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INVESTOR DA Y MARCH 27, 2025 For personal use only
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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 performance and are subject to uncertainties and risks, such as those described in Catapult’s most recent financial report. Subject to law, Catapult assumes no obligation to update, review or revise any information in this document. Pro forma financial information Catapult changed its financial year end from June 30 to March 31, with a nine-month transitionary FY21 consisting of an interim period ending December 31, 2020 and a final period ended March 31, 2021. Catapult also changed its presentation currency from A$ to US$, which commenced with reporting in US$ for the six-month period ended December 31, 2020. Catapult also acquired SBG on July 1, 2021. This document sets out pro forma information solely for the purpose of illustrating the effects of the acquisitions (including SBG) and these changes on certain historical financial results. The financial information denoted as “Pro forma including acquisitions” in this document is pro forma, does not form part of Catapult’s FY24 financial results and has not been independently audited or reviewed. The pro forma financial information which is “Pro forma including acquisitions” is, as applicable, either a 6-month period ended September 30, or a 12-month period ended March 31, on the basis that the Company acquired all relevant acquired entities on April 1, 2018. All pro forma financial information has been compiled from management accounts. Because of its hypothetical nature, the pro forma information may not give a true picture of a relevant comparison. Subject to law, Catapult assumes no obligation to update, review or revise the pro forma information. Defined terms and Calculation Methodologies In this document, unless otherwise indicated: ‐ “1H” for April 1, 2021 onw ards, is each period starting April 1 and ending September 30, with the first such period being 1H FY22; ‐ “2H” for October 1, 2021 o nwards, is each period starting October 1 and ending March 31, with the first such period being 2H FY22; ‐ “FY” for April 1, 2021 onw ards, is each period starting April 1 and ending March 31, with the first such period being FY22; ‐ “ACV” or “Annualized Contract Value” is the annualized value of all active subscription contracts in effect using an average ex change rate to US$ over a 1-month period ending on the ACV Effective Calculation Date; ‐ “ACV (CC)” or “ACV constant currency” is ACV calculated on a “constant currency” basis, which is calculated using an average ex change rate to US$ over a 1-month period ending on September 30, 2023; ‐ “ACV CAGR” is the cumulative annual growth rate in ACV on a “constant currency” basis over a period A to B, which is calculated as the annualized growth rate (expressed as a percentage) of (x) the ACV as at the Effective Calculation Date for B (using currency rates as at the effective calculation date for A); divided by (y) the ACV as at, and using the currency rates as at, the effective calculation date for A. Therefore, for example, the ACV CAGR for 1H FY23 to 1H FY25 is calculated as the annualized growth rate (expressed as a percentage) of (x) the ACV calculated as at September 30, 2024 (using currency rates as at September 30, 2022); divided by (y) the ACV calculated as at, and using the currency rates as at, September 30, 2022; ‐ “ACV Churn” is the reduction in ACV from the loss of customers over a period, which is calculated as the quotient (expressed as a percentage) of (x) the reduction in ACV from the loss of customers over the 12-month period prior to the Effective Calculation Date; divided by (y) the total ACV calculated as at the date that is 12 months prior to that Effective Calculation Date; ‐ “ACV Effective Calculation Date” for ACV is, unless otherwise stated, September 30, 2024. The ACV Effective Calculation Date fo r ACV denoted as “Opening ACV” or “Closing ACV” is ACV calculated as at, respectively, the start or end of the relevant period. Therefore, for example, the Opening ACV FY24 Effective Calculation Date is April 1, 2023 and the Closing ACV FY24 Effective Calculation Date is March 31, 2024. ACV denoted as “1H” is calculated as at the end of the relevant period. Therefore, for example, the ACV 1H FY24 Effective Calculation Date is September 30, 2023, and the ACV 1H FY25 Effective Calculation Date is September 30, 2024; ‐ “ACV Growth” or “ACV YoY” is the growth in ACV (including on a “constant currency” basis), which is calculated as the quotient (ex pressed as a percentage) of (x) the ACV calculated as at the Effective Calculation Date; divided by (y) the ACV calculated as at the date which is 12 months prior to that Effective Calculation Date; ‐ “ACV Retention” is the retained ACV from continuing customers over a period, which is calculated as (1 - ACV Churn), expressed as a percentage; ‐ “Fixed Costs” is the total of General & Administrative (G&A), and capitalized and non-ca pitalized Research & Development (R&D) costs; ‐ “Free Cash Flow” or “FCF” is cash flows from operating activities less cash flows used for investing activities, excluding cash us ed for acquisitions of, and investments into, businesses and strategic assets. FCF excludes AASB16 lease payments; ‐ "Incremental profit” over a period is calculated as the incremental Management EBITDA over that period; ‐ "Incremental profit margin” over a period is calculated as the quotient (expressed as a percentage) of (x) the incremental Managem ent EBITDA over that period; divided by (y) the incremental revenue over that period; ‐ “Lifetime Duration” or “LTD” is the average length of time that customers have continuously subscribed for Catapult’s products or services as at the effective calculation date, weighted by each customer’s ACV as at that date; ‐ “Management EBITDA” is EBITDA excluding share-ba sed payments, purchase consideration, and severance; and including capitalized development expense; ‐ “Multi-vertical customers” is the number of customers that, as at the effective calculation date, use a product from more than one of Catapult’s verticals; ‐ “Net Revenue Retention” or “NRR”, for a cohort of customers for a FY (or HY) is the growth in aggregate ACV for that cohort ove r the 12-month period ending at the expiry of that FY (or HY) (the “end date”) on a “constant currency” basis, including upsell and cross-sell ACV and accounting for churn, which is calculated as the quotient (expressed as a percentage) of (x) the aggregate ACV for that cohort calculated as at the end date; divided by (y) the ACV for that cohort calculated as at, respectively, the start of that FY (or the start of the previous HY); ‐ “nm” means not meaningful; ‐ “pp” means percentage point, which is the arithmetic difference between two percentages; ‐ “Recurring Revenue” is SaaS Revenue, plus Media, and plus other recurring revenue that is not attributable to ACV; ‐ “SaaS Revenue” or “SaaS (ACV) Revenue” is revenue attributable to ACV; and ‐ “Variable Costs” is Total non-cap italized COGS, Sales & Marketing (S&M), and Delivery Costs. This document should be read in conjunction with the above definitions and calculation methodologies as they are integral to understanding the content. Non-IFRS Information While Catapult’s results are reported under IFRS, this document also includes non-IFRS information, such as Management EBITDA, EBITDA, Gross Margin, Contribution Margin, Free Cash Flow (FCF), Annual Recurring Revenue (ARR), Annualized Contract Value (ACV), Lifetime Duration (LTD), ACV Retention, and ACV Churn. These measures are provided to assist in understanding Catapult’s financial performance, given that it is a SaaS business. They have not been independently audited or reviewed, and should not be considered an indication of, or an alternative to, IFRS measures. General The information in this document is for general information purposes only, and does not purport to be complete. It should be read in conjunction with Catapult’s other market announcements. Readers should make their own assessment and take professional independent advice prior to taking any action based on the information. Due to rounding, numbers presented throughout t his document may not add up precisely to the totals provided and percentages may not precisely reflect the presented figures. All financials are in US$ unless otherwise indicated. IMPORTANT NOTICE 2 For personal use only
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OPENING COMMENTS SPORTS TECHNOLOGY INDUSTRY FINANCIAL STRATEGY 5 CHIEF EXECUTIVE OFFICER & MANAGING DIRECTOR WILL LOPESFor personal use only
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OUR VISION UNLEASH THE POTENTIAL OF EVERY TEAM AND ATHLETE ON EARTH 6 For personal use only
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CONFIDENTIAL 7 SPORTS IS BIG BUSINESS OUR INDUSTRY >$500B Large Market Global sports industry1 ~20% Massive Audience Global population watched WC final2 $6.1B Growing Value Record-breaking valuations3 Billions in sponsorships fuel this expansion, confirming sports' immense business potential. 1 Source: The Business Research Company, Sports Global Market Report 2025 - 2034, March 2025. 2 Source: FIFA, FIFA World Cup Qatar 2022 Global Engagement & Audience Report, March 2025 3 Source: The Wall Street Journal, Boston Celtics Sold for $6.1 Billion, a Record Price for Pro Sports, March 2025 For personal use only
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CONFIDENTIAL 8 TECH ADOPTION IS EARL Y AND NEXT DECADE WILL BRING SEISMIC CHANGE OUR INDUSTRY The industry's massive revenues hide a secret. Compared to other sectors, tech adoption is still in its early stages. The world of sports will dramatically change across three dimensions. 1 SMARTER AUTOMATION Saving time and money through streamlined operations 2 SPEED & QUALITY Faster, better decisions using data-driven insights 3 PERSONALIZATION Specialized training and tailored fan experiences For personal use only
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CONFIDENTIAL TRANSFORMING EVERYTHING THAT CREATES COMPETITIVE ADVANTAGE OUR INDUSTRY ATHLETIC ATTRIBUTES Training will be personalized to very specific capabilities such as strength, power, speed, acceleration, and stamina TACTICS & STRATEGY Real-time analysis will play a significant role in helping coaches react and adjust tactics pre and during matches TEAM-LEVEL PERFORMANCE Predictable indicators of a team's effectiveness in creating, capitalizing, and defending against scoring opportunities will change how drills are designed TEAM CHEMISTRY Specialized programs will use data analysis to optimize team communications, cohesion, and mental toughness COACHING & LEADERSHIP Coaches will have player specific data insights to be more effective in how they prepare, motivate, and scout athletes 9 For personal use only
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CONFIDENTIAL 10 WITH DATA PLA YING A CENTRAL ROLE ACROSS ALL STAKEHOLDERS OUR INDUSTRY Athletes Medical Sport Scientist Health Tactics Management Gameday Head Coach Asst. Coaches Scouts Front Office Finance Referees Media DATA Analysts League PERFORMANCE & HEALTH Fitness Level • Physical Workloads • Injury Risk Recovery Progress • Nutrition, Sleep, & Stress Biomechanics & Agility • Medical History TEAM MANAGEMENT Talent Potential • Benchmarks Contract & Salary • Trade/Transfer Value Sponsorship Performance • Sales Results OFFICIATING Game Management • Rule Enforcement League-wide Statistics • Compliance & Governance TACTICS & COACHING Game Strategy • Player Performance • Team Performance Player Development • Training Development FAN ENGAGEMENT Real-time Stats • Highlights Broadcast Analytics • Social Media Trends For personal use only
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CONFIDENTIAL 11 AND THIS WILL SET OFF A TECHNOLOGY ARMS RACE OUR INDUSTRY Sports teams will scramble to gain every possible edge in the fast-evolving landscape focused on 2 core dimensions: INSIGHTS Advanced analytics quickly surface key insights TIME Freeing up time allows for more focused training between matches IMPROVEMENT Teams that leverage both gain competitive advantage For personal use only
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CONFIDENTIAL 12 DISRUPTION IN OTHER INDUSTRIES SERVES AS VALUABLE GUIDEPOSTS OUR INDUSTRY Tech disruption has shown predictable phases 3 TRANSFORMATION • Strategic Reinvention - Industry is disrupted • Real-time Automation 2 OPTIMIZATION • Prescriptive analytics • Predictive analytics • Des criptive analytics 1 DIGITIZATION • Data Aggregation • Data Collection We are still here For personal use only
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CONFIDENTIAL 13 AND WE CAN EXPECT THE IMPACT TO BE TRANSFORMATIONAL OUR INDUSTRY MEDIA From linear to streaming platforms • Netflix revenue grew 10x to $30B in a decade • Streaming captures 65%+ of music revenue INVESTING Traditional brokers to digital trading • Algorithms handle 50% of U.S. eq uity trading • Robinhood's 22.5M users drove ze ro-commission trading LOGISTICS Centralized to decentralized • Amazon delivered 5.2B U.S. pa ckages (2022) • Uber Freight: $1B+ in on- de mand shipping (2021) E-COMMERCE Brick-&-mortar to digital commerce • Alibaba: $1T+ GMV, $84B Sing les' Day sales • Shopify powers 4M+ global mer chants TECH EXPENDITURE GROWTH (2005-2020) 5X $20B to $100B 9X $10B to $90B 8X $15B to $120B 7X $25B to $180B For personal use only
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CONFIDENTIAL 14 SUBSTANTIAL MARKET FOR CATAPULT Source: Marketsandmarkets, Sports Technology Market Size & Share Forecast 2030, March 2025. The information is not, and must not be relied upon as, a statement or estimate of Catapult’s current financial performance; a forecast of or guidance as to Catapult’s future financial performance, condition or prospects; or an indication of Catapult’s vie ws regarding any of the foregoing. The information in this slide has not been independently audited or reviewed. market size by 2030 US$36.0B 2025 US$71.7B PRO SPORTS TECHNOLOGY High School & Youth Sport Teams Major Sporting Leagues Feeder Divisions Pro Team Academies National Teams Olympic Teams ADJACENT MARKETS 20K Pro Teams Men & Women NCAA Athletics First Responders Military Medical OUR INDUSTRY For personal use only
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CONFIDENTIAL 15 WITH GREATEST OPPORTUNITY CENTERED ON TEAM SPORTS OUR INDUSTRY Source: Marketsandmarkets, Sports Technology Market Size & Share Forecast 2030, March 2025. The information is not, and must not be relied upon as, a statement or estimate of Catapult’s current financial performance; a forecast of or guidance as to Catapult’s future financial performance, condition or prospects; or an indication of Catapult’s views regarding any of the foregoing. The information in this slide has not been independently audited or reviewed. The six largest sports are expected to contribute the large majority of market growth 0% 5% 10% 15% 20% 0 5 10 15 20 25 30 Soccer Baseball Motorsports American Football /Rugby Ice Hockey Basketball Cricket Others US$ Billions Sports Technology Market Growth by Sport 2025 2030 CAGR For personal use only
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16 CATAPULT IS UNIQUEL Y POSITIONED TO LEAD & CAPITALIZE ON THIS REVOLUTION For personal use only
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CONFIDENTIAL 17 STRONG VALUE PROPOSITION SAVE TIME DISCOVER INSIGHTS Help teams make better use of time with improved workflows Contextualize data to increase access to meaningful insights HELP TEAMS MAKE BETTER DECISIONS THROUGH A COMPREHENSIVE ALL-IN-ONE TECHNOLOGY 17 OUR COMPETITIVE ADVANTAGE For personal use only
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CONFIDENTIAL 18 A SCALABLE PLATFORM THAT INTEGRATES SEAMLESSL Y ACROSS APPLICATIONS PERFORMANCE & HEALTH ATHLETE MONITORING • Vector Pro (LPS/GPS) • Vector Core (GPS) • Catapult One (GPS) • ClearSky Infrastructure TACTICS & COACHING PRO VIDEO SUITE (NEW VIDEO SOLUTION) • MatchTracker • Focus • Hub • RaceWatch THUNDER (LEGACY VIDEO SOLUTION) MEDIA & OTHER MEDIA SERVICES • Content Licensing • Asset Management • Broadcast Enhancement OTHER • Professional Services • Science for Sport CATAPULT PLATFORM Unique Algorithms • Real-Time Collaboration • Cloud-Based • Shared Data • Tightly Integrated • Scalable APPLICATIONS OUR COMPETITIVE ADVANTAGE For personal use only
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CONFIDENTIAL 19 WE ARE POWERED BY A VAST GLOBAL DATASET OF ATHLETES OUR COMPETITIVE ADVANTAGE 5 petabytes, and growing, of athlete performance data processed since first device in 2005 With vast multi-sport data sets globally we develop algorithms that generate unparalleled insights Our clients access the best insights and benchmarks in the market, enabling us to create a superior user experience With superior products we capture new teams globally, further scaling our data sets and strengthening our leadership position VAST AND INVALUABLE DATA RESOURCE GENERATING UNPARALLELED INSIGHTS CREATING SUPERIOR EXPERIENCE FURTHER ENHANCING LEADERSHIP For personal use only
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CONFIDENTIAL WORKING WITH A GLOBAL NETWORK OF PRO TEAMS OUR COMPETITIVE ADVANTAGE • Catapult is already deeply embedded in the workflow of 3,400+ Pro teams • A major global presence with employees based in over 40 countries 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 Pro Teams North America South America Europe, Middle East & Africa Asia Pacific 20 For personal use only
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CONFIDENTIAL 21 CREATING A STRONG COMPETITIVE MOAT One-stop multi-solution platform Comprehensive solutions in a single ecosystem Flexible T ech Stack Adaptable architecture for bolt-on solutions Actionable Insights Data informed athlete management & tactical strategies Proprietary algorithms Unique insights driving improved performance outcomes Global scale Worldwide operational leverage Multi-sport learnings Expansive athlete performance data OUR COMPETITIVE ADVANTAGE For personal use only
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22 DESPITE CATAPULT’S LEADERSHIP POSITION, WE ARE JUST GETTING STARTED For personal use only
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CONFIDENTIAL 23 WE HAVE A MASSIVE OPPORTUNITY TO LAND NEW CUSTOMERS North America 9 ,413 Teams 14% Penetration EMEA 6,221 Teams 18% Penetration APAC 2,412 Teams 26% Penetration LATAM 2,188 Teams 17% Penetration OUR OPPORTUNITY Catapult remains un derpenetrated in its global market of ~20k Pro teams Catapult has now established scale to be able to go deeper in each region and expand opportunities for growth For personal use only
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CONFIDENTIAL 24 WE HAVE A MASSIVE OPPORTUNITY TO EXPAND WITHIN OUR CUSTOMERS OUR OPPORTUNITY 80.9% 19.1% MULTI-VERTICAL CUSTOMER BASE PENETRATION (1H FY25) Single Vertical Multi-Vertical For personal use only
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CONFIDENTIAL 25 A MASSIVE OPPORTUNITY TO INTEGRATE NEW SOLUTIONS OUR OPPORTUNITY On-Field Athlete Metrics • GPS/Inertial sensors • Biomechanics • Sweat analysis • Smart apparel • Instrumented equipment • Automated video capturing • Video repository & archive • Video editing & analysis • Event data insights • Sideline video review • Presentations and teaching tools • Drill and tactics planning • Scouting content • Scouting management • Team communication • Roster management • Inventory management • Athlete compliance management • Game day tracking • Official statistics • Media rights licensing • Data commercialization • Automated broadcasting • In-stadium fan engagement PERFORMANCE & HEALTH Off-Field Athlete Metrics • Gym training • Readiness assessment • Rehab management • Sleep & nutrition • Mental acuity MEDIA & ENGAGEMENT TACTICS & COACHING TEAM MANAGEMENT For personal use only
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CONFIDENTIAL 26 WHICH MAKES US VERY BULLISH ON OUR FUTURE OUR OPPORTUNITY 10X ACV While ambitious, we are bullish in attaining $1B ACV FY20 H1FY25 2X 4X 6X 8X 10X 0 200 400 600 800 1000 ACV ($USM) Important Note: The financial information in this slide is provided solely to illustrate Catapult’s ACV growth ambition. The information is not, and must not be relied upon as, a statement or estimate of Catapult’s current financial performance; a forecast of or guidance as to Catapult’s future financial performance, condition or prospects; or an indication of Catapult’s views regarding any of the foregoing. The information in this slide has not been independently audited or reviewed. See slide 2 for defined terms and calculation method ologies. For personal use only
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27 CHIEF FINANCIAL OFFICER BOB CRUICKSHANK OPENING COMMENTS SPORTS TECHNOLOGY INDUSTRY FINANCIAL STRATEGY For personal use only
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OUR PATHWA Y TO 10X ACV: LAND AND EXPAND 28 OUR FINANCIAL STRATEGY LAND: Geographic Expansion – Women’s Teams – P&H Greenfield – Team Funding Expansions EXPAND: Upselling | Cross-Selling | Pricing | New Products P R O T E A M S 10k 5k 2k TODAY $100M ~3.5k Teams @ $27k 2X ACV $200M+ ~ 5k Teams @ $40k $20k $50k $100k $150k ACV PER TEAM 10X ACV $1B+ TARGET: $100k - $150k TARGET: 7k – 10k Important Note: The financial information in this slide is provided solely to illustrate the ways in which Catapult could achieve $1B in ACV. The information is not, and must not be relied upon as, a statement or estimate of Catapult’s current financial performance ; a forecast of or guidance as to Catapult’s future financial performance, condition or prospects; or an indication of Catapult’s views regarding any of the foregoing. The information in this slide has not been independently audited or reviewed. See slide 2 for defined terms and ca lculation methodologies. For personal use only
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FINANCIAL STRATEGY 29 GROW EFFICIENTLY DRIVE TOP LINE GROWTH FINANCIAL PRINCIPLES For personal use only
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WE TRANSITIONED TO SAAS TO OPTIMIZE GROWTH THROUGH SUBSCRIPTIONS 30 OUR FINANCIAL STRATEGY Began transition to a full SaaS bu siness in FY21, with reduction of up-front capital sales in favor of longer-term subscription contracts Subscription revenues now ac count for 92% of total revenues (1H FY25) * Catapult changed its financial year end from June 30 to March 31, with a nine-month transitionary FY21 consisting of an interim period ending December 31, 2020 and a final period ended March 31, 2021. FY20 and FY21 financial information is pro forma and includes acquisitions. ** FY25 is calculated by annualizing 1H FY25. Important Note: The annualized 1H FY25 revenue (used to calculate FY25 revenue) is provided solely to illustrate the historic al increase in FY revenue from FY19 to present. That annualized financial information is not, and must not be relied upon as, a sta tement or estimate of Catapult’s current financial performance; a forecast of or guidance as to Catapult’s FY25 revenue or other future financial performance, condition or prospects; or an indication of Catapult’s views regarding any of the foregoing. The information in this slide has not been independently audited or reviewed. See slide 2 for defined terms and calculation methodologies. 0 20 40 60 80 100 120 FY19 FY20 FY21* FY22 FY23 FY24 1H FY25 Annualized Revenue (US$M) Revenue Subscription For personal use only
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HOW WE WILL GROW OUR SHARE OF WALLET 31 OUR FINANCIAL STRATEGY 20%+ $20k 2X P&H ACV +20-30% That currently capture $30-40k ACV $100-150k Land with P&H Upsell advanced features and algorithms Cross-sell into T&C vertical Renewal opportunity Add solutions to the platform Total ACV per Team Important Note: The financial information in this slide is provided solely to illustrate the ways in which Catapult could increase Total ACV per Team. The information is not, and must not be relied upon as, a statement or estimate of Catapult’s current financial performance ; a forecast of or guidance as to Catapult’s future financial performance, condition or prospects; or an indication of Catapult’s views regardin g any of the foregoing. The information in this slide has not been independently audited or reviewed. See slide 2 for defined terms and calculation methodologies. For personal use only
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WE KNOW HOW TO LAND NEW PRO TEAMS 32 OUR FINANCIAL STRATEGY 2,239 2,604 3,031 3,317 3,470 0 1,000 2,000 3,000 4,000 FY21 FY22 FY23 FY24 H1 FY25 Pro Teams The Pro team TAM is made up of 20,000+ teams, with significant whitespace in the P&H vertical We are the technological and market leader in this space Our world-wide commercial team is uniquely positioned to capture this whitespace in every geography and in the relevant team sports Increasing funding of sports is accelerating adoption For personal use only
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AND WE’VE BEEN STEADIL Y GROWING ACV PER TEAM 33 OUR FINANCIAL STRATEGY $19.8 $22.1 $22.8 $24.1 $26.1 0 5 10 15 20 25 30 FY21 FY22 FY23 FY24 H1 FY25 Average ACV per Pro Team (US$K) Upsell has been the primary driver of this gr owth in the earlier periods Our cross-s ell efforts are beginning to have an impact in more recent periods, delivering 10% CAGR growth since FY23 We are early in our cross-se ll journey, and we have yet to add new solutions to the platform Please note that all amounts are pr esented in constant currency at March 2024 rates to show trends, exclusive of FX fluctuations Important Note: See slide 2 for defined terms and calculation methodologies. For personal use only
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WE ARE SHOWING EARL Y SUCCESS IN CROSS-SELLING 34 OUR FINANCIAL STRATEGY As of 1H FY25, 19% of our Pro teams had so lutions from 2 or more of our verticals; up from 11% in FY21 Cross-s elling efforts are driving a clear inflection in growth rate after FY23 We have deep relationships with Pro tea ms in every geography, providing ample pipeline for further expansion within teams 252 321 366 483 669 0 200 400 600 800 FY21 FY22 FY23 FY24 H1 FY25 Multi-Vertical Pro Teams Important Note: See slide 2 for defined terms and calculation methodologies. For personal use only
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ALL SUPPORTED BY BEST-IN-CLASS RETENTION 35 OUR FINANCIAL STRATEGY 94.5% 96.6% 96.2% 96.5% 96.2%96.5% 98.0% 98.3% 99.4% 99.3% 80% 84% 88% 92% 96% 100% FY21 FY22 FY23 FY24 H1 FY25 Gross ACV Retention (%) All Teams Multi-Vertical Teams Our embeddedness and value proposition in team workflows continue to drive best- in-class retention And our stickiness with teams that op timize their workflows with solutions from more than one of our verticals (multi-vertical teams) demonstrates additional value from our cross-selling efforts We target long-te rm ACV churn of less than 5%, and have demonstrated a strong track record of delivering Important Note: See slide 2 for defined terms and calculation methodologies. For personal use only
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AND POSITIVE NET REVENUE RETENTION TRENDS 36 OUR FINANCIAL STRATEGY Pro Team Net Revenue Retention is pr imarily driven by upsell activity Our products are deeply embedded in to multi-vertical teams, which provides greater opportunity to upsell 96% 106% 107% 106% 111% 107% 110% 119% 121% 121% 80% 85% 90% 95% 100% 105% 110% 115% 120% 125% FY21 FY22 FY23 FY24 1H25 Net Revenue Retention (%) Pro Teams Multi-Vertical Pro Teams Important Note: See slide 2 for defined terms and calculation methodologies. For personal use only
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SUMMARIZING WHERE WE ARE HEADING 37 OUR FINANCIAL STRATEGY METRIC MAR’ 21 SEPT’ 24 2X MILESTONE PRO TEAMS MULTI-VERTICAL RATE 2,239 11% $19.8K $44M 3,470 19% $26.1K $91M 5,000 50% $40.0K $200M By growing both our Pro Team count and the Average ACV per Pro Team at the same time, we have delivered a 3 .5yr Pro Team ACV CAGR of 23% on a CC basis Catapult is demonstrating the value of its product and the opportunity to continue to penetrate the market at an increasing price point 10X GOAL 7-10K 90%+ $150-100K $1,000M ACV PER PRO TEAM* PRO TEAM ACV* * Constant Currency Important Note: The financial information in this slide is provided solely to illustrate the potential differences in various metrics with an increase in the number of Pro Teams. The information in the 2X and 10X columns is not, and must not be relied u pon as, a statement or estimate of Catapult’s current financial performance; a forecast of or guidance as to Catapult’s future financial performance, condition or prospects; or an indication of Catapult’s views regarding any of the foregoing. The information in this slide has not been indep endently audited or reviewed. See slide 2 for defined terms and calculation methodologies. For personal use only
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FINANCIAL STRATEGY 38 GROW EFFICIENTLY DRIVE TOP LINE GROWTH FINANCIAL PRINCIPLES For personal use only
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RULE OF 40 IS OUR FINANCIAL NORTH STAR 39 OUR FINANCIAL STRATEGY Our performance on the Rule of 40* has significantly improved after exiting a phase of investment The Rule of 40 serves as the most im portant benchmark for measuring our progress as a SaaS business. This Rule of 40 states that top-p erforming SaaS companies achieve a combined rate of 40% when adding their top-line growth rate and profit margin. We use ACV growth as our growth metric and Management EBITDA as our profit metric to assess our position on the Rule of 40. While we haven’t reached 40% yet, the pr ogress since the first half of FY23 is substantial. -13% 17% 20% 26% 31% -20% -10% 0% 10% 20% 30% 40% 1H23 2H23 1H24 2H24 1H25 Rule of 40 * Rule of 40 is defined as the sum of annual ACV growth percentage on a constant currency basis and Management EBITDA margin (Management EBITDA as a % of Revenue) For personal use only
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DESIGNED FOR PROFITABLE GROWTH AT SCALE 40 OUR FINANCIAL STRATEGY Percentages do not include Non-Cash Employment Costs. R&D includes both capitalized and non-capitalized components Important Note: The financial information in this slide is provided solely to illustrate how operating margin improves with s cale. The information is not, and must not be relied upon as, a statement or estimate of Catapult’s current financial performanc e; a forecast of or guidance as to Catapult’s future financial performance, condition or prospects; or an indication of Catapult’s views regarding any of the foregoing. The information in this slide has not been independently audited or reviewed. See slide 2 for defined terms and calcula tion methodologies. METRIC KEY ITEMS LONG-TERM TARGET Revenue 100% COGS • Video Hardware • Data & Hosting • License Royalty 20% Delivery • Support • Customer Success • Supply Chain & Logistics 10% Sales & Marketing • Sales • Marketing • Revenue Operations 15% Management Contribution Margin 55% G&A 10% R&D (inclusive of CAPEX) 15% Management EBITDA 30% Cost of Growth (Variable Cost)Fixed Cost Focus on SaaS creates predictable revenue w/ ACV being the leading indicator Focus on cross-s elling and product innovation lowers variable costs (cost of growth) as go-to-market productivity increases Having established a base for scale, incremental fixed co sts to support growth is minimized increasing profit margin While we have ambitious top-l ine growth goals, our commitment to growing profitably is unchanged For personal use only
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COST OF GROWTH CONTINUES TO DECLINE TOWARDS LONG TERM TARGET Variable costs are made up of COGS, De livery and Sales & Marketing functions These costs are associated with gr owing revenue, and are expected to increase over time However, we expect to drive ef ficiencies, resulting in this cost declining as a percentage of revenue to our long-term target of 45% Percentages do not include Non-Cash Employment Costs. * FY25 is calculated by annualizing 1H FY25. Important Note: The financial information in this slide, particularly the Long Term Target stacked bar, is provided solely to illustrate how operating margin improves with scale. The information is not, and must not be relied upon as, a statement or est imate of Catapult’s current financial performance; a forecast of or guidance as to Catapult’s future financial performance, condition or prospects; or an indication o f Catapult’s views regarding any of the foregoing. The information in this slide has not been independently audited or review ed. See slide 2 for defined terms and calculation methodologies. 41 OUR FINANCIAL STRATEGY 77.0 84.4 100.0 50.7 55.9 54.2 66% 66% 54% 45% 0% 10% 20% 30% 40% 50% 60% 70% 0 20 40 60 80 100 120 FY22 FY23 FY24 1H FY25 Annualized Long Term Target Revenue and Variable Costs (US$M) Revenue Variable Costs % of Revenue For personal use only
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WITH FIXED COST AS % OF REVENUE DROPPING W / SCALE Percentages do not include Non-Cash Employment Costs. R&D includes both capitalized and non-capitalized components * FY25 is calculated by annualizing 1H FY25. Important Note: The statement marked ** is a forward-looking statement. Do not place undue reliance on it as actual results may differ, and may do so materially. The statement reflects Catapult’s views as at the time made, are not guarantees of future performance a nd are subject to uncertainties and risks, such as those described in Catapult’s most recent financial report. Subject to law, Catapult assumes no obligation to update, review or revise any information in this document. The other financial information in this slide (particularly the Long Term Target stacked bar) is provided solely to illustrate how operating margin improves with scale. The information is not, and must not be relied upon a s, a statement or estimate of Catapult’s current financial performance; a forecast of or guidance as to Catapult’s future financial performance, condition or prospects; or an indication of Catapult’s views regarding any of the foregoing. The information in this slide has not been independently au dited or reviewed. See slide 2 for defined terms and calculation methodologies. Fixed costs consist of our G&A and R&D fu nctions R&D includes all costs, both expensed and ca pitalized Absolute fixed costs support the business at scale and are expected to rise modestly, while declining as a percentage of revenue** 42 OUR FINANCIAL STRATEGY 77.0 84.4 100.0 41.9 43.9 41.9 54% 52% 42% 25% 0% 10% 20% 30% 40% 50% 60% 0 20 40 60 80 100 120 FY22 FY23 FY24 1H FY25 Annualized Long Term Target Revenue and Fixed Costs (US$M) Revenue Fixed Costs % of Revenue For personal use only
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-32% -2% 0% 8% 11% 30% $42M $43M $50M $50M $58M 132% 102% 100% 92% 89% 70% -50% -10% 30% 70% 110% 150% 0 10 20 30 40 50 60 70 1H23 2H23 1H24 2H24 1H25 Long Term Target Revenue vs. OPEX and Profit Margin (US$M) as a % of Revenue Profit Margin Revenue OPEX % of Revenue HIGHLIGHTING OUR LEVERAGE THAT IS ACCELERATING PROFIT MARGIN GROWTH Variable, Fixed and Other operating cost percentages do not include Non-Cash Employment Costs. R&D includes both capitalized and non-capitalized components Important Note: The statement marked * is a forward-looking statement. Do not place undue reliance on it as actual results may differ, and may do so materially. The statement reflects Catapult’s views as at the time made, are not guarantees of future perfo rmance and are subject to uncertainties and risks, such as those described in Catapult’s most recent financial report. Subject to law, Catapult assumes no obligation to update, review or revise any information in this document. The other financial information in this slide is pro vided solely to illustrate how operating margin improves with scale. The information is not, and must not be relied upon as, a statement or estimate of Catapult’s cur rent financial performance; a forecast of or guidance as to Catapult’s future financial performance, condition or prospects; or an indication of Catapult’s views regarding any of the foregoing. The information in this slide has not been independently audited or reviewed. See slide 2 for defined terms and calculation methodologies. Critical inflection point towards profitability crossed OPEX (Variable + Fixed costs) as a % of revenue is now below 100% and corresponding with a positive operating profit margin (Management EBITDA). As revenue grows, operating profit margin is expected to increase and OPEX as a % of revenue continues to decrease* OUR FINANCIAL STRATEGY 43 For personal use only
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AND HAVING A POSITIVE IMPACT ON FREE CASH FLOW As our revenue growth and cost ef ficiencies accelerate profit margin growth, we are also expanding our generation of free cash flow We’ve made substantial progress since FY2 3 OUR FINANCIAL STRATEGY 44 -13.4 -8.2 1.4 3.2 4.8 -15.0 -10.0 -5.0 0.0 5.0 10.0 1H23 2H23 1H24 2H24 1H25 Free Cash Flow (US$M) For personal use only
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FINANCIAL STRATEGY 45 GROW EFFICIENTLY DRIVE TOP LINE GROWTH FINANCIAL PRINCIPLES For personal use only
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WE WANT CLEAR MID-TERM MILESTONES LAND EXPAND RETAIN SCALE 5K PRO TEAMS 50% MULTI-VERTICAL 95% RETENTION RATE 30% PROFIT MARGIN • Uniquely differentiated in P&H (Wearables) • Largest player in market & 5x nearest competitor • Cross sell integrated solutions • Attractive economics in T&C • Product innovation • Exceptional service • Sales & delivery productivity • Expand integrated solutions MID-TERM TARGET MARKET OPPORTUNITY 46Important Note: The information is not, and must not be relied upon as, a statement or estimate of Catapult’s current financi al performance; a forecast of or guidance as to Catapult’s future financial performance, condition or prospects; or an indication o f Catapult’s views regarding any of the foregoing. The information in this slide has not been independently audited or reviewed. See slide 2 for defined terms and calculation methodologies. OUR FINANCIAL STRATEGY For personal use only
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WE WANT OUR EMPLOYEES TO BE OWNERS 47 OUR FINANCIAL STRATEGY ALIGNED FOCUS ENHANCED RETURNS CASH PRESERVATION • Equity plays a key role in our em ployee remuneration aligning with the interests of shareholders, by linking compensation with company performance • Employees act like owners and are good stewards of capital • Creates long-ter m value for shareholders • Potential for higher compensation al lows us to attract top talent • Equity vesting periods drive higher employee retention • Historical dilution has been minimal at 3- 5% annually; expected to decline as market capitalization grows • This resulted in ~$10M annual cash savings on employee compensation (FY24) Important Note: The Cash Preservation Column contains forward-looking statements. Do not place undue reliance on them as actual results may differ, and may do so materially. The statements reflect Catapult’s views as at the time made, are not guarantees of future performance and are subject to uncertainties and risks, such as those described in Catapult’s most recent financial report. Subject to law, C atapult assumes no obligation to update, review or revise any information in this document. The information in this slide has no t been independently audited or reviewed. See slide 2 for defined terms and calculation methodologies. For personal use only
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IN SUMMARY – WE WANT CLEAR MEASURES OF SUCCESS 48 RULE OF 40 IS OUR FOCUS ACV GROWTH (20%1) MANAGEMENT EBITDA (11%2) Pro Team Count ACV per Pro Team ACV Retention Variable Cost Efficiency Fixed Cost Discipline 3,470 Continue to land new P&H logos with greenfield opportunity that exists in market $26.5k Through a combination of cross- sell, upsell, pricing, and new product solutions, continue increasing ACV per team 96.2% Continue to invest in service and products to maintain ACV retention above 95% 52% Support growth, while finding efficiencies in cost of growth 37% Leverage our fixed cost foundation as we scale 1 Constant currency 2 Expressed as the Management EBITDA margin Important Note: The information is not, and must not be relied upon as, a statement or estimate of Catapult’s current financi al performance; a forecast of or guidance as to Catapult’s future financial performance, condition or prospects; or an indication o f Catapult’s views regarding any of the foregoing. The information in this slide has not been independently audited or reviewed. See slide 2 for defined terms and calculation methodologies. 1H FY25 results OUR FINANCIAL STRATEGY For personal use only
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The picture can't be displayed. 50 APPENDIXFor personal use only
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AN ESTABLISHED TRACK RECORD OF STRONG AND CONSISTENT GROWTH Important Note: * ACV Growth calculated as at a FY is ACV YoY. Other ACV Growth calculations (i.e. for 1H or 2H periods) have been annualized. ** FY20 and FY21 financial information is pro forma including acquisitions. † “R un Off Products” are products no longer supported by Catapult that are at end-of-life (includes AMS and Vision solutions). While elements of the above table have been reviewed, the table and line items including ACV, EBITDA, Management EBITDA, Vari able Costs, Fixed Costs, and Contribution Profit financial information (including growth rates and margins) have not been separa tely independently audited or reviewed. See slide 2 for defined terms and calculation methodologies. FY20** FY21** 1H22 2H22 FY22 1H23 2H23 FY23 1H24 2H24 FY24 1H25 ACV ACV (US$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 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 6.4% 5.5% 4.1% 3.4% 3.4% 4.0% 3.8% 3.8% 3.6% 3.5% 3.5% 3.8% CUSTOM ERS LIFETIME DURATION (YEARS) 6.5 5.8 5.5 5.8 5.8 6.0 6.0 6.0 7.1 7.0 7.0 7.6 MULTI-VERTICAL CUSTOMER BASE PENETRATION (EX RUN-OFF†) 6.6% 7.4% 9.5% 10.4% EARNINGS REVENUE (US$M) 72.7 67.3 37.5 39.5 77.0 41.6 42.8 84.4 49.8 50.2 100.0 57.8 SUBSCRIPTION REVENUE (US$M) 51.7 53.4 32.3 36.4 68.6 36.9 40.8 77.7 44.7 47.7 92.3 53.3 SUBSCRIPTION REVENUE GROWTH (CC) 19.7% 17.2% 18.4% 21.1% 20.0% 20.8% 20.3% SUBS REV AS % OF TOTAL REV 71.1% 79.3% 86.1% 92.0% 89.1% 88.8% 95.3% 92.1% 89.7% 94.9% 92.3% 92.1% MANAGEMENT EBITDA (US$M) 4.4 2.9 (3.7) (10.1) (13.9) (13.3) (0.9) (14.2) 0.2 4.0 4.2 6.2 EBITDA (US$M) 10.1 6.5 (2.4) (11.8) (14.3) (13.2) 2.2 (11.0) 4.3 5.1 9.4 8.4 MANAGEMENT MARGINS GROSS MARGIN % 72.8% 73.8% 73.5% 75.6% 74.5% 70.6% 80.6% 75.7% 79.8% 82.4% 81.1% 79.1% VARIABLE COSTS (EX COGS) % 33.1% 32.1% 36.9% 43.8% 40.4% 47.8% 36.2% 41.9% 36.1% 34.6% 35.3% 31.5% CONTRIBUTION MARGIN % 39.7% 41.7% 36.5% 31.8% 34.1% 22.8% 44.4% 33.7% 43.7% 47.8% 45.8% 47.6% FIXED COSTS % 34.4% 39.0% 51.0% 57.6% 54.4% 57.1% 47.0% 52.0% 43.4% 40.5% 41.9% 36.9% OPERATING MARGIN % 5.3% 2.8% -14.5% -25.8% -20.3% -34.3% -2.7% -18.3% 0.4% 7.4% 3.9% 10.8% CASH OPERATING CASH FLOW (US$M) 13.1 14.2 6.6 (3.9) 2.7 0.0 3.7 3.7 15.4 16.3 31.7 20.3 FREE CASH FLOW (EX ACQUISITIONS) (US$M) 2.9 4.9 (2.9) (15.0) (17.9) (13.4) (8.2) (21.6) 1.4 3.2 4.6 4.8 P&H P&H ACV (US$M) 22.6 29.5 34.2 39.0 39.0 41.2 47.0 47.0 51.7 56.7 56.7 63.6 P&H ACV GROWTH (CC)* 19.1% 21.4% 35.4% 33.3% 37.3% 26.5% 26.0% 28.0% 24.9% 19.9% 23.1% 21.9% T&C T&C ACV (US$M) 19.6 20.9 21.8 22.0 22.0 22.5 23.9 23.9 25.6 27.7 27.7 30.7 T&C ACV GROWTH (CC)* 6.6% 6.4% 5.1% 5.4% 5.3% 11.3% 9.8% 10.8% 13.7% 14.9% 15.2% 19.9% 51 For personal use only
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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 over a period, which is calculated as the quotient (expressed as a percentage) of (x) the reduction in ACV from the loss of customers over the 12-month period prior to the Effective Calculation Date; divided by (y) the total ACV calculated as at the date that is 12 months prior to that Effective Calculation Date COGS cost of goods sold Lifetime Duration (LTD) the average length of time that customers have continuously subscribed for Catapult’s products or services as at the effective calculation date, weighted by each customer’s ACV as at that date Management EBITDA EBITDA excluding share-based payments, purchase consideration, and severance; and including capitalized development expense Multi-vertical customers the number of customers that, as at the effective calculation date, use a product from more than one of Catapult’s verticals Net Revenue Retention (NRR) the growth in aggregate ACV for a cohort over the 12-month period ending at the expiry of a FY or HY on a “constant currency” basis, including upsell and cross-sell ACV and accounting for churn 52 For personal use only
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UNLEASH POTENTIAL For personal use only