Pinewood Technologies Group Plc · LSE:PINE
Pinewood Technologies — FY2023 Earnings Presentation
18 slides from Pinewood Technologies's earnings presentation, Apr 25, 2024
Slide 1: Pinewood Technologies Group PLC FY23 Results
Pinewood Technologies Group PLC FY23 Results 25th April 2024
Slide 2: Agenda
Agenda 1. Introduction Bill Berman 2. Financial Review Ollie Mann 3. Operating Highlights & Strategy Bill Berman 4. Outlook Bill Berman 5. Appendix Pinewood FY23 Results 2
Slide 3: 1. Introduction
1. Introduction Pinewood FY23 Results 3
Slide 4: Transformation into a pure-play Software-as-a-Service (SaaS) business
Transformation into a pure-play Software-as-a-Service (SaaS) business • Pinewood reports maiden results as a pure-play, Software-as-a-Service (SaaS) Group • £358m special dividend of 24.5p per share to be paid on 7th May 2024 • Strong double-digit growth in revenue and profit • Continued global expa
Slide 5: Pinewood overview
Pinewood overview End-to-end, omnichannel, automotive capability provider A leading Automotive High user loyalty Recurring revenue Retail System streams Pinewood Technologies • Pure cloud based software designed Group PLC today • Consistent growth in revenue and high, around customers and design for
Slide 6: 2. Financial Review
2. Financial Review Pinewood FY23 Results 6
Slide 7: Financial Review – Statutory Income Statement
Financial Review – Statutory Income Statement • UK Motor and Leasing segments shown as discontinued • £2.8m increase in operating profit from Pinewood Core Business to £13.8m for the FY23 13 month period • Pinewood Core Business is the Pinewood division as previously reported • Annualised PLC costs
Slide 8: Financial Review – Pro-forma Comparative Information – Continuing Operations
Financial Review – Pro-forma Comparative Information – Continuing Operations • 13m period ended 31-Jan 2023 used as comparative to illustrate LFL comparison with FY23 • Financials are Group figures include PLC costs and Legacy US Motor costs • Strong revenue and EBITDA growth • Core Business EBITDA
Slide 9: Financial Review – Balance Sheet
Financial Review – Balance Sheet • Majority of the Group’s assets and liabilities disposed of on 31st January 2024 as part of the sale to Lithia Motors, Inc. • Net debt cleared by transaction proceeds on 1st February 2024 • Intangible asset of £13.8m relates to capitalised development costs • Deferr
Slide 10: 3. Operating Highlights & Strategy
3. Operating Highlights & Strategy Pinewood FY23 Results 10
Slide 11: Operational Highlights
Operational Highlights • Like-For-Like Revenue increased by 15.5% • Like-For-Like EBITDA increased by 25.8% • Total users increasing by 4% to 33,100 • Strong global expansion continuing: o Record high international users at c.7,000, up 9% o New implementations in Denmark and Luxembourg o Expansion o
Slide 12: Strategy
Strategy • Pinewood will host a Capital Markets Day in October 2024 • Materially enhanced opportunity for growth following creation of standalone SaaS business – particularly in the UK in the next 18-24 months • Roll-out of Pinewood’s system across ex-Jardine Motor Group (Lithia UK) stores to comple
Slide 13: System rollout in Lithia US – Timeline
System rollout in Lithia US – Timeline FY24 FY25 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Discovery Development Pilot ` Scale • Lithia’s existing US presence – c.300 dealers and c.17,500 users • Size of opportunity in North America – 21,000 dealers and £2.6bn+ market Pinewood FY23 Results 13
Slide 14: 4. Outlook
4. Outlook Pinewood FY23 Results 14
Slide 15: Outlook
Outlook • We have had a good start to FY24 and although the broader macro-economic environment remains challenging, particularly in the UK, we do not envisage these as having a material impact on trading Outlook • Our order bank of new customers remains strong and we are in discussions with a number
Slide 16: 5. Appendix
5. Appendix Pinewood FY23 Results 16
Slide 17: Compelling opportunity to target the c.£2.6bn US market & beyond
Compelling opportunity to target the c.£2.6bn US market & beyond Significant market opportunity in the US… …furthered by the Canadian market & used cars US Automotive Retail Market Share1, 2022 Percent 100% US new, light vehicle dealerships: c.18,0002 Others Estimated DMS spend per 92.0% Top 10 ex.
Slide 18: Financial Review – Income Statement – Pinewood Core Business
Financial Review – Income Statement – Pinewood Core Business • Revenue increase driven by 4% increase in user numbers and inflation-linked annual price increases o 9% increase in international users o New implementations in Denmark & Luxembourg o Other new customers across Europe and Asia Pacific •
Pinewood Technologies Group — FY2023 Earnings Presentation on 6ix