Bailador Technology Investments Ltd · ASX:BTI
Bailador Technology Investments — H1 FY2024 Earnings Presentation
26 slides from Bailador Technology Investments's earnings presentation, Feb 7, 2024
Slide 1: Interim Results presentation HY24
For personal use only Interim Results presentation Six months ended 31 December 2023 (HY24) Bailador Technology Investments Limited (ASX:BTI)
Slide 2: Contents
Contents For personal use only HY24 PORTFOLIO PERFORMANCE PAGE 3 – 18 HY24 SUMMARY FINANCIALS PAGE 19 – 21 APPENDIX PAGE 22 – 23 This presentation was authorised for release to the ASX by Helen Foley, Company Secretary & Chief Financial Officer, on 7 February 2024. 2
Slide 3: Executive Summary
Executive Summary ü The BTI portfolio ended 2023 in a strong position with combined portfolio revenue of $379m • 41% growth over last 12 months For personal use only PORTFOLIO PERFORMANCE ü Post-tax NTA per share up 8% in HY24 to $1.64; up 10% when including dividends paid in Sep-23 • Portfolio valu
Slide 4: The Bailador portfolio ended 2023 in a strong position
The Bailador portfolio ended 2023 in a strong position For personal use only 7 PORTFOLIO PERFORMANCE investments $379m portfolio company revenue1 41% portfolio company revenue growth2 ~66% gross margin2 ~96% recurring revenue2 Note: 1Based on unaudited revenue over the 12 months to 31 December 2023
Slide 5: NTA per share growth over HY24 driven by third party valuations
NTA per share growth over HY24 driven by strong uplift to third party valuations • Post-tax NTA per share up 8% over HY24, net of all portfolio costs • Post-tax NTA per share up 10% after adding back 3.2 cents per share dividend (fully franked) paid in September 2023 For personal use only PORTFOLIO
Slide 6: SiteMinder delivering strong growth and unit economics
SiteMinder delivering strong growth and unit economics • Reiterated guidance of underlying EBITDA and FCF positive for H2 FY24 • Liquidity1 remains strong at $71.5m across cash and undrawn debt facilities For personal use only PORTFOLIO PERFORMANCE SiteMinder has a 30% medium term revenue SiteMinder
Slide 7: Interim dividend declared, 7.0% grossed-up yield
Interim dividend declared1, equivalent to 7.0% yield when grossed-up for franking credits • Interim dividend of 3.5 cents per share fully-franked declared to be paid in February 2024 • DRP2 active at 2.5% discount to DRP price3 For personal use only PORTFOLIO PERFORMANCE • Bailador has committed to
Slide 8: Bailador has outperformed the technology sector over the long term
Bailador has outperformed the technology sector over the long term Indexed 31-Dec-20 = 100 For personal use only PORTFOLIO PERFORMANCE 160 140 NTA/sh Portfolio Return1 15.5% p.a. outperformance 120 BTI.ASX Shareholder Return2 10.2% p.a. outperformance 100 ^XTX Performance Benchmark 80 S&P ASX All Te
Slide 9: Strong performance and prospects across the Bailador portfolio
Strong performance and prospects across the Bailador portfolio Portfolio Sector Investment Sector Sector thematics Operational milestones weighting1 growth • Delivered strong HY24 performance with ARR up 27.2% YoY to For personal use only PORTFOLIO PERFORMANCE ü Large addressable market ~1m hotels $
Slide 10: Strong performance and prospects across the portfolio (cont.)
Strong performance and prospects across the Bailador portfolio (cont.) Portfolio Sector Investment Sector Sector thematics Operational milestones weighting1 growth ü Large market with over 2m charitable • Bailador invested $9.8m in Rosterfy, a high-growth For personal use only PORTFOLIO PERFORMANCE
Slide 11: Our business model is designed to generate premium returns
Our business model is designed to generate premium returns For personal use only PORTFOLIO PERFORMANCE INVESTING GROWING REALISING Diligence hundreds of Partner with Prepare businesses opportunities to management to scale for sale or IPO select the best globally 11
Slide 12: Carrying value growth is conservative versus portfolio revenue growth
The growth in carrying value of BTI’s investments is conservative in comparison to the revenue growth in the portfolio Revenue Carrying Value For personal use only PORTFOLIO PERFORMANCE Revenue Carrying Value 9.5x Portfolio revenue has …but BTI has only recognised a increased by 9.5x… value increase
Slide 13: Track record of full and partial cash realisations
Bailador has a track record of 12 full and partial cash realisations • These have delivered a combined 3.1x multiple on invested capital at an IRR of 23.2% • All 12 realisations have been above carrying value For personal use only PORTFOLIO PERFORMANCE Cash $52m Cash $118m Cash $20m Cash $15m Cash $
Slide 14: InstantScripts: $52m cash at 61% IRR
– in July 2023 delivered $52m cash at 61% IRR $30.2m $51.6m 61% 24% For personal use only PORTFOLIO PERFORMANCE cash invested cash realised IRR uplift on cash realisation Business Overview Investment Thesis • Digital health platform • Compelling product market fit – loved by customers • Scripting an
Slide 15: Bailador is well positioned to make new investments
Bailador is well positioned to make new investments Technology multiples remain ∽39% below their 5- For personal use only PORTFOLIO PERFORMANCE • Two follow-on investments (RC TopCo and Access Telehealth) already made in FY24 year average1 20x 18.7x • Likely to be additional new investments during 1
Slide 16: Solid investor returns over the long-term
Bailador has generated solid investor returns over the long-term For personal use only BTI Portfolio Return1 PORTFOLIO PERFORMANCE 20% 18% Annual returns to 31 December 2023 1-yr 2-yr 3-yr 16% 16% Portfolio Return post-tax (%pa)1 15.7% 5.4% 13.3% pa 14% 13% Shareholder Return (%pa)2 11.7% -1.1% 8.0%
Slide 17: Returns enhanced through dividends and franking credits
Shareholder returns enhanced through distribution of dividends and franking credits Value of $100,000 Investment Cumulative Return1 BTI For personal use only PORTFOLIO PERFORMANCE $280,000 $260,000 112% cumulative return since 1 July 2020 (net of all costs) $240,000 $220,000 $212k (+112%) Share Pric
Slide 18: Investors can access the BTI portfolio at an attractive price
Investors are currently able to access the BTI portfolio at an attractive price NTA/share at 31-December-23 For personal use only PORTFOLIO PERFORMANCE $1.77 (pre-tax) / $1.64 (post-tax) $1.80 $1.60 Investors get exposure to Net Cash cash at a significant $1.40 $0.64 •BTI share price = $1.335 discou
Slide 19: Summary Profit and Loss
Summary Profit and Loss For the half year ended 31 December 2023 HY24 SUMMARY FINANCIALS For personal use only HY24 HY23 $000 $000 SiteMinder (+36.9m), Access Telehealth Change in value of portfolio assets 39,113 (5,818) (+$4.4m) and Straker (-$1.7m) Interest income 2,257 1,479 Total investment grow
Slide 20: Summary Financial Position
Summary Financial Position 31 December 2023 30 June 2023 Movement Increase driven by full cash realisation of HY24 SUMMARY FINANCIALS $000 $000 $000 For personal use only InstantScripts which delivered $51.6m in Cash 102,166 57,755 44,411 cash in July 2023 Marketable securities 90,172 54,935 35,237
Slide 21: Summary HY24 NTA movement by component
Summary HY24 NTA movement by component HY24 NTA movement Private company movements $350m HY24 SUMMARY FINANCIALS For personal use only $300m $250m Marketable security movements $200m $150m Cash movements $100m $50m $0m -23 tion -on -on RP) ons -2 3 -2 3 2M 2M -23 -2 3 atio ns nts tion -2 3 NTA h Jun
Slide 22: Bailador's commitment to ESG principles
Bailador’s commitment to ESG principles • Bailador is establishing, integrating and implementing a long-term sustainability framework and goals • Bailador is measuring, managing and mitigating carbon emissions we are directly responsible for For personal use only • In FY23, Bailador achieved the fol
Slide 23: Bailador integrates ESG principles across the investment cycle
Bailador integrates ESG principles across the investment cycle Screening and ü Bailador undertakes a high-level assessment of carbon intensity of potential qualification investments For personal use only ü Bailador considers high carbon intensity companies (e.g. data centres and bitcoin mining) to h
Slide 24: Access to high-growth expansion-stage technology companies
For personal use only Bailador provides investors with access to high-growth expansion-stage technology companies at attractive valuations. Investors get access through an ASX traded share [ASX:BTI] with liquidity available at any time 24
Slide 25: Disclaimer
Disclaimer For personal use only This presentation is confidential and may not be reproduced in whole or in part, or distributed except by Bailador Technology Investments Ltd (“Bailador”) or by authorised representatives of Bailador (“Affiliates”). This presentation does not contain a complete descr
Slide 26: Further Information
For personal use only FURTHER INFORMATION Website: www.bailador.com.au Investor Enquiries: investorservices@bailador.com.au Telephone: +61 2 9223 2344 Bailador Technology Investments Limited (ASX:BTI)
Bailador Technology Investments — H1 FY2024 Earnings Presentation on 6ix