Autostore Holdings Ltd. · OSL:AUTO
Autostore — Q4 2022 Earnings Presentation
24 slides from Autostore's earnings presentation, Feb 16, 2023
Slide 1: Fourth Quarter 2022 Financial Results
Fourth Quarter 2022 Financial Results | 16 February 2023 autostoresystem.com
Slide 2: Disclaimer
Disclaimer Certain statements included in this presentation includes forward-looking statements that reflect the Company's current views with respect to future events and financial and operational performance. These forward-looking statements may be identified by the use of forward-looking terminolo
Slide 3: Agenda
Agenda 01 02 03 Highlights Financials Outlook of the & Q&A quarter & business update autostoresystem.com 3
Slide 4: CEO Mats Hovland Vikse and AutoStore's growth story
CEO Mats Hovland Vikse is an experienced AutoStore leader and has played a key role in the company’s exceptional growth story Appointed Chief Executive Officer effective January 2023 • Member of AutoStore senior management, 2017 to 2022 • Chief Revenue Officer; Chief Strategy Officer • Focused on dr
Slide 5: Q4 2022 highlights
Q4 2022 highlights Delivering on guidance and margin recovery, despite challenging macro backdrop Financial Highlights Operational Highlights Corporate Developments Q4 2022 • Standard lead times reduced from ~35 weeks in Q4 • Announced the appointment of Chief Revenue Officer 2021 to ~20 weeks in Q4
Slide 6: The cubic storage pioneers: scaling our business
The cubic storage pioneers: scaling our business in the global e-commerce and robotics megatrends Scaled and Global Customers and Superior Financial Platform Partners Profile Countries ~49 23 ~2,000 2022 revenue $584m Partners3 Certified sales representatives Robots ~52,000 Unique ~800 78% ~50% cust
Slide 7: Long-term track record of outsized organic revenue growth and profitability
Long-term track record of outsized organic revenue growth and industry-leading profitability… Revenue (USD million) Adj. EBITDA (USD million) Adj. EBITDA margin Profitability expected to 48% 51% 54% 51% 48% 41% recover to historical levels as strategic actions drive price/ cost 584 stabilization 2-3
Slide 8: Creating substantial value for customers in a wide set of end-markets
…creating substantial value for customers in a wide set of end-markets ~800 Unique Customers Integrating AutoStore Into Their Mission-critical Supply Chain # of 2022 share End-market Selected blue chip customers systems1 of revenue2 Apparel & ~200 34% Sports Accessories Industrials3 ~370 17% 3PL ~14
Slide 9: Growth in order pipeline with strong backlog
Growth in order pipeline with strong backlog aided by shorter lead times, provides revenue visibility for continued growth in 2023, despite challenging macro backdrop Order intake Backlog Pipeline1 (USD million) (USD million) (USD million) +35% -23% +4% • Solid order intake of USD 153 198 5,680 mill
Slide 10: Strong backlog provides good visibility for 2023
Strong backlog provides good visibility for 2023 Backlog coverage of +60% of 2023 guidance ..compared to ~50% historically at standard lead times Go-get Backlog coverage 20 weeks 35 weeks <20 weeks lead time lead time lead time 700-750 195 182 327 584 22% 249 34% 44% 54% 51% 476 78% 66% 56% 46% 49%
Slide 11: Driving growth with a focus on five strategic priorities
Driving growth with a focus on five strategic priorities Penetrating new • 138% YoY revenue growth in MFC1 01 markets • 226% YoY revenue growth HTP2 New commercial • Launched pay-per-pick recurring revenue model 02 offerings and recurring • Onboarded pay-per-pick partner, THG Ingenuity revenue model
Slide 12: autostoresystem.com
autostoresystem.com 12
Slide 13: Q4 Financials
Q4 Financials autostoresystem.com 13
Slide 14: Key financial highlights
Key financial highlights Revenue growth and margin recovery 148 MUSD 40% 77% 153 MUSD 476 MUSD Strong Q4 revenues – Q4’22 Adjusted Q4’22 Q4’22 order intake vs. Solid order backlog 58% YoY growth EBITDA margin – up Cash conversion1 USD 198 million in 280 bps from Q3’22 Q4’21 Notes: autostoresystem.co
Slide 15: Strong revenue growth
Strong revenue growth Revenue Revenue by region (USD million) (USD million) +78% +78% EMEA 584 NAM 584 APAC 59% 328 328 +58% +58% 64% 148 148 93 93 31% 41% 60% 42% 29% 10% 9% 32% 16% 7% Q4’21 Q4’22 FY’21 FY’22 Q4’21 Q4’22 FY’21 FY’22 • Q4 2022 revenue was USD 148 million, representing 58% YoY growth
Slide 16: Gross profit and adjusted EBITDA development
Gross profit and adjusted EBITDA* development Gross profit Adjusted EBITDA1 (USD million) (USD million) +55% +50% 341 (58%) 238 (41%) 158 (48%) 220 (67%) +46% +44% 90 (61%) 62 (66%) 59 (40%) 41 (44%) Q4’21 Q4’22 FY’21 FY’22 Q4’21 Q4’22 FY’21 FY’22 • Gross profit Q4 2022 ended at USD 90 million (62),
Slide 17: Q4 2022 gross margins of 61% with 67% pro-forma gross margins
Q4 2022 gross margins of 61% (650 bps improvement sequentially) with 67% pro- forma gross margins – further expansion expected through 2023 Gross margin development & pro-forma margin Key enablers driving gross margin recovery ~67% 67% 3% Price increases gradually Grid cost down from peak level 3% c
Slide 18: Presentation of adjusted EBITDA breakdown
Presentation of adjusted EBITDA1 breakdown Fourth quarter Year USD million 2022 2021 2022 2021 Profit/loss for the period 26.2 3.4 99.1 -50.1 Income tax 7.4 2.9 28.1 -9.4 Net financial items -2.3 -1.2 39.8 22.0 EBIT 31.2 5.0 167.0 -37.5 Depreciation 1.6 1.2 6.6 4.5 Amortization of intangible assets
Slide 19: Outlook
Outlook autostoresystem.com 19
Slide 20: Significant opportunities for continued growth
Significant opportunities for continued growth Global mega trends AutoStore Strategy Broadening offerings through M&A Expand in APAC and NAM New New commercial product innovation offerings and recurring revenue models Penetrate new markets Cubic storage tech segment share AS/RS market growth increas
Slide 21: Summary: 2023 growth outlook
Summary: 2023 growth outlook Medium-term Guidance Growth Rate Revenue 40% 2023: USD 700-750 million → 2–3x growth rate of warehouse automation market, estimated to be ~15% • Consistent historical track record of adjusted EBITDA margin of ~50% for 2018A-2022A • Modularity / standardization yields con
Slide 22: Key takeaways – Investing with AutoStore
Key takeaways – Investing with AutoStore 01 Global leader in cubic storage with massive underpenetrated and growing warehouse automation market 02 High growth strategy accelerated by proven and scalable go-to-market model 03 Differentiated technology with innovative robotics powered by world class i
Slide 23: Q&A
Q&A autostoresystem.com 23
Slide 24: AutoStore
AutoStore