Catapult Sports Ltd. · ASX:CAT
Catapult Sports — FY2025 Earnings Presentation
42 slides from Catapult Sports's earnings presentation, May 21, 2025
Slide 1: FY25 Results
FY25 RESULTS MAY 21, 2025 WILL LOPES Chief Executive Officer & Managing Director BOB CRUICKSHANK Chief Financial Officer
Slide 2: Important Notice
IMPORTANT NOTICE Forward-looking statements This document contains forward-looking statements including plans and objectives. Do not place undue reliance on them as actual results may differ, and may do so materially. They reflect Catapult’s views as at the time made, are not guarantees of future pe
Slide 3: We Are the Standard for Professional Sports
WE ARE THE STANDARD FOR PROFESSIONAL SPORTS 40+ SPORTS 100+ COUNTRIES 4,600+ T E A M S G L O B A L LY 3
Slide 4: Our Vision
OUR VISION UNLEASH THE POTENTIAL OF EVERY TEAM AND ATHLETE ON EARTH 4
Slide 5: Overview
WILL LOPES CHIEF EXECUTIVE OFFICER & MANAGING DIRECTOR OVERVIEW FINANCIAL REVIEW STRATEGY & OUTLOOK Q&A 5
Slide 6: FY25 Was a Milestone Year for Catapult
FY25 WAS A MILESTONE YEAR FOR CATAPULT Rule of 40 * Free Cash Flow (US$M) 35% 20 31% 30% 10 8.6 25% 24% 4.6 0 20% FY23 FY24 FY25 15% -10 10% -20 5% 3% -21.6 0% -30 FY23 FY24 FY25 CONFIDENTIAL * Rule of 40 is defined as the sum of annual ACV growth percentage on a constant currency basis and Manageme
Slide 7: Driven by Record Level Profitable Growth
DRIVEN BY RECORD LEVEL PROFITABLE GROWTH ACV REVENUE MANAGEMENT EBITDA US$101.2M (A$161M) US$116.5M (A$185M) US$14.8M (A$24M) ↑ 18% YoY (CC) ↑ 19% YoY (CC) ↑ US$10.6M YoY CONFIDENTIAL Important Note: ACV, ACV Growth (CC, constant currency), and Management EBITDA financial information in this slide h
Slide 8: Underpinned by a Strong SaaS Engine
UNDERPINNED BY A STRONG SAAS ENGINE ACV RETENTION ACV PER PRO TEAM MULTI VERTICAL PRO TEAMS 96% ↑12% ↑53% CONFIDENTIAL Important Note: ACV Retention, ACV Per Pro Team, and Multi Vertical Pro Teams financial information in this slide has not been independently audited or reviewed, and does not form p
Slide 9: That Is Delivering Significant Incremental Profit
THAT IS DELIVERING SIGNIFICANT INCREMENTAL PROFIT US$M FY24 FY25 Incremental Our target is to keep at least 30% for every additional US$1 of revenue we generate as profit In FY25, we exceeded this target with a 65% Revenue 100.0 116.5 16.5 incremental profit margin, a record for a full year peri
Slide 10: During a Year That We Introduced Our Biggest Innovations Ever
DURING A YEAR THAT WE INTRODUCED OUR BIGGEST INNOVATIONS EVER VECTOR 8 HUB PRO FOCUS LIVE FOR PRACTICE Launched the world’s most Our next generation coaching Expanding our live sideline powerful athlete monitoring experience integrating our solution into practice system, a significant leap in new an
Slide 11: Bob Cruickshank
BOB CRUICKSHANK CHIEF FINANCIAL OFFICER OVERVIEW FINANCIAL REVIEW STRATEGY & OUTLOOK Q&A 11
Slide 12: Strong Growth Sees ACV Now Exceeding US$100 Million
STRONG GROWTH SEES ACV NOW EXCEEDING US$100 MILLION Total ACV (US$M) 120 101.2 100 2.5 ACV, our leading indicator of future SaaS revenue, 86.8 crossed a major milestone passing US$100M driven by 2.4 32.6 a dual-growth engine 80 73.4 2.5 27.7 Normalizing for a one-time impact of exiting Russia in
Slide 13: We Now Have Two Strong ACV Growth Engines
WE NOW HAVE TWO STRONG ACV GROWTH ENGINES Performance & Health ACV (US$M) Tactics & Coaching ACV (US$M) 35 60 30 50 25 40 20 66.1 30 32.6 56.7 15 27.7 47.0 23.9 20 10 10 5 FY23 FY24 FY25 FY23 FY24 FY25 P&H grew 20% (CC) YoY when adjusted for the one-time impact New Video Solutions grew 42% (CC) YoY
Slide 14: ACV per Team Continued to Expand as Teams Added More Solutions
ACV PER TEAM CONTINUED TO EXPAND AS TEAMS ADDED MORE SOLUTIONS Average Pro Team ACV (US$K) Multi Vertical Pro Teams 28 700 27 600 26 500 25 400 24 741 26.8 300 23 483 200 22 24.1 366 22.8 21 100 20 FY23 FY24 FY25 FY23 FY24 FY25 Important Note: ACV, ACV Growth (CC, constant currency), and Multi Verti
Slide 15: We Continue to Exceed Our Retention Target
WE CONTINUE TO EXCEED OUR RETENTION TARGET AND BE BEST-IN-CLASS ACV Churn % 5% ACV Churn remained well below our target of 5% 4% 3% 4.3% 2% 3.8% 3.5% 1% FY23 FY24 FY25 Important Note: ACV Churn and ACV Retention financial information in this slide has not been independently audited or reviewed, an
Slide 16: Strong SaaS Results Increases Confidence in Future Revenue
STRONG SAAS RESULTS INCREASES CONFIDENCE IN FUTURE REVENUE FY25 FY24 % CHANGE Beyond ACV, we continue to see healthy OPENING ACV (US$M) 86.8 73.4 growth in landing new Pro Team customers, expanding ACV per Pro Team, and our NET INCREMENTAL ACV 15.3 14.4 6% relationship with customers positively FX
Slide 17: Growth in Recurring Revenue Is Key to Profitability
GROWTH IN RECURRING REVENUE IS KEY TO PROFITABILITY Revenue Categories (US$M) 140 120 116.5 6.9 100.0 13.7 100 7.7 20% SaaS 84.4 10.4 YoY Revenue 80 6.7 Growth (CC) US$110M 10.3 60 Recurring Revenue 40 81.9 96.0 94% Recurring Revenue 67.4 20 FY23 FY24 FY25 SaaS Other Recurring Capital Important Note
Slide 18: Cost of Growth Continues to Decline Towards Long Term Target
COST OF GROWTH CONTINUES TO DECLINE TOWARDS LONG TERM TARGET Revenue & Variable Costs (US$M) 140 70% 66% Variable Costs are made up of COGS, Delivery and Sales & Marketing 120 60% functions 54% 51% Variable Costs continue to improve led 100 50% 45% by efficiencies in Sales & Marketing 80 40% C
Slide 19: With Fixed Cost as % of Revenue Dropping with Scale
WITH FIXED COST AS % OF REVENUE DROPPING W/ SCALE Revenue & Fixed Costs (US$M) 140 60% Fixed Costs consist of our G&A and R&D 52% functions (R&D capitalized and expensed) 120 50% Fixed Costs increased by less than 3% to 42% US$43M, and combined with revenue 100 growth, improved Fixed Costs as a
Slide 20: Accelerating the Growth of Our Operating Profit Margin
ACCELERATING THE GROWTH OF OUR OPERATING PROFIT MARGIN Revenue vs. OPEX and Profit Margin as a % of Revenue 140 140% We have now delivered US$19M of positive 120 117% 116.5 120% operating profit margin (Management EBITDA) 100.0 since crossing our critical inflection point 100 100% towards profitab
Slide 21: Significantly Expanding Our Free Cash Flow
SIGNIFICANTLY EXPANDING OUR FREE CASH FLOW Free Cash Flow (US$M) 20 Free Cash Flow increased US$4.0M YoY 10 8.6 Growth was driven by increased revenue and improved efficiencies 4.6 Catapult is now in a net cash position of 0 +US$7M on the Balance Sheet -10 -20 -21.6 -30 FY23 FY24 FY25 Importan
Slide 22: Profit & Loss Summary
PROFIT & LOSS SUMMARY FOR THE 12 MONTHS ENDED MARCH 31 Gross Margin slightly impacted by increased revenue FY25 FY24 Change % Change (US$M) contribution from Media business YoY REVENUE 116.5 100.0 16.5 16.5% COGS 22.2 18.9 3.3 17.5% Management EBITDA, Catapult’s measure of GROSS PROFIT 94.4 81.1
Slide 23: Will Lopes
WILL LOPES CHIEF EXECUTIVE OFFICER & MANAGING DIRECTOR OVERVIEW FINANCIAL REVIEW STRATEGY & OUTLOOK Q&A 23
Slide 24: Substantial Market for Catapult
SUBSTANTIAL MARKET FOR CATAPULT PRO SPORTS TECHNOLOGY ADJACENT MARKETS US$71.7B 20K Pro Teams High School & Youth Sport Teams Major Sporting Leagues Men & Women First Responders Feeder Divisions NCAA Athletics Pro Team Academies Military US$36.0B National Teams 2025 Olympic Teams Medical market size
Slide 25: Strong Value Proposition
STRONG VALUE PROPOSITION HELP TEAMS MAKE BETTER DECISIONS THROUGH A COMPREHENSIVE ALL-IN-ONE TECHNOLOGY SAVE TIME DISCOVER INSIGHTS Help teams make better use of Contextualize data to increase time with improved workflows access to meaningful insights CONFIDENTIAL 25
Slide 26: A Scalable Platform That Integrates Seamlessly Across Applications
A SCALABLE PLATFORM THAT INTEGRATES SEAMLESSLY ACROSS APPLICATIONS PERFORMANCE & HEALTH TACTICS & COACHING MEDIA & OTHER ATHLETE MONITORING PRO VIDEO SUITE (NEW VIDEO SOLUTION) APPLICATIONS MEDIA SERVICES • Vector Pro (LPS/GPS) • MatchTracker • Content Licensing • Vector Core (GPS) • Focus • Asset M
Slide 27: A Strong Competitive Moat
A STRONG COMPETITIVE MOAT One-stop multi-solution platform Proprietary AI algorithms Comprehensive solutions in a single ecosystem Unique insights driving improved performance outcomes Flexible Tech Stack Global scale Adaptable architecture for bolt-on solutions Worldwide operational leverage Action
Slide 28: We Have Clear Mid-Term Milestones
WE HAVE CLEAR MID-TERM MILESTONES MID-TERM TARGET MARKET OPPORTUNITY LAND 5K PRO TEAMS • Uniquely differentiated in P&H (Wearables) • Largest player in market & 5x nearest competitor EXPAND 50% MULTI-VERTICAL • Cross sell integrated solutions • Attractive economics in T&C RETAIN 95% RETENTION RATE •
Slide 29: Designed for Profitable Growth at Scale
DESIGNED FOR PROFITABLE GROWTH AT SCALE METRIC KEY ITEMS TARGET Revenue 100% While we have ambitious top-line growth goals, our commitment to growing profitably is unchanged Video Hardware COGS 20% • Data & Hosting Cost of Growth (Variable Cost) • • License Royalty • Support Our focus on SaaS cr
Slide 30: With Clear Measures of Success
WITH CLEAR MEASURES OF SUCCESS RULE OF 40 IS OUR FOCUS ACV GROWTH (18%1) MANAGEMENT EBITDA (13%2) Variable Cost Fixed Cost Pro Team Count ACV per Pro Team ACV Retention Efficiency Discipline 3,602 US$26.8k 95.7% 50% 37% Continue to land new Through a Continue to invest in Support growth, Leverage ou
Slide 31: FY26 Outlook
FY26 OUTLOOK Our objective is to deliver on our strategic priorities with a continued focus on profitable growth. In FY26, we expect: • ACV growth to remain strong with low churn • Continued improvement in cost margins towards our targets • Higher Free Cash Flow as our business scales Important Note
Slide 32: Today's Key Take-Aways
TODAY’S KEY TAKE-AWAYS STRONG PROFITABLE GROWTH HEALTHY SAAS ENGINE DELIVERING ON EXPECTATIONS 32
Slide 33: Uniquely Positioned for a Global Opportunity
UNIQUELY POSITIONED FOR A GLOBAL OPPORTUNITY SIGNIFICANT GLOBAL PROVEN MARKET OPPORTUNITY LEADERSHIP POSITION BUSINESS MODEL US$71bn+ Market (2030) SaaS revenue is multiples the Scalable, subscription opportunity in delivering nearest P&H competitor business model driving industry leading solutions
Slide 34: Q&A
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Slide 35: Appendix
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Slide 36: Appendix – Balance Sheet
APPENDIX – BALANCE SHEET AS AT MARCH 31 (US$M) FY25 FY24 CASH 10.76 11.59 TRADE AND OTHER RECEIVABLES 17.27 16.62 INVENTORY 2.21 0.99 PPE 30.00 27.84 GOODWILL 51.26 51.31 OTHER INTANGIBLE ASSETS 49.10 49.00 DEFERRED TAX ASSETS 5.30 7.39 TOTAL ASSETS 165.89 164.75 TRADE AND OTHER PAYABLES 14.17 9.82
Slide 37: Appendix – Profit & Loss
APPENDIX – PROFIT & LOSS FOR THE 12 MONTHS ENDED MARCH 31 (US$M) FY25 FY24 REVENUE 116.53 100.00 OTHER INCOME 0.09 0.28 COST OF GOODS SOLD (22.17) (18.86) EMPLOYEE BENEFITS EXPENSE (44.33) (44.51) EMPLOYEE SHARE-BASED PAYMENT EXPENSE (12.27) (9.71) CAPITAL RAISING AND LISTING EXPENSES (0.16) (0.11)
Slide 38: Appendix – Cash Flow
APPENDIX – CASH FLOW FOR THE 12 MONTHS ENDED MARCH 31 (US$M) FY25 FY24 OPERATING CASH FLOW RECEIPTS FROM CUSTOMERS 124.61 110.42 PAYMENTS TO STAFF AND SUPPLIERS (86.25) (78.93) OTHER OPERATING CASH FLOW 0.09 0.22 NET CASH FLOW FROM OPERATING ACTIVITIES 38.45 31.70 INVESTING CASH FLOW ACQUISITION OF
Slide 39: Capex Table
CAPEX TABLE Capitalized Development (US$M) 17 25% FOR THE 12 MONTHS FY25 FY24 Change % Change 19.2% 20% ENDED MARCH 31 (US$M) 16.3% CAPITALIZED DEVELOPMENT 16.7 16.3 0.4 2.3% 17 14.3% PERFORMANCE & HEALTH 7.5 7.1 0.4 5.2% 15% TACTICS & COACHING 9.1 8.8 0.3 3.7% OTHER 0.0 0.4 (0.3) -87.1% 16.7 10% OT
Slide 40: An Established Track Record of Strong and Consistent Growth
AN ESTABLISHED TRACK RECORD OF STRONG AND CONSISTENT GROWTH FY21 ** FY22 FY23 FY24 1H25 2H25 FY25 ACV ($M) 53.4 63.9 73.4 86.8 96.8 101.2 101.2 ACV ACV GROWTH (CC) 14% 23% 20% 20% 20% 18% 18% ACV CHURN 5.5% 3.4% 3.8% 3.5% 3.8% 4.3% 4.3% CUSTOME LIFETIME DURATION (YEARS) 5.8 5.8 6.0 7.0 7.6 7.8 7.8 R
Slide 41: Glossary of Terms
GLOSSARY OF TERMS TERM DEFINITION ACV or Annualized Contract Value the annualized value of all active subscription contracts in effect using an average exchange rate to US$ over a 1-month period ending on the ACV Effective Calculation Date ACV Churn the reduction in ACV from the loss of customers ov
Slide 42: Unleash Potential
UNLEASH POTENTIAL “Unleash Potential” is a trademark of Catapult Group International Ltd or its affiliates.