Pensionbee Group Plc · LSE:PBEE
Pensionbee — Q4 2022 Earnings Presentation
23 slides from Pensionbee's earnings presentation, March 2023
Slide 1: 4Q 2022 Results Presentation
4Q 2022 Results Presentation for the year ended 31 December 2022 www.pensionbee.com 1
Slide 2: Agenda
Agenda 1 Overview of Q4 2022 2 Financial Update 3 Outlook 4 Appendix www.pensionbee.com 2
Slide 3: Overview of Q4 2022
1 Overview of Q4 2022 www.pensionbee.com 3
Slide 4: Q4 2022 Financial & Operational Highlights (1/2)
Q4 2022 Financial & Operational Highlights (1/2) ● Assets Under Administration continued growing and exceeded £3 billion, despite challenging macroeconomic conditions. ● Overall Revenue for the year of £18 million, representing a year on year growth rate of 38%, driven by strong net flows from new a
Slide 5: Q4 2022 Financial & Operational Highlights (2/2)
Q4 2022 Financial & Operational Highlights (2/2) Development of AUA since Inception (£bn) Development of ARR Revenue since Inception (£m) £3bn Dec-18 to Dec-22 Dec-18 to Dec-22 CAGR 74% CAGR 74% 1m Registered 273k Active 183k Invested £3bn Assets under £18m LTM £20m Annual Run Rate 97% Customer Cust
Slide 6: Business Updates to further our Strategic Goals (1/2)
Business Updates to further our Strategic Goals (1/2) ●1 Efficient investment in customer acquisition and brand awareness - Overall marketing budget of £16.6 million deployed for the year, with seasonally reduced expenditure across the fourth quarter as expected - Household brand name status achieve
Slide 7: Business Updates to further our Strategic Goals (2/2)
Business Updates to further our Strategic Goals (2/2) Invested Customers per Staff Member(1) ●3 Continued investment in and development of an industry leading technology platform +24% - Continued growth in productivity metric of Invested Customers per Staff Member demonstrating efficiency - Onboardi
Slide 8: Financial Update
2 Financial Update www.pensionbee.com 8
Slide 9: AUA Growth Driven by New and Existing Customers
AUA Growth Driven by New and Existing Customers High customer retention and strong continuous net flows generate attractive lifetime value Continuous Compounding of AUA (£bn) Strong Net Flows from New & Existing Customers(2) (£m) c.£3bn Quality of AUA Annual Run Rate Revenue (£m) YoY Across the port
Slide 10: High Retention Rate Generates Compounding AUA
High Retention Rate Generates Compounding AUA Customer Retention Rate(1) (%) Net Flows(2) by Customer Cohorts (£m) 3,025 £685m Net Flows from New Customers 2,587 Cumulative Net Flows £178m Net Flows from Cohort 2022 Existing Customers £178m +£119 Cumulative Net Flows Cumulative Market Impact Cohort
Slide 11: Scalability Generates Operating Leverage
Scalability Generates Operating Leverage Resilient revenue margin combined with scalable technology platform achieves operating leverage over time Resilient Gross Revenue Margin of 69 bps Scalable Technology Platform Drives Margin Improvement Annual Run Rate Revenue (£m) Adj. EBITDAM Margin (%)(1) A
Slide 12: Disciplined Marketing Investment Drives Healthy Growth
Disciplined Marketing Investment Drives Healthy Growth Data-driven acquisition approach has enabled scaled-up marketing investment PensionBee Continues to Scale up Marketing Investment Whilst Maintaining Cost Discipline Cumulative Marketing Expenditure (£m)(1) Cumulative Invested Customers (k) and C
Slide 13: Outlook
3 Outlook www.pensionbee.com 13
Slide 14: 2022 Guidance & Objectives
2022 Guidance & Objectives Metric Guidance 2022 High double digit revenue growth expected in the short-term. Revenue Growth Range of global market scenarios place 2022 revenue expectations in the £17-£18m range. Gross Revenue Margin & To remain consistent with historical levels as a proportion of re
Slide 15: 2023 Guidance Framework
2023 Guidance Framework Objective Long Term (5 years+) Short to Medium Term (next 5 years) ● Pursuing a c.2% market share of the substantial £700bn UK DC ● Having achieved household brand name status, continue pensions target market over the next 5-10 years. appealing to the mass market and competin
Slide 16: Key Investment Highlights
Key Investment Highlights ●1 Online Personal Pension Provider with Innovative Customer Offering ●2 £700bn DC Pension Target Market underpinned by Structural Growth Drivers ●3 Growing Brand Awareness through Multi-Channel, Data-led Customer Acquisition Activities ●4 Scalable Technology Platform Devel
Slide 17: Further Updates
Further Updates ● FY2022 full-year results announcement on Thursday 16 March 2023 ● Publication of FY2022 annual report on Thursday 13 April 2023 ● Q1 2023 trading update announcement on Thursday 20 April 2023 ● Annual General Meeting on Thursday 18 May 2023 www.pensionbee.com 17
Slide 18: FY 2022 Highlights
FY 2022 Highlights KPIs As at Period End Financials(1) Over the 12-month Period Ending Dec-2020 Dec-2021 Dec-2022 YoY Dec-2020 Dec-2021 Dec-2022 YoY AUA (£m) 1,358 2,587 3,025 17% Revenue (£m) 6 13 18 38% Annual Run Rate (ARR) AUA Retention Rate (% of AUA) 96% 96% 97% Stable (£m) 9 16 20 20% Revenue
Slide 19: Appendix
4 Appendix www.pensionbee.com 19
Slide 20: PensionBee's Growth Story
PensionBee’s Growth Story Significant growth achieved across Customers, AUA and Revenue Growth in Invested Customers (000s) Translates into Increasing AUA Base (£m) Which Drives ARR Revenue (£m) +56% +17% +20% 66k New Invested Customers in 2022. www.pensionbee.com 20
Slide 21: Illustrative Unit Economics Demonstrate Lifetime Revenue Profile
Illustrative Unit Economics Demonstrate Lifetime Revenue Profile 2 LTV/CAC ✔ Methodological data driven approach to Asset Driven customer acquisition Lifetime Revenue 3 ▪ Scalable technology platform 4 ✔ Attractive LTV/CAC ▪ Low cost to serve customers ✔ Attractive Payback Compelling Unit Economics
Slide 22: Glossary
Glossary Assets under Assets under Administration (AUA) is the total invested value of pension assets within PensionBee Invested Customers’ pensions. It measures the new inflows less the outflows and records a change in the Administration (AUA) market value of the assets. AUA is a measurement of the
Slide 23: Disclaimer
Disclaimer The information contained in this presentation has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in it.