Cettire Ltd. · ASX:CTT
Cettire — H1 FY24 Earnings Presentation
23 slides from Cettire's earnings presentation, Feb 7, 2024
Slide 1: H1 FY24 Results Presentation
H1 FY24 RESULTS PRESENTATION 7 FEBRUARY 2024 1
Slide 2: H1 FY24 Highlights
if H1 FY24 HIGHLIGHTS CETTIRE
Slide 3: H1 FY24 Financial Highlights
H1 FY24 FINANCIAL HIGHLIGHTS RAPID GROWTH IN REVENUE, OPERATING PROFITS AND CASH, WHILE CONTI NUING TO INVEST AND MAINTAINING STRONG UNIT ECONOMICS H1 FY24 Reported +90% +89% $26.1m $100m +83% Gross revenue 1 Sales revenue 1 Adjusted EBITDA 3 Net cash vs Active customers 2 to 576k to $460.5m to $354
Slide 4: H1 FY24 Operational Highlights
H1 FY24 OPERATIONAL HIGHLIGHTS SUCCESSFULLY EXECUTED AGAINST PROFITABLE GROWTH STRATEGY Profitable growth • Focused execution on profitable growth strategy in core fashion and accessories verticals execution • Broad-based growth across Established and Emerging markets, supported by additional market
Slide 5: Cettire's Continued Evolution
CETTIRE’S CONTINUED EVOLUTION CETTIRE HAS BEEN ABLE TO GROW RAPIDLY WHILST DELIVERING PROFITAB ILITY Sales revenue $416.2m H1 H2 $354.3m $209.9m $92.4m $22.9m $0.5m $5.7m FY18 FY19 FY20 FY21 FY22 FY23 H1 FY24 FY25+ EBITDA margin2 10% 12% 12% (10)% 7% 7% Pre-IPO Since IPO FY23-FY24 Proving capability
Slide 6: FY24 Strategic Priorities
FY24 STRATEGIC PRIORITIES LEVERAGING TECHNOLOGY TO ADD SIGNIFICANT VALUE ACROSS THE LUXURY VALUE CHAIN 1 2 3 Continued growth in Increase penetration in Expansion into Established markets¹ Emerging markets¹ new markets & verticals Early in the market penetration story Enabled by migration to new, pr
Slide 7: Strong Growth Trends In Existing "Emerging" Markets
STRONG GROWTH TRENDS IN EXISTING “EMERGING” MARKETS PROPRIETARY STOREFRONT AND LOCALISATION FACILITATING NEXT LAYER OF PROFITABLE GROWTH Gross Revenue1,2 growth across markets (H1 FY24) Emerging Markets share of Gross Revenue1,2 138% 31% 25% 74% "Established" "Emerging" H1 FY23 H1 FY24 ~54% of reven
Slide 8: H1 FY24 Results
2 H1 FY24 RESULTS CETTIRE
Slide 9: Continued Customer Momentum
CONTINUED CUSTOMER MOMENTUM WELL-POSITIONED TO CONTINUE TO DRIVE LONG TERM REVENUE GROWTH AN D ENHANCE LIFETIME VALUE Active Customers1,4 Share of gross revenue from Repeat customers spending more repeat customers 1,2,3 per order 1,3 576K $890 $858 $843 423K 44% 42% 42% $685 $661 $647 314K 56% 58% 5
Slide 10: Improving Wallet Share
IMPROVING WALLET SHARE LOYALTY AND GROWING FREQUENCY DRIVING CONSISTENT GROWTH IN SPEND PER CUSTOMER Active Customers 1,3 1,2,3,4 Gross revenue/active customer Orders/active customer $1,315 $1,274 $1,198 1.68x 1.67x $1,106 $1,069 $1,084 $1,082 1.61x $963 1.55x 1.52x $873 $826 1.48x $784 1.37x 1.26x
Slide 11: Improving Customer Lifetime Value
IMPROVING CUSTOMER LIFETIME VALUE INCREASED MARKETING SUPPORTED RECORD GROSS AND NET ADDS AT ATTRA CTIVE PER CUSTOMER MARGINS Customer acquisition cost 1,2 Delivered margin per active customer 1,3,4 (Last 12 months) (Last 12 months) $227 $190 $107 $108 H1 FY23 H1 FY24 H1 FY23 H1 FY24 Disciplined acq
Slide 12: Financial Performance
FINANCIAL PERFORMANCE HIGHLY FLEX IBLE COS T BA S E ENA BLING S US TA INED PROFITA BILITY • Continued strong revenue growth, sales revenue +89% Y/Y $’000 H1 FY24 H1 FY23 • Returns rate stable Sales revenue 354,257 187,697 Delivered margin 82,180 47,028 • Delivered margin 23.2% of sales revenue EBITD
Slide 13: Balance Sheet
BALANCE SHEET CASH GENERATION SUPPORTED BY OPERATING PROFITS AND ATTRACTIVE WO RKING CAPITAL CYCLE • Closing cash $100 million, zero debt Dec Jun $’000 2023 2023 • Operating cash flow driven by H1 FY24 operating surplus (cash profit) and favourable working capital dynamics Cash and cash equivalents
Slide 14: Trading Update & Outlook
3 TRADING UPDATE & OUTLOOK 14
Slide 15: Trading Update And Outlook
TRADING UPDATE AND OUTLOOK S TRONG TRAD ING OUTLOOK, PROVID ES POS ITIVE BA CKD ROP FOR PROFITA BL E GRO WTH IN H2 FY 2 4 • The Company has continued to experience a healthy demand environment across its geographic footprint • Structural shift of luxury spend online provides ongoing addressable mark
Slide 16: Cettire Remains Ideally Positioned For Ongoing Growth
CETTIRE REMAINS IDEALLY POSITIONED FOR ONGOING GROWTH Global growing TAM, with structural tailwinds and increasing penetration in multiple markets No inventory business model, delivering capital efficient growth and compelling risk reward Proprietary technology, enabling exceptional scalability for
Slide 17: Appendix
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Slide 18: Cettire Overview
CETTIRE OVERVIEW CETTIRE IS A GLOBA L LUX URY GOOD S PLA TFORM Global Brands Global Customers EL LA 53 geographic >2,500 brands 1 OD SU R M markets Y G LY OR PP E AN NETWORK NT DD NO INVE RANGE IVERSE >60m unique website visits2; >500,000 products 1 VALUE RAPID 576,000 Active FULFILMENT Customers2 5
Slide 19: Supply Chain Momentum
SUPPLY CHAIN MOMENTUM S UPPLY CHAIN CONTINUES TO GROW S TRONGLY Brand database Product database Seller stock value 1 2 1 2 Published Brands Total Database Published Products 1 Total Database 2 Published Stock Value Total Database >2,500 >2,500 >500,000 >500,000 ~$2bn >$2bn >$1b >$1b >900 >1,000 184k
Slide 20: Massive + Growing TAM, Structural Tailwinds
MASSIVE + GROWING TAM, STRUCTURAL TAILWINDS THE PERS ONA L LUX URY GOOD S M A RKET IS EX PECTED TO BE ~ US $ 600B GLOB A L IND US TRY BY 2 030 Share of global personal luxury goods market (US$ billions) Online Segment Offline Segment Global Personal $595 - $639 Luxury Goods 700 CAGR 5% - 6% Global P
Slide 21: Income Statement Reconciliations
INCOME STATEMENT RECONCILIATIONS Statutory EBITDA to Adjusted EBITDA reconciliation Statutory NPAT to Adjusted NPAT reconciliation $’000s H1 FY24 H1 FY23 $’000s H1 FY24 H1 FY23 Statutory EBITDA 22,394 13,911 Statutory NPAT 12,813 8,025 Share-based payments 271 221 Share-based payments 271 221 Unreal
Slide 22: Important Notice And Disclaimer
IMPORTANT NOTICE AND DISCLAIMER The information contained in this document and discussed at this presentation (collectively, the Presentation) has been prepared by Cettire Limited (ACN 645 474 166) (Cettire or the Company). The Presentation is subject to the conditions outlined below. Your receipt o
Slide 23: Global Online Luxury Retailer
GLOBAL ONLINE LUXURY RETAILER W W W . C E T T I R E . C O 23 M