Vista Group International Ltd · NZX:VGL
Vista Group International — FY2023 Earnings Presentation
27 slides from Vista Group International's earnings presentation, Feb 28, 2024
Slide 1: FY23 Full Year Results
FY23 Full Year Results 28 February 2024
Slide 2: Important Notice
Important Notice This presentation has been prepared by Vista Group International Limited and its • although Vista Group’s management may indicate and believe the assumptions related companies (collectively referred to as Vista Group). This notice applies to this underlying the forward-looking state
Slide 3: Agenda
Agenda 01 Highlights / Strategy Stuart Dickinson | Chief Executive Officer 02 Financial Results Matt Cawte | Chief Financial Officer 03 Questions 3
Slide 4: Highlights
Highlights 4 “Lumos Order“ deployed at Everyman
Slide 5: Financial Highlights
Financial Highlights • Strong client momentum with new signings • Operating leverage improves with $10m of annualised cost savings • EBITDA3 expansion as business transformation completes • Recurring and SaaS Revenue1 growth 1. Recurring Revenue and SaaS Revenue are defined in section 2.1 of the 202
Slide 6: Recurring Revenue Growth
Recurring Revenue1 Growth Transition to Vista Cloud continues to accelerate 80 +36% +29% 70 • 2H23 Recurring Revenue1 60 continues to grow, now 36% above 2H19 $m 50 • FY23 SaaS Revenue1 40 increases 20% on FY22 30 20 2H19 1H20 1H23 2H23 1. Recurring Revenue and SaaS Revenue are defined in section 2.
Slide 7: Strategy in Action: Enabling Cinematic Experiences
Strategy in Action Enabling Cinematic Experiences
Slide 8: Client quote from Flix Brewhouse CEO
“The new company structure focused on bringing the suite of Vista companies under one umbrella, pushing forward with Vista Cloud as the backbone coupled with full product integration and a willingness to be an excellent partner to other cinema industry vendors and service providers is exactly what i
Slide 9: Vista Group's vision for its digital ecosystem
Vista Group’s vision is for our digital ecosystem to connect the film industry and power the moviegoer experience. 9
Slide 10: Backdrop of industry transformation
Backdrop of industry transformation • Strong blockbusters, original titles, diverse content drive cinema experience • Non-traditional studios seeking slots in the release schedule (Apple and Amazon) • Expect innovation in content that comes to theatrical (Taylor Swift: The Eras Tour) • Expect conten
Slide 11: It's all about the experience
It’s all about the experience Three Original Content Billion Dollar Movies in 20231 In reference to the success of original content like ‘Barbenheimer’ “…a victory for cinema.” Francis Ford Coppola, July 2023 Barbie The Super Mario Bros. Oppenheimer Released July 2023 Released April 2023 Released Ju
Slide 12: Strong alignment to industry drivers
Strong alignment to industry drivers Vista Group’s solutions enable clients to capture value Increase in revenue and The movie Create memorable experiences and more with broader entertainment offerings per admit spend Exhibition Client Value Drivers Build audience engagement, drive Loyalty and incre
Slide 13: Clear client pathway to Vista Cloud adoption
Clear client pathway to Vista Cloud adoption Delivers early benefits, path and pace tailored to client priorities Data Data Digital Digital Moviegoer Moviegoer Operational Operational Empowerment Empowerment Enablement Enablement Engagement Engagement Excellence Excellence Reveal how I am Allow me t
Slide 14: Vista Cloud Delivery Pipeline Momentum
Vista Cloud Delivery Pipeline Momentum On track for ARR1 of $175m+ at end of 2025 2 3 Live Now Live in 24/25 Contracting US Investor Day Vista Cloud Vista Digital sales channel solutions Horizon / Oneview 0 200 400 600 800 1,000 1,200 1,400 1,600 Sites 1. ARR is Annualised Recurring Revenue, calcula
Slide 15: Financial Results
Financial Results 15
Slide 16: Income Statement
Income Statement NZ$m FY23 FY22 % Change • Total revenue up 6%, Total revenue 143.0 135.1 +6% Recurring Revenue3 up 10% and SaaS Revenue3 Total operating expenditure (129.8) (126.1) +4% up 20% Foreign exchange gains 0.1 0.6 • ARR4 $126m EBITDA1 13.3 10.6 25% Depreciation and amortisation (19.9) (17.
Slide 17: Six Monthly Breakdown
Six Monthly Breakdown NZ$m 1H20 2H20 1H21 2H21 1H22 2H22 1H23 2H23 (Six months – Unaudited) • Strong underlying revenue Recurring Revenue1 32.9 32.6 37.3 44.1 53.5 58.8 60.5 63.5 performance continues Non-Recurring Revenue1 11.9 10.1 7.6 9.1 8.9 13.9 9.2 9.8 • Stable cash cost run rate Total revenue
Slide 18: Operating Segments
Operating Segments • Solid underlying Recurring Revenue3 growth, with strong 31 December 2023 performance in film focused AGC1 NZ$m Cinema Movio AGC1 Corporate Total Total revenue 97.7 19.3 26.0 - 143.0 • Vista Cinema Recurring EBITDA2 20.6 5.0 3.3 (15.6) 13.3 Revenue3 was up 10%, of which SaaS Reve
Slide 19: Financial Position
Financial Position • Cash position of $28.5m NZ$m Dec 2023 Dec 2022 % Change ($10.9m net of bank Cash 28.5 46.0 -38% borrowings) Receivables and other current assets 42.9 42.6 +1% Non-current assets 149.0 146.5 +2% • Cash and undrawn bank Current liabilities (57.3) (54.1) -6% facilities of $52.9m No
Slide 20: Free Cash Flow / Cash Usage
Free Cash Flow / Cash Usage1 NZ$m 1H 2023 2H 2023 FY 2023 Net movement in cash held (9.2) (8.0) (17.2) • On track for positive free cash Adjust for business transformation items2 0.7 4.3 5.0 flow during 4Q24 Adjust for acquisition costs 1.3 - 1.3 FCF / Cash Usage1 (7.2) (3.7) (10.9) FCF / Cash Usage
Slide 21: Cashflow
Cashflow NZ$m 2023 2022 % Change • Good operating cash flows Receipts from clients 149.2 131.5 +13% adjusting for business Payments to suppliers & employees (132.8) (117.6) +13% transformation items1 Business transformation items1 (5.0) - • Capitalised development up Tax & interest (2.4) (1.5) with
Slide 22: Outlook
Outlook 22
Slide 23: Vista Group Outlook
Vista Group Outlook Accelerating client onboarding and delivering Free Cash Flow2 FY24 revenue guidance of between $152m – $157m Non-Recurring Revenue1 ~$18m Vista Group remains on target to achieve its medium-term aspirations of: Free Cash Flow2 positive during 4Q24 ARR3 of $175m+ and EBI
Slide 24: Questions
Questions 24
Slide 25: Appendix
Appendix 25
Slide 26: Enterprise On Premise Site Count
Enterprise On Premise Site Count1 Compared to 30 June 2023 Enterprise On Premise 30 Jun New Closures 31 Dec Market Channel Market Share2 2023 Sites1 / Losses1 2023 46% Direct 4,984 89 (443) 4,630 India 1,492 171 - 1,663 Enterprise China 358 19 (15) 362 Total Enterprise 6,834 279 (458) 6,655 Veezi 97
Slide 27: Thank You
VY vista GROUP Thank You vista numero MOVIO maccs iPOWSTER
Vista Group International — FY2023 Earnings Presentation on 6ix