue - underlying 50.1 46.5 3.6 7.7% Non-repeatable revenue 1.7 7.9 (6.2) (78.5%) High level of non-repeatable in 1H previously Revenue - constant currency 51.8 54.4 (2.6) (4.8%) highlighted (net $6.2m) Currency (1.1) - (1.1
Slide 13: Segment revenue
Segment revenue H1 19 Non-repeatable revenue in 1H 18 ($6.2m) ($m) Constant Currency (Constant Currency) H1 18 Change YoY % • Guest Experience perpetual licence ($2.2m) Ticketing and distribution 36.8 37.4 (0.6) (1.6%) • Guest Experience hardware revenue ($1.5m) (accesso Passport, accesso Siriusware
Slide 14: Revenue Quality
Revenue Quality H1 19 ($m) Constant Currency (Constant HY 18 % of revenue Visibility from repeatability of revenue Currency) % of revenue Change Transactional revenue 36.8 71.0% 34.9 64.2% 6.9% H1 19 - Significant increase in % of revenues Other repeatable revenue 4.5 8.7% 3.9 7.2% 1.5% defined as b
Slide 15: Alternative Performance Measures
Alternative Performance Measures ($m) HY 19 HY 18 Consistent adjustments to arrive at adjusted Operating Profit (4.4) 2.3 profitability measures Add: Deferred and contingent equity 1.5 1.7 Add: Amortisation-related to acquired intangibles 5.8 5.9 “Deferred and contingent”: acquisition related Add: S
Slide 16: Cash Flow
Cash Flow ($m) HY 19 HY 18 Change 1H cash generation generally not reflective of Underlying cash from operations (1.3) 2.6 (3.9) underlying full year trends Tax 1.7 (0.4) 2.1 No significant change in underlying operating cash Fixed assets – tangible (1.4) (1.0) (0.4) conversion Fixed assets – develo
Slide 17: Development Expenditure
Development Expenditure Original 2019 total expenditure guidance of $36m - $39m Integration plan has offered opportunities to reduce incremental expenditure in FY19 and looking forward Forward looking guidance: FY 2019: below guidance at c. $33m (prior estimate: $36-$39m), with 60%-63% capitalisatio
Slide 18: Customer Concentration and IFRS 16
Customer Concentration Plan to report this metric on a FY basis moving forward HY not reflective of underlying concentration 2018 FY Concentration: • Top five customers - 51.6% • Top ten customers - 60.1% IFRS 16 IFRS 16 adopted 1 January 2019 Initially recognise asset of £5.9m and lease liability o
Slide 19: Guidance
Guidance o FY 2019: Reported revenue between $118m - $121m ($120m - $123m on a constant currency basis) o 2020 – 2021: High single digit organic growth in repeatable business offset by negative growth in non-repeatable revenues producing overall low to mid single digit revenue growth o 2022 onwards:
Slide 20: Evolving our product offering
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Slide 21: What matters to our clients
What matters to our clients Increase Per ¢ pending Our clients want to maximise yield per guest before, during and after their quest journey + deploy innovative business models (eg, membership/ subscription) Deeper Consumer Insights First, they need to collect the data from disparate systerns, then,
Slide 22: Industry transformation — client and guest demands are evolving
Industry transformation — client and guest demands are evolving For the Guest Core Challenge #1 Interactions are anonymous . |, qa * Core Challenge #3 Relationship is purely transactional Core Challenge #2 Experience is complex $05,503 Core Challenge #4 Experience is episodic rather than continuous
Slide 23: Clients Need a Platform That:
Clients Need a Platform That: SL Feature #1 Feature #2 Feature #3 Feature #4 Optimises Every Step of Intelligently Maximizes The Flexible and Configurable to Can Stitch Together the the Guest Journey. Monetisation Opportunities. Quickly Address The Nuances of Customer Data to Drive Each Market Segme
Slide 24: Our transition to a unified product strategy
Our transition to a unified product strategy 01 02 03 Transition Deliver Deploy toa unified product to market with high-performing products more efficiently through a strategy product teams scalable go-to-market 24
Slide 25: Phase completed, Phase in process
Phase completed Phase in process Phase in process Identified key requirements to transform Combined product solutions delivered to Already sold to scale clients by the Group platform major customers Component solutions combined with Plan will allow Group to capitalise fully on Deliver value for clie
Slide 26: Large hospitality operator
5 4 Large hospitality 3 operator 2 Large hospitality operator 1 Nov 2019 – Jan 2020 Nov 2019 Dec 2018 May 2018 Oct 2018 26
Slide 27: This unified product strategy will
This unified product strategy will Address an untapped opportunity With a comprehensive, integrated platform addressing the entirety of the guest journey, we can add even more value. Deliver more and better data More and better data will provide the foundation for enhanced services like Business Int
Slide 28: Summary
A) accesso. Summary
Slide 29: Summary
accesso. #1 Solid performance Throughout H1 #4 Plan in place Important progress already Moving forward with purpose #2 Large TAM To go after #5 First large integrations Delivering results Summary #3 Uniquely placed To capitalise on market trends #6 Major deployments On the horizon 29
Slide 30: Q&A
A) accesso Q&A
Slide 31: Appendix - Definitions
Appendix - Definitions Constant Currency: Period ended 30 June 2019 prepared on a proforma basis using consistent currency rates with the period ended 30 June 2018 to assist with assessing the underlying performance of the business. Adj. EBITDA: Operating profit before the deduction of amortisation
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