Swoop Holdings Limited · ASX:SWP
Swoop — FY2022 Earnings Presentation
28 slides from Swoop's earnings presentation, Aug 29, 2022
Slide 1: FY22 Financial and Operational Results Investor Briefing
sw°op FY22 Financial and Operational Results Investor Briefing 29 AUGUST 2022
Slide 2: FY22 Highlights
Slide 3: Revenue of $51.7M up 130% year-on-year on a Statutory basis
Revenue of $51.7M up 130% year-on-year on a Statutory basis1 and up 67% on FY21 Pro Forma Results2 Underlying EBITDA 3 of $13.0M, up 129% on FY21 Underlying EBITDA 2 First positive Underlying NPAT3 of $58k, up from Net Loss after Tax position of ($2.9M) in FY21 A 26% year-on-year increase in subscri
Slide 4: Notes on year on year comparisons
Notes: 1. Year on year comparisons shown above are to the FY21 Pro Forma Results. FY21 Pro Forma Results have been prepared using information from the audited FY21 Annual Report dated September 2021. FY21 Pro Forma Results add in the results of Node 1 as if included for the full period of FY21, prov
Slide 5: FY22 Business Update
Slide 6: Services in operation, towers and staff
485 170 38,582 No. of fixed wireless Staff across Services in masts/towers Australia operation 6,380 6,278 25,924 Wholesale services Business services Residential services
Slide 7: 38,582 Services in Operation, up 7,859 or 26%
▪ 38,582 Services in Operation (SIOs) in Jun-22, having increased by 7,859 services or 26% in the financial year ▪ All sectors grew in the year, Residential by 2,313, Business by 2,251 and Wholesale by 3,295
Slide 8: FY22 Infrastructure Expansion
FY22 Infrastructure Expansion =" More than half of our services are now on Swoop’s network =" Our Fixed Wireless tower footprint grew by 95 to 485 towers in FY22, representing an increase of 24% # Towers 485 24%, End FY20 On Net SIOs End FY21 On Net SIOs End FY22 On Net SIOs 390 On Net 30% On Net Of
Slide 9: FY22 Financial Results
Slide 10: Financial Results ($000)
Financial Results ($000) FY211 FY22 Change Revenue 30,882 51,668 20,786 COGS (13,199) (23,352) (10,153) Gross Margin 17,683 28,316 10,633 ▪ Revenue increased by 67% over the prior corresponding period (pcp) Gross Margin % 57% 55% ▪ Revenue growth reflects organic Operating Expenses and Overheads (11
Slide 11: Segment Revenue ($000)
Segment Revenue ($000) FY211 FY22 Change ▪ Business revenue growth driven by organic growth of the NBN EE market, plus Countrytell Business 3,121 9,773 +213% acquisition Residential 14,890 19,551 +31% ▪ Wholesale revenue growth reflects solid organic growth plus VoiceHub acquisition Wholesale 12,871
Slide 12: Summary Cash Flow ($000)
Summary Cash Flow ($000) FY212 FY22 ▪ Free Cash Flow continues to improve, from ($2.9m) in Q1 FY22 to ($1.8m) in Q4 FY22 Customer Receipts 22,730 51,435 ▪ Majority of capex is network expansion and Payments to Suppliers and Employees (26,971) (43,123) supporting customer and network systems Other ne
Slide 13: Summary Balance Sheet ($000)
Summary Balance Sheet ($000) FY21 FY22 ▪ Strong cash position, with a debt facility Cash at Bank 17,498 32,021 finalised in June 22, provides substantial firepower for acquisitive and organic growth Other Current Assets 7,085 7,404 ▪ Growth in fixed assets reflects recent Trade and Other Payables (9
Slide 14: Increase in EBITDA from acquisitions and organic growth
▪ Increase in EBITDA came from both partial contribution from acquisitions and organic growth and efficiencies in the combined business; 59% and 41% of Total FY22 EBITDA growth respectively.
Slide 15: Acquisitions
15 Acquisitions
Slide 16: 7 accretive acquisitions completed, 8th announced
7 accretive acquisitions 8th acquisition announced Significant pipeline in completed to date (Moose) to be completed in discussion across Fixed Q1 FY23 Wireless, Resell, Fibre, Voice Name Product Geography Segment Infrastructure Purchase Price EBITDA Date Completed FY23 EBITDA Announced Moose Resell
Slide 17: Completed acquisitions detail
Announced FY22 EBITDA Name Product Geography Segment Infrastructure Purchase Price Date Completed EBITDA Contribution Completed Community FW Perth Residential 14 Towers $0.3m $0.1m1 June 2021 $0.1m Communications $1.6m1 June 2021 Beam FW Regional SA Residential/SME 65 Towers $6.7m $1.6m Fixed Wirele
Slide 18: Mobile SIO growth
Notes: 1. Mobile SIO growth over the 12 months to 31 July 2022
Slide 19: 19
19
Slide 20: Massive opportunity to increase market share in areas covered by Swoop infrastructure
Massive opportunity to increase market share in areas already covered by Swoop infrastructure. 80% Coverage 80% Coverage 83% Legacy Technology 84% Legacy Technology Metro Perth Geelong/Metro Melbourne 930k Addressable Premises 1,952k Addressable Premises 54% Coverage 63% Coverage 79% Legacy 83% Lega
Slide 21: Build on our strong brand, reduce churn, grow channel partners
Build on our strong brand Continued focus on Grow number of Channel Partners reducing churn now 0.8% (13% growth in FY22) in July now 260 active partners (down 0.4% YoY)
Slide 22: Continue to build platforms and turn stuff off in FY23
Continue to build Achieved 94% of targeted Additional 25% annualised platforms and turn stuff off synergies from acquisitions synergies identified to be in FY23 in FY22 delivered in FY23
Slide 23: 5G Fixed Wireless rollout and fibre expansion
5G Fixed Wireless being rollout in Expanding fibre based on strategic locations VIC & WA providing customer demand in existing greater speeds regions
Slide 24: Monthly revenue for July up 5% on Q4FY22 average
▪ Monthly Revenue (excluding one-off Projects) for July up 5% on Q4FY22 average (from $4.3m to $4.5m) ▪ Qtr on Qtr improvement in Free Cash Flow1. Targeting FCF neutral to positive in FY23 ▪ Stong YoY Increase in Operating Cashflow to continue into FY23 Organic growth and efficiencies from combined
Slide 25: Expanding organic revenue growth, acquisitions integrating well
Expanding organic Acquisitions integrating well and Strong acquisition pipeline across revenue growth growing better under Swoop our key growth areas High Margin Scale & Acquisition synergies Leverage the experience and capabilities Products delivered in FY22 and future to build the next large scale
Slide 26: Appendix
26 ——— a B —_ ce Appendix
Slide 27: Important notice and disclaimer
This presentation dated 29 August 2022 has been prepared by and is being issued by Swoop the intentions of Swoop, forecasts, forward looking statements and comments about future Holdings Limited ACN 009 256 535 (ASX: SWP) (Company or Swoop) for information events. The occurrence of events in the fut
Slide 28: Swoop.com.au
Swoop.com.au