Logo Yazilim Sanayi Ve Ticaret A.s. · BIST:LOGO

Logo Yazilim Sanayi Ve Ticaret A.s — Logo Yazılım Sanayi ve Ticaret A.Ş. — FY2021 Earnings Presentation

24 slides from Logo Yazilim Sanayi Ve Ticaret A.s's earnings presentation, Feb 18, 2022

  1. Slide 1: Chief Financial Officer, February 18th, 2022

    Chief Financial Officer February 18th, 2022

  2. Slide 2: Forward-looking statements disclaimer

    This presentation contains information and analysis on financial statements as well as forward-looking statements that reflect Logo management’s current views with respect to certain future events. Although it is believed that the information and analysis are correct and expectations reflected in th

  3. Slide 3: FY2021 highlights

    ▪ Strong top-bottom line growth across the board ▪ Healthy growth in recurring revenues, kept share in total at 62% -supporting Logo’s sustainable growth and profitability ▪ Turkey; ▪ Revenues increased by 41% with healthy new customer acquisitions, increased spending from existing customers and str

  4. Slide 4: Invoiced revenues, revenues, EBITDA and EBT

    Invoiced Revenues (TL mn) Revenues (TL mn) 37% 41% 849 802 767 728 618 545 2020 2021 2021B 2020 2021 2021B EBITDA (TL mn) EBT (TL mn) 154% 39% 62% 37% 36% 300 286 27% 33% 260 22% 196 177 118 2020 2021 2021B 2020 2021 2021B 2021B = 2021 Budget

  5. Slide 5: Net income, EPS growth, cash and financial investments

    Net Income (TL mn) EPS* growth 131% 35% 130% 265 2,73 21% 115 1,19 2020 2021 2020 2021 Cash & Financial Investments (TL mn) 84% 555 301 295 40 262 259 2020 2021 Cash and Cash Eq. Financial Investments (ST&LT) *Adjusted by 3.22% treasury shares (2020: 3.48%)

  6. Slide 6: Revenues, EBITDA and net cash 2016-2021

    Revenues (TL mn) EBITDA (TL mn) CAGR: 32% CAGR: 27% 767 286 545 422 177 142 321 101 256 86 83 190 2016 2017 2018 2019 2020 2021 2016 2017 2018 2019 2020 2021 Net Cash (TL mn) 187 161 31 -23 -14 -19 2016 2017 2018 2019 2020 2021

  7. Slide 7: Q4 2021 revenues, EBITDA, EBIT and net income

    Invoiced Revenues (TL mn) Revenues (TL mn) EBITDA (TL mn) 48% 36% 60% 30% 356 281 84 25% 241 206 52 Q420 Q421 Q420 Q421 Q420 Q421 EBIT (TL mn) Net Income (TL mn) 77% 205% 22% 34% 17% 61 96 15% 35 32 Q420 Q421 Q420 Q421

  8. Slide 8: Logo Turkey results

    Logo Turkey – Invoiced Revenues (TL mn) Logo Turkey – Revenues (TL mn) 41% 38% 612 505 42% 435 21% 366 265 187 149 180 Q420 Q421 FY20 FY21 Q420 Q421 FY20 FY21 Logo Turkey – EBITDA (TL mn) Logo Turkey - Net Income (TL mn) 29% 82% 40% 38% 40% 191 201 -45% 147 72% 30% 31% 14% 20% 28% 110 45 25 30 51 Q4

  9. Slide 9: Market leader in e-government solutions

    Market leader in e-government solutions; e-invoice, e-archive, e-ledger, e-dispatch with 95K customers # of customers ('000) eLogo invoiced revenues (TL mn) CAGR: 56% CAGR: 47% 24 95 24 56 37 194 32 18 134 10 14 18 11 10 70 21 28 38 2016 2017 2018 2019 2020 2021 2016 2017 2018 2019 2020 2021 coin re

  10. Slide 10: New communique's details (January 22nd, 2022)

    New communique’s details (January 22nd, 2022) BEFORE AFTER (eff. as of July 1st, 2022) Companies w/sales 5mio₺+, Companies w/sales 4mio₺+, e-invoice Specific sectors with no sales Companies in some sectors w/sales 1mio ₺+, threshold Specific sectors with no sales threshold e-archive All e-invoice is

  11. Slide 11: Logo İşbaşı user growth

    Offering basic accounting software and e-invoicing services # of users ('000) 37 33 27 29 User growth: 24 20 21 269% y/y 18 16 15 12 13 ARPU*: 326 TL 10 8 6 7 3 3 4 1 1 2 2 2 2 LTV/CAC**: 28 Oct.'20 Oct.'21 Dec.'20 Aug.'20 Aug.'21 Dec.'19 Dec.'21 Jun.'20 Sept.'20 Jun.'21 Sept.'21 Jan.'20 Apr.'20 Jul

  12. Slide 12: Total Soft results

    Total Soft–Revenues (TL mn) Total Soft–Gross profit (TL mn) Total Soft–EBITDA (TL mn) 46% 53% 52% 220% 262 37% 136 777% 74% 50% 96 179 98% 58% 61% 89 59 17% 101 53% 61 12% 58 31 7 30 Q420 Q421 FY20 FY21 Q420 Q421 FY20 FY21 Q420 Q421 FY20 FY21 Total Soft-Net Income (TL mn) • Revenues grew by 46% y/y

  13. Slide 13: Fourth quarter invoices and invoiced revenues

    Fourth Quarter Invoices & IFRS Revenues (TL mn) IFRS Revenues = 356 Invoices - Net Deferrals 281 Invoices 241 • Q4 sales invoice growth was 48% y/y 202 206 154 • IFRS Revenue growth was 36%y/y in Q4 104 118 80 87 83 92 Q416 Q417 Q418 Q419 Q420 Q421 Invoiced Revenues (TL mn) CAGR: 37% • In Turkey, in

  14. Slide 14: Consolidated recurring invoices

    Consolidated Recurring Invoices (TL mn) • LEM revenues increased by 27% y/y CAGR: 44% • Pay as you go revenues increased by 46% y/y 37% with strong coin sales 527 384 • Maintenance revenues increased by 24% y/y with significant contribution from Total Soft 257 180 135 • Retail SaaS revenues increase

  15. Slide 15: Cost of sales as percent of IFRS revenue

    Consolidated (TL mn) – As % of IFRS Revenue Total Soft (TL mn) – As % of IFRS Revenue 18% 19% 50% 48% 767 262 545 179 127 90 40% 100 43% 143 2020 2021 2020 2021 Revenue Cost of Sales Revenue Cost of Sales

  16. Slide 16: OpEx, R&D, S&M and G&A as percent of revenue

    OpEx (TL mn) – As % of IFRS Revenue R&D Expenses (TL mn) – As % of IFRS Revenue 61% 54% 22% 23% 767 767 545 545 332 417 26% 48% 119 175 2020 2021 2020 2021 Total Revenue Total Opex Total Revenue R&D Expense S&M (TL mn) – As % of IFRS Revenue G&A (TL mn) – As % of IFRS Revenue 22% 19% 17% 13% 767 767

  17. Slide 17: R&D spending as percent of invoices

    R&D Spending (TL mn) – As % of Invoices 50% 400 40% 33% 300 30% 30% 27% 27% 30% 24% 200 232 59% 20% 146 100 123 10% 99 77 57 0 0% 2016 2017 2018 2019 2020 2021 R&D Spending (TLmn) - LHS R&D Spending/Invoices - RHS

  18. Slide 18: Balance sheet highlights and working capital

    Balance Sheet Highlights (TL mn) Working Capital (TL mn) 2020 2021 ∆ Cash & Cash Eq. 261,6 259,4 -1% 50% 44% 400 Trade Receivables 235,7 332,8 41% Tangible Assets 19,3 21,0 8% 40% 34% 36% 33% 31% 300 Intangible Assets* 470,2 759,2 61% 28% 30% Other Assets 110,7 435,1 293% 260 200 Total Assets 1.097,

  19. Slide 19: 2022 guidance

    2021 2022 guidance Invoiced Revenue (TL mn) +67% 445 1.422 236 849 941 35 594 19 IFRS Revenue (TL mn) +74% 445 31 1.333 262 15 767 860 490 EBITDA** (TL mn) +59% 138 -34 339 456 96 -14 286 198 Margins 40% 37% n.m. 37% 39% 31% n.m. 34% EBT (TL mn) +39% 72 -16 300 376 65 -38 417 238 Margins 48% 28% n.m

  20. Slide 20: Questions & Answers

    Questions»& Answers

  21. Slide 21: Appendix

    Appendix

  22. Slide 22: ESG in numbers

    ESG in numbers + + + 1,315 43% 50% 35 Employees Women Women in Average age employees executive of employees management + + 27% 50% 9.28/10 100% R&D spending/ of Board is Corporate of e-waste invoiced independent Governance recycled in TR revenues Rating *Employee data is 2021 year-end figures includ

  23. Slide 23: Invoiced revenues breakdown

    2016* 2017 2018 2019 2020 2021 4-yr-CAGR Invoiced revenues (TL mn) 175,8 259,1 333,0 460,1 617,7 848,6 35% One-time - TR 70,3 83,4 95,0 130,1 145,6 207,2 26% share in total 40% 32% 29% 28% 24% 24% One-time - RO 21,3 40,2 57,5 72,9 87,9 114,2 30% share in total 12% 16% 17% 16% 14% 13% Recurring - TR

  24. Slide 24: Thank you for joining us today

    _ Thank you forjoining us today Logo Investor Relations Team T: +90 262 679 8000 E: investor@logo.com.tr

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