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

Logo Yazilim Sanayi Ve Ticaret A.s — 9M21 Earnings Presentation

22 slides from Logo Yazilim Sanayi Ve Ticaret A.s's earnings presentation, Oct 26, 2021

  1. Slide 1: Chief Financial Officer, October 26th, 2021

    Chief Financial Officer October 26th, 2021

  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: Ongoing strong performance in Q3

    ▪ Ongoing strong performance in Q3 ▪ Revenue growth combined with efficiency ensure the upward trend in revenue and EBITDA per employee ▪ Recurring revenues grew in all categories reaching 63% of invoiced sales ▪ Turkey; ▪ Revenues increased by 49% with healthy new customer acquisitions, increased s

  4. Slide 4: Q3 Revenues, EBITDA and Net Income

    Revenues (TL mn) EBITDA (TL mn) Net Income (TL mn) 41% 60% 55% 169 40% 29% 120 35% 67 26% 49 42 31 Q320 Q321 Q320 Q321 Q320 Q321 • Revenues grew by 41% y/y reaching 169 TL mn, with Turkey and Romania operations contributing 67% and 33% respectively. • EBITDA increased by 60% y/y, yielding 40% margin

  5. Slide 5: 9M Revenues, EBITDA and Net Income

    Revenues (TL mn) EBITDA (TL mn) Net Income (TL mn) 44% 62% 103% 486 42% 35% 37% 203 168 339 24% 125 83 9M20 9M21 9M20 9M21 9M20 9M21 • Revenues up by 44%y/y, reaching 486 TL mn, with Turkey and Romania operations contributing 67% and 33% respectively • EBITDA up by 62% y/y, reaching 203 TL mn yieldi

  6. Slide 6: Strong FCF, Cash & Financial Investments, EPS

    Cash & Financial Investments (TL mn) Strong FCF – LTM (TL mn) 26% 406 26% 322 90 60 65 51 262 316 2020 9M21 9M20 9M21 Cash and Cash Eq. Financial Investments (ST&LT) EPS (LTM)* growth 78% 2,07 1,16 9M20 9M21 *Adjusted by 3.22% treasury shares (9M20: 3.48%)

  7. Slide 7: Logo Turkey Revenues, EBITDA, Net Income

    Logo Turkey-Revenues (TL mn) Logo Turkey-EBITDA (TL mn) Logo Turkey-Net Income (TL mn) 49% 63% 86% 325 51% 46% 56% 166 47% 217 47% 56% 150 37% 48% 102 42% 113 45% 39% 81 77 34 54 47 30 Q320 Q321 9M20 9M21 Q320 Q321 9M20 9M21 Q320 Q321 9M20 9M21 • Revenues increased by 49% y/y with healthy new custom

  8. Slide 8: Market leader in e-government solutions with 80K customers

    Market leader in e-government solutions; e-invoice, e-archive, e-ledger, e-dispatch with 80K customers # of customers ('000) eLogo invoiced revenues (TL mn) CAGR: 53% CAGR: 49% 65% 80 24 56 49 32 37 10 14 18 134 10 18 11 70 21 28 38 2016 2017 2018 2019 2020 9M20 9M21 2016 2017 2018 2019 2020 coin us

  9. Slide 9: Offering basic accounting software and e-invoicing services

    Offering basic accounting software and e-invoicing services # of users ('000) 27 24 21 18 20 User growth: 16 15 383% y/y 13 12 10 7 8 ARPU*: 313 TL 4 6 3 3 2 2 2 1 1 2 LTV/CAC**: 25 ✓ easy upgradability ▪ ▪ ➔ ✓ leading e-invoice provider ▪ high service quality ✓ Value creation on digital platform *A

  10. Slide 10: Total Soft Revenues, Gross Profit, EBITDA, Net Income

    Total Soft–Revenues (TL mn) Total Soft–Gross profit (TL mn) Total Soft–EBITDA (TL mn) 33% 29% 46% 59% 23% 162 48% 30% 33% 75 78% 37 121 19% 58 45% 24% 23 44% 18% 56 25 14 43 19 8 Q320 Q321 9M20 9M21 Q320 Q321 9M20 9M21 Q320 Q321 9M20 9M21 Total Soft-Net Income (TL mn) • Revenues grew by 33% y/y and

  11. Slide 11: Third Quarter Invoices & IFRS Revenues; Invoiced Revenues

    Third Quarter Invoices & IFRS Revenues (TL mn) IFRS Revenues = Invoices - Net Deferrals 169 172 Invoices 137 120 • Q3 sales invoice growth was 26% y/y 92 90 77 75 • IFRS Revenue growth was 41%y/y in Q3 57 52 35 31 38 28 Q315 Q316 Q317 Q318 Q319 Q320 Q321 Invoiced Revenues (TL mn) CAGR: 32% • In Turk

  12. Slide 12: Consolidated Recurring Invoices

    Consolidated Recurring Invoices (TL mn) • LEM revenues increased by 22% y/y CAGR: 40% • Pay as you go revenues increased by 55% y/y with strong coin sales 384 39% 312 • Maintenance revenues increased by 26% y/y with 257 significant contribution from Total Soft 224 180 135 • Retail SaaS revenues incr

  13. Slide 13: Cost of Sales as % of IFRS Revenue

    Consolidated (TL mn) – As % of IFRS Revenue Total Soft (TL mn) – As % of IFRS Revenue 20% 20% 52% 54% 486 162 339 121 87 63 41% 96 37% 68 9M20 9M21 9M20 9M21 Revenue Cost of Sales Revenue Cost of Sales

  14. Slide 14: OpEx, R&D, S&M and G&A as % of IFRS Revenue

    OpEx (TL mn) – As % of IFRS Revenue R&D Expenses (TL mn) – As % of IFRS Revenue 57% 50% 25% 24% 486 486 339 339 244 39% 191 28% 117 84 9M20 9M21 9M20 9M21 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 18% 14% 14% 12% 486 486

  15. Slide 15: R&D Spending as % of Invoices

    R&D Spending (TL mn) – As % of Invoices 33% 35% 200 30% 30% 30% 27% 27% 27% 30% 24% 150 25% 45% 146 146 20% 100 123 15% 99 101 77 10% 50 57 5% 41 0 0% 2015 2016 2017 2018 2019 2020 9M20 9M21 R&D Spending (TLmn) - LHS R&D Spending/Invoices -RHS

  16. Slide 16: Balance Sheet Highlights and Working Capital

    Balance Sheet Highlights (TL mn) Working Capital (TL mn) 2020 9M21 ∆ Cash & Cash Eq. 261,6 316,4 21% 400 Trade Receivables 235,7 222,5 -6% 50% 44% 350 41% Tangible Assets 19,3 19,2 -1% 36% 300 40% 33% 34% Intangible Assets* 470,2 548,8 17% 28% 250 Other Assets 110,7 143,8 30% 30% 23% 26% 200 Total A

  17. Slide 17: 2021 guidance

    2020 2021 guidance Invoiced Revenue (TL mn) +31% 179 560 226 802 615 16 429 6 IFRS Revenue (TL mn) +33% 226 15 728 179 6 545 489 361 EBITDA** (TL mn) +47% 221 260 30 177 43 -8 150 -8 Margins 41% 17% n.m. 33% 45% 19% n.m. 36% EBT (TL mn) +66% -11 190 11 196 118 4 -9 118 Margins 33% 2% n.m. 22% 39% 5%

  18. Slide 18: Questions & Answers

    Questions»& Answers

  19. Slide 19: Appendix

    Appendix

  20. Slide 20: Invoice revenues: one-time and recurring

    2016 2017 2018 2019 2020 4-yr-CAGR Invoice revenues (TL mn) 175,8 259,1 333,0 460,1 617,7 37% One-time 91,6 123,6 152,5 203,0 233,5 26% share in total 52% 48% 46% 44% 38% Recurring 84,1 135,5 180,5 257,2 384,2 46% share in total 48% 52% 54% 56% 62% Recurring invoice revenues (TL mn) LEM 46,2 61,4 75

  21. Slide 21: ESG in numbers

    ESG in numbers + + + + 1,233 44% 45% 79 35 Employees Women Women in Employee Average age employees executive engagement of employees management index score (TR) + + + 78% 24% 50% 9,22/10 100% of employees R&D spending/ of Board is Corporate of e-waste works in invoiced independent Governance recycle

  22. Slide 22: 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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