Motork Plc · EURONEXT:MTRK
Motork — FY2021 Earnings Presentation
38 slides from Motork's earnings presentation, Mar 10, 2022
Slide 1: 2021 Full Year Results
2021 FULL YEAR RESULTS March 10th 2022
Slide 2: Today's Speakers
TODAYʼS SPEAKERS AMIR ROSENTULER MARCO MARLIA ANDREA SERVO CHAIRMAN CEO CFO 2 1
Slide 3: Agenda
01. HIGHLIGHTS 02. FINANCIALS AGENDA 03. OUTLOOK 04. Q&A 2
Slide 4: Highlights
01. HIGHLIGHTS
Slide 5: We Are Mission Critical for the Industry
WE ARE MISSION CRITICAL FOR THE INDUSTRY WE OFFER MAIN AUTOMOTIVE PLAYERS A UNIQUE INTEGRATED SAAS PLATFORM TO OPTIMIZE SALES AND MARKETING PROCESSES 4
Slide 6: Beating the Industry Most Challenging Year
BEATING THE INDUSTRY MOST CHALLENGING YEAR PUTTING MOTORK FY 2021 INTO GLOBAL PERSPECTIVE GLOBAL AUTO SECTOR Customer Base New Car Registrations Expansion down 25% vs. 2019(1) 2021 + 43 % YoY Growth No ease in chip shortage before H2 2022 EBITDA Positive Ukraine / Russia as anticipated Conflict (1)
Slide 7: A Pivotal Year for the Group
A PIVOTAL YEAR FOR THE GROUP REVENUES CONTINUED STRATEGIC GROWTH ACQUISITIONS + 43% YoY 3 Deals TEAM DOUBLING INITIAL PUBLIC THE TEAM OFFERING AMSTERDAM c. 400 6
Slide 8: 2021 Key Figures
2021 KEY FIGURES REVENUES ARR(1) Adj. EBITDA(2) NET CASH(3) €27.6M €15.1M €0.8M €34.4M + 51% POSITIVE + 43% +23% organic (vs. negative LY) + €55M ABOVE ORGANIC SCALE STRATEGIC GUIDANCE GROWTH BENEFITS FLEXIBILITY (1) Annual Recurring Revenues (“ARR”) is defined as the yearly subscription value of th
Slide 9: Best-in-Class Growth Trajectory
BEST-IN-CLASS GROWTH TRAJECTORY FY 2021 GROWTH BENCHMARKING : MOTORK vs. EUROPEAN SAAS SECTOR FY 2021 REVENUE GROWTH EUROPEAN SAAS SECTOR(1) + 51% + 43% + 42% + 23% Organic + 17% + 10% Revs. Growth ARR(2) Growth Min Median Max (1) As per public information. European Listed SaaS peers sample include
Slide 10: Announced Partnership with Škoda Auto
ANNOUNCED PARTNERSHIP WITH ŠKODA AUTO Jan. 2022 GLOBAL DEALER CERTIFIED WEBSITE PROVIDER ENHANCE THE CUSTOMER JOURNEY AND GENERATE HIGHER TRAFFIC FOR SKODA IMPORTERS AND DEALERS INTERNATIONAL NETWORK Global Reach ~ 1k Dealers 9
Slide 11: Wide OEM Coverage
WIDE OEM COVERAGE Global 2022 232 2021 65 2017 110 2016 96 2018 90 2018 92 2019 26 2018 550 2021 201 2021 49 2020 # Number of Rooftops YEAR MotorK Customers 10
Slide 12: Pursued Strategic M&A
PURSUED STRATEGIC M&A ■ B2B SAAS Provider ■ B2B SAAS Provider ■ B2B SAAS Digital Agency ■ CRM, Web Design, Cloud, SEO and ■ E-Reputation for Dealers / OEMs ■ Web Design and Lead Gen Lead Gen ■ Proprietary AI to track customer ■ SEO Audit and Optimization ■ Others: Digital Marketing, Call behavior pa
Slide 13: Creating Value Through Integration
CREATING VALUE THROUGH INTEGRATION X-SELLING UP-SELLING ONGOING SYNERGY IMPLEMENTATION COST SYNERGIES SAAS MIGRATION 12
Slide 14: Fidcar: The X-Selling Blueprint
FIDCAR: THE X-SELLING BLUEPRINT FIDCAR FY 22 ARR ANTICIPATED DEVELOPMENT(1)(€M) + 2.5 + 2.5 c. 2.0 Target ARR x 2 in 1 Year STANDALONE Swift c. 1.0 Rebranding MOTORK CUSTOMER SYNERGIES Leveraging MTRK Platform ARR(2) OEM FidSpark New ARR 2021 Deal X-Sell ARR 2022 (1) Assumptions based on currrent pi
Slide 15: Dapda: Hire Savings Through Talent Integration
DAPDA: HIRE SAVINGS THROUGH TALENT INTEGRATION DAPDA TALENT REALLOCATIONS WITHIN MOTORK (#FTEs) Leveraging 32 INTERNAL REALLOCATIONS Existing Talents 125% 2022 ROADMAP ALREADY ACHIEVED 19 Hire Costs Savings 4 4 5 Fasten Integration PRODUCT DATA G&A(1) TECH (1) Includes talents in HR, Finance, Market
Slide 16: FranceProNet: Accelerating SaaS Adoption
FRANCEPRONET: ACCELERATING SAAS ADOPTION FRANCEPRONET FY 22 ANTICIPATED EVOLUTION OF RECURRING REVENUES MIX 70% Target Rec. Revenues ALIGNING ~ 20% TO MOTORK TARGET ~ 70% Migration On-going Increased Rev. Visibility Recurring Non-Recurring STANDALONE(1) (1) At the time of the acquisition 15
Slide 17: Product Roadmap on Track
PRODUCT ROADMAP ON TRACK WEB LEAD / CRM ■ Chatbot integration ■ LeadSpark II launched ■ Online purchase ■ Assisted lead processing STOCK ADVERTISING ■ Vehicle financing ■ Continued move to SAAS ■ Background image removal E-REPUTATION LIVE CHAT ■ Customer buying patterns ■ Live Chat / Chat Bot and be
Slide 18: Financials
02. FINANCIALS(1) (1) FY2021 financial figures are unaudited as external audit activities are still on going.
Slide 19: Revenues Above Guidance
REVENUES ABOVE GUIDANCE REVENUES (€M) ■ FY 2021 Revenues of €27.6M up 43% vs. FY 2020 27.6 ― o/w €0.3 M related to the ~ 26-27 contribution of Dapda and Fidcar consolidated in December 2021 19.3 + 43% ■ Revenues above the upper end of the previously stated guidance range ■ Growth momentum driven by
Slide 20: Continued Recurring Mix Improvement
CONTINUED RECURRING MIX IMPROVEMENT SAAS REVENUES (€M) SAAS RECURRING MIX(1) (%) ■ Strong improvement in SAAS Revenues reaching €16.3M in FY 2021, up 67% vs FY 2020 16.3 ■ SAAS Recurring Revenues growing 1.5 54% at 68% over the period ■ Continued increase in SAAS + 67% Recurring mix reaching 54% of
Slide 21: Strong ARR Development
STRONG ARR DEVELOPMENT ANNUAL RECURRING REVENUES – ARR(1) (€M) ■ Sustained organic ARR development reaching €12.4M by 2021, up + 23% vs. FY 2020 15.1 ■ FY 2021 completed acquisitions (Daptda and Fidcar) contributing + 2.7 to additional €2.7M ARR leading to total FY 2021 ARR of €15.1M 12.4 + 51% (+51
Slide 22: Consistent Customer Base Expansion
CONSISTENT CUSTOMER BASE EXPANSION RETAIL CUSTOMERS (#) ENTERPRISE CUSTOMERS (#) ■ Solid commercial momentum translating into c. 35 net 633 additional Retail Customers to 18 reach 633 by year end 2021 ■ Strengthened focus on in parallel +6% 599 on larger Enterprise customers +7(1) 11 2020 2021 2020
Slide 23: Solid Set of Operational KPIs
SOLID SET OF OPERATIONAL KPIS AVG. RETAIL ACV(1) (€k) ARR CHURN(2) (%) NRR(3) (%) ■ Solid set of operational KPIs highlighting swift commercial recovery following FY 2020 ■ Continued trajectory of up and 14.9 105% cross-selling of the customer base with Average ACV per Retail Customer up 9% over the
Slide 24: Cost Structure Under Control
COST STRUCTURE UNDER CONTROL OPERATING EXPENSES(1) IN €M AND PERCENTAGE OF REVENUES ■ Total operating expenses of €26.7M in FY 2021 up 31% vs FY 106% 2020 level 97% 26.7 25% ■ Increase in cost structure largely 22% attributable to Personnel 20.4 6.0 expenses up c. 42% to cope with 31% 24% the growth
Slide 25: Fast Scaling Leading to Profitability
FAST SCALING LEADING TO PROFITABILITY Adj. EBITDA(1) BRIDGE (€M) ■ FY 2021 adjusted EBITDA landing into positive territory vs. negative €1.1M in FY 2020 + 1.9 ■ Strong volume impact coupled with positive mix increase (5.6) ■ Counterbalanced by increase in fixed cost base related to + 5.6 necessary h
Slide 26: Limited Cash Burn Despite Strong Growth
LIMITED CASH BURN DESPITE STRONG GROWTH NET OPERATING CASH FLOW (€M) ■ Overall limited negative net operating cash generation in a hypergrowth context 0.8 ■ Cash flow generation mostly impacted by sustained R&D (2.6) investments to fuel future growth (0.1) ■ Negative working capital impact related t
Slide 27: Enhanced Capital Structure
ENHANCED CAPITAL STRUCTURE NET CASH BRIDGE (€M) ■ €34.4M net cash position at year end 2021 FY2021 including lease ( 5.6) liabilities as per IFRS16 ( 5.3) ( 6.7) (2.7) 0.7 34.4 ■ €70M net IPO proceeds, €25M of (2.2) ( 6.7) which used to repay most of the existing financial loans as + 70.0 previously
Slide 28: Outlook
03. OUTLOOK
Slide 29: Confirming FY 2022 Guidance
CONFIRMING FY 2022 GUIDANCE REVENUES €45 to €47M ARR(1) €28 to €30M PROFITABILITY ~ 20% Adj. EBITDA Margin(2) M&A At least 2-3 bolt-on acquisitions in Europe (1) Annual Recurring Revenues (“ARR”) is defined as the yearly subscription value of the customer base at the end of the reporting period (2)
Slide 30: Guidance Mostly Based on Existing Customers
GUIDANCE MOSTLY BASED ON EXISTING CUSTOMERS… FY 2022 ARR BRIDGE (€M) ■ Out to the €28 to 30M ARR 28 to 30 guidance range, ca. 80% is derived from existing customers c. 80% ARR GUIDANCE 2.5 + 5.9 as at year-end 2021 BASED ON EXISTING CUSTOMERS + 2.5 ― NRR forecasts on existing + 2.5 customers based o
Slide 31: Providing Visibility Beyond FY 2022
… PROVIDING VISIBLITY BEYOND FY 2022 FY 2023 ARR GUIDANCE(€M) ■ €38 to 40M ARR guidance range for FY 2023 38 to 40 ― Organic guidance based on the FY 2021 perimeter assuming no M&A in FY 2022 (for comparability purposes) 28 to 30 ― Extrapolating FY 2022 ARR guidance based on anticipated 12.4 NRR rat
Slide 32: Q&A
04. Q&A
Slide 33: Appendix
Appendix
Slide 34: FY 2021 — Profit and Loss
V4 FY 2021 — PROFIT AND LOSS FY 2021 CONSOLIDATED PROFIT AND LOSS (Reclassi fied) Ink€ Revenues Costs for marketing and call center Personnel costs R&D capitalization Other costs EBITDA Adjusted Extraordinary costs Stock Option Plan costs EBITDA Depreciation &Amortization EBIT Finance costs Finance
Slide 35: FY 2021 — Revenues Breakdown
FY 2021 ― REVENUES BREAKDOWN 34
Slide 36: FY 2021 — R&D Expenses
V4 FY 2021 — R&D EXPENSES FY 2021 R&D EXPENSES In ke 2020 R&D expenses 4902 - of which capitalised (2661) - of which expensed in the income statement 2241 R&D expenses as a percentage of Revenues 25% 2021 7850 (3 490) 4359 28% nge y.o.y. change 60% 31% 95% 3% x’
Slide 37: FY 2021 — Cash Flow Statement
FY 2021 ― CASH FLOW STATEMENT 36
Slide 38: FY 2021 — Statement of Financial Position
FY 2021 ― STATEMENT OF FINANCIAL POSITION 37