half year results...apr 30, 2018 · with blue prism café ... £20m £25m h1 2017 h1 2018...
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HALF YEAR RESULTSfor the six months ended 30 April 2018
DELIVERING TOMORROW’SDIGITAL WORKFORCE
How we do it How customers benefitWhat we do
Blue Prism Group plc is a UK-headquartered global software company. As the pioneer, innovator and a market leader in Robotic Process Automation (RPA), Blue Prism delivers the world’s most successful Digital Workforce. Billions of
transactions and hundreds of millions of hours’ work are delivered on Blue Prism’s software robots worldwide
The Digital Workforce Software robots Operational agility
Enabling organisations to automate complex business processes
IntelligentConnected
Easy to control
Lower costsBetter service
Regulatory compliance
2
FINANCIAL HIGHLIGHTS
Revenue increased
145%Exit run rate per month
£4.4m
Adjusted EBITDA loss of
£(4.1)m
Total revenues
£22.9m
Recurring licence revenue
93%Cash and cash equivalents
£54.6m
Revenue analysis
3
-
£5m
£10m
£15m
£20m
£25m
H1 2017 H1 2018
Recurring licence revenue Non-recurring licence revenue
Other revenue Professional services
+145%
OPERATIONAL HIGHLIGHTS
Sales momentum
Upsell expansion
US progress
Talent
Channel &Ecosystem
Reach
• 559 software deals (HY17: 209)
• 223 new customers (HY17: 118)
• 700 total customers (HY17: 271)
• 298 upsells across 169 customers (HY17: 83 upsells)
• All 38 scheduled renewals secured
• 79 new customers• 77 upsells; 9 renewals• 214 US customers*
(HY17: 58)
• Global employee base now 271
• US employees 34% of total
• APAC employees 12% of total
Customer growth• 90 partners of which
22 certified• Almost 5,000
accredited developers• Microsoft and Google
cloud collaborations
* US customers includes US, Canada and LATAM4
• Germany, France and Singapore centres opened
• Over 55,000 registered users
• Serve 52 countries across 42 industries
23 29 29 29 34
124
448
671
0
100
200
300
400
500
600
700
800
FY15 FY16 FY17 HY18
Direct ccustomers Indirect customers
BUSINESS PROGRESS
Scaling for growth
01
5
INVESTING IN PLATFORM AND SCALE
6
Expand sales and marketing across US, APAC, EMEA
Develop and scale global Channel Partner Network through certification
Commercialise the Technology Alliance Programme
Invest in people, process and infrastructure to support the growing business
Reinforce market leadership by investing in product and differentiation
A MARKET IN GLOBAL GROWTH
7
RPA market continues to grow at speed and scale
RPA gaining recognition as a powerful toolfor organisational change and process improvement
Increasing adoption of RPA – across geographies and across a growing number of industry verticals
Dynamic and competitive environment –helping to fuel RPA awareness, education and endorsement
“Up to 30% of the hours worked globally could be automated by 2030.”
Our strengths lie in our
Product Enterprise focus
Channel Globalreach
Our focus rests on extending these strengths, pursuing sales growth, and investing in platform and scale
Source: CEO and Chief Analyst, HfSResearch
“The robotic software and services market is maturing at a very fast pace across all continents, with Europe expected to reach a spend level approaching $500 million.”
Source: McKinsey & Company
PROVEN PRODUCT. RESULTS AT SCALE.
8
Top 3 rating
Strengths of version 6.0
Enhanced commercialisation of partnership opportunities via TAP
Six Intelligent Automation Skills to deliver true operational agility
Continues to outperform peer solutions in the Enterprise
Industry leading performance – HfS first class rating
Rated first for functionality, security and compliance*
Proven returns and results at scale
“RPA is becoming more and more used in HR processes, it’s not just limited to the Financial Services space. There really is no limit to how far it can go” Vice President, HR Services
“There’s tremendous value in the [Blue Prism] RPA solution, and it’s just a matter of squeezing out that value” Director, Continuous Process Improvement
* Source: © 2018 HfS Research Ltd
INCREASING SALES REACH
9
41700
HY15 HY18
Customers
xxXX
HY15 HY18
Industries
xx
HY15 HY18
Geographies
1742
852
HY18 wins Ever-broadening base of RPA use cases
C “Shared services often plays the connector, and Blue Prism enterprise RPA becomes the glue that ties the different pieces [of the enterprise] together”
“After evaluating Blue Prism, AA and UiPath, IHG chose Blue Prism and went from start to production in 12 weeks! So far IHG has achieved 77% reduction in time and 150% increase in capacity”
“Blue Prism added capacity to get us from an 8-hour day to a 24-hour day, and improved accuracy. We can see every transaction that’s happening, and provide 100% coverage on that”
PLATFORM, PEOPLE AND PROCESS
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Expanding all central functions to support a significantly bigger business
• Finance, HR, legal and Centre of Excellence
• Focus on ensuring that cost base is flexible and scalable
Redesigning global operating model with new role of Chief Customer Officer created
• Focuses on customer needs and operational excellence to drive customer outcomes
• Further strengthening of the executive team planned for the second half of the year
Sales-led regional expansion
• New offices opened in Germany, France and Singapore to provide local sales and marketing capabilities
EVOLVING CHANNEL AND ECOSYSTEM
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Scale Quality Integration
• 90 partners, 22 certified• Continued sales momentum; 223
new customers, all through/with partners (HY17: 118)
• Global network of Tier 1 distribution partners
• Niche/specialist/regional partners
• Certified partner status to demonstrate quality and success –one Platinum level; four at Gold level; 19 at Silver level
• 57% increase in Blue Prism accredited developers to almost 5,000 (FY17 3,069)
• ROM and Customer Success
• Ecosystem – pool R&D with other digital and AI partners
• Partnership with Google Cloud - AI and Machine Learning data analytics tools
• Partnership with Microsoft - AI technologies
• Digital Exchange
ENGAGEMENT, RECOGNITION AND SUPPORT
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• HfS rated “leading RPA product”
• Successful first-to-market launches
• Growing following
• 22 certified partners
• 1 platinum, 4 gold level status
• Increasing engagement and quality assurance
• Building on successes with Blue Prism Café Series
• Adding Tier 1 names
• Scaling further our network
• Successful second Blue Prism World event series in NYC and London
• Almost 2,500 attendees altogether
• Growing media profile
Scaling Support
First Class Sponsors
Leading PeersPartner
Certification
FINANCIALS
HY 2018
02
13
-
£5m
£10m
£15m
£20m
£25m
H1 2017 H1 2018
Recurring licence revenue Non-recurring licence revenue
Other revenue Professional services
FINANCIAL ANALYSIS
Revenue by regionRevenue analysis
+145%
14
62%
52%
35% 37%
3%
11%
0%
10%
20%
30%
40%
50%
60%
70%
H1 2017 H1 2018
EMEA Americas APAC
INCOME STATEMENT
Commentary• Recurring licence revenue now 93% of total revenues
• Exit run-rate up to £4.4m (from £1.7m)
• Increase in cost base due to investments in the period
o Global staff count more than doubled to 271 from 127
o Majority of staff in Sales, Marketing and Customer support
• Continue to invest in our people
o 4 share options schemes in place
o Share ownership incentives
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For the six months ended 30 April (£’000) H1 2018 H1 2017 % change FY 2017Licence revenue 21,455 8,517 152% 22,321
Professional services & training 1,376 833 65% 1,990
Other revenues 95 - nm 187
Total revenue 22,926 9,350 145% 24,498
Staff costs (19,665) (8,342) 136% (23,710)
Other expenses (7,424) (3,697) 101% (9,167)
Adjusted loss from operations (4,163) (2,689) (8,379)
Adjusted EBITDA (4,056) (2,650) (8,274)
Adjustments
Share based payments (1,180) (417) (1,131)
Equity placing costs (105) - - -
Foreign exchange (losses) / gains (28) - (38)
Total adjustments (1,313) (417) (1,169)
EBITDA post adjustments (5,368) (3,067) (9,443)
BALANCE SHEETCommentary• R&D expensed – no intangible assets
• Balance sheet strengthened through Equity placing during the period
• Deferred income up 117% y-o-y; due to significant increase in business
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For the six months ended 30 April (£’000) H1 2018 H1 2017 FY 2017Non-current assets 496 216 400
Trade and other receivables 19,125 9,517 14,912
Cash and cash equivalents 54,580 10,639 16,331
Current assets 73,705 20,156 31,243
Total assets 74,201 20,372 31,643
Deferred income 35,764 16,459 27,328
Trade and other payables 7,529 2,601 8,435
Total liabilities 43,293 19,060 35,763
Net assets 30,908 1,312 (4,120)
Share capital & premium 50,469 10,999 11,303
Share based payment reserve 2,383 704 1,286
Merger reserve 356 356 356
Foreign exchange reserve 471 - 314
Retained losses (22,771) (10,747) (17,379)
Equity attributable to shareholders 30,908 1,312 (4,120)
CASH FLOW STATEMENTCommentary• Positive working capital movement
• Cash flow includes £1.4m of upfront receipts on multiyear contracts
• Cash flow from operations reflects strength of business model
• Financing primarily reflect proceeds from Equity placing in January 2018
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For the six months ended 30 April (£’000) H1 2018 H1 2017 FY 2017Loss for the year (5,476) (3,067) (9,870)
Cash inflow / (outflow) from operations (478) (1,185) 4,378
Interest received / paid - 3 3
Capital expenditure (229) (98) (347)
Financing 39,006 143 435
Cash inflow (outflow) 38,299 (1,137) - 4,469
Net cash inflow (outflow) 38,299 (1,137) 4,469
Cash and cash equivalents at the beginning of the period 16,331 11,788 11,788
Effect of foreign exchange on cash and cash equivalents (49) (12) 74
Cash and cash equivalents at the end of the period 54,580 10,639 16,331
SUMMARY AND OUTLOOK
03
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SUMMARY AND OUTLOOK
• Customer base at 700 vs. 271 one year ago• Expanding our wins across geographies and industry verticals• Momentum continues to come from both new customers and upsells
• Strengthening the partner network through accreditations • Investing in employee base, developer education, ecosystem alliances• Singapore, Germany and France offices extend sales and support network
• Successful first six months of the year• Sales momentum, solid pipeline, increasing partner support• Continued confidence in H2 and beyond
Commercial momentum continues
Invested in product and partners
Investing in scale to support growth
Remain confident in our outlook
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YOUR Q&A
04
20
APPENDIX
05
21
ADVANCING OUR STORY – HOW FAR WE’VE COME
Blue Prism
World almost 2000 global attendees
Sales momentum
Blue Prism
formed
London office established
• Release of version 3.0
• Scale testing
Idea of productizing emerges
• Developed with beta partners in Financial Services
Product ready for “industrial” use
Gartner Cool Vendor
• Established US office
14 new customers in FY14
• Network of partners
• 1,000s robotic “FTEs” deployed globally
Version 4.2 released
• Enterprise Virtual Workforce
Industrialization Scaling-up & momentumProduct idea
AIM IPO
• RPA market validation
Version 5 released
International expansion
477 customers & 187+ people worldwide
Version 6.0
launched
Sydney, Tokyo, Bangalore
2001 2005 2008 2012 2014 2015 2016 2017
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DISCLAIMER
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This document (the "Slides") and the related verbal presentation (together the "Presentation") relating to Blue Prism Group plc) (the "Company” or “Blue Prism”) do not constitute or form part of, and should not be construed as an offer or invitation to sell or issue or any solicitation of, any offer to purchase or subscribe for any securities in the Company in any jurisdiction. The presentation and its contents are confidential and may not be distributed, published, reproduced (in whole or in part) by any medium or in any form, or disclosed or made available by recipients, to any other person.
This presentation is directed solely at persons in the United Kingdom who are “qualified investors” within the meaning of article 2(1)(e) of the Prospectus Directive 2003/71/EC and who have professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of, or persons falling within Article 49(2)(a) to (d) (High Net Worth Companies etc) of, the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended or replaced) (all such persons together being referred to as "relevant persons"). Any person who is not a relevant person should not act or rely on or attend this Presentation or any of its content and should take no other action. Nothing in this Presentation constitutes investment advice or a recommendation regarding the securities of the company.
The information in this Presentation is given in confidence and the recipients of this Presentation should not engage in any behaviour in relation to qualifying investments or related investments (as defined in the Financial Services and Markets Act 2000 (FSMA) and the Code of Market Conduct (or equivalent) made pursuant to FSMA) which would or might amount to market abuse for the purposes of FSMA.
No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information, or opinions contained in the Presentation. Neither the Company, nor any of the Company's advisers or representatives shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss howsoever arising from the Presentation or its contents or otherwise arising in connection with the Presentation. The information set out herein may be subject to updating, completion, revision, verification and amendment and as such it may change materially. Neither the Company, nor any of the Company's other advisers or representatives, shall have an obligation to update, complete, revise, verify or amend the Presentation.
The information communicated in the Presentation contains certain statements that are or may be forward looking. These statements typically contain words such as "expects" and "anticipates" and words of similar import. By their nature forward looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. Investment in the Company will also involve certain risks.
The Presentation and the information contained herein may not be copied, distributed, published or reproduced, in whole or in part, or disclosed, in whole or in part, and, in particular, are not for publication or distribution, directly or indirectly to persons in the United States (within the meaning of Regulation S under the US Securities Act of 1933, as amended (the "Securities Act")) or to entities in Canada, Australia or Japan. The securities in the Company have not been and will not be registered under the Securities Act and may not be offered or sold in the United States except to certain persons in offshore jurisdictions in reliance on Regulation S. The Presentation may not be taken or transmitted into or distributed in Canada, Australia, Japan or any other jurisdiction which prohibits the same except in compliance with applicable securities laws. Any failure to comply with this restriction may constitute a violation of the United States or other national securities laws.
By receiving the slides and attending the Presentation such recipient and/or attendee agrees to be bound by the provision of this disclaimer.
26 June 2018
DELIVERING TOMORROW’SDIGITAL WORKFORCE
Half Year Resultsto 30 April 2018
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