Autostore Holdings Ltd. · OSL:AUTO
Autostore — Q2 2023 Earnings Presentation
21 slides from Autostore's earnings presentation, Aug 17, 2023
Slide 1: Second Quarter 2023 Financial Results
Second Quarter 2023 Financial Results | 17 August 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 Highlights of the quarter & business update 02 Financials 03 Outlook & Q&A autostoresystem.com 3
Slide 4: Q2 2023 highlights
Q2 2023 highlights Financial Highlights Operational Highlights Corporate Developments • $176m in revenue, representing growth of 6% • Opened a new office in the heart of the DACH • Reached a complete settlement of all claims vs. Q2 2022. region in Ulm, Germany to support the between AutoStore and Oc
Slide 5: The cubic storage pioneers: scaling our business in the global e-commerce and robotics megatrends
The cubic storage pioneers: scaling our business in the global e-commerce and robotics megatrends Scaled and Global Platform Customers and Partners Superior Financial Profile Countries ~50 23 ~2,000 2023 revenue guidance $700-750 Partners Certified sales representatives3 Revenue CAGR Robots ~58,500
Slide 6: Proven high-growth, high-margin business model
Proven high-growth, high-margin business model ~50% revenue from existing customers 50% ~900 In-House Partners ~600 BDMs End Customer # unique # unique customers customers Proprietary and 2021 2023 Winning Technology Modularity Global Go-to-Market Land and Expand Software-powered solutions Standardi
Slide 7: Substantial growth in recent years, outgrowing the market by 2-3x, with solid drivers underpinning long-term growth
Substantial growth in recent years, outgrowing the market by 2-3x, with solid drivers underpinning long-term growth AutoStore vs. market growth Secular growth drivers AutoStore revenue ($ million) AutoStore Adj. EBITDA margin (%) AutoStore continue growth in a declining market >80% whitespace yet to
Slide 8: Order backlog provides good revenue visibility for the balance of the year
Order backlog provides good revenue visibility for the balance of the year Order intake Order backlog ($ million) ($ million) ~ Standard lead times 161 164 478 476 489 155 153 470 452 137 ~35 ~20 weeks weeks Q2’22 Q3’22 Q4’22 Q1’23 Q2’23 Q2’22 Q3’22 Q4’22 Q1’23 Q2’23 • General market uncertainty lea
Slide 9: Opportunities for expansion across a wide range of end markets
Opportunities for expansion across a wide range of end markets ~900 Unique customers integrating AutoStore into their mission-critical supply chain # of 2022 share End market Selected blue chip customers systems1 of revenue2 Apparel & ~210 34% Sports Accessories Industrials3 ~400 17% 3PL ~160 13% Ot
Slide 10: Customer case: Grocery MFC
Customer case: Grocery MFC* Kesko, Finnish grocery store chain, chose AutoStore for its shopping mall location AutoStore system to support Kesko’s unique grocery Why did Kesko choose AutoStore? Why AutoStore is winning in Micro-fulfillment site MFC Flexibility and scalability 1 Easily fit in the cha
Slide 11: Q2: Financials
e e. @ e ee AutoStore
Slide 12: Key financial highlights
Key financial highlights Delivering all time high revenue and adjusted EBITDA margin back at historical levels $176m 68% 50% 85% $137m Solid Q2 revenue – 6% Q2’23 Gross Margin Q2’23 adjusted EBITDA Q2’23 order intake and YoY growth – up 11 pp. from margin – up 8 pp. from Cash conversion1 $452m in ba
Slide 13: Solid revenue growth
Solid revenue growth Revenue Revenue by region ($ million) ($ million) EMEA +6% NAM +6% APAC 176 176 166 166 147 148 149 147 148 149 96 61 123 92 104 63 65 39 28 47 15 24 18 4 5 Q2’22 Q3’22 Q4’22 Q1’23 Q2’23 Q2’22 Q3’22 Q4’22 Q1’23 Q2’23 autostoresystem.com 13
Slide 14: Strong gross profit and adjusted EBITDA development
Strong gross profit and adjusted EBITDA* development Significant growth in gross margin, +1,310bps in the last 3 quarters Adjusted EBITDA1 margin back at industry leading and historical levels (Gross profit, $ million) (Adjusted EBITDA, $ million) 57% 54% 61% 67% 68% 42% 37% 40% 46% 50% +27% +25% 11
Slide 15: Outlook
Outlook autostoresystem.com 15
Slide 16: 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 product innovation New commercial offerings and recurring revenue models Penetrate new markets Cubic storage tech segment AS/RS market share increase growt
Slide 17: Summary: 2023 growth outlook
Summary: 2023 growth outlook Medium-term Guidance Growth Rate Revenue 2023: $700-750m → 2–3x growth rate of warehouse automation market, estimated to be ~15%* • Consistent historical track record of adjusted EBITDA margin of ~50% EBITDA % • Modularity / standardization yields consistent margins acro
Slide 18: 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 19: Q&A
Q&A autostoresystem.com 19
Slide 20: Appendix
Appendix autostoresystem.com
Slide 21: Presentation of adjusted EBITDA breakdown
Presentation of adjusted EBITDA1 breakdown Second quarter First half USD million 2023 2022 2023 2022 Profit/loss for the period - 148.1 37.4 - 128.3 59.4 Income tax - 44.9 10.6 - 39.2 16.8 Net financial items 9.7 24.3 29.1 24.1 EBIT - 183.4 72.3 - 138.4 100.3 Depreciation 2.6 1.8 4.8 3.3 Amortizatio