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Logo Yazilim Sanayi Ve Ticaret A.s — Q1 2018 Earnings Presentation
20 slides from Logo Yazilim Sanayi Ve Ticaret A.s's earnings presentation, May 10, 2018
Slide 1: 1Q2018 Results Presentation
1Q2018 RESULTS PRESENTATION Gülnur ANLAŞ CHIEF FINANCIAL OFFICER May 10th, 2018
Slide 2: Disclaimer
DISCLAIMER This presentation contains information and analysis on financial statements as well as forward-looking statements that reflect Logo management’s current views with respect to certain future events. Although it is believed that the information and analysis are correct and expectations refl
Slide 3: Content
CONTENT 1Q18 Highlights Financial Review Questions & Answers
Slide 4: 1Q2018 Highlights
1Q2018 Highlights • Strong start to year 2018, with solid revenue growth and improved profitability • Robust progress achieved in recurring revenues yielding a solid subscription base • Healthy operating cashflow generation • Targeted and efficient R&D investments • Enhanced focus on marketing • Con
Slide 5: 1Q2018 Highlights: Logo (Turkey)
1Q2018 Highlights Logo (Turkey) • Stellar Q1 results; invoiced revenue increasing by 30% and top-line IFRS growing by 38% y/y with new customer additions, product and user upgrades, and fruitful efforts to increase revenues from complementary businesses • Recurring revenues now 60% of total invoices
Slide 6: 1Q2018 Highlights: Total Soft (Romania)
1Q2018 Highlights Total Soft (Romania) • Revenue increased by 6% y/y and 10% from the 4Q17 • Substantially improved profitability q/q • Key clients in financial services extended the scope of work, and new clients were added to both financial services and ERP business portfolio • Increased efficienc
Slide 7: 1Q2018 Highlights: Logo Infosoft (India)
1Q2018 Highlights Logo Infosoft (India) • Product Empanelment by GSTN (Goods and Services Tax Network): GSTN initiated a very stringent process of evaluating and endorsing commercially available Accounting and Billing software in December, for SMEs, by a panel of experts comprised of distinguished a
Slide 8: Content
CONTENT 1Q18 Highlights Financial Review Questions & Answers
Slide 9: Financial Summary – Consolidated
FINANCIAL SUMMARY – Consolidated 1Q • IFRS revenues grew by a strong 26% y/y to TL67.4 mn in y/y line with the budget. IFRS (mn TL) 1Q17 1Q18 D Revenue 53.6 67.4 26% • EBITDA was up by 33% and margin was 36%. EBITDA 18.2 24.2 33% • Logo Infosoft is consolidated according to equity EBITDA Margin 34.0
Slide 10: Financial Summary – Logo Standalone
FINANCIAL SUMMARY – Logo Standalone* 1Q • IFRS revenues increased by a 38% y/y to TL46 mn. y/y IFRS (mn TL) 1Q17 1Q18 • EBITDA margin was realized at 49% with 36% y/y D Revenue 33.4 46.0 38% EBITDA growth. EBITDA 16.5 22.5 36% • 1Q18 figures include one-time re-structuring EBITDA Margin 49.5% 48.9%
Slide 11: Financial Summary – Total Soft
FINANCIAL SUMMARY – Total Soft 1Q • IFRS revenues grew by 6% y/y and 10% q/q. y/y IFRS (mn TL) 1Q17 1Q18 D • Gross profit improved y/y due to more efficient project Revenue 20.2 21.4 6% implementation. Gross Profit 8.4 9.6 14% Gross Profit Margin 42% 45% • EBITDA stayed almost flat y/y while improvi
Slide 12: Invoiced Revenue vs IFRS Revenue
Invoiced Revenue vs IFRS Revenue First Quarter Invoices & IFRS Revenues (TLmn) Invoiced Revenues (TLmn) 80 300 IFRS Revenues= CAGR: 40% 259 70 6766 Invoices - Net Deferrals 250 60 Invoices 5453 200 176 50 152 40 36 150 30 117 30 2624 +24% 2224 100 80 20 66 1213 49 53 1111 50 10 0 0 1Q12 1Q13 1Q14 1Q
Slide 13: Recurring Revenues
Recurring Revenues Recurring Invoices (TLmn) Recurring Invoices/Total Invoices (%) 100% 5% CAGR: 68% 135 90% 20% 18% 29% 80% 41% 39% 48% 48% 52% 54% 70% 58% 84 60% 73 50% 48 40% 38% 38 30% 25 29 20% 10 LEM 10% Maintenance 0% Pay as you go 2012 2013 2014 2015 2016 2017 1Q17 1Q18 2012 2013 2014 2015 2
Slide 14: Cost of Sales
Cost of Sales Consolidated (TLmn) – As % of IFRS Revenue Total Soft (TLmn) – As % of IFRS Revenue 23% 19% 58% 55% 67.4 21.4 20.2 53.6 11.8 11.8 12.5 12.7 1Q17 1Q18 1Q17 1Q18 Total Revenue Cost of Sales Total Revenue Cost of Sales • With Total Soft’s project implementation team’s costs classified und
Slide 15: Operational Expenses
Operational Expenses R&D Expenses (TLmn) – As % of IFRS Revenue R&D Spending (TLmn) – As % of Invoices 27% 28% 160 45% 50% 67.4 140 38% 120 32% 40% 53.6 28% 29% 100 25% 27% 116 30% 24% 80 60 20% 18.9 66 14.4 40 10% 20 41 12 20 32 16 21 0 0% 2012 2013 2014 2015 2016 2017 1Q17 1Q18 1Q17 1Q18 R&D Spend
Slide 16: Operational Expenses
Operational Expenses S&M (TLmn) – As % of IFRS Revenue G&A (TLmn) – As % of IFRS Revenue 16% 15% 11% 13% 67.4 67.4 53.6 53.6 8.5 9.8 6.0 9.0 1Q17 1Q18 1Q17 1Q18 Total Revenue S&M Expense Total Revenue G&A Expense • S&M expenses in 1Q18 increased by 15% y/y, and S&M expenses/IFRS revenue ratio was 15
Slide 17: Key Financials
Key Financials Balance Sheet Highlights (TLmn) Working Capital (TLmn) 2017 1Q18 D Cash & Cash Eq. 51.6 53.4 3% 60% 54% 160 Trade Receivables 104.5 96.5 -8% 50% 140 44% Tangible Assets 19.9 19.0 -5% 41% 41% 120 40% 37% Intangible Assets* 191.9 203.0 6% 33% 31% 32% 100 Other Assets 15.2 19.3 27% 30% 8
Slide 18: Guidance
Guidance 2017 2018 Guidance Invoiced Revenue (TLmn) +35% 108 4 349 186 73 259 237 0 IFRS Revenue (TLmn) +32% Logo Standalone Total Soft Investments Consolidated Logo Standalone Total Soft Investments Consolidated 108 4 338 181 75 256 226 0 EBITDA (TLmn) Logo Standalone Total Soft Investments Consoli
Slide 19: Content
CONTENT 1Q18 Highlights Financial Review Questions & Answers
Slide 20: Thank you for joining us today
Thank you for joining us today LOGO Investor Relations Team T: +90 262 679 8000 E: investor@logo.com.tr
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