2019 Half Year Results Daniel Rabie (CEO) And Paul Haworth (CFO) 3 - - PowerPoint PPT Presentation

2019 half year results
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2019 Half Year Results Daniel Rabie (CEO) And Paul Haworth (CFO) 3 - - PowerPoint PPT Presentation

2019 Half Year Results Daniel Rabie (CEO) And Paul Haworth (CFO) 3 Daniel Rabie Paul Haworth CEO From 2017 CFO From 2017 2015 to 2017: COO of Reckon (ASX:RKN) with 7 years in senior corporate and operational fjnance revenues growing to


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2019 Half Year Results

Daniel Rabie (CEO) And Paul Haworth (CFO)

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Daniel Rabie

CEO From 2017

2015 to 2017: COO of Reckon (ASX:RKN) with revenues growing to A$97.8m in 2016, leading Development, Marketing and HR. 2010 - 2015: Strategic Director at Reckon, guiding company direction across multiple geographies and product categories. 12 years experience in the sofuware industry. Proud father of 2. 7 years in senior corporate and operational fjnance roles with UK listed groups. Previously EMEA Finance Director for Dialight plc. Founded Dialight’s light-as-a-service business. 9 years with Deloitte advising a range of public and private clients in the technology and sofuware sector. Proud father of 2.

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Paul Haworth

CFO From 2017

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To Make People Productive And Happy

OUR MISSION:

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DONE

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Delivering On Our Strategy And Poised For More

GetBusy

Active users 29% revenue growth

SmartVault

through operational leverage with path to profjtability and positioning for monetisation

Virtual Cabinet

65% profit growth

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Healthy, resilient end markets Growing user base MARKET: PRODUCT: Strong regulatory growth drivers Higher recurring revenue per user Low churn rates

DONE

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GetBusy’s Product Suite

Next generation B2B communication and productivity sofuware. Global potential. Substantially broader addressable market.

GetBusy

In Beta

Cloud Document Management and Cloud Portal for small and medium businesses. Largest vertical SME accounting and bookkeeping fjrms. US origins. Now expanding overseas.

20,166+ Paying Users

SmartVault

Desktop Document Management and Cloud Portal for medium and large enterprises. Largest vertical large and medium sized accounting fjrms. UK and ANZ focus with nascent US expansion.

Virtual Cabinet

45,423+ Paying Users

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The Problems We Solve

Wasted time dealing with information issues can lead to a loss in an organisation’s total productivity.*

Email complexity Compliance costs Document access Information chaos Poor security Version control Misfiling & search Legal approvals Information silos

Control security risks, track files, receive alerts, automatically file attachments. Meet regulatory, audit and litigation requirements to prevent fines and damages. Log into your document system from outside the office. Stop duplicate files, content disorganisation, and data overload. View audit trails, reduce risk of confidential leaks and hacks. One version of the document seen by everyone, no duplicates and confusion.

*ICD 2012

Prevent significant search time per worker per day looking for lost files. Digital signatures and smart workflows significantly reduce contract turnaround time. Integrates with your existing software and systems so all your files live in one place.

21.3%

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Operational Models

Sales Marketing Support

Outbound sales team Narrow prospect set Long sales cycles Technical consultants High end marketing Brand awareness Education & trust building Direct sales support High touch support On-site issue resolution Tailored tools & training Highly customised

Enterprise

Virtual Cabinet

Inbound sales team Content, automation, tools, training, incentives to enable high efficiency Qualifies leads Feeds sales pipeline Automation & content to simplify purchase Remote customisation Customer self-service Educational content

Transactional

SmartVault

Little sales support Low CAC Digital marketing Viral potential Freemium model Easy onboarding Tech-touch Customers resolve their own issues

Self Service

GetBusy (In Development)

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Powerful Growth Drivers

California Consumer Privacy Act Digital Transformation Initiatives GDPR (General Data Protection Regulation) Worldwide Privacy And Security Laws

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SmartVault

Our Competitors

Virtual Cabinet

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Within our specific niches

iManage Iris

Practice Management Competitors: Pureplay Competitors:

Docusoft OneView Thomson Reuters Invu CCH Axcess

Pureplay Competitors:

Citrix ShareFile MyDocSafe eFileCabinet Doc.It CCH Axcess

Practice Management Competitors:

Thomson Reuters

DONE

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112 Strong Worldwide Team

USA UK ANZ

25 Staff 72 Staff 15 Staff

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Our Markets

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(1.4)

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Global ECM Market SME & Self Employed Markets

$26.5

(Enterprise Content Management) (Small and Medium Sized Enterprises)

Billion USD (2016)

Only showing markets with current operations. The ECM market is expected to grow at 16.4% CAGR, reaching $66 billion by 2022 (researchandmarkets.com)

NZ AUS UK USA 0.5 million 3 million 5 million 65 million

Market Opportunity

Security, Mobile, Big Data and other strong industry trends are positive for GetBusy

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Our Markets - Typical Niche

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Accounting & Bookkeeping

1.7m People

UK, USA, Australia, New Zealand

200,000 Firms £350m Annual Market

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Breakdown By Industry

62% Accounting & Bookkeeping 62% Accounting & Bookkeeping 19% Financial Services 4% Financial Services 6% Insurance 3% Manufacturing 3% Healthcare 9% Other 27% Other 1% Insolvency 1% Education 1% Legal 1% Legal 1% Manufacturing

Virtual Cabinet SmartVault

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Resilient End-Markets And Low Customer Concentration

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Accountancy User Segment

Robust, consistently growing sector. Resilient to macro-economic factors. Capitalise on political, economic and fiscal change.

Remaining Businesses 77% Largest 20 Customers: 8% 21st to 40th: 5% 41st to 60th: 4% 61st to 80th: 3% 81st - 100th: 3%

Very Low Customer Concentration

62% of our paying users are in accountancy.

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Our Strategy

Kreston Reeves Lovewell Blake RDP Newmans Haines Watts Moore Thompson Grunberg & Co Begbies Traynor Critchleys Menzies Moore Stephens EQ Accountants Shipleys Buzzacott Duncan & Toplis Martin & Company Bishop Fleming Brebners BSG Valentine Crowe Clark Whitehill SJD Accountancy Macias Gini & O’Connell Beever and Struthers Milsted Langdon TaxAssist Accountants Carter Backer Winter Larking Gowen And Many More...

Businesses That Choose Us

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Some of the most trusted professional firms in the market use us, including 27% of the UK’s top 100 accountancy practices.

Started: 2013 Started: 2012 Started: 2012 Started: 2014 Started: 2008 Started: 2013 Started: 2018 Started: 2015 Started: 2014 Started: 2012 Started: 2013 Started: 2018 Started: 2011 Started: 2010 Started: 2016 Started: 2013 Started: 2012 Started: 2016 Started: 2012 Started: 2013 Started: 2016 Started: 2014 Started: 2011 Started: 2015 Started: 2011 Started: 2011

DONE

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Our Strategy

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GetBusy

Position for monetisation Sustained growth in high quality recurring subscription revenue

SmartVault Virtual Cabinet

Sustained growth in profit and cash generation

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Deliver long term, sustainable growth Open greater addressable markets

Our Strategy

De-risked growth based on existing customers, products and capabilities.

Develop additional feature sets Create structured pricing plans Grow active customer base Prove a scalable customer acquisition model Scale US Vertical market expansion Establish channels in UK and ANZ Drive ARPU improvements Vertical market expansion Cautious US expansion Upsell to existing customer base Ongoing cost control

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Virtual Cabinet Growth Opportunities

Upsell Opportunities New Customer Acquisition

  • Eg. Virtual Cabinet Go Mobile App

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New Markets Operational Leverage

  • Eg. BDO Alliance
GO
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New ACV: in USA is 35% higher than H1 2018. Total users: are 10.1% higher than June 2018. New ARPU: is 45% higher than for the entire base so new users are more valuable to us. Net MRR Churn: in Q1 is 0.2% compared to 0.2% Q1 2018. LTV:CAC: over H1 has been 4:1, despite additional investment in the team that is yet to fully bear fruit. LTV:CAC: for US businesses exceeded 8:1 in H1. New Channel: being established in the UK.

Scale SmartVault Where We Have Product Market Fit

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DONE

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What Is GetBusy?

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For Busy Teams Who Want To Get More Done

GetBusy is where communication meets task management. Grow your business by organising, delegating and actioning

  • messages. Less chat distraction, more work focus.

Free Pricing Plans • Cancel Any Time

Start Now - Free Forever

My Workday

New York Project Assigned Annual Conference Suggest Done Future Leaders Meet Delegated Team Stand-up Scheduled Hire New HR Head Reminder

DONE DONE DONE

Where Busy Teams Accomplish More

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Target Audience: Busy Teams Elevator Pitch: Stay On Task And Accomplish More Problems Solved:

  • Struggle to keep on track of tasks and communication.
  • No clear way to delegate accountability to team, clients and own-self.
  • Not knowing what’s next, or who is responsible. Lack of team transparency.
  • Feel that work is buried in cluttered email and team chat apps.
  • Distracted by poor communication that takes focus away from real work.
  • Too many tools to work with team, clients and organise own-self.
  • To-do lists that are inefgective for actioning or collaborating on.
  • Don’t communicate as ofuen and effjciently as they could.
  • Worried about information security and privacy.

Positioning Statement:

For busy people who want to stay on task and accomplish more. GetBusy is where communication meets task management. Grow your business and break the status quo created by inefgective tools like email, realising a future where distraction and noise are replaced with clarity and focus.

D

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Disruptive Productivity Tools

One Size Fits None

Newcomers Are Successful By Carving Out Niches Within This Email Ecosystem

$35 Billion Market Business Cloud Email 20% CAGR

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PROJECT MANAGEMENT INTERNAL CHAT TASKS EMAIL EFFICIENCY DOCUMENTS

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H1 2019 Results Summary

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Total Revenue Annualised MRR At End Of Period Total Recurring Revenue

£’m £’m %

Results Summary H1 19

H1 17 H1 18 H1 19

3.7 6.3

H1 16 H1 16 H2 16 H2 16 H1 17 H1 17 H2 17 H2 17 H1 18 H1 18 H2 18 H2 18 H1 19 H1 19

4.1 7.1 4.5 7.8 4.8 8.8 5.2 9.4 5.7 10.3 6.2 11.4

Recurring Revenue

£’m

H1 16 H2 16 H1 17 H2 17 H1 18 H2 18 H1 19

3.1 3.4 3.8 4.2 4.5 5.0 5.4

83% 87% 88%

Adjusted Loss Before Tax

£’m

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H1 19 H2 18 H1 18 H2 17 H1 17 H2 16 H1 16 (0.95) (0.78) (0.40) (0.81) (0.50) (0.30) (0.30)

DONE

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Group ARPU Up 12% To £174

User Growth

2011 2012 2013 2014 2015 2016 2017 2018 H1 19 SmartVault acquired

15k 25k 30k 35k 40k 45k 50k 55k 20k

paying users as at June 2019

65.6k

60k 65k

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DONE

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Virtual Cabinet – H1 Highlights

Financial Highlights Operational Highlights

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Drive sustained growth in profit and cash generation

Recurring revenue up 16% to £3.4m Two major new customer wins:

  • Leading UK insolvency provider
  • Member firm of BDO Alliance in US

Total revenue up 15% to £4.1m 65% increase in adjusted profit to £1.5m Launch of VC Go mobility suite Operating margin improvement from 26% to 37% Significant process automation (Salesforce, NetSuite, Zendesk)

DONE

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GBP £’m GBP £’m GBP £’m

30 Jun 2018 31 Dec 2018 30 Jun 2019

Annualised MRR

£6.2m £6.6m £7.2m

Recurring as % of total

83% 83% 84%

Paid-for user count

40,355 42,425 45,423

ARPU

£148 £156 £158

Net MRR Churn

0.0% 0.3% 0.2%

Virtual Cabinet Key Metrics

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DONE

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SmartVault – H1 Highlights

Financial Highlights Operational Highlights

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Drive sustained growth in high quality recurring subscription revenues

Recurring revenue up 27% to £1.9m (22% at constant currency) Successful migration of product to AWS:

  • Faster, more secure, highly scalable
  • No unplanned downtime in busy US tax

season Total revenue up 29% to £2.0m 81% gross margin (H1 2018: 89%) due to AWS migration Adjusted loss £(0.4)m (H1 2018: £(0.2)m) due to customer acquisition investments Clear path to medium-term profitability US business demonstrating significant scaling potential UK team now fully established and poised to scale

DONE

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GBP £’m GBP £’m GBP £’m

30 Jun 2018 31 Dec 2018 30 Jun 2019

Annualised MRR

£3.2m £3.7m £4.2m

Recurring as % of total

97% 97% 96%

Customer count

4,768 5,069 5,332

Paid-for user count

18,311 19,118 20,166

ARPU

£182 £193 £209

Net MRR Churn

0.2% 0.5% 0.2%

LTV : CAC

5:1 6:1 4:1

SmartVault Key Metrics

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DONE

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GetBusy – H1 Highlights

Highlights

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Cautious investment in development and product-market fit

Total spend of £0.6m (H1 2018: £0.5m)

  • 70% development
  • 30% marketing and operational

infrastructure Continued investment in customer acquisition, feature enhancement and

  • perational infrastructure

DONE

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GBP £’m GBP £’m

H1 19

H1 18

Adjusted loss before tax (0.3) (0.5) Trade Working Capital (0.1) (0.1) Deferred Revenue

  • 0.3

Operating Cashfmow (0.4) (0.3) Capex (0.1) (0.1) Net Cashfmow (0.5) (0.4)

Cashflow

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Operating cashflow broadly follows Adjusted loss / profit

£1.9m cash at 30 June

DONE

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SLIDE 33

Summary And Outlook

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Secure, Growing Customer Base With Upsell Opportunity

Strong recurring revenue base 88%

  • f total

Document management business 18%

  • perating margin

Low churn <0.5% per month Resilient, unconcentrated customer base Upsell opportunities increasing ARPU Significant cash generation potential Document management business 19% revenue growth

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£11.4m annualised MRR as at June 2019

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H2 And 2020 Priorities

Product functionality improvements Operational infrastructure build-out Position for monetisation

GetBusy

Capitalise on favourable customer acquisition metrics Additional investment in sales, marketing and development capability ARPU improvement

SmartVault

Further growth in recurring subscription revenue Disciplined investment

Virtual Cabinet

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Share Register Rationalisation

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DONE

Majority of share register by number is ANZ retail investors. 7.7% of company owned by 3,300 individuals with fewer than 5,000 shares – average holding market value of £300. Costs of trading disproportionate to holding values. Board is considering a share consolidation and subdivision during H2.

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Important Notice

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presentation must return it immediately. These slides and this presentation do not constitute, or form part of, a prospectus relating to the Company nor do they constitute or contain any invitation or ofger to any person to underwrite, subscribe for, otherwise acquire, or dispose of any shares in the Company or advise persons to do so in any jurisdiction, nor shall they, or any part of them, form the basis of or be relied on in any connection with any contract or commitment whatsoever. Recipients of these slides and/or persons attending this presentation who are considering a purchase of ordinary shares in the Company are reminded that any such purchase must be made solely on the basis of the information that the Company has offjcially released into the public domain. Whilst all reasonable care has been taken to ensure that the facts stated in these slides and this presentation are accurate and the forecasts, opinions and expectations contained in these slides and this presentation are fair and reasonable, the information contained in this document has not been independently verifjed and accordingly no representation or warranty, express or implied, is made as to the accuracy, fairness or completeness of the information or opinions contained in these slides

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Important Notice

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Website: GetBusy.com Email: Investors@GetBusy.com