Catapult Sports Ltd. · ASX:CAT
Catapult Sports — H1 2025 Earnings Presentation
41 slides from Catapult Sports's earnings presentation, Nov 14, 2024
Slide 1: 1H FY25 Results
1H FY25 RESULTS NOVEMBER 14, 2024 WILL LOPES Chief Executive Officer & Managing Director BOB CRUICKSHANK Chief Financial Officer
Slide 2: Important Notice
IMPORTANT NOTICE Forward-looking statements This document contains forward-looking statements including plans and objectives. Do not place undue reliance on them as actual results may differ, and may do so materially. They reflect Catapult’s views as at the time made, are not guarantees of future pe
Slide 3: We Are the Standard for Professional Sports
WE ARE THE STANDARD FOR PROFESSIONAL SPORTS 40+ SPORTS 100+ COUNTRIES 4,400+ T E A M S G L O B A L LY 3
Slide 4: Unleash the Potential of Every Team and Athlete on Earth
OUR VISION UNLEASH THE POTENTIAL OF EVERY TEAM AND ATHLETE ON EARTH 4
Slide 5: Will Lopes – Overview
WILL LOPES CHIEF EXECUTIVE OFFICER & MANAGING DIRECTOR OVERVIEW FINANCIAL REVIEW STRATEGY & OUTLOOK Q&A 5
Slide 6: 1H Saw Continued Momentum of Profitable Growth
1H SAW CONTINUED MOMENTUM OF PROFITABLE GROWTH ACV REVENUE FREE CASH FLOW US$96.8M (A$143M) US$57.8M (A$85M) US$4.8M (A$7M) ↑ 20% YoY (CC) ↑ 19% YoY (CC ) ↑ US$3.4M YoY Important Note: ACV, and ACV Growth (CC, constant currency) financial information in this slide has not been independently audited
Slide 7: Driven by a Healthy SaaS Growth Engine
DRIVEN BY A HEALTHY SAAS GROWTH ENGINE ACV RETENTION ACV PER PRO TEAM MULTI VERTICAL PRO TEAMS 96.2% ↑11% ↑80% Important Note: ACV Retention, ACV Per Pro Team, and Multi Vertical Pro Teams financial information in this slide has not been independently audited or reviewed, and does not form part of C
Slide 8: That Delivered Significant Incremental Profit on 1H Revenue
THAT DELIVERED SIGNIFICANT INCREMENTAL PROFIT ON 1H REVENUE US$M 1H FY24 1H FY25 Incremental Exiting our growth investment phase in FY23, our target is to keep a minimum of 30% for every additional US$1 of revenue generated as profit Revenue 49.8 57.8 8.1 In FY24, we exceeded this target with a
Slide 9: Continued Innovating on Behalf of Our Customers
ALL WHILE WE CONTINUED INNOVATING ON BEHALF OF OUR CUSTOMERS FOCUS LIVE FOR NEXT GEN VIDEO MATCHTRACKER LIVE AMERICAN FOOTBALL PRESENTATIONS FOR UEFA Successful launch of sideline New presentation tools that Partnered with UEFA to video analysis, transforming significantly improves how deliver live
Slide 10: Bob Cruickshank – Financial Review
BOB CRUICKSHANK CHIEF FINANCIAL OFFICER OVERVIEW FINANCIAL REVIEW STRATEGY & OUTLOOK Q&A 10
Slide 11: Largest ACV Increase for Any Half Year Period
THIS WAS OUR LARGEST ACV INCREASE FOR ANY HALF YEAR PERIOD Total ACV (US$M) 120 100 96.8 ACV, our leading indicator of future SaaS revenue, had 2.6 the largest increase of any HY period rising by US$10M during the period, up 20% YoY (CC) 79.7 80 2.4 30.7 66.2 2.5 25.6 60 22.5 40 63.6 51.7 20 41.2
Slide 12: Strong Growth Came from Both Core SaaS Verticals
STRONG GROWTH CAME FROM BOTH CORE SAAS VERTICALS Performance & Health ACV (US$M) Tactics & Coaching ACV (US$M) 35 60 30.7 30 50 25.6 25 11.5 22.5 40 7.9 20 5.2 63.6 30 15 51.7 20 41.2 10 19.2 17.3 17.7 10 5 1H23 1H24 1H25 1H23 1H24 1H25 Legacy Video Solutions New Video Solutions Growth remained stro
Slide 13: ACV per Team Continued to Expand as Cross Selling Accelerated
ACV PER TEAM CONTINUED TO EXPAND AS CROSS SELLING ACCELERATED Average Pro Team ACV (US$K) Multi Vertical Pro Teams (Ex. Run-Off Products) 30 700 600 25 500 20 400 15 663 26.5 300 23.7 21.8 10 200 368 276 5 100 1H23 1H24 1H25 1H23 1H24 1H25 Important Note: “Run Off Products” are products no longer su
Slide 14: Exceeded Retention Target Despite Busiest Renewal Period
WE EXCEEDED RETENTION TARGET DESPITE HAVING THE BUSIEST RENEWAL PERIOD ACV Churn % 4% ACV Churn remained well below our target of 5% and continues to be at best-in-class levels for SaaS 3% 2% 4.0% 3.8% 3.6% 1% 1H23 1H24 1H25 Important Note: ACV Churn and ACV Retention financial information in this
Slide 15: Strong SaaS Results Increases Confidence in Future Revenue
STRONG SAAS RESULTS INCREASES CONFIDENCE IN FUTURE REVENUE 1H25 1H24 % CHANGE OPENING ACV (US$M) 86.8 73.4 Beyond ACV, we saw improvements in our Pro Team and average Lifetime Duration NET INCREMENTAL ACV 9.1 7.0 29.2% metrics FX IMPACT 0.9 -0.8 nm Starting in 2H FY25, Russia will be excluded CL
Slide 16: High Confidence in Recurring Revenue Is Key to Future Growth
HIGH CONFIDENCE IN RECURRING REVENUE IS KEY TO FUTURE GROWTH Revenue Categories (US$M) 70 60 57.8 4.6 49.8 50 5.9 21% 5.1 SaaS 41.6 YoY Revenue 5.1 40 4.7 Growth (CC) 4.8 $53.3M 30 20 39.5 47.4 Recurring Revenue 92% Recurring Revenue 32.1 10 1H23 1H24 1H25 SaaS Other Recurring Capital Important Note
Slide 17: Cost of Growth Continues to Decline Toward Long Term Target
COST OF GROWTH CONTINUES TO DECLINE TOWARDS LONG TERM TARGET Variable Costs as a % of Revenue 80% 77% Variable costs associated with growing revenue continue to improve led by efficiencies in sales and marketing 60% 32% 56% 52% Cost to grow revenue is now only 7pp from our long-term target 45% 2
Slide 18: Fixed Cost as % of Revenue Dropping with Scale
WITH FIXED COST AS % OF REVENUE DROPPING W/ SCALE Fixed Costs (Inclusive of CAPEX) as a % of Revenue 60% 57% Fixed costs declined to US$21.3M, and combined with revenue growth, improved fixed costs as a 50% % of revenue by 6pp 43% 28% 40% Absolute fixed costs support the business at 37% scale an
Slide 19: Leverage Accelerating Profit Margin Growth
HIGHLIGHTING OUR LEVERAGE THAT IS ACCELERATING PROFIT MARGIN GROWTH Revenue vs. OPEX and Profit Margin as a % of Revenue 70 160% 132% Critical inflection point towards profitability 60 58 crossed 120% 50 OPEX (Variable + Fixed costs) as a % of revenue 50 89% is now below 100% and corresponding w
Slide 20: Significantly Expanding Our Free Cash Flow
SIGNIFICANTLY EXPANDING OUR FREE CASH FLOW Free Cash Flow (US$M) 5 Free Cash Flow increased $3.4M YoY Growth was driven by increased revenue 1.4 4.8 0 and improved efficiencies -13.4 -5 -10 -15 1H23 1H24 1H25 Important Note: While elements of the above FCF bridge have been reviewed, the bridge a
Slide 21: Profit & Loss Summary
PROFIT & LOSS SUMMARY FOR THE 6 MONTHS ENDED SEPTEMBER 30 1H25 1H24 Change % Change (US$M) Gross Margin impacted by increased revenue REVENUE 57.8 49.8 8.1 16.2% contribution from Media business YoY COGS 12.1 10.0 2.1 20.5% GROSS PROFIT 45.8 39.7 6.0 15.2% GROSS MARGIN % 79.1% 79.8% -0.7% -0.9%
Slide 22: Will Lopes – Strategy & Outlook
WILL LOPES CHIEF EXECUTIVE OFFICER & MANAGING DIRECTOR OVERVIEW FINANCIAL REVIEW STRATEGY & OUTLOOK Q&A 22
Slide 23: Substantial Market for Catapult
SUBSTANTIAL MARKET FOR CATAPULT PRO SPORTS TECHNOLOGY ADJACENT MARKETS US$40.2B 20K Elite Teams High School & Youth Sport Teams Major Sporting Leagues Men & Women First Responders Feeder Divisions NCAA Athletics Pro Team Academies Military US$17.9B National Teams 2021 Olympic Teams Medical market si
Slide 24: Strong Value Proposition
STRONG VALUE PROPOSITION HELP TEAMS MAKE BETTER DECISIONS THROUGH A COMPREHENSIVE ALL-IN-ONE TECHNOLOGY SAVE TIME DISCOVER INSIGHTS Help teams make better use of Contextualize data to increase time with improved workflows access to meaningful insights CONFIDENTIAL 24
Slide 25: Applications
SEAMLESSLY INTEGRATED TECHNOLOGY THAT IS PURPOSE-BUILT FOR SPORTS PERFORMANCE & HEALTH TACTICS & COACHING MEDIA & OTHER ATHLETE MONITORING PRO VIDEO SUITE (NEW VIDEO SOLUTION) MEDIA SERVICES APPLICATIONS • Vector Pro (LPS/GPS) • MatchTracker • Content Licensing • Vector Core (GPS) • Focus • Asset Ma
Slide 26: We Have a Focused Go-to-Market Approach
WE HAVE A FOCUSED GO-TO-MARKET APPROACH MID-TERM TARGET MARKET OPPORTUNITY LAND 5K PRO TEAMS • Uniquely differentiated in P&H (Wearables) • Largest player in market & 5x nearest competitor EXPAND 50% MULTI-VERTICAL • Cross sell integrated solutions • Attractive economics in T&C RETAIN 95% RETENTION
Slide 27: Designed for Profitable Growth at Scale
DESIGNED FOR PROFITABLE GROWTH AT SCALE LONG-TERM METRIC KEY ITEMS TARGET Revenue 100% Focus on SaaS creates predictable revenue w/ ACV being the leading indicator • Wearables Inventory Video Hardware COGS 20% • Data & Hosting Variable Cost • • License Royalty • Support Delivery • Customer Success
Slide 28: Delivering World Class Vertical SaaS Company Results
DELIVERING WORLD CLASS VERTICAL SAAS COMPANY RESULTS Our performance on the Rule of 40* has significantly improved while driving Free Cash Flow growth Rule of 40 Free Cashflow (US$M) 40% 10.0 31% 30% 4.8 5.0 20% 1.4 20% - 1H23 1H24 1H25 10% -5.0 - 1H23 1H24 1H25 -10.0 -10% -13% -13.4 -20% -15.0 CONF
Slide 29: FY25 Outlook
FY25 OUTLOOK Our objective is to deliver on our strategic priorities with a focus on profitable growth. In FY25, we continue to expect: • ACV growth to remain strong with low churn • Continued improvement in cost margins towards long-term targets • Higher Free Cash Flow as our business scales Import
Slide 30: Today's Key Take-Aways
TODAY’S KEY TAKE-AWAYS STRONG PROFITABLE GROWTH HEALTHY SAAS ENGINE DELIVERING ON EXPECTATIONS 30
Slide 31: Uniquely Positioned for a Global Opportunity
UNIQUELY POSITIONED FOR A GLOBAL OPPORTUNITY SIGNIFICANT GLOBAL PROVEN MARKET OPPORTUNITY LEADERSHIP POSITION BUSINESS MODEL US$40bn+ Market (2026) SaaS revenue is 5x the Scalable, subscription opportunity in delivering nearest P&H competitor business model driving industry leading solutions for glo
Slide 32: Q&A
The picture can't be displayed. Q&A 32
Slide 33: Appendix
The picture can't be displayed. APPENDIX 33
Slide 34: Appendix – Balance Sheet
APPENDIX – BALANCE SHEET AS AT SEPTEMBER 30 (US$M) 1H25 1H24 CASH 9.74 10.35 TRADE AND OTHER RECEIVABLES 20.26 25.59 INVENTORY 0.87 1.40 PPE 33.37 25.47 GOODWILL 51.50 51.23 OTHER INTANGIBLE ASSETS 50.23 48.25 DEFERRED TAX ASSETS 8.32 6.25 TOTAL ASSETS 174.29 168.53 TRADE AND OTHER PAYABLES 8.39 8.5
Slide 35: Appendix – Profit & Loss
APPENDIX – PROFIT & LOSS FOR THE 6 MONTHS ENDED SEPTEMBER 30 (US$M) 1H25 1H24 REVENUE 57.84 49.76 OTHER INCOME 0.02 0.06 COST OF GOODS SOLD (12.09) (10.03) EMPLOYEE BENEFITS EXPENSE (22.71) (23.11) EMPLOYEE SHARE-BASED PAYMENT EXPENSE (5.06) (3.28) CAPITAL RAISING AND LISTING EXPENSES (0.07) (0.06)
Slide 36: Appendix – Cash Flow
APPENDIX – CASH FLOW FOR THE 6 MONTHS ENDED SEPTEMBER 30 (US$M) 1H25 1H24 OPERATING CASH FLOW RECEIPTS FROM CUSTOMERS 70.97 58.35 PAYMENTS TO STAFF AND SUPPLIERS (50.66) (43.14) OTHER OPERATING CASH FLOW (0.06) 0.19 NET CASH FLOW FROM OPERATING ACTIVITIES 20.26 15.39 INVESTING CASH FLOW ACQUISITION
Slide 37: Appendix – Segment Note P&L
APPENDIX – SEGMENT NOTE P&L FOR THE 6 MONTHS ENDING SEPTEMBER 30 (US$'000) 1H25 1H24 OPERATING SEGMENT - PERFORMANCE & HEALTH REVENUE - EXTERNAL CUSTOMERS 31,049 26,238 EBITDA 5,026 2,278 OPERATING PROFIT (LOSS) (3,721) (3,773) OPERATING SEGMENT - TACTICS & COACHING REVENUE - EXTERNAL CUSTOMERS 19,5
Slide 38: Capex Table
CAPEX TABLE Capitalized Development (US$M) 9.0 25% 20.1% FOR THE 6 MONTHS 1H25 1H24 Change % Change 20% ENDED SEPTEMBER 30 (US$M) 8.5 CAPITALIZED DEVELOPMENT 7.8 8.2 (0.4) -4.7% 16.5% PERFORMANCE & HEALTH 3.5 3.7 (0.2) -6.1% 15% TACTICS & COACHING 4.3 4.4 (0.1) -1.8% 13.5% 8.0 OTHER 0.0 0.1 (0.1) -6
Slide 39: An Established Track Record of Strong and Consistent Growth
AN ESTABLISHED TRACK RECORD OF STRONG AND CONSISTENT GROWTH FY20** FY21** 1H22 2H22 FY22 1H23 2H23 FY23 1H24 2H24 FY24 1H25 ACV (US$M) 45.5 53.4 58.8 63.9 63.9 66.2 73.4 73.4 79.7 86.8 86.8 96.8 ACV ACV GROWTH (CC)* 11.2% 14.1% 20.3% 21.7% 23.1% 19.1% 19.5% 20.2% 20.0% 17.8% 19.7% 20.9% ACV CHURN 6.
Slide 40: Glossary of Terms
GLOSSARY OF TERMS TERM DEFINITION ACV or Annualized Contract Value the annualized value of all active subscription contracts in effect using an average exchange rate to US$ over a 1-month period ending on the ACV Effective Calculation Date ACV Churn the reduction in ACV from the loss of customers ov
Slide 41: Unleash Potential
€CATAPU LT UNLEASH POTENTIAL