Blue Prism — H1 2020 Earnings Presentation
20 slides from Blue Prism's earnings presentation, Jun 18, 2020
Slide 1: Half year results 2020
Half year results 2020 18 June 2020
Slide 2: Agenda
Agenda Introduction & highlights Jason Kingdon Financials & customer statistics Ijoma Maluza Comments on the half Jason Kingdon Questions & Answers 2 Half year results June 2020
Slide 3: Introduction & highlights
Introduction & highlights 3 Half year results June 2020
Slide 4: Introduction
Introduction • Delivered a strong first half despite significant disruption from the COVID-19 pandemic • We are very well positioned in the case of continued disruptions • Committed to reaching cash break even in 2021 • Our opportunity remains significant and the benefits of our approach are likely
Slide 5: Highlights
Highlights 70% Revenue Recurring revenue increase in revenues £68.5m 1H20 £68.5m 98% 1H20 98% 1H19 £40.4m 1H19 97% 98% Exit monthly recurring revenue* Cash recurring revenues £11.6m 1H20 £11.6m £140.8m 1H20 £140.8m 1H19 £7.6m 1H19 £129.4m £11.6m exit monthly Adjusted EBITDA recurring revenue £(29.8)
Slide 6: Financials & customer deep-dive
Financials & customer deep-dive 6 Half year results June 2020
Slide 7: Introduction
Introduction • Delivered a strong first half despite significant disruption from the COVID-19 pandemic • Very well positioned in the case of continued broader macroeconomic disruptions • Remain committed to reaching cash break even in 2021 – exact timing will depend on COVID-19 • Massive market oppo
Slide 8: Revenue breakdown
Revenue breakdown By type Licence 98% By sector Prof services & other 2% By geography 33% 29% £33.4m other Banks £26.5m £18.8m 5% £16.2m Prof 11% £11.9m services Insurance £8.4m £8.6m 6% £5.4m Software 8% 8% £2.6m Other Telco Financials 1H 18 1H 19 1H 20 EMEA Americas APAC 8 Half year results June 2
Slide 9: Operating cost base
Operating cost base £m 1H20 1H19 FY18* • Moderation of investment in S&M following strong growth Sales and Marketing 56 45 53 in 2019 and 2018 Professional Services 14 8 8 • Continue to scale investment Research & Development (R&D) 8 4 4 in R&D General & admin 13 12 12 • Acquisition of Thoughtonomy
Slide 10: Operating cash flow
Operating cash flow £m 1H19 2H19 FY19 1H20 • Improved cash outflow from Adjusted cash EBITDA (31.0) (40.9) (71.9) (29.8) H2FY19 Trade & other receivables 2.9 (14.4) (11.5) (7.5) • £100m (before expenses) Contract assets (7.0) (9.0) (16.0) 0.7 funding provides a significant Trade & other payables 4.7
Slide 11: Value of new customers unlocked over time
Value of new customers unlocked over time • Closed April with 1,864 Customer base continues to grow customers 1,864 • New customers typically start 1,337 small 671 • Large upsell opportunity 90 271 1H16 1H17 1H18 1H19 1H20 Customers 11 Half year results June 2020
Slide 12: Upsells are key to releasing the value our customers represent
Upsells are key to releasing the value our customers represent Number of upsell deals • Land-and-expand model 635 • Upsells provide strong engine 496 for growth 298 – Upsells accounted for c.60% of MRR growth 28 83 1H16 2016 1H17 2017 1H18 2018 1H19 2019 1H20 2020 Number of customers upsold 373 290
Slide 13: We are retaining customers
We are retaining customers MRR growth • 110% Net Revenue Retention £0.1m • 98% gross retention rate £11.6m • Majority of customers on at £0.009k least 3-year commitments £7.6m 1H19 1H20 Closing MRR MRR lost from lost customers during the period 13 Half year results June 2020
Slide 14: The Group cohort continues to show good growth
The Group cohort continues to show good growth Cohort Growth H1 2020 H1 2020 n/a H2 2019 H2 2019 1x H1 2019 H1 2019 2x H2 2018 H1 2018 H2 2018 2x H1 2018 2x H2 2017 H2 2017 3x H1 2017 H1 2017 4x H2 2016 7x H2 2016 H1 2016 H1 2016 5x H2 2015 H1 2015 H2 2015 7x H1 2015 3x 14 Half year results June 202
Slide 15: Comments on the half
Comments on the half 15 Half year results June 2020
Slide 16: First six months of 2020
First six months of 2020 Delivering for our 1,800+ customers • Encouraged by the central role of automation within the customer base pre and post COVID-19 • Digital Workforce built for distributed working – Security – Centralised control – Learning, shareable objects and processes • Wider market con
Slide 17: Our product strategy
Our product strategy • Moving beyond RPA – Any business process capable of automation – Digital Singularity with Digital Workers making use of all/any third party tools – Release decipher, version 6.9, with major V7 being worked now. 17 Half year results June 2020
Slide 18: Conclusions and outlook update
Conclusions and outlook update • Delivered a strong first half despite significant disruption from the COVID-19 pandemic • We are well positioned for continued disruptions with c.£140m of cash reserves • Remain committed to reaching cash break even in 2021 • Our opportunity remains significant and t
Slide 19: Q&A
Q&A 19 Half year results June 2020
Slide 20: Disclaimer
Disclaimer This document comprises the slides for a presentation concerning Blue Prism Group Plc (the “Company”) and its 2020 half year results (the “Presentation”). No reliance may be placed for any purposes whatsoever on the information in this Presentation or on its completeness. The Presentation