Yubico Ab · OMXSTO:YUBICO

Yubico Ab — Q3 2023 Earnings Presentation

18 slides from Yubico Ab's earnings presentation, Nov 10, 2023

  1. Slide 1: Making the internet safer for all

    Making the internet safer for all Yubico Yubico © 2023 Q3 interim report, 2023 © 2023

  2. Slide 2: Today's presenters

    Today’s presenters Mattias Danielsson Camilla Öberg Chief Executive Chief Financial Officer Officer © 2023 © 2023 Yubico Yubico 2

  3. Slide 3: Yubico – A global authentication leader

    Yubico – A global authentication leader 4500+ Business customers 30% + millions of consumers of Fortune 500 are customers +22m YubiKeys sold 400+ Employees SEK 1.8bn +86% 0 Net sales LTM Gross margin account Q3 2023 LTM Q3 2023 takeovers © 2023 Yubico

  4. Slide 4: Trusted brands trust Yubico

    Trusted brands trust Yubico © 2023 Yubico

  5. Slide 5: YubiKey works with 800+ applications

    YubiKey works with 800+ applications Computer CMS Login Developer Remote & Encryption Access Tools & VPN Identity Online Access Services Mgmt Privileged Password Access Mgmt © 2023 Yubico

  6. Slide 6: A historic time

    A historic time © 2023 Yubico 6

  7. Slide 7: Summarizing a milestone quarter

    Summarizing a milestone quarter  Merger between ACQ and Yubico finalized  Listed on Nasdaq First North Growth market Sept 20 Ticker YUBICO  Successful placement of SEK 344 million  Well known long-term shareholders; Bure, AMF, Yubico’s founders, Andreessen Horowitz  New board appointed, a combi

  8. Slide 8: Strategic integrations and new products

    Strategic integrations and new products FIDO Pre-reg – Seamless integration with leading identity and plattform provider • Pre-registration turnkey solution making roll-out fast and easy • Announced in October with limited early access in partnership with Okta European Digital Identity Wallet • Next

  9. Slide 9: Cyber security trends supporting customer demand

    Cyber security trends supporting customer demand • Governments and financial institutions across the world are taking actions on cyber security controls • Goldman Sachs requesting phishing-resistant authentication including YubiKeys and FIDO Security Keys for selected high value customer services •

  10. Slide 10: Q3 2023 – Quarterly summary

    Q3 2023 – Quarterly summary Net sales (SEKm) Gross profit (SEKm) Adj EBIT (SEKm) and ● Subscription share of margin (%) net sales 15.1 (9.0)% 411 360 74 ● Gross margin 393 338 87.6 (85.9)% -74.0% ● ARR1 SEK 255.3 (184.8) million 19 ● Items affecting comparability SEK -93.9 million relating to the 18

  11. Slide 11: Bookings and subscription bookings

    Bookings and subscription bookings Bookings and subscription bookings (SEKm) Comments ● Bookings growth of 19.4 percent in the quarter, to SEK 399.6 (334.7) million, growth 600 of 19.8 percent in local currencies 18% 500 400 ● Strong growth Q3 includes telecom 15% 14% 17% 8% companies and the public

  12. Slide 12: Net sales and annual recurring revenue

    Net sales and annual recurring revenue Net sales, quarterly and 12-months rolling (SEKm) ARR1 (SEKm) 500 2,000 300 400 1,500 250 300 200 1,000 200 150 100 500 100 0 0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 50 2021 2022 2023 0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Net sales LTM 2021 2022 2022 2023 ● Net sales increased 4.4

  13. Slide 13: EBIT

    EBIT Adjusted EBIT, quarterly and 12-months rolling (SEKm) Comments 120 400 ● Adjusted EBIT SEK 19.1 (73.6) m, 100 300 corresponding to an adjusted EBIT 80 margin of 4.7 percent (18.7) 200 60 ● Items affecting comparability amounting 40 100 to SEK 93.9 million relating to the 20 merger 0 0 -100 ● St

  14. Slide 14: Cash flow and financial position

    Cash flow and financial position Inventory and % of net sales Comments 450 ● Operating cash flow SEK -19.8 (-9.9) million in Q3 400 24.0% 23.7% ● Continued build-up of inventory amounting to SEK 350 300 20.3% 61.3m in Q3 and SEK 242.3m year to date 250 17.3% 200 ● Accruals for transaction related co

  15. Slide 15: Financial effects of merger transaction

    Financial effects of merger transaction Merger was made with ACQ as surviving company but accounting-wise as a reverse merger • ACQ net assets merged into Yubico balances, with Yubico financial history carried forward • Net effect on equity amounting to SEK 229.0 m Transaction related expenses of SE

  16. Slide 16: Well positioned for continued growth

    Well positioned for continued growth ● Our business is performing well, in line with our expectations ● Q4 are off to a strong start, including a SEK 86 million order from long-standing high-tech customer ● Broadened customer base and healthy sales pipeline ● New product and business development ini

  17. Slide 17: Q&A

    © 2023 Yubico 17 Q&A

  18. Slide 18: Thanks

    © 2023 Yubico Thanks

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