Pebble Beach Systems Group Plc · LSE:PEB
Pebble Beach Systems — FY2021 Earnings Presentation
23 slides from Pebble Beach Systems's earnings presentation, 2022
Slide 1: Results for the year ended 31 December 2021
discovering, designing, delivering Pebble Beach Systems Group Plc Results for the year ended 31 December 2021 Peter Mayhead, CEO David Dewhurst, CFO
Slide 2: Three key takeaways for today
Three key takeaways for today Positioned well to benefit Business recovering from from upcoming transition Operational excellence Covid impact to IP media workflows • Revenue up 27% on • Continued investment • Move to fully remote 2020 into digital platform - operating model in July • Recurring reve
Slide 3: Financial highlights
Financial highlights Net cash Adjusted Revenue inflow Net Debt EBITDA £10.6m £3.8m £3.3m £5.9m Up Up Up Down 27% 52% 22% 23% 2021: £8.4m 2021: £2.5m 2021: £2.7m* 2021: £7.7m 3 *Adjusted EBITDA, a non-GAAP measure, is EBITDA before non-recurring items, share based payment expense and foreign exchange
Slide 4: Financial results
Financial results 4
Slide 5: Key Performance Indicators
Key Performance Indicators Order Intake • UP 75% £13.7m FY20: £7.8m Revenue • UP 27% £10.6m FY20: £8.4m Recurring support revenue • UP 15% £4.6m FY20: £4.0m Adjusted EBITDA* • UP 22% £3.3m FY20: £2.7m R&D expenditure • UP 15% £2.0m FY20: £1.7m Cash generated from ops • UP 52% £3.8m FY20: £2.5m Net D
Slide 6: Income Statement
Income Statement ➢ Revenue recovered with 27% growth following a 2021 2020 Variance return of customer confidence £ 000's £ 000's £ 000's Revenue 10,620 8,393 2,227 Cost of sales 2,490 1,964 ➢ Recurring revenue from support contracts Gross Profit 8,130 6,429 1,701 represented 43% of revenue and is h
Slide 7: R&D Investment
R&D Investment Investment into R&D maintained at circa 20% of revenue FY 21 % of FY20 % of (£’000) Revenue (£’000) Revenue Revenue 10,620 8,393 R&D Expenses 2,017 19% 1,749 21% Less: Capitalised (1,515) 14% (1,301) 16% Add: Amortised 915 9% 815 10% Net R&D P&L 1,417 13% 1,263 15% 7
Slide 8: Cash flow Statement
Cash flow Statement 2021 2020 £ 000's £ 000's ➢ Strong performance on cash Cash generated from operations 3,815 2,484 generated from operations, Interest paid (373) (374) Tax paid (31) (46) being 116% of Adjusted EBITDA Net cash generated from operating activities 3,411 2,064 ➢ £0.3m invested in inv
Slide 9: Statement of Financial Position
Statement of Financial Position 2021 2020 £ 000's £ 000's Non-current assets Intangible assets 3,218 3,218 ➢ Increased investment in R&D, particularly Capitalised R&D 2,383 1,783 new IP- based platform and products Property, plant & equipment 349 1,208 5,950 6,209 ➢ Property, plant and equipment red
Slide 10: Strategy update: Evolution of Television
Strategy update Evolution of Television 10
Slide 11: Evolution of television
Evolution of television IP HAS CHANGED TV FOR GOOD TRADITIONAL BROADCASTERS THE AUDIENCE ARE BECOMING CONTENT HAS TAKEN OVER AS •We believe that IP will fully replace FACE INCREASING COMPETITION INCREASINGLY DEMANDING THE PRIMARY ASSET existing broadcast technologies (DVB and •The term broadcaster n
Slide 12: Evolution of television: the opportunity this presents us
Evolution of television ….and the opportunity this presents us NEXT GENERATION SOLUTION 1) Future proof our customers’ existing systems whilst being able to benefit from newer IP and cloud- Need to move away from the expensive, enabled developments cumbersome, fixed SDI network infrastructures "To s
Slide 13: Oceans
Oceans Future proof our Next Generation Media Platform – Current status customer's existing systems • Core Oceans Platform technology for single-site operation completed; allowing support of Pebble Remote and commencement of the development of next-gen Pebble Automation for Oceans. Rapidly develop •
Slide 14: Strategy update: Pebble Control
Strategy update Pebble Control MAKING IP AS SIMPLE AS SDI 14
Slide 15: IP Adoption
IP Adoption Buyers want modular, Filling the gaps in technology advancement independent technologies* By offering Pebble Control Free, we are giving broadcasters the By championing open standards opportunity to make connections between devices that was we offer buyers the opportunity not possible wi
Slide 16: Pebble Control - Freemium
Pebble Control - Freemium Freemium version of Pebble control launched in April 2022 • Restricted level of operational connections • Address EBU identified barrier to IP adoption • Forum allowing us to monitor customer needs and usage • Brings us closer to market accepting SaaS approach www.pebble.tv
Slide 17: Strategy update: Pebble operations
Strategy update Pebble operations 17
Slide 18: Remote Working – Equality of Opportunity
Remote Working – Equality of Opportunity Increased scalability • Reduce incremental cost of sale • Maximise resource usage • Reduce investment required for geographic expansion Enhanced organisational culture • Equality of opportunity for all Pebbles • Culturally aligned Pebbles located in all regio
Slide 19: Customers
Customers Evolution of Television 19
Slide 20: Market Leading Capabilities
Market Leading Capabilities Tier 1 Discovering. Designing. Delivering. Playout Tier 2 Automation Bespoke solution crafted for individual customer workflows Tier 1 Scalable from a single channel to hundreds Integrated Channel of services across multiple locations Tier 1& 2 Web-based management and mo
Slide 21: Top five customer orders in 2021
Top five customer orders in 2021 Bloomberg Asharq, £600k - United Arab Qvest, ORF system, £1.2m - Austria Emirates • A complex project with custom development for a • A New 3 Main+3 Backup+3 DR channels setup national broadcaster based on Pebble Automation and Integrated • 2110 and UHD technology ch
Slide 22: Pebble prospects
Pebble prospects Devoncroft NAB 2022 – Media industry cloud adoption curve / spend • Industry belief that spend on cloud and IP technology will accelerate over next 18 months • Our solutions are well positioned to take advantage of the initial growth phase by providing a bridge between SDI and IP ne
Slide 23: Three key takeaways for today
Three key takeaways for today Positioned well to benefit Business recovering from from upcoming transition Operational excellence Covid impact to IP media workflows • Revenue up 27% on • Continued investment • Move to fully remote 2020 into digital platform - operating model in July • Recurring reve
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