Swoop Holdings Limited · ASX:SWP
Swoop — FY2023 Earnings Presentation
25 slides from Swoop's earnings presentation, Aug 31, 2023
Slide 1: FY23 Financial and Operational Results
sw°op FY235 Financial and Operational Results Investor Briefing | August 2023
Slide 2: Important notice and disclaimer
For personal use only This presentation dated 31 August 2023 has been prepared by and is being issued by Swoop Future performance – Past performance information provided in this presentation may not be Holdings Limited ACN 009 256 535 (ASX: SWP) (Company or Swoop) for information a reliable indicati
Slide 3: Swoop business overview
For personal use only Premium provider of residential and SMB Broadband Residential mobile telephony for price-conscious customers Fixed Wireless infrastructure to NBN for national coverage National MVNO on the Optus network improve margins 3
Slide 4: FY23 Highlights
FY23 Revenue1 of $78.2M, up 51% on FY22 Revenue For personal use only Underlying EBITDA 2 of $16.3M, up 25% on FY22 Underlying EBITDA Strong growth with +73% Revenue CAGR and increase of $14.5M in EBITDA from $1.8M in FY20 to $16.3M in FY23 A 304% increase in total subscriber numbers to 155,843 from
Slide 5: FY23 Financial Highlights
For personal use only Notes: 1. Comparisons shown above to FY21 are to Pro Forma Results. FY21 Pro Forma Results have been prepared using information from the audited FY21 Annual Report dated September 2021. Pro Forma Results add in the results of Node 1 as if included for the full year period of FY
Slide 6: FY23 Financial Highlights (cont.)
2 a \ For personal use only FY23 Financial Highlights (cont.) Operating Cashflow Free Cash Flow Q4 FY23 Free Cash Flow $14.3m $(2.4)m $0.5m +62% YoY +$6.7m YoY +$1.1m QoQ Operating Cash Flow Free Cash Flow Free Cash Flow (QoQ) 8D FY23 Financial and Operational Results sw°op
Slide 7: Services in operation and network snapshot
For personal use only 516 172 155,843 Fixed Wireless Staff across Services in operation masts/towers Australia (44,667 excl. Mobile) 8,166 6,789 140,888 Wholesale services Business services Residential services 7
Slide 8: FY23 Operational Results
FY 23 Financial and 8 Operational Results sw°op
Slide 9: Services in Operation
For personal use only ▪ 155,843 Services in Operation (SIOs) in Jun-23, increasing by 117,261 (304%) on Jun-22 ▪ Excl. Mobile, SIOs increased by 6,085 (16%) to 44,667, with Residential growing by 3,788 (15%), Business by 511 (8%) and Wholesale by 1,786 (28%) ▪ Mobile SIO have increased by 16,828 (18
Slide 10: Towers over time; on-net vs off-net
For personal use only ▪ ▪ Towers Over Time On-Net vs Off-Net Over Time 10
Slide 11: Acquisition Highlight - Moose Mobile
5 \ ZZ Acquisition Highlight - Moose Mobile G Moose Mobile is a Queensland based national mobile virtual network operator (MVNO) Completion November 2022 For personal use only O w Moose now provides over 110,000 mobile services on cy the Optus network to customers across Australia Purchase price of
Slide 12: FY23 Financial Results
FY 23 Financial and 12 Operational Results sw°op
Slide 13: Financial Results ($000)
Financial Results ($000) ▪ Revenue increased by 51% YOY For personal use only FY22 FY23 Change ▪ Revenue growth reflects organic growth1 of 6% plus Revenue and other income 51,686 78,182 26,496 contribution from co-build revenue and acquisitions2. The contribution from acquisitions COGS (23,370) (45
Slide 14: Revenue and other income ($000)
For personal use only Revenue and other income ($000) FY22 FY23 Change Business 9,773 9,102 (7%) Residential 19,551 45,038 +130% Wholesale 19,702 20,819 +6% Other 2,660 3,223 +21% Total 51,686 78,182 +51% Residential revenue growth reflects Moose acquisition and organic SIO growth of +15% from Jun-2
Slide 15: Summary Cash Flow ($000)
Summary Cash Flow ($000) For personal use only FY22 FY23 ▪ Operating Cash Flow continues to improve, from +$8.9M in FY22 to +$14.3M in FY23 Customer and other receipts 51,435 82,793 Payments to suppliers and employees (43,124) (69,445) ▪ Majority of capex is network expansion and supporting customer
Slide 16: Summary Balance Sheet ($000)
Summary Balance Sheet ($000) For personal use only FY22 FY23 ▪ Strong cash position of $19M, with a remaining Cash 32,021 19,044 debt facility of $12M, provides firepower for Other current assets 7,405 10,028 acquisitive and organic growth Trade and other payables (14,307) (20,421) ▪ Deferred consid
Slide 17: Summary of Assets Impaired ($000)
Summary of Assets Impaired ($000) For personal use only FY23 ▪ Annual impairment testing required under Plant and equipment 7,463 AASB 136 Impairment of Assets Software 1,404 ▪ Indicators of impairment at 30 June 2023 and Other intangibles (ex goodwill and software) 13,824 detailed testing undertake
Slide 18: Strategy and Outlook
FY 23 Financial and 18 Operational Results sw°op
Slide 19: Growth priorities: brands, churn, acquisition
For personal use only Build on our strong brands Continued focus on Customer focused reducing churn in core award winner Increase customer acquisition via products targeted marketing 19
Slide 20: Regional expansion and co-build projects
For personal use only Expand in existing Continue rolling out Invest in new rural areas off regions co-build projects supporting the back of recent success regional growth 20
Slide 21: Integration and synergies
For personal use only Migrate customers and Acquisition synergies Streamline process with turn stuff off in FY24 achieved throughout FY23 automation and provide delivering savings in FY24 frictionless experience 21
Slide 22: Organic growth, acquisitions and brand strength
For personal use only Expanding organic Acquisitions integrating well and Strong customer brand in our growth growing better under Swoop regions and low churn Continued Investment in Scale & Acquisition synergies Leverage the experience and capabilities High Margin Infrastructure continuing through
Slide 23: Appendix
je} 7?) pa oO jos . jo} LL Appendix FY 23 Financial and Operational Results sw°op
Slide 24: Acquisitions completed
For personal use only Name Product Geography Segment Infrastructure Purchase Price Announced EBITDA Date Completed Community Fixed Wireless (FW) Perth Residential 14 Towers $0.3m $0.1m1 June 2021 Communications $1.6m1 June 2021 Beam Fixed Wireless (FW) Regional SA Residential/SME 65 Towers $6.7m $0.
Slide 25: For personal use only
For personal use only 25