Investor Presentation
RS
Historical Financial Performance
Observations
Strong revenue growth across
the years
• Gross margin expansion, from
scale and efficiencies - Al and
machine learning tools, client
satisfaction 4.9 out of 5.0
• Increased Adjusted EBITDA (1)
strong leverage in the financial
model
Working capital driven by
upfront payments on
subscription sales
• Attractive tax attributes driven
by U.S. net operating losses of
$141M as of December 31,
2022
ytd-Q3, ytd-Q3,
(US$ in millions)
Revenue
2018
2019
2020
Gross Profit
2021 2022
$253.5 $281.1 $326.8 $374.4 $409.7
157.5 176.0 200.6
2022
2023
238.0 257.3
187.2
$301.0 $319.4
200.6
Sales & Marketing Expenses
89.5
107.3
114.7
128.5 143.0
103.8
107.4
General & Administrative Expenses
37.2
47.4
52.2
64.2
75.4
57.3
55.5
Litigation Expenses, net of Insurance Recoveries
1.3
(0.8)
14.6
16.9
25.3
12.4
5.5
Reorganization Costs
-
2.5
0.1
1.2
1.6
3.0
Right-of-use asset impairment charge
Operating Income
29.5
22.1
17.9
26.8
8.1
13.7
32.2
EBITDA (1)
(29.8)
26.4
18.0
23.4
10.6
12.8
36.0
·
Adjusted EBITDA (1)
$35.3
$27.0
$42.6
$55.8 $52.3
$33.9
$50.6
Revenue Growth, YoY
18.0%
10.9%
16.3%
14.6%
9.4%
9.4%
6.1%
Gross Margin
62.1%
62.6%
61.4%
63.6% 62.8%
62.2%
62.8%
Sales & Marketing Expenses, % Revenue
35.3%
38.2%
35.1%
34.3% 34.9%
34.5%
33.6%
General & Administrative Expenses, % Revenue
14.7%
16.9%
16.0%
17.1% 18.4%
19.0%
17.4%
EBITDA Margin %
(11.8%)
9.4%
Adjusted EBITDA Margin %
13.9%
9.6%
5.5%
13.0%
6.2% 2.6%
14.9% 12.8%
4.3%
11.3%
11.3%
15.8%
Deferred Revenue
$197
$236
$257
$300 $300
$248
$238
1. EBITDA and Adjusted EBITDA are non-GAAP measures, see reconciliations on page 34 for historical reconciliation to the closest
GAAP measure and further defined on page 34.
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