Slide 1: FY22 Financial Results
© OFX FY22 Financial Results Investor presentation 17 May 2022
Slide 2: Agenda
Agenda 6 rs) Strong result, healthy momentum Strong fundamentals Focus areas for FY23 QEA Appendix
Slide 3: Strong result, healthy momentum
© OFX Strong result, healthy momentum Skander Malcolm Chief Executive Officer and Managing Director
Slide 4: FY22 results highlights
• Record NOI of $147.0m driven by revenue momentum and reductions across commissions and bank fees • Underlying EBITDA of $44.5m, up 53.1% with losses down 94.1% to $0.1m due to investment in fraud technology driving an exceptional outcome • Delivered operating leverage, with NOI growth of 24.7% exc
Slide 5: Turnover and half-year trends
18.2 78.4 24.2 15.0 13.8 21.7 13.1 65.6 68.6 19.6 20.3 64.0 11.5 11.2 59.5 53.9 16.5 10.8 1H20 2H20 1H21 2H21 1H22 2H22 1 1H20 2H20 1H21 2H21 1H22 2H22 1H20 2H20 1H21 2H21 1H22 2H22 1 1 1 2H20 includes March 2020 which was our biggest month in history driven by COVID crisis and volatility
Slide 6: Revenue $m
Revenue $m 35.8 36.9 35.9 34.4 31.8 4.4 32.1 4.2 4.2 30.5 29.8 4.1 26.8 4.0 26.9 24.9 25.7 3.6 3.1 2.9 2.4 2.5 2.2 2.1 1H20 2H20 1H21 2H21 1H22 2H22 1H20 2H20 1H21 2H21 1H22 2H22 1H20 2H20 1H21 2H21 1H22 2H22 1H20 2H20 1H21 2H21 1H22 2H22 Offshore share purchases Ex Asia Asia 1 FY20/21 Revenue resta
Slide 7: Revenue by segment
Revenue $m 44.6 39.1 39.7 39.1 36.7 22.4 34.4 20.7 18.3 13.4 17.3 12.5 15.4 11.1 11.5 15.0 10.9 8.9 1H20 2H20 1H21 2H21 1H22 2H22 1H20 2H20 1H21 2H21 1H22 2H22 1H20 2H20 1H21 2H21 1H22 2H22 Consumer Corporate OLS Enterprise Consumer Corporate OLS Consumer Corporate OLS Enterprise • Enterprise revenu
Slide 8: Revenue by region: Corporate
Revenue $m 35.9 31.8 29.8 4.2 4.4 4.1 4.2 26.8 4.0 24.9 25.7 3.6 North America up 31.1% EMEA up 68.1% EMEA up 28.3% APAC down 10.9% APAC 2 up 4.9% North America down 4.8% 1H20 2H20 1H21 2H21 1H22 2H22 1H20 2H20 1H21 2H21 1H22 2H22 Offshore share purchases Ex Asia Asia • Unusually strong ATVs deliver
Slide 9: Revenue by region: Online Seller
Revenue $m 36.9 35.8 34.4 32.1 3.1 30.5 2.9 26.9 2.4 2.5 2.2 2.1 North America up 30.9% APAC up 23.1% EMEA up 18.8% 1H20 2H20 1H21 2H21 1H22 2H22 1H20 2H20 1H21 2H21 1H22 2H22 • Revenue up 31.3%, driven by • Unusually strong ATVs delivering a turnover of $10.0B, up 31.3%. ATVs of existing client rea
Slide 10: Offshore share purchases not repeated in FY22
900 35 160 800 20 30 140 10.0 700 120 25 8.0 600 15 100 500 20 80 6.0 400 10 15 60 4.0 300 10 40 200 5 2.0 100 5 20 0.0 0 0 0 2H21 1H20 2H20 1H21 1H22 2H22 1H20 2H20 1H21 2H21 1H22 2H22 2H20 2H21 2H22 1H20 1H21 1H22 1H22 1H20 2H20 1H21 2H21 2H22 2H20 1H20 1H21 2H21 1H22 2H22 Significant volumes in o
Slide 11: Strong fundamentals
© OFX Strong fundamentals Selena Verth Chief Financial Officer
Slide 12: FY22 financial summary
• Fee and trading income up 17.7% with strength across all regions and segments Fee and trading income (revenue) ($m) 134.2 158.0 17.7% • NOI growth rate of 24.7% stronger than fee and trading income growth rate due Net operating income ($m) 117.9 147.0 24.7% to reduced partner commissions and effic
Slide 13: Operating expenses
• Employee expenses up 16.4% with additional 52 employees, wage inflation and strong incentive payments. Investing in customer service (sales and Employee expenses 57.0 66.4 16.4% operations) and technology Promotional expenses 12.8 16.5 29.3% • Investment in promotional expenses, up 29.3% with cont
Slide 14: Balance sheet and cash flow
• Net cash held $84.2m, up $23.6m, Net Available Cash $31.6m down $5.2m with increased collateral for volatility in March and GCA product • Strong cash generation; $44.5m underlying EBITDA delivering $47.6m net cash flows Cash held for own use 33.5 59.1 from operating activities Deposits due from fi
Slide 15: Payments excellence and investment in technology and risk
Payments excellence 12.0 – 16.0 10.5 9.0 8.0 Customer Risk service management FY20 FY21 FY22 FY23E Actual Investment Forecast Investment World class team • Continue to expand currency and corridor ✓ Faster, cheaper payments across three additional currencies offering with payment tracking capabiliti
Slide 16: Focus areas for FY23
© OFX Focus areas for FY23 Skander Malcolm Chief Executive Officer and Managing Director
Slide 17: Firma acquisition and integration
• Completed the C$90m (A$98m) acquisition of 100% of Firma Foreign Exchange Corporation • Integration leads appointed on both sides and including 70 Salespeople (Firma) and most of its subsidiaries. weekly operating mechanism established with a strong service culture • The acquisition of Firma UK, w
Slide 18: FY23 focus areas
• Integrate Firma - focus on people, synergies and client growth • Continue to grow North America, launch European expansion • Drive momentum in Corporate and Online Seller segments • Win and activate Enterprise pipeline • Deliver returns from product, risk, payments and technology investments 1 Und
Slide 19: Official Currency Exchange Provider of the NHL
Official Currency Exchange Provider of the NHL® NHL AND THE NHL SHIELD ARE REGISTERED TRADEMARKS OF THE NATIONAL HOCKEY LEAGUE. © NHL 2021. ALL RIGHTS RESERVED.
Slide 20: Appendix
© OFX Appendix
Slide 21: Active clients and client metrics
0 5 10 15 25 30 35 40 20 1H17 2H17 1H18 2H18 1H19 Existing clients 2H19 1H20 2H20 1H21 2H21 New clients within the last 12 months 1H22 2H22 0 1 2 3 5 4 1H17 2H17 1H18 2H18 1H19 2H19 1H20 2H20 1H21 2H21 decrease from 79% in FY21 1H22 2H22 0 5 15 20 25 30 35 40 10 1H17 2H17 1H18 2H18 1H19 2H19 1H20 2H
Slide 22: Quarterly NOI growth and market volatility
1Q21 1Q22 2Q21 2Q22 3Q21 3Q22 4Q21 4Q22 Market growth1 8.1% 9.0% 4.0% 12.2% • Strong and consistent NOI growth throughout FY22, 1H 69 25 up 20%+ every quarter 2H 44 51 • Increased volatility in 2H22 v 1H22, up 2x • OFX significantly outperforming the market FY Total 113 76 benchmark throughout FY22
Slide 23: Definitions
• Active Client: Number of clients that entered into a Transaction with OFX during the immediately preceding 12 month period • ATV: Average transaction value • Corporate: As of 1H21, Corporate excludes OLS; OLS is reported separately • Cost per Registration: Promotional expense / registrations • Ent
Slide 24: Important notice and disclaimer
The material contained in this document is a presentation of general information about OFX Group Limited (Company) and its activities current as at 17 May 2022. Material is provided in summary only and does not purport to be complete. The material contained in this document has been prepared without