Doxee S.p.a. · MIL:DOX
Doxee — H1 2023 Earnings Presentation
14 slides from Doxee's earnings presentation, Oct 3, 2023
Slide 1: Investor Presentation Mid Year 2023
Investor Presentation Mid Year 2023 Sergio Muratori Casali CEO Guido Spagnoli CFO Modena Mid Year Financial Results, October, 2023
Slide 2: 1H 2023 Results & Overview
1H 2023 Results & Overview Market slowdown impacted profitability…but not the investments to increase scalability and to create a European one company Highlights • Recurring revenue stable at 70% and Low Churn rate 1.5 • Awarded INPS Tender with Postel (3 years contract) Key financials • First relea
Slide 3: Consolidated Revenues Breakdown
Consolidated Revenues Breakdown CAGR 23% 10% REVENUES GROWTH PRODUCT LINE GROWTH 9.1 H1 2021 below the forecast due to PA and Tier 1 H1 2023 (€/mln) 7.7 H1 2022 clients’ orders delay to H2 or H1 2023 2024 6.0 € 1.8 MLN INFINICA REVENUE CAGR -16% CAGR 14% CONTRIBUTION up and cross selling potential s
Slide 4: 1H 2023 Financial Highlights
• 2023 H1 Revenues amounted to €12.1 mln: 1H 2023 Financial Highlights document experience €9.1 mln, interactive experience €1.7 mln, product line paperless experience €1.3 mln. PROFIT & LOSS 1H 2023 1H 2022 Sales Revenues 12.1 11.1 • EBITDA negative to € (0.5) due to a slowdowbn in the revenues gro
Slide 5: EBITDA Bridge
EBITDA Bridge (€/mln) Increase Decrease Total EBITDA SALES OTHER DIRECT INDIRECT CAPEX R&D EBITDA 1H 2022 REVENUES REVENUES COSTS COSTS COSTS 1H 2023 • The increase in costs must be interpreted in light of the different size of the Group which as of 06/30/2023 also includes the company Infinica • Si
Slide 6: 1H 2023 Investments
1H 2023 Investments Strong investments to increase scalability and become a one company R&D AND VALUE OF PRODUCTION COST OF PERSONEL (€/mln) (€/mln) Annual VoP 30 12 R&D 26.5 10.20 25 22.9 10 8.05 20 17.7 8 6.9 6.60 15 13.8 6 10 4 6.3 4.3 5 3.4 3.3 2 0 0 FY 2020 FY 2021 FY 2022 H1 2023 2020 2021 202
Slide 7: Cash Flow Bridge
Cash Flow Bridge (€/mln) Increase Decrease Total CHANGE IN CHANGE IN EBITDA INCOME CHANGE CHANGE IN FINANCIAL PROVISIONS FOR OTHER CAPEX FCF 1H 2023 TAXES IN NWC EQUITY ITEMS EMPLOYEES PROVISIONS • The cash flow was impacted by the negative economic trend in addition to still large investments in te
Slide 8: Back to Profitability in 2024
BACK TO PROFITABILITY IN 2024 Mid Year Financial Results, October, 2023 Investor Presentation
Slide 9: Strategic growth key points
Strategic growth key points Doxee a leading player in the digitization process CONSOLIDATION OF POSITION IN EXISTING MARKETS DOXEE • as a paperless player in the Regulatory Technology market through SERCQ (>0,5M deal closed in H2 2023) IS EVOLVING INTO A LEADING EUROPEAN VENDOR IN CUSTOMER • Cross-s
Slide 10: Growth Strategy action plan: sustainable revenues growth
Growth Strategy action plan Initiatives to bring back profitability in 2024 • Despite longer sales cycles (>6/9 months) a substantial pipeline has been built up without lost opportunities • Framework agreement renewal with Poste focused on Central Public Sector and Health Sector SUSTAINABLE • Upsell
Slide 11: Growth Strategy action plan: Become One Company
Growth Strategy action plan Initiatives to bring back profitability in 2024 • Higher-performance technology stack thanks to the unified platform and completion of Infinica’cloud transition • Improved ability to respond to market demands in a timely and comprehensive manner, enabling customers to ben
Slide 12: Growth Strategy action plan: Cost actions
Growth Strategy action plan Initiatives to bring back profitability in 2024 • Gross margin improvement due to the efficiency for the adoption of new DP3 • In 2024 expected reduction of R&D investments and benefit of innovation funds COST ACTIONS Reduction costs for • Planned reduction in external co
Slide 13: Key Takeaways
Key Takeaways 1 A new Organization for One Company 2 Cost Optimization and efficiency 3 Sales Traction for business growth in DACH 4 Upselling speed up on customer base in Italy Mid Year Financial Results, October, 2023 Investor Presentation
Slide 14: Sergio Muratori Casali, CEO; Guido Spagnoli, CFO
Sergio Muratori Casali, CEO Guido Spagnoli, CFO investor.relations@doxee.com Doxee Spa Viale Virgilio 48/B 41123 Modena - Italy doxee.com