For personal use only Cloud security through cloud gateway intelligence FCT July Update Innovate • Create • Execute July 2017 1
For personal use only AGENDA Executive Summary – Steve O’Brien, MD Financial & Operational Update – David Kirton, CFO Technology Update – Simon Ryan, CTO International Update – Steve O’Brien, MD 2
Corporate Overview For personal use only ASX:FCT Share Price since listing Share price $0.28 $0.70 Shares on issue 179.8m $0.60 Cash at bank $1.8m Market capitalisation (undiluted) $52.1m $0.50 Enterprise value $50.3m Options of issue 23.6m $0.40 Major shareholders $0.30 MAREN SUPER FUND A/C 9.10% LIDGETT SUPER FUND A/C 8.95% MR EDWARD KEATING + MRS LINDA KEATING 3.58% $0.20 MR RICHARD BESWICK 3.20% HSBC CUST NOM AU LTD 13 A/C 2.73% $0.10 MR SIMON RYAN 2.57% $- 20/05/16 20/06/16 20/07/16 20/08/16 20/09/16 20/10/16 20/11/16 20/12/16 20/01/17 20/02/17 20/03/17 20/04/17 20/05/17 20/06/17 20/07/17 3
Introduction To FirstWave For personal use only Australian tech company Heritage from Telstra’s Delivers Multi-Tenanted established in early 2000’s Research Labs focusing Multi-Vendor embedded Listed ASX:FCT on SaaS based Cloud security solutions in private Content Security and public cloud environments Significant investment Patented, market leading Expanding Internationally in R&D around virtualised content security technology via Global Security Vendors Cloud Content Security and Telco relationships | Telstra Unrestricted 4
Highlights For personal use only FIRSTWAVE TODAY ~100,000 11 102% 44 ~2,000,000 Scale Scale Growth Operational New Product Customer User Customer Users Recurring Revenue Cloud Platforms Customer Acquisitions Mailboxes Filtered For Web Security (Points of Presence) (PCP FY2017) (NGFWs in 2017) 5
FirstWave Platform For personal use only WHAT IS IT? WHY IS IT IMPORTANT? • Embedded orchestration platform for Telco/SPs • Multi-vendor, multi-appliance, multi-cloud • Centralised control, management & reporting • Single pane of glass to all services • Asia/Pac development & support • Ability to cohesively add other services 7
Non Financial Operational Highlights For personal use only Sales & Marketing R&D Operations ✓ Telstra GPA (Next Generation Firewall) is live ✓ Release of R0.4 reference architecture - ✓ Telstra G-Cloud platform delivered and one-touch management and orchestration IRAP certified ✓ Telstra sales channel enabled including bootstrap technology release ✓ First Cloud product tested and ready for ✓ Sales - 44 GPA’s ✓ Development of public cloud NGFW solution market ✓ Support contract for Australian nodes ✓ Development and implementation of C- ✓ Successful platform build in Telstra next ✓ Accepted on to NSW Govt Procurement Level email protection filter in Government & generation cloud infrastructure Enterprise customers Scheme & Fed Govt panel for the Dept of ✓ State Government dedicated platform Infrastructure and Regional Development ✓ Accreditation of latest Palo Alto Networks deployment commenced ✓ Cisco engagement to explore integrating our Operating System ✓ ISO2700/9001 certification email IP ✓ Development of Telstra Government Cloud Portal ✓ Accreditation of independent security penetration testing by Telstra 8
For personal use only Finance & Operational Update 9
FirstWave FY2017- Finance and Operational For personal use only Executive Alignment Quarterly Half Yearly Annually Metrics aligned and Revenue Quarterly Data Quarterly Data Monthly (MRR) plus plus integrated into FY18 Annualised (AMRR) Operating Metrics Operating Metrics Corporate Plan Professional Services % of No of FTE No of FTE No of Nodes/Platforms No of Nodes/Platforms Accountability assigned MRR Capital & Overhead Capital & Overhead from the Board through the Expenditure Expenditure Sales Managing Director to Total Contract Value of Closed Functional Executive Sales in the Quarter Audited Statutory Reporting Audited Statutory Reporting Profit and Loss Profit and Loss Functional Executive Balance Sheet Balance Sheet Cash Flow variable compensation Operating Cash Flow Reporting Cash Flow Reporting aligned to tabled metrics Investing / Financing Remuneration Report Cash and Cash Equivalents Performance reviewed Segment Reporting Customer Order No’s Segment Reporting monthly by Managing Enterprise (MRR > $3,200) Customer Order No’s Director and CFO with SME (MRR > $1,200 < Enterprise (MRR > $3,200) Functional Executives and SME (MRR > $1,200 < $3,200) by the Board with Managing Other (MRR < $1,200) $3,200) Director and CFO Other (MRR < $1,200) Quarterly review with Investor Community “these metrics will become part of the suite we will use on a periodic basis to measure performance whether geographic or segment as FirstWave grows” … 10
FirstWave FY2017 – Finance and Operational For personal use only MONTHLY RECURRING REVENUE (MRR) MRR MRR +102% year-on-year to $749k $749 Monthly Recurring Revenue (MRR) (000’s) $700 FY17 work package revenue associated with deploying newly launched NGFW, Email and Web services grew to 13% of recurring revenue (from FY16 zero base) $525 FY17 closing MRR base includes $22k of services which will commence billing $425 in Q1 FY18 $370 Q4 FY17 includes new channel $350 $320 revenues of $36k MRR $300 Growth achieved from soft market launches in sales channels $175 Volume sales channel market launches are planned for Q1 FY18 $0 Q4'15 Q2'16 Q4'16 Q2'17 Q4'17 NOTE: 1. MRR represents contracted recurring revenue, plus monthly professional services revenues supporting MRR 2. Operating Metrics and KPI’s are subject to audit validation 11
FirstWave FY2017 – Finance and Operational For personal use only ANNUALISED MONTHLY RECURRING REVENUE (AMRR) AMRR Annualised Monthly Recurring Revenue (AMRR) (000’s) $11,250 AMRR +102% year-on-year to $8,993k Enterprise AMRR and volume is tracking to expectation $8,993 $9,000 Soft market launches in volume sales channels have resulted in a revenue lag on SME growth opportunity - particularly $6,750 Email FY18 focus on sales channel $5,100 diversification $4,440 $4,500 Compounding AMRR growth is a key $3,840 $3,601 priority for FW $2,250 $0 Q4'15 Q2'16 Q4'16 Q2'17 Q4'17 NOTE: 1. AMRR is MRR multiplied by 12 12 2. Operating Metrics and KPI’s are subject to audit validation
FirstWave FY2017 – Finance and Operational For personal use only CHANNEL CUSTOMER ORDER NO. GROWTH (TELSTRA) Customer Order No’s No of Customer Orders No of Customers Orders (MRR > $3,200) 50 200 188 Total No of customer order’s billing on a 45 175 161 monthly basis has grown 27 in the 160 40 150 second half of FY17 40 38 37 35 35 Enterprise customer volumes 100 (Customer’s with MRR of > $3,200) have 30 40 - 21% been relatively stable growing by 5 off 38 - 22% 50 35 - 22% 37 - 23% Q1 FY17 base 25 Growth in NGFW volumes is reflected in 0 20 54 - 29% Q1'17 Q2'17 Q3'17 Q4'17 SME customer growth (Customer’s with Q1'17 Q2'17 Q3'17 44 - 25% Q4'17 34 - 21% MRR of > $1,200, < $3,200) of 21 to 54 33 - 20% No of Customer Orders (MRR < $1,200) No of Customer Orders (MRR > $1,200 < $3,200) 60 100 Up-Sell opportunity in FY18 in both 98 54 55 Enterprise and SME with the launch of 94 95 93 50 value added services 92 93 90 44 45 92 - 58% 90 - 56% 94 - 50% 90 93 - 53% 88 40 85 34 35 33 83 30 80 25 78 75 20 Q1'17 Q2'17 Q3'17 Q4'17 Q1'17 Q2'17 Q3'17 Q4'17 1. Operating Metrics and KPI’s are subject to audit validation 13
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