Satin Creditcare Network Ltd · NSE:SATIN
Satin Creditcare Network — Q1 FY2020 Earnings Presentation
65 slides from Satin Creditcare Network's earnings presentation, Aug 9, 2019
Slide 1: Filing cover letter to stock exchanges
August 9, 2019 To, The Manager, The Manager National Stock Exchange of India Ltd. BSE Limited Exchange Plaza, C-1, Block G, Phiroze Jeejeebhoy Towers, Bandra Kurla Complex, Dalal Street, Bandra East, Mumbai-400051 Mumbai – 400023 Scrip Code: SATIN Scrip Code: 539404 Dear Sir/Madam, Sub: Investor Pre
Slide 2: Investor Presentation August 2019
INVESTOR PRESENTATION August 2019 BUILDING A DIFFERENCE TO MAKE A DIFFERENCE BSE: 539404 | NSE: SATIN Corporate Identity No. L65991DL1990PLC041796 1
Slide 3: Contents and Cautionary Statement
Contents 03 Overview and Key 08 Satin’s Transformation 18 Business Resilience Performance Highlights 31 Key Financial and Operational 36 Our Guidance 37 Operational and Financial Annexures Charts 49 Industry 51 Background Cautionary Statement Any forward-looking statements about expected future even
Slide 4: Who we are..
Who we are.. Microfinance is primarily based on the Joint Liability Group (JLG) model, to provide financial assistance and enable women from rural and semi-urban areas to achieve self sustainability CREATING A NICHE BY BEING A ONE STOP FINANCIAL SERVICES PROVIDER FOR OUR CUSTOMERS Income Generating
Slide 5: Key Business Performance Highlights (1/2)
Key Business Performance Highlights (1/2) India’s leading NBFC-MFI in terms of Assets Under Management (AUM), with AUM of Rs. 7,139 crore RoA 2.4% (1.7% in Q1FY19), RoE 13.4% (11.7% in Q1FY19) and CRAR 30.52% (23.41% in Q1FY19) in Q1FY20 First place amongst all MFIs in Customer Service Index in thir
Slide 6: Key Business Performance Highlights (2/2)
Key Business Performance Highlights (2/2) Only lender to 57% clients at the time of disbursement Long term Credit Rating IND A- (Positive); Short term rating at A1 from CRISIL and CARE ; Grading of MFI 1 Social rating sA from Microfinanza, C1 Code of Conduct Assessment (COCA) from ICRA, the highest
Slide 7: Corporate Overview Consolidated
Corporate Overview Consolidated Rs. 41 crore 2.4% 13.4% PAT, 48.6% up YoY ROA, 45.3% up YoY ROE, 14.2% up YoY Rs. 7,139 crore Rs.353 crore Rs.201 crore GLP, 18.5% up YoY Revenue, 7.8% up YoY NII, 15.6% up YoY 1,228 22 36.0 lacs Branches, 20.7% up YoY States & UTs, 22.2% up YoY Clients, 20.0% up YoY
Slide 8: Corporate Overview Standalone
Corporate Overview Standalone Rs. 41 crore 2.5% 13.5% 30.52% PAT, 65.1% up YoY ROA, 60.7% up YoY ROE, 25.8% up YoY CRAR, 30.4% up YoY Rs. 6,467 crore Rs. 1,806 crore 6.3 lacs 1,024 GLP, 19.8% up YoY Disbursement, 35.5% up YoY No. of Loans disbursed, Branches, 22.2% up YoY 36.5% up YoY (1) Rs. 28,000
Slide 9: SATIN's Transformation
“SATIN’s TRANSFORMATION” THE JOURNEY OF DIFFERENCE… KEEP FOLLOWING 8
Slide 10: A Difference Powered by Technological Prowess & Processes
A Difference Powered by Technological Prowess & Processes… Turn Around Time of Customer Acquisition Game Changing Help us to be ahead of the curve to better to disbursement journey Digital Transformation Technology respond to the ever changing business Reduced from 18 days to a few (LMS) scenarios m
Slide 11: Digitization to drive growth with increasing reach
... and digitization to drive growth with increasing reach Amongst the First MFIs to foray in digital lending with no human intervention, tapping the next generation consumers Step changing digital lending platform named “Loan Dost” Leveraging the new innovative technologies fully integrated thr
Slide 12: Operating Efficiency & Scalability
… leading to Operating Efficiency & Scalability New initiatives… ..leading to improved processes Centralized processes Reduced TAT KYC Compliance & Real- time Credit Bureau checks Real-time Decision Making Auto bank reconciliation Faster Book Closing using API Enhanced Productivity Penny drop verifi
Slide 13: Serving 36 lacs+ Customers across India
… to serve 36 lacs+ Customers across India 57% 36,04,373 41,58,939 Clients with Satin as Only No. Of Active Clients No. of Loan Accounts Lender* 368 80,768 No. of Districts No. of Villages 56 2,44,539 No. of Regional Offices No. of Centres 53% 7,023 11,085 No. of First Cycle Customers* No. of Loan O
Slide 14: De-risking geographical concentration
… while de-risking geographical concentration To have become a PAN India Player Share of Top 4 States Reduced from 86% to 55% over 4 years Limiting Exposure per district 85.9 Average exposure per district % % of Top 10 Districts to AUM 12.7 77.3 67.7 -36% 27 10.1 15.5 0.5 10.2 56.3 55.2 19.2 0.45 17
Slide 15: Increasing footprints across states
… with increasing footprints % of total GLP GLP (Rs. crore) States FY15 Q1FY20 Jun’19 UTTAR PRADESH 43.3% 22.2% 1,584 BIHAR 17.2% 15.8% 1,130 2. Reducing exposure to traditional regions MP 18.5% 8.7% 624 DELHI & NCR 5.1% 3.6% 259 UTTARAKHAND 4.0% 1.5% 107 TOTAL 88.1% 51.8% 3,704 % of total GLP GLP (
Slide 16: Deepening presence in Rural India
... and deepening presence in Rural India Break-up of operations Purpose-wise details 5% 3% 23% 17% 77% 75% Rural Urban Agriculture Trading Production Others For MFI portfolio excluding MSME 15
Slide 17: Differentiated Product Offerings
… providing Differentiated Product Offerings Business Correspondent SCNL Housing Finance SME services Product features Taraashna Financial Satin Housing Satin Finserv Limited MFI(1) as on Jun’19 Services Ltd(2) Finance Ltd(3) (SFL)(4) Start Date May’08 (JLG) May’12(3) Feb’18 Mar’19 Ticket Size Range
Slide 18: Leveraging customer reach with product financing
… with opportunities to leverage our customer reach Product Offerings Overview The company finances product purchase of Product Financing solar lamps, bicycles etc. and grants loan for safe water and sanitation facilities Benefits Bicycle Loan Solar Products Enhances the productivity and income
Slide 19: Resilient Satin
“RESILIENT SATIN” SATIN CREDITCARE NETWOR
Slide 20: A full-fledged in-house audit process
A full-fledged in-house audit process Full-fledged in-house Internal Audit Feedback based 110 Compliance Audit Zonal Auditors & Regional Auditors 790 Audits completed in last quarter with 100% Digital 99% compliance on Audit Reports and Findings 19 man-days Quarterly Audit field audit per auditor pe
Slide 21: Robust underwriting techniques
… coupled with robust underwriting techniques Hit Rate for all Products-Q1 FY20 CB Rejection Reason-Q1 FY20 11% 13% 2% 52% 35% 87% Hit No Hit >1 MFI Over Indebtedness Ticket Size Defaulter SCNL Guidelines Rejection Rate for all products is ~18% for Q1FY20 Limit RBI Guidelines MFIN Guidelines Note:
Slide 22: Robust processes strengthening underwriting
… robust processes strengthening underwriting Psychometric tests to reduce risk on customers with negative intentions, has made customers filtration process more scientific and transparent Real-time Credit Bureau checks to track loan history of the prospective clients, also created own credit Bureau
Slide 23: Improved Collection Efficiency
… resulting in Improved Collection Efficiency Robust collection efficiency reflecting high credit discipline in disbursement Demand Collection Period of disbursement % of AUM Cumulative CE% (Rs. crore) (Rs. crore) Jan’17 to Dec'17 3,600 3,511 5% 97.5% Jan’18 onwards 4,857 4,826 95% 99.4% Collection
Slide 24: Decreasing PAR
… with decreasing PAR 35.8 26.6 19.1 14.4 15.3 11.4 6.7 5.9 4.4 5.4 5.0 4.1 3.6 3.4 2.9 3.9 3.4 2.8 Mar'17 Sep'17 Mar'18 Sep'18 Mar'19 Jun'19 PAR 1% PAR 30% PAR 90% 23
Slide 25: A well-diversified Liability Profile
A well-diversified Liability Profile Diversified mix of funding Large Lender Base Source of funds raised during the period 71 Active Lenders Top 10 Funders % Share as on 30 Jun’19 21.3% 28.6% NABARD 17% 39.7% 39.6% 41.0% 5.4% State Bank of India 15% 10.9% 6.4% IDFC First Bank Limited 8% 1.4% 12.2% 1
Slide 26: Insulated from Capital Market Turbulence (product-wise)
… insulated from Capital Market Turbulence Product-wise Jun’19 Product-wise Mar’19 1% 1% 1% 1% 26% 26% 54% 56% 16% 18% Term Loan NCD Buyout Commercial paper ECB Term Loan NCD Buyout Commercial paper ECB No dependence on funding from commercial papers NCDs are primarily subscribed by overseas inv
Slide 27: Insulated from Capital Market Turbulence (lender-wise)
… insulated from Capital Market Turbulence Lender-wise Jun’19 Lender-wise Mar’19 1% 1% 12% 13% 20% 17% 57% 57% 10% 12% Banks NBFC Domestic Financial Institution Overseas Fund Domestic Fund Banks NBFC Domestic Financial Institution Overseas Fund Domestic Fund No dependence on funding from commercia
Slide 28: Strong Capitalization
… and further supported by Strong Capitalization Healthy CRAR to support Growth Opportunities Tie-up with bank and renewed interest of banks for Direct Assignment are reducing the requirement of capital for growth Conversion of OCCRPS worth Rs. 45 crore by IndusInd Bank and warrants worth Rs. 60
Slide 29: Ample Liquidity
… besides Ample Liquidity Strong Liquidity Position to Sustain Growth Benefit of positive ALM continues Amount raised in last 7 days of Jun’19: Rs. 518 crore 22.3 22.8 22.1 21.5 18.4 1,786 1,639 11.7 1,108 9.7 8.5 9.0 8.4 787 710 FY16 FY17 FY18 FY19 Q1FY20 FY16 FY17 FY18 FY19 Q1FY20 Liquidity (Rs. c
Slide 30: Structurally Positive ALM
… and a Structurally Positive ALM Amount (Rs. crore) Static ALM as on 30 Jun’19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Total Inflows Liquidity at the beginning of month* 1,786 1,747 1,862 1,918 2,077 2,235 1,786 Principal - Loan portfolio 316 306 286 306 275 273 1,762 Interest - Loan portfolio 75
Slide 31: Growth while Focusing on Quality
… resulting in Growth while Focusing on Quality Average monthly disbursement in (Rs. crore) 771 658 602 444 397 422 419 446 383 Q1 Q2 Q3 Q4 FY18 FY19 FY20 Data on standalone basis 30
Slide 32: Key Standalone Financials
Key Standalone Financials Gross Income (Rs. crore) Cost to Income Ratio (%) 1,373 59.5% 61.6% 977 56.4% 52.7% 51.3% 330 333 309 Q1FY19 Q4FY19 Q1FY20 FY18 FY19 Q1FY19 Q4FY19 Q1FY20 FY18 FY19 NII and PAT (Rs. crore) Opex to GLP (%) 734 7.1% NII 445 6.6% PAT 6.4% 6.3% 6.3% 179 182 195 156 55 82 25 41 Q
Slide 33: Key Operation Metrics (1/2)
Key Operation Metrics – (1/2) Districts, States and Branches Employees & Loan Officers 1,2281 1,163 7,0232 995 6,926 431 767 22 22 6,382 11,831 11,0853 18 4,481 1,325 16 16 9,004 1,342 2,684 6,910 1,344 340 350 1,109 302 10,419 9,555 215 235 7,653 5,801 3,918 FY16 FY17 FY18 FY19 Q1FY20 FY16 FY17 FY1
Slide 34: Key Operation Metrics (2/2)
Key Operation Metrics – (2/2) Steady growth seen in disbursement Disbursement1 (Rs. crore) & No. of Loans1 (‘000) Satin JLG loans - Average Ticket Size (Rs.) 2,339 1,816 30,000 1,689 28,000 1,566 26,000 24,000 6,252 23,000 5,572 633 3,606 3,594 1,806 FY16 FY17 FY18 FY19 Q1FY20 FY16 FY17 FY18 FY19 Q1
Slide 35: Business Correspondence with IndusInd Bank
Business Correspondence with IndusInd Bank Business Correspondent (BC) Partnership with IndusInd Bank Entered into BC partnership with IndusInd Bank in H2 FY18 BC portfolio to total AUM has grown from 47 crore in Q1 FY19 to 647 crore in Q1 FY20 Advantages from the agreement are on-tap funding,
Slide 36: Re-engineering Future with expanding scope through subsidiaries
Re-engineering Future with expanding scope through subsidiaries Core operations (MFI Lending) Continued Focus on Portfolio Quality Aim to achieve per state exposure to <20% by 2020 Increase penetration through existing branches and by establishing new branches Scale up BC operations with Ind
Slide 37: Our Guidance
Our Guidance Guidance FY19 Actual FY19 Guidance FY20 260 201 165 PAT (Rs cr) On consolidated basis 36
Slide 38: Annexure – Business Details – Consolidated
Annexure – Business Details – Consolidated Particulars Q1 FY20 Q1 FY19 YoY% Q4 FY19 QoQ% AUM (Rs. crore) 7,139 6,026 18.5% 7,068 1.0% On-Book AUM * 4,344 5,344 -18.7% 4,459 -2.6% Securitization 246 792 -68.9% 429 -42.5% Assignment 1,475 8 - 1,281 15.2% Business Correspondence 648 47 1,267.1% 633 2.3
Slide 39: Annexure – Business Details – Consolidated
Annexure – Business Details – Consolidated Particulars Q1 FY20 Q1 FY19 YoY% Q4 FY19 QoQ% No. of Employees 11,085 9,368 18.3% 11,831 -6.3% SCNL 9,555 7,951 20.2% 10,419 -8.3% TFSL 1,342 1,377 -2.5% 1,325 1.3% SHFL 106 40 165.0% 83 27.7% SFL 82 - - 4 1,950.0% No. of Loan Officers 7,023 6,024 16.6% 6,9
Slide 40: Annexure – P&L Statement – Consolidated (Quarterly)
Annexure – P&L Statement – Consolidated (Quarterly) Particulars (Rs. crore) Q1 FY20 Q1 FY19 Q4 FY19 YoY% QoQ % Revenue Interest and Fee Income 249 291 239 -14.5% 4.3% Net Gain On Derecognition of Financial Instruments 39 - 48 - -18.1% Treasury Income 30 17 30 77.6% -1.3% Service Charges 31 18 28 76.
Slide 41: Annexure - Operational Details – Standalone (Quarterly)
Annexure - Operational Details – Standalone (Quarterly) Particulars Q1 FY20 Q1 FY19 Q4 FY19 YoY% QoQ % Gross AUM (Rs. crore) 6,467 5,400 6,374 19.8% 1.5% No. of districts 350 307 340 14.0% 2.9% No. of branches 1,024 838 977 22.2% 4.8% No. of States of operation 22 18 22 22.2% 0.0% No. of Employees 9
Slide 42: Annexure - Operational Details – Standalone (Quarterly)
Annexure - Operational Details – Standalone (Quarterly) Particulars Q1 FY20 Q1 FY19 Q4 FY19 YoY% QoQ % Productivity Metrics for MFI lending Gross AUM/ Branch (Rs. crore) 6.3 6.4 6.3 -2.5% -0.2% Gross AUM/ Loan Officer (Rs. crore) 1.0 1.0 1.0 -1.3% 1.0% Disbursement/ Branch (Rs. crore) 1.7 1.6 2.2 9.
Slide 43: Annexure - Financial Performance – Standalone
Annexure - Financial Performance – Standalone Particulars (Rs crore) Q1 FY20 Q1 FY19 Q4 FY19 FY19 Gross yield (1) 20.74% 23.61% 22.07% 23.97% Financial Cost Ratio(2) 9.38% 11.70% 10.10% 11.15% Net Interest Margin(3) 11.36% 11.91% 11.98% 12.81% Operating Expense ratio(4) 6.40% 6.28% 7.12% 6.57% Loan
Slide 44: Annexure - P&L Statement – Standalone (Quarterly)
Annexure - P&L Statement– Standalone (Quarterly) Particulars (Rs crore) Q1 FY20 Q1 FY19 Q4 FY19 YoY% QoQ % Revenue Interest and Fee Income 245 291 237 -15.8% 3.5% Net Gain On Derecognition of Financial Instruments 39 - 48 - -18.1% Treasury Income 28 16 29 75.1% -3.2% Service Charges 16 - 14 - 21.5%
Slide 45: Annexure - Operational Details – TFSL
Annexure - Operational Details – TFSL Particulars Q1 FY20 Q1 FY19 YoY% Q4 FY19 QoQ% Gross AUM (Rs. crore) 542 614 -11.6% 604 -10.2% Disbursement during the period (Rs. crore) 108 112 -3.4% 206 -47.5% No. of loans disbursed during the period 37,658 43,108 -12.6% 72,115 -47.8% No. of Active Customers
Slide 46: Annexure - P&L Statement – TFSL
Annexure - P&L Statement – TFSL Particulars (Rs crore) Q1 FY20 Q1 FY19 Q4 FY19 YoY% QoQ % Revenue Total Revenue 16.2 17.8 16.4 -9.3% -1.1% Expenses Finance Cost 0.5 0.5 1.1 -8.6% -54.8% Employee Benefit Expenses 9.9 9.4 8.7 5.8% 14.5% Credit Cost 2.0 0.3 2.0 547.8% -0.6% Other Expenses 2.1 2.8 2.3 -
Slide 47: Annexure - Operational Details – SHFL
Annexure - Operational Details – SHFL Particulars Q1 FY20 Q1 FY19 YoY% Q4 FY19 QoQ% Gross AUM (Rs. crore) 101 12 745.2% 79 27.4% Average Ticket Size (Rs) 1,386,000 1,249,000 11.0% 1,453,000 -4.6% Disbursement (Rs. crore) 24 12 99.5% 34 -29.9% CRAR (%) 126.6 108.6 16.6% 111.1 14.0% No. of Branches 6
Slide 48: Annexure - Financial Details – SHFL
Annexure - Financial Details– SHFL Particulars (Rs crore) Q1 FY20 Q1 FY19 Q4 FY19 YoY% QoQ % Revenue Interest and Fee Income 3.2 0.2 2.2 1,222.9% 44.4% Treasury Income 0.3 0.2 0.4 77.5% -21.3% Other income 0.2 0.0 1.0 - -84.2% Total Revenue 3.7 0.4 3.6 776.5% 2.5% Expenses Finance cost 1.4 - 0.8 - 7
Slide 49: Annexure - Financial & Operational Details – SFL
Annexure - Financial & Operational Details – SFL Particulars Q1FY20 Particulars (Rs crore) Q1 FY20 Gross AUM (Rs. crore) 30 Revenue Interest and Fee Income 1.11 Average Ticket Size (Rs) 622,900 Treasury Income 0.04 Disbursement (Rs. crore) 19.2 Other income 0.02 No. of Loan Disbursed 279 Total Reven
Slide 50: Industry Performance
Industry Performance 12,277 (+32% Y-o-Y) 1 Lakh (+34% Y-o-Y) 3.17 crore (+32% Y-o-Y) Branch Network Employee Base Total Clients 3.88 crore (+46% Y-o-Y) Rs. 25,543 (+13% Y-o-Y) Rs. 68,207 crore (+47% Y-o-Y) Total Loan Accounts Average Ticket Size Assets Under Management (AUM) 68,207 Off Balance Sheet
Slide 51: Industry Growth Drivers
Industry Growth Drivers Massive growth Healthy growth in Increased Government focus potential of MSME Large unmet affordable housing penetration of on digitisation and BC sectors demand in the finance segment technology in industry rural areas 50
Slide 52: Company Background
COMPANY BACKGROUND 51
Slide 53: Key milestones: Business Timeline
Key milestones: Crossed the USD 1 billion AUM mark Business Timeline 2015 2016 2017 2018 2019 Received NBFC license for Listing on NSE, BSE and CSE(2); SHFL commenced lending in Started MSME Lending in Reaches 27.1 lacs active Satin Finserv Ltd for MSME Feb18; BC agreement with Received top MFI grad
Slide 54: Key milestones: Fund Raising Timeline
Key milestones: Crossed the USD 1 billion AUM mark Fund Raising Timeline 2015 2016 2017 2018 2019 Raised Rs.41.5 crore Raised Rs.250 crore In Apr’17, raised $10 Pref. Allotment: Exit of MV Mauritius from SBI FMO(3) via QIP in Oct’16; mn from ADB(4) ; Equity funding by (including warrants);
Slide 55: Management Team (1/2)
Management Team (1/2) Mr. HP Singh Mr. Jugal Kataria Chairman and Managing Director Chief Financial Officer • Has over 3 decades of experience in Financial • Cost Accountant, Chartered Accountant and Services Company Secretary along with 28+ years of experience in the field of accounts, finance, aud
Slide 56: Management Team (2/2)
Management Team (2/2) Mr. Subir Roy Chowdhury Mr. Partho Sengupta Chief Human Resource Officer Chief Process & Risk Officer • Experience of 22+ years in HR functions • Experience of 23+ years • Previously worked with Alpic Finance, HDFC Bank, • Previously worked with Magma Fincorp, ICICI ICICI Bank,
Slide 57: Differentiated Investment Choice
Differentiated Investment Choice... Marquee Shareholder Base As on June 30, 2019 Investor confidence 7 rounds of equity capital raised with marquee investors 15.32% Promoter Profitable exit to 4 investors 29.70% NMI QIP: Rs. 250 crore from marquee institutions in Oct 2016, SBI-FMO Rs. 150 cror
Slide 58: Our Subsidiaries
Our Subsidiaries Expanding scope of business through subsidiaries SATIN CREDITCARE NETWORK LIMITED Taraashna Financial Satin Housing Finance Ltd Satin Finserv Limited Services Ltd (SHFL) (SFL) (TFSL) Subsidiaries are also rooted in the same values as pursued by Satin 57
Slide 59: Taraashna Financial Services Ltd (TFSL)
Taraashna Financial Services Ltd (TFSL) Acting as a business correspondent for Banks & NBFCs, TFSL provides credit and other related facilities to clients in rural and semi-urban areas ‘Digitization and Cashless’ focus has helped in achieving superior operational control down to the last busines
Slide 60: Satin Housing Finance Ltd (SHFL)
Satin Housing Finance Ltd (SHFL) Engaged in providing long-term finance Home loans for retail segment – 88% of business for FY19 Loans against residential property Boasts of excellent portfolio quality with NIL delinquency since inception Mainly caters to customers belonging to the Middle
Slide 61: Satin Finserv Limited (SFL)
Satin Finserv Limited (SFL) Incorporated in Aug’18 Got license from RBI to start the business in Jan’19 First loan successfully disbursed in Mar’19 Gross Loan Portfolio of Rs. 30 crore in Q1FY20 CRAR for Q1FY20 is 69.30% Business will focus on secured retail MSME lending, wholesale lendi
Slide 62: Making a Difference to the Community
Making a Difference to the Community Health Check-up Camps We regularly organise health check-up Flood Relief Camps Support the Maharaja Agrasen Hospital Charitable camps along with campaigns focusing on Organised relief activities and distribution of Trust (MAHCT) health and hygiene ration to flood
Slide 63: Awards and Accolades
Awards and Accolades Mr. HP Singh, CMD, was conferred the ‘Golden Globe Tiger Awards’ at an awards ceremony in Malaysia Mr. HP Singh received the ‘Exemplary Leader’ Award Mr. Dev Verma, Chief Operating Officer, was presented the ‘Leader of the Year’ Award ‘Digital Innovation in Microfinance’
Slide 64: Contact information
Contact information Company (Investors) : Company (Media) : Ms. Aditi Singh Ms. Asleen Kaur Head – Capital Markets & Investor Relations PR & Corporate Communications E: aditi.singh@satincreditcare.com E: asleen.kaur@satincreditcare.com T: +91 124 4715 400 (Ext – 222) T: +91 124 4715 400 (Ext – 224)
Slide 65: Thank You
Thank You SATIN CREDITCARE NETWORK LTD. Reaching out!
Satin Creditcare Network — Q1 FY2020 Earnings Presentation on 6ix