Slide 1: Investor Briefing: Full year results to 30 June 2024
Investor Briefing Full year results to 30 June 2024 A SiteMinder customer Southern Ocean Lodge, Australia 27 August 2024
Slide 2: Important notice and disclaimer
Important notice and disclaimer 2 This presentation is given on behalf of SiteMinder Limited (SiteMinder) (ASX: SDR) (ACN 121 931 744). By accepting, accessing or reviewing this presentation, you acknowledge and agree to the terms set out in this Important Notice and Disclaimer. Disclaimer To the ma
Slide 3: Important notice and disclaimer (continued)
Important notice and disclaimer (continued) 3 Past performance Past performance information, including past share price information, given in this presentation is given for illustrative purposes only and should not be relied upon as an indication of future performance. Future performance Forward-loo
Slide 4: Presenters
4 Presenters Sankar Narayan Jonathan Kenny Tim Howard CEO & Managing COO CFO Director
Slide 5: Business update and key initiatives, Financial results, Q&A
SiteMinder customer Six Senses La Sagesse, Grenada 5 Business update and key initiatives Financial results Q&A
Slide 6: Business update
SiteMinder customer Tierra Atacama Hotel & Spa, Chile 6 Business Sankar Narayan CEO & Managing Director update
Slide 7: FY24 key metrics
7 Total annual Total revenue Underlying EBITDA recurring revenue ARR Subscription properties $209.0m 44.5k $190.7m $0.9m 26.0% y/y improving from 20.8% y/y 13.8% y/y $21.9)m in FY23 LTV/CAC Monthly revenue churn Transaction product uptake Free cash outflow 5.4x 1.0% 26.3k 3.4% Up from 4.1x i
Slide 8: Continued growth, improving profitability, while unlocking new growth opportunities with Smart Platform strategy
Continued growth, improving profitability, while unlocking new 8 growth opportunities with Smart Platform strategy FY24 revenue of $190.7m, up 20.8% y/y (cc, organic). Subscription revenue growth maintained momentum at 16.2% (cc, organic). Transaction revenue continued to outpace the travel market g
Slide 9: Continued progress on 'Rule of 40'
Continued progress on ‘Rule of 40ʼ 9 Rule of 40 is the sum of a software company’s revenue growth and profit margin. For the purpose of calculating its Rule of 40 performance, SiteMinder defines revenue growth as constant currency organic revenue growth which removes the impact of currency movements
Slide 10: Unit economics continue to improve
Unit economics continue to improve 10
Slide 11: Property growth support regional sales outlook
Property growth support regional sales outlook 11 Americas FY22 FY23 FY24 Revenue $m 29.9 40.4 51.4 y/y (cc, organic) 27.4% 25.2% 20.8% Properties (‘000) 6.6 7.6 8.8 y/y 13.7% 15.2% 15.8% APAC FY22 FY23 FY24 Revenue $m 36.7 49.8 61.8 y/y (cc, organic) 0.2% 33.4% 23.7% Properties (‘000) 11.7 13.3
Slide 12: Key initiatives
SiteMinder customer The Oceanic Sportel, Thailand 12 Key Sankar Narayan CEO & Managing Director Jonathan Kenny COO initiatives
Slide 13: Smart Platform
13 Smart Platform Revenue Optimisation Derived rates Rate plan management Convergence of distribution, intelligence and revenue Intelligence optimisation. Local and global Channel performance Competitor rates Distribution Events OTAs Pace GDS Wholesalers Booking engine Unified experience maximising
Slide 14: Building on strong platform user engagement
14 Building on strong platform user engagement for revenue activities 95% 90% actively engage with of Platform users are distribution and revenue active on a monthly basis management features 3.5 3 6 average active days average active sessions average active sessions per user per week per user per
Slide 15: Strong industry engagement through new partnerships in FY24
15 Strong industry engagement through new partnerships in FY24 Distribution Partners 15 additions PMS and CRS 15+ additions Dynamic Revenue Plus Channels Plus 25+ partners Smart Distribution Four leading global distribution partners
Slide 16: Smart Platform - The Three Pillars
16 Smart Platform - The Three Pillars Dynamic Revenue Plus Channels Plus Smart Distribution Boosts hotel revenue Seamlessly connects hotels Optimisation of hotel performance to a large number of distribution configuration channels Add-on product for hotels Add-on product for hotels Service package F
Slide 17: Initiatives to further accelerate Pay and Demand Plus
17 Initiatives to further accelerate Pay and Demand Plus Little Hotelier Expanding Payʼs SiteMinder Pay Demand Plus auto pay global availability terminals for enterprise Helping reduce Extend Payʼs availability Roll-out of Stripe Demand Plus solution manual effort and to key markets. payment termina
Slide 18: Initiatives to leverage AI and our high fidelity data
18 Initiatives to leverage AI and our high fidelity data Operations Product Engineering Improving customer Efficiencies in discovery Increased developer outcomes through dynamic and delivery of products productivity and accelerated AI guided engagements and software development reduced admin burden
Slide 19: Financial results
SiteMinder customer CLLIX Apartments & Hotels, Australia 19 Financial Tim Howard CFO results
Slide 20: Strong revenue growth
Strong revenue growth 20 % growth FY22 FY23 FY24 Subscription revenue 3.3% 18.7% 18.8% Transaction revenue 74.4% 65.6% 41.2% Total revenue 15.1% 30.5% 26.0% % growth (cc, organic) FY22 FY23 FY24 Subscription revenue 3.4% 15.9% 16.2% Transaction revenue 72.3% 61.2% 30.0% Total revenue 15.0% 27.3% 20.
Slide 21: Revenue performance by region
Revenue performance by region 21 % growth FY22 FY23 FY24 APAC 0.6% 35.5% 24.1% EMEA 19.8% 23.9% 26.6% AMERS 30.0% 35.2% 27.2% Total 15.1% 30.5% 26.0% % growth (cc, organic) FY22 FY23 FY24 APAC 0.2% 33.4% 23.7% EMEA 21.4% 24.5% 18.1% AMERS 27.4% 25.2% 20.8% Group 15.2% 27.3% 20.8% All regions deliver
Slide 22: Subscriber growth momentum sustained
Subscriber growth momentum sustained 22 Subscriber growth Transaction product uptake Net additions (organic) increased 32% to 5.4k in FY24, Uptake of transaction products increased 6.4k during FY24. with acceleration from H1 to H2. SiteMinder pursued larger hotels which have larger GBV Growth led by
Slide 23: Unit economics continue to improve
Unit economics continue to improve 23 SiteMinder initiatives to improve efficiency and LTV/CAC Unit economics breakdown FY22 FY23 FY24 Improving customer acquisition cost: Properties 000s 34.7 39.1 44.5 Monthly ARPU A$ 291 346 380 1 Introducing new GTM processes to improve scalability. Monthly r
Slide 24: Subscription margins improve 189 bps to 85.1%
Subscription margins improve 189 bps to 85.1% 24 FY22 FY23 FY24 Subscription gross margins Underlying subscription GM increased from 83.2% to 85.1% in FY24. The increase Subscription revenue 86,807 103,020 122,378 reflects benefits from scale and operating Subscription related expenses 16,069 17,554
Slide 25: Operating leverage continues across sales, marketing and product
Operating leverage continues across sales, marketing and product 25 Sales & marketing as a % of revenue Product development cost (opex and capex) as a % of revenue Sales, marketing, and product development costs have benefitted from increasing global scale and operating leverage as revenue has incre
Slide 26: Underlying functional income statement
Underlying functional income statement 26 A$‘000 FY23 FY24 Revenue 151,384 188,100 Sales and marketing costs increased 6.3% y/y in FY24, Cost of sales 49,514 62,977 compared to the 24.3% increase in revenue. CAC Gross profit 101,870 125,123 improved. Sales & marketing 54,432 57,860 Research
Slide 27: Cash flow – operating cash flow turns positive
Cash flow – operating cash flow turns positive 27 A$‘000 FY23 FY24 Reported operating cash flow improved from $15.6)m in Reported EBITDA 26,081 270 FY23 to $14.5m in FY24. Non-cash items in EBITDA 13,681 16,348 Changes in working capital 1,689 1,060 Non-cash items in EBITDA primarily consists
Slide 28: Outlook
SiteMinder customer Globales, Spain 28 Outlook SiteMinder has embarked on a Smart Platform strategy with significant new products and programs to be launched in FY25. SiteMinder is targeting 30% organic annual revenue growth in the medium term, aided by contributions from the Smart Platform. SiteMin
Slide 29: Q&A
SiteMinder customer Brittain Resorts & Hotels, South Carolina 29 Sankar Narayan CEO & Managing Director Jonathan Kenny COO Tim Howard CFO Q&A
Slide 30: Appendix
Appendix SiteMinder customer Six Senses La Sagesse, Grenada
Slide 31: Underlying income statement
Underlying income statement 31 A$‘000 FY23 FY24 y/y % y/y #039;000 Revenue 151,384 188,100 24% 36,716 Underlying employee benefits increased by 1.4% or $1.5 million y/y to $108.0 million. The increase is the Other income & Net FX gain 109 120 10% 11 net impact of increased headcount, inflation, and
Slide 32: Income statement – reconciliation of underlying and reported income
Income statement – reconciliation of underlying and reported income 32 A$‘000 Notes FY23 FY24 Reported loss after income tax 49,296 25,129 Net costs / (gain) related to M&A 1 918 - Notes Other costs related to IPO 180 77 Transaction cost related to refinancing 2 398 507 1. M&A related cost of $0
Slide 33: Cash flow – reconciliation of underlying and reported free cash flow
Cash flow – reconciliation of underlying and reported free cash flow 33 A$‘000 Notes FY23 FY24 Notes Reported Operating Cash Flows 15,628 14,456 Reported Investment Cash Flows 40,491 22,127 1. M&A related proceeds relate to proceeds from the sale of the Groupʼs interest in Rezdy. Reported Operat
Slide 34: Glossary
Glossary 34 Annual Recurring Revenue ARR Monthly ARPU ARR is the prior monthʼs recurring subscription revenue multiplied by 12 and the prior Average revenue per user (or property) measures the average revenue from quarterʼs transaction revenue from subscriber customers multiplied by four (assuming
Slide 35: Investor relations and media enquiries
35 35 Investor relations Media enquiries Paul Wong Maria Cricchiola investor.relations@siteminder.com media@siteminder.com
Slide 36: siteminder.com/investor-relations
siteminder.com/investor-relations