Autostore Holdings Ltd. · OSL:AUTO
Autostore — Autostore Hldgs Reg S — Q1 2023 Earnings Presentation
21 slides from Autostore's earnings presentation, Apr 27, 2023
Slide 1: First Quarter 2023 Financial Results
First Quarter 2023 Financial Results | 27 April 2023 autostoresystem.com
Slide 2: Disclaimer
Disclaimer Certain statements included in this presentation includes forward-looking statements that reflect the Company's current views with respect to future events and financial and operational performance. These forward-looking statements may be identified by the use of forward-looking terminolo
Slide 3: Agenda
Agenda 01 Highlights of the quarter & business update 02 Financials 03 Outlook & Q&A autostoresystem.com 3
Slide 4: Q1 2023 highlights
Q1 2023 highlights Financial Highlights Operational Highlights Corporate Developments • $149m in revenues, representing growth of • Signed first pay-per-pick customer, • The UK High Court dismissed AutoStore's 21% from Q1 2022 e-commerce grocer Rohlik Group patent infringement case against Ocado. Au
Slide 5: The cubic storage pioneers: scaling our business in e-commerce and robotics megatrends
The cubic storage pioneers: scaling our business in the global e-commerce and robotics megatrends Scaled and Global Customers and Superior Financial Platform Partners Profile Countries 49 23 ~2,000 2022 revenue $584m Partners Certified sales representatives3 Robots ~55,000 Unique ~850 78% ~50% custo
Slide 6: Long-term track record of financial performance with focused strategies for continued growth
Long-term track record of financial performance with focused strategies for continued growth Strong historical track record of outsized organic revenue growth and industry leading profitability Supported by focused strategies delivering continued growth Revenue ($mi) Adj. EBITDA margin High-throughp
Slide 7: Opportunities for expansion across a wide range of end markets
Opportunities for expansion across a wide range of end markets ~850 Unique customers integrating AutoStore into their mission-critical supply chain # of 2022 share End market Selected blue chip customers systems1 of revenue2 Apparel & ~210 34% Sports Accessories Industrials3 ~380 17% 3PL ~150 13% Ot
Slide 8: Customer case: Winning in the high-throughput segment in North America
Customer case: Winning in the high-throughput segment in North America Geodis and a leading clothing retailer chose AutoStore technology for a large U.S. warehouse AutoStore system to support the retailer’s End-customer realizes greater efficiencies, AutoStore continues to win and omnichannel capabi
Slide 9: Strong backlog aided by shorter lead times provides revenue visibility
Strong backlog aided by shorter lead times provides revenue visibility for continued growth in 2023 Order intake Backlog ($ million) ($ million) +8% ~ Standard lead times +3% 161 161 164 487 478 476 489 155 153 470 ~35 weeks ~20 weeks Q1’22 Q2’22 Q3’22 Q4’22 Q1’23 Q1’22 Q2’22 Q3’22 Q4’22 Q1’23 • Gro
Slide 10: Q1: Financials
e e. @ e ee AutoStore
Slide 11: Key financial highlights
Key financial highlights Strong order intake and substantial margin recovery $149m 67% 46% 84% $164m Solid Q1’23 revenues Q1’23 gross margin Q1’23 adjusted EBITDA Q1’23 Q1’23 order intake and – 21% YoY growth – up 630 bps from margin – up 580 bps from cash conversion1 $489m in backlog Q4’22 Q4’22 No
Slide 12: Solid revenue growth
Solid revenue growth Revenue Revenue by region ($ million) ($ million) EMEA NAM +21% +21% APAC 166 166 147 148 149 147 148 149 123 123 96 61 92 104 84 63 65 39 27 28 12 15 24 18 4 Q1’22 Q2’22 Q3’22 Q4’22 Q1’23 Q1’22 Q2’22 Q3’22 Q4’22 Q1’23 autostoresystem.com 12
Slide 13: Gross profit and adjusted EBITDA development
Gross profit and adjusted EBITDA* development Significant growth in gross margin, +1,280bps last six months Leading to improved adjusted EBITDA1 margins (Gross profit, $ million) (Adjusted EBITDA, $ million) 63% 57% 54% 61% 67% 44% 42% 37% 40% 46% 100 69 68 94 90 59 77 80 54 55 Q1’22 Q2’22 Q3’22 Q4’
Slide 14: Further strong gross margin recovery - Q1'23 back to historical levels of 67%
Further strong gross margin recovery - Q1’23 back to historical levels of 67%, second consecutive quarter with >600 bps improvement Gross margin development Key enablers driving gross margin recovery 67% 67% 3% Price increases gradually coming Grid cost down from peak level into effect from Q4’22 an
Slide 15: Outlook
Outlook autostoresystem.com 15
Slide 16: Significant opportunities for continued growth
Significant opportunities for continued growth Global mega trends AutoStore Strategy Broadening offerings through M&A Expand in APAC and NAM New product innovation New commercial offerings and recurring revenue models Penetrate new markets Cubic storage tech segment AS/RS market share increase growt
Slide 17: Summary: 2023 growth outlook
Summary: 2023 growth outlook Medium-term Guidance Growth Rate 40% Revenues 2023: $700-750m → 2–3x growth rate of warehouse automation market, estimated to be ~15% • Consistent historical track record of adjusted EBITDA margin of ~50% EBITDA % • Modularity / standardization yields consistent margins
Slide 18: Key takeaways – Investing with AutoStore
Key takeaways – Investing with AutoStore 01 Global leader in cubic storage with massive underpenetrated and growing warehouse automation market 02 High growth strategy accelerated by proven and scalable go-to-market model 03 Differentiated technology with innovative robotics powered by world class i
Slide 19: Q&A
Q&A autostoresystem.com 19
Slide 20: Appendix
Appendix autostoresystem.com
Slide 21: Presentation of adjusted EBITDA breakdown
Presentation of adjusted EBITDA1 breakdown First quarter ($ million) 2023 2022 Profit/loss for the period 19.9 21.9 Income tax 5.7 6.2 Net financial items 19.4 -0.2 EBIT 45.0 28.0 Depreciation 2.2 1.5 Amortization of intangible assets 12.5 13.9 EBITDA 59.7 43.4 Ocado litigation costs 5.4 9.9 Transac
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