Logo Yazilim Sanayi Ve Ticaret A.s. · BIST:LOGO
Logo Yazilim Sanayi Ve Ticaret A.s — Logo Yazılım Sanayi ve Ticaret A.Ş. — 9M2019 Earnings Presentation
17 slides from Logo Yazilim Sanayi Ve Ticaret A.s's earnings presentation, Nov 7, 2019
Slide 1: 9M2019 Results Presentation
9M2019 Results Presentation Gülnur Anlaş Chief Financial Officer November 7th, 2019
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: Solid performance in 3Q19
Solid performance in 3Q19 Consolidated Revenues (TL mn) EBITDA (TL mn) 19% 28% 38% 92 35% 35 27 77 3Q18 3Q19 3Q18 3Q19 EBIT (TL mn) Net Income (TL mn) 24% 15% 25% 22% 23% 24% 23 20 18 18 3Q18 3Q19 3Q18 3Q19 *IFRS 16 impact: EBITDA +2.15 TL mn / EBIT +351 TL thou / EBT -80 TL thou www.logo.com.tr 2
Slide 4: Sustainable growth and profitability continues
Sustainable growth and profitability continues Consolidated Revenues (TL mn) Recurring Revenues (TL mn) EBITDA (TL mn) 24% 29% 23% 268 155 36% 120 36% 217 96 78 9M18 9M19 9M18 9M19 9M18 9M19 Net Income (TL mn) • Healthy revenue and profit growth in Turkey 9% • Recurring revenue’s share in total incr
Slide 5: Strong financial management
Strong financial management Consolidated Improved Liquidity Strong Free Cash Flow (LTM) Cash and Cash Eq. 87% 37% 38 111 81 21 2018 9M19 9M18 9M19 EPS* Growth (LTM) 11% 2,99 2,70 9M18 9M19 * Adjusted by 3.48% treasury shares www.logo.com.tr 4
Slide 6: Good start to 2H in Turkey
Good start to 2H in Turkey Logo Standalone – Revenues (TL mn) Logo Standalone – EBITDA (TL mn) 8% 15% 46% 49% 163 75 142 17% 69 22% 48% 50% 57 23 27 47 3Q18 3Q19 9M18 9M19 3Q18 3Q19 9M18 9M19 Logo Standalone - Net Income (TL mn) • 3Q results inline with budget -2% • New customer acquisitions, LEM an
Slide 7: Significantly improved performance by Total Soft
Significantly improved performance by Total Soft Total Soft – Revenues (TL mn) Total Soft – Gross Profit (TL mn) Total Soft – EBITDA (TL mn) 62% 135% 40% 50% 21% 105 22 53 34% 43% 85% 15% 75 53% 33 23% 13% 46% 14% 8 10 30 35 19 14 4 3Q18 3Q19 9M18 9M19 3Q18 3Q19 9M18 9M19 3Q18 3Q19 9M18 9M19 Total S
Slide 8: Invoiced revenues vs IFRS revenues (Consolidated)
Invoiced revenues vs IFRS revenues (Consolidated) Third Quarter Invoices & IFRS Revenues (TL mn) IFRS Revenues = Invoices - Net Deferrals 92 90 Invoices • 3Q sales invoice growth was 20% y/y 77 75 57 • IFRS Revenue growth was 19%y/y in 3Q 52 35 31 38 28 21 18 14 15 3Q13 3Q14 3Q15 3Q16 3Q17 3Q18 3Q19
Slide 9: Recurring revenue growth ensuring predictability
Recurring revenue growth ensuring predictability Consolidated Recurring Invoices (TL mn) • LEM revenues increased by 15% y/y in 9M19 CAGR: 48% • Pay as you go revenues increased by 44% y/y 181 29% with very strong coin sales. eLogo coin 147 customers and coin usage increased by 35% and 135 46%, resp
Slide 10: eLogo: e-services platform and leader in digital transformation
eLogo: e-services platform and leader in digital transformation Market leader in e-government solutions; e-invoice, e-archive, e-ledger, e-dispatch with 20K+ customers # of customers ('000) coin usage (mn) 35% 46% 26% 20 29% 139 36% 42% 96 15 12 74 9 52 9M16 9M17 9M18 9M19 9M16 9M17 9M18 9M19 Anot
Slide 11: Cost of sales
Cost of sales Consolidated (TL mn) – As % of IFRS Revenue Total Soft (TL mn) – As % of IFRS Revenue 21% 20% 57% 50% 268 217 105 23% 75 23% 52 43 45 55 9M18 9M19 9M18 9M19 Revenue Cost of Sales Revenue Cost of Sales • Improvement in Total Soft’s gross margin continues with better priced contracts and
Slide 12: Operating expenses
Operating expenses OpEx (TL mn) – As % of IFRS Revenue R&D Expenses (TL mn) – As % of IFRS Revenue 55% 57% 27% 26% 29% 20% 217 268 217 268 153 119 58 70 9M18 9M19 9M18 9M19 Total Revenue Total Opex Total Revenue R&D Expense S&M (TL mn) – As % of IFRS Revenue G&A (TL mn) – As % of IFRS Revenue 16% 16
Slide 13: Dedicated investment in technology
Dedicated investment in technology R&D Spending (TL mn) – As % of Invoices 160 33% 33% 35% 30% 30% 31% 140 28% 27% 30% 120 24% 25% 100 28% 99 20% 80 85 15% 60 77 66 40 57 10% 41 5% 20 32 20 0 0% 2013 2014 2015 2016 2017 2018 9M18 9M19 R&D Spending (TLmn) - LHS R&D Spending/Invoices -RHS www.logo.com
Slide 14: Strong balance sheet
Strong balance sheet Balance Sheet Highlights (TL mn) Working Capital (TL mn) 2018 9M19 ∆ Cash & Cash Eq. 80,9 110,7 37% 54% Trade Receivables 137,9 121,9 -12% 50% 44% 180 Tangible Assets 20,7 19,1 -8% 41% 41% 40% 34% 150 Intangible Assets* 301,1 320,5 6% 33% 29% 27% 120 Other Assets 22,6 40,6 80% 3
Slide 15: Guidance
Guidance 2018 2019 guidance Invoiced Revenue (TL mn) +25% 148 416 108 333 0 225 0 268 IFRS Revenue (TL mn) +25% 148 402 108 321 254 0 213 0 EBITDA (TL mn) +29% 101 107 27 -3 131** 91 12 -2 Margins 43% 11% n.m. 32% 42% 18% n.m. 33% EBT (TL mn) +4% 75 -2 68 74 0 -6 71 -4 Margins 35% -2% n.m. 21% 29% 0
Slide 16: Questions & Answers
Questions & Answers
Slide 17: 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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