Logo Yazilim Sanayi Ve Ticaret A.s. · BIST:LOGO
Logo Yazilim Sanayi Ve Ticaret A.s — Logo Yazılım Sanayi ve Ticaret A.Ş. — Q1 2019 Earnings Presentation
16 slides from Logo Yazilim Sanayi Ve Ticaret A.s's earnings presentation, May 8, 2019
Slide 1: 1Q2019 Results Presentation
1Q2019 Results Presentation Gülnur Anlaş Chief Financial Officer May 8th, 2019
Slide 2: Disclaimer
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 refl
Slide 3: Robust performance in 1Q19
Robust performance in 1Q19 Consolidated Revenues (TL mn) EBITDA (TL mn) Net Income (TL mn) 21% 14% 34% -17% 81 36% 26% 28 18% 67 24 18 15 1Q18 1Q19 1Q18 1Q19 1Q18 1Q19 • Logo performed in line with its business plan in all territories • Growth in Turkey continued despite macro uncertainties and the
Slide 4: Strong Financial Management
Strong Financial Management Consolidated Improved Liquidity Higher Free Cash Flow (LTM) Cash and Cash Eq. 19% 8% 30 87 26 81 2018 1Q19 1Q18 1Q19 Increase in EPS (LTM) 12% 2,68 2,39 1Q18 1Q19 www.logo.com.tr 3
Slide 5: Performance in-line with budget despite challenging macro environment in Turkey
Performance in-line with budget despite challenging macro environment in Turkey Logo Standalone - Revenues Logo Standalone - EBITDA Logo Standalone - Net Income 5% 38% 49% 46% -8% 33% 46 48 22 22 18 16 1Q18 1Q19 1Q18 1Q19 1Q18 1Q19 Logo Turkey Standalone: Logo’s operations in Turkey excluding Logo K
Slide 6: Strong performance continues in Total Soft
Strong performance continues in Total Soft Total Soft - Revenues Total Soft – Gross profit Total Soft - EBITDA 55% 33 71% 49% 19% 201% 45% 16 6 21 10 10% 2 1Q18 1Q19 1Q18 1Q19 1Q18 1Q19 Total Soft - Net Income • Total Soft achieved significant growth both in Romanian market and international market
Slide 7: Invoiced Revenue vs IFRS Revenue (Consolidated)
Invoiced Revenue vs IFRS Revenue (Consolidated) First Quarter Invoices & IFRS Revenues (TL mn) IFRS Revenues= Invoices - Net Deferrals Invoices 81 76 • 1Q sales invoice growth was 16% y/y 67 66 54 53 • IFRS Revenue growth was 21%y/y in 1Q 36 30 26 24 22 24 12 13 1Q13 1Q14 1Q15 1Q16 1Q17 1Q18 1Q19 In
Slide 8: Recurring Revenue Growth Ensuring Predictability
Recurring Revenue Growth Ensuring Predictability Consolidated Recurring Invoices (TL mn) • Pay as you go revenues increased by 33% y/y with robust coin sales. Coin customers and coin CAGR: 48% usage increased by 34% and 30%, respectively 181 • Maintenance revenues increased by 56% y/y 135 with signi
Slide 9: Recurring Revenue Growth (IFRS)
Recurring Revenue Growth (IFRS) Consolidated Recurring IFRS Revenues (TL mn) • Pay as you go revenues increased by 17% y/y with robust coin sales. Coin customers and coin CAGR: 60% usage increased by 34% and 30%, respectively 170 • Maintenance revenues increased by 56% y/y 131 with significant contr
Slide 10: Cost of Sales
Cost of Sales Consolidated (TL mn) – As % of IFRS Revenue Total Soft (TL mn) – As % of IFRS Revenue 19% 22% 55% 51% 81 33 67 21 39% 17 12 42% 13 18 25% 1Q18 1Q19 1Q18 1Q19 Revenue Cost of Sales Revenue Cost of Sales • Increased efficiency in project management and better priced contracts improved gr
Slide 11: Operating Expenses
Operating Expenses OpEx (TL mn) – As % of IFRS Revenue R&D Expenses (TL mn) – As % of IFRS Revenue 56% 59% 28% 27% 27% 17% 81 81 67 67 48 38 19 22 1Q18 1Q19 1Q18 1Q19 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 13% 16% 15%
Slide 12: Dedicated Investment in Technology
Dedicated Investment in Technology R&D Spending (TL mn) – As % of Invoices 160 35% 40% 140 33% 32% 35% 28% 30% 30% 120 27% 30% 24% 100 25% 80 99 20% 60 77 26% 15% 40 57 10% 41 20 32 27 5% 20 21 0 0% 2013 2014 2015 2016 2017 2018 1Q18 1Q19 R&D Spending (TLmn) - LHS R&D Spending/Invoices -RHS www.logo
Slide 13: Strong Balance Sheet
Strong Balance Sheet Balance Sheet Highlights (TL mn) Working Capital (TL mn) 2018 1Q19 ∆ Cash & Cash Eq. 80,9 87,1 8% Trade Receivables 137,9 123,4 -11% 54% 15% 180 50% 44% Tangible Assets 20,7 19,9 -4% 41% 41% 150 Intangible Assets* 301,1 312,3 4% 40% 33% 34% 32% 120 Other Assets 22,6 42,3 87% 29%
Slide 14: Guidance
Guidance 2018 2019 Guidance Invoiced Revenue (TL mn) +30% 108 0 333 148 432 284 225 IFRS Revenue (TL mn) +29% 414 321 148 0 213 108 267 0 EBITDA (TL mn) +34% 101 111 27 -3 135 91 12 -2 Margins 43% 11% n.m. 32% 42% 18% n.m. 33% EBT (TL mn) +15% 75 -2 -4 68 85 0 -6 79 Margins 35% -2% n.m. 21% 32% 0% n
Slide 15: Questions & Answers
Questions & Answers
Slide 16: Thank you for joining us today
Thank you for joining us today LOGO Investor Relations Team T: +90 262 679 8000 E: investor@logo.com.tr
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