BRAVURA SOLUTIONS LIMITED. — Call Transcript 2023

Aug 24, 2023

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25[th] August 2023

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Presenters

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Andrew Russell, CEO Neil Montford, CFO

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Agenda 01 FY23 Summary 02 FY23 Results Details 03 Key Takeaways 04 Q&A 05 Appendix

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Bravura Solutions FY23 Results Presentation

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Today’s Presentation Headlines

01 02

Bravura’s poor performance has driven the requirement and urgency for change. This has resulted in a new CEO, Chair and refreshed board joining Bravura in H2 FY23

Bravura remains a strong business with great technology, customers and people. Our focus is to rebuild trust with all stakeholders

03

We are in early stage of transformation, with $25m of annualised cost savings already realised and a further $15m to be executed in FY24

04

We are well capitalised - $76m in cash as of June 30th and forecast cash burn of $30-35m in FY24 (including circa $24m for restructuring)

05

Our plan is to ensure the business will return to run rate profitability by end of FY24

06

In FY24 management will be resetting the business, and we will provide investors our 3 year strategic plan in late October as well as FY24 guidance

Bravura Solutions FY23 Results Presentation

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FY23 Financial Results

Achieved guidance across all metrics with a significant closing cash balance

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Revenue Profitability Cash Position
Gross Revenue Operating EBITDA Net Closing Cash (Debt free)
$249.6m ($8.1m) $75.7m
Guidance of $240m-$245m Guidance of ($10m) – ($5m)
Contract Recurring Revenue Adjusted NPAT [1] H2 Net cash outflow
$140.5m ($23.1m) ($22.8m) [2]
3 Year CAGR of 7% Guidance of ($24m) – ($19m) Guidance of ($40m) – ($35m)
Free Cash Flow [3]
Full Year: ($30.9m)
Q4: ($1.4m)
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Bravura Solutions FY23 Results Presentation

1. Adjusted NPAT excludes $257.7m of one-off/non-recurring items including impairment to intangibles ($233.4m), restructuring costs ($19.5m), amortization of software ($3.7m), termination payments to Executives ($1.0m) 2. H2 Net cash outflow excludes $9.5m of debt repayment and excludes net capital raise proceeds of $75.3m

2. Full Year Free Cash Flow excludes net proceeds from share issue, dividends paid, contingent consideration paid and finance costs. Free Cash Flow also excludes $3.6m Cash payments made in relation to Project Signal in Q4

4

Organisational Change Program progress Ahead of schedule announced in H1FY23, completed by 30[th] June 24

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Expected Annualised Savings Impairment
$40m $233.4m in FY23
Cost to achieve is $27.8m $175.9m in December 2022 (FY23 H1)
Completed by 30 June 2024 $57.5m in June 2023 as a result of
Full year impact in FY25 further assessment of carrying values.
Management are incentivized by Goodwill fully impaired
cash EBITDA FY24 exit rate
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Bravura Solutions FY23 Results Presentation

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FY23 Summary and Progress

Strategic Progress

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Implemented $25m in gross annual run rate savings

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Identified $15m in gross annual run rate savings to be executed in FY24

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Bravura named “Large Employer of the Year”

Financial Times Adviser’s Diversity in Finance Awards

Customer

Aware Super Go-Live Lighthouse Sonata Alta solution, migrating 1.1m+ members

Merged two super funds migrating over 500,000 members onto Sonata Modernized retail wrap solution for leading wealth provider

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Product

Integrated our Automation solutions into Rufus Launched UK Pensions Dashboard Microservice Babel reached over 4m Trade Lifecycles per month

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01

Agenda

FY23 Summary

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02 FY23 Results Details 03 Key Takeaways 04 Q&A 05 Appendix

Results FY23 (ASX: BVS)

Bravura Solutions FY23 Results Presentation

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Contracted recurring revenue has grown over the last three years

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Historical revenue reporting comparison (A$m) Revenue reporting by segment (A$m)
Contracted Attached Project Licence
WM FA
16.8
18.2
11.9
47.4 12.7 33.3 7.9 80.9 93.8 97.1
50.1 25.3 35.7 82.9 86.0
73.1
74.0 65.5
95.4
93.1
176.8 180.4 160.1 169.5 163.6
131.0 142.1 140.5 3-Year
102.6 114.6 CAGR
7%
FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23
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• Contracted Recurring Revenue comprises revenues contracted for the contract term and typically includes maintenance, managed services, hosting, cloud and SaaS

• Attached Recurring Revenue comprises system upgrades, enhancements and inproduction professional services from ongoing client demand (attached services)

Previous year revenue difference:

• FA project revenue in previous year not repeated

• License fee revenue recognised in FY22

• Targeting revenue in FY24 around the same as FY23

• Project fees comprise professional services from initial implementation and development requirements.

• Licence fees are earned on a one-off basis

Bravura Solutions FY23 Results Presentation

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Bravura’s cost base is too high and expenses are now being rationalised

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• Increased head count as a result of meeting customer obligations and anticipated wins in pipeline that did not materialize

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▪ Increase in overhead costs
EBITDA (A$m) EBITDA Bridge (A$m) ▪ Costs associated with cloud migration
57.8
48.6 49.3
45.3
FY19 FY20 FY21 FY22 FY23
(8.1)
FY22 Reduced Employment Technology External costs Other FY23
revenue expenses costs
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Bravura Solutions FY23 Results Presentation

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Employee expenses have peaked and run rate operating expenses are now trending to drive Bravura back to profitability

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FY23 Total employment expenses (A$m)[1] Q4 Employee expenses (A$m)[1]

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Incorporates employee salary
increases
16.4
16.0
48.3 48.0 47.3 14.9
44.9 6.2 6.0 2.1 2.0
6.5
6.2 2.2 2.3
5.2 6.1 2.2
4.2 5.8 1.5
12.1 11.8
34.5 36.9 35.9 35.0 11.1
Apr May Jun
Q1 Q2 Q3 Q4
Wages Contractors On-costs Wages Contractors On-costs
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Employment expenses[1] are moving back in line with end of FY22

Decreasing employment costs reflect the $2m savings in FY23, and $25m annualised saving being delivered

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1. For this analysis employment costs include wages, contractors and employee on-costs and excludes leave provisions, L&D and recruitment costs, etc.

Organisational change program is underway and we have identified $40m of annualised gross cost out opportunities, with $25m realised

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Organisational Optimising Operating
External Cost Reductions Right-sizing
Re-alignment Model
Expected
$25m $4m annualized savings $5m $6m
$40m
▪ Closing and resizing offices ▪ Integrating our acquisitions
▪ Reduced management layers in Australia, UK and NZ ▪ Optimising our geographic ▪ Capacity reductions as
▪ ▪
Removed duplication Renegotiating hosting and IT locations onshore / offshore projects wind down
partnerships mix
Completed FY24 FY24 FY24
$7.6m
FY24 estimated cost to achieve $20m [1]
spent in FY23
BENEFIT
SCOPE
STATUS
COST
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1. Total cash spend in FY24 expected to be $24.2m of which $11.9m is provisioned in FY23, $8.3m anticipated FY24 costs and $4m relates to FY23 unpaid expenses

Cash burn is reducing, with a stable cash balance going into FY24

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Available cash headroom Jan 2022 to Aug 2023 (A$m)
100 Cash burn is stabilising
80
Historic cash burn in the business prior to
capital raise
60 FY24 Organisational Change Program costs to
still be incurred
40
20
0
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Bravura Solutions FY23 Results Presentation

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Available cash tracks the bank balance and impacts from operating, financing and investing activities

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01

Agenda

FY23 Summary

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02 FY23 Results Details 03 Key Takeaways 04 Q&A 05 Appendix

Results FY23 (ASX: BVS)

Bravura Solutions FY23Results Presentation

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FY23 Results – Takeaways

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Bravura remains a strong business with great technology, customers and people. Our focus 01 will be to rebuild trust and value to shareholders

02

Our plan is to achieve a positive Cash EBITDA run rate by the end of FY24[1] . Our forecast cash burn in FY24 is $30-35m, including circa $24m of restructuring costs

03

Bravura is now well capitalised and has the leadership capability to implement the change required to restore value for shareholders

04

We intend to provide investors a 3 year strategic plan in October as well as FY24 guidance

Bravura Solutions FY23 Results Presentation 1. Cash EBITDA = Operating Revenue minus Operating Costs plus software and PPE capitalisation

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What to expect from here

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Finalising our 3 year Strategy Fast tracking and resetting the Organisational Change Program for the business Update full year guidance

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Investor Day End of October

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AGM Early November

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Bravura Solutions FY23 Results Presentation

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01

Agenda

FY23 Summary

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02 FY23 Results Details 03 Key Takeaways 04 Q&A 05 Appendix

Results FY23 (ASX: BVS)

Bravura Solutions FY23 Results Presentation

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Questions

Bravura Solutions FY23 Results Presentation

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01

Agenda

FY23 Summary

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02 FY23 Results Details 03 Key Takeaways 04 Q&A 05 Appendix

Results FY23 (ASX: BVS)

Bravura Solutions FY23 Results Presentation

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The Bravura value proposition is to simplify complexity, automate for efficiency and reduce operational risk

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Two Key Lines of Business Underpinning Financial Services Products

▪ Wrap platforms ▪ Superannuation and pension ▪ Life insurance ▪ Private wealth and portfolio admin ▪ Funds administration ▪ Financial planning software ▪ Unit registry

Wealth and Advice Funds Administration

Solving Customer Pain Points Simplify complexity of manual back-office processes Automation at scale One source of record Digitisation

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Bravura Solutions FY23 Results Presentation

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Our technology provides leading Registry, Digital, Data and Automation products

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DaaS
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• Core Registry Leadership

• Market focused product capability

• Best of breed Digital Advice

• Market level Data

• Deep Automation integration

• Scalable cloud first SaaS model

Technology focused response to solve customer pain points

Bravura Solutions FY23 Results Presentation

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Servicing blue chip customers in EMEA and APAC regions

Global Assets Under Management 40.6 $USD 176 Trillion[1] 51.9 10.3 1.9 Pension and Super Funds Insurance Funds Soverign Wealth 71.1 Endowments Mutual Funds (Inc ETF)

• Mutual and Pensions Funds account for 70% of Assets globally

• 7 countries today account for over 85%

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Europe (including UK)

 Funds Admin o 8 customers @ £ 3.3TN FUA  Wealth o 7 customers @ £ 135BN FUA Australia Wealth o 29 customers @ AUD $900BN FUA South Africa  Wealth and New Zealand Insurance  Wealth o 4 customers @ ZAR $30BN FUA o 4 customers @ NZD $152BN FUA

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Does not include SaaS clients from Midwinter and Delta.

FY23 Operating Results

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A$m FY22 FY23 $ chg % chg
Wealth Management 169.5 163.6 (5.9) (3.5%)
Funds Administration 97.1 86.0 (11.1) (11.4%) ▪
Total Revenue 266.6 249.6 (17.0) (6.4%)
Wealth Management 39.3 10.6 (28.7) (73.1%)
Funds Administration 44.8 27.9 (16.9) (37.8%)
▪
Corporate (38.9) (46.5) (7.6) 19.6%
EBITDA [1] 45.3 (8.1) (53.4) nm
D&A (13.4) (14.1) (0.7) 5.4%
Non-recurring items [2] 4.2 (257.7) (261.9) nm
EBIT 36.1 (279.8) (315.9) nm ▪
Net Interest & FX expense (2.2) (2.0) 0.2 (11.0%) ▪
Profit before tax 34.0 (281.8) (315.7) nm
▪
Tax Expense (4.1) 1.1 5.1 nm
▪
NPAT 29.9 (280.7) (310.6) nm
Adjusted NPAT [3] 25.7 (23.1) (48.8) nm
EPS (A$ cps) 12.1 (91.7) (103.8) nm
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Earnings impacted by revenue headwinds, cost increases

Total revenue declined 6.4% in FY23 vs the pcp, driven by:

• Wealth Management: Less project work and upgrades

• Funds Administration: Ending of FA contract previously communicated

Operating expenses rose from $221.3m to $257.7m in FY23 driven by:

• Increased head count as a result of meeting customer obligations and anticipated wins in pipeline that did not materialize

• Increase in overhead costs

• Costs associated with cloud migration

• Operating EBITDA declined $53.4m, from $45.3m in the pcp to a loss of ($8.1m).

Impairment and Non-recurring items of $257.7m[2]

Adjusted NPAT of ($23.1m) represents a $48.7m decline vs the pcp figure of $25.7m

No dividend was declared for FY23, per the Board’s decision to suspend dividends until the company returns to generating significant free cash flow

1. Includes $7.7m of expense associated with lease liabilities accounted for under IFRS16 (FY22: 6.3m)

2. Non-recurring items include $233.4m impairment charges, $1.0m termination payments to Executives, and $19.5m organisational change related expenses and $3.7m amortization of software

3. Adjusted NPAT, by excluding the non-recurring items

Bravura Solutions FY23 Results Presentation

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Cash Flow detail

	A$m	FY22	FY23
	Receipts from customers	273.0	242.0
	Payments to suppliers and employees	(225.8)	(245.2)
	Interest received	0.0	0.5
	Income taxes paid	(5.1)	(2.8)
	Total operating cash flow (direct method)	42.1	(5.5)
	Purchase of property, plant, and equipment	(4.9)	(2.8)
	Payments for capitalised software development	(21.2)	(16.4)
	Contingent Consideration	(6.8)	(4.9)
	Total investing cash flow	(33.0)	(24.1)
	Payments of share issue costs	0.0	(4.7)
	Finance costs paid	(0.3)	(1.2)
	Proceeds from issue of shares	0.0	80.0
	Rental lease payments	(8.3)	(9.8)
	Dividend paid	(24.0)	(8.0)
	Total financing cash flow	(32.6)	56.3

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	A$m
Cash at 30 Jun 2022	48.7
Dividend paid	(8.0)
Net Proceeds from issue of shares	75.3
Restructure costs	(3.6)
Operating cash flow (ex Restructure costs)	(2.0)
Investing cash flow	(24.1)
Financing cash flow (ex dividends and share issue)	(11.0)
Effects of exchange rate changes on cash and cash equivalents	0.4
Cash at 30 Jun 2023	75.7

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Balance Sheet

	A$m	30 Jun 2022	30 Jun 2023
	Cash Trade receivables	48.7 39.8	75.7 56.6	2 1
	Contract assets	30.6	26.8
	Intangible assets	264.1	36.4	3
	Property, plant and equipment	49.0	38.6	4
	Other assets	18.0	20.4
	Total assets	450.1	254.5
	Trade and other payables	15.7	17.9
	Contract liabilities Borrowings	30.9 -	36.5 -	5
	Lease liabilities	30.6	27.8
	Other liabilities	38.0	46.4	6
	Total liabilities	115.2	128.6
	Net assets	334.9	125.9

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Key Callouts

1. Cash across H2 includes the net Capital Raise proceeds of $75m, offset by $9.5m of external debt repayment and H2 cash burn of $22.7m.

2. 75% of Receivables at year end are classified as Current (issued within 30 days), with an additional 13% attributed to the annual invoice for one client (received July 2023).

3. Intangible Assets include impairments of $231.2m (H1 $175.9m / H2 $55.3m).

4. Includes $2.2m of impairment on the right of use (ROU) assets

5. Drawdown of $9.5m in H1 and was repaid upon receipt of the net Capital Raise proceeds

6. Organisational change provision of $11.9m was recorded in June 2023

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comprises system upgrades, enhancements and in-production professional services from ongoing client demand (attached services)

Funds Under Administration

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Foreign Exchange

Compound Annual Growth Rate

Earned on a one-off basis

Operating Revenue minus Operating Costs including capitalized development costs, capex and lease

Comprises revenues contracted for the contract term and typically includes maintenance, managed services, hosting, cloud and SaaS

Prior Corresponding Period

Property, Plant & Equipment

DaaS

Data as a Service

Comprise professional services from initial implementation and development requirements

Funds Administration

Software as a Service

Operating Cash Flow – Capital Expenditure – Capitalised Software Expense – Leases

Important Notice and Disclaimer

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The information contained in this document (including this notice) and discussed at this presentation (collectively, the Presentation ) has been prepared by Bravura Solutions Limited ( Bravura ). The Presentation is subject to the conditions outlined below. Your receipt, access or viewing of the Presentation evidences your acceptance of those conditions and that you agree to be bound by them.

NO OFFER OF SECURITIES

The Presentation is for information purposes only and is not a prospectus, product disclosure statement, disclosure document or other offer document under Australian law or under any other law. It does not and is not intended to constitute an offer for subscription, financial product advice, invitation, solicitation or recommendation by any person or to any person with respect to the purchase or sale of any securities or financial products in any jurisdiction, and also does not form the basis of any contract or commitment to sell or apply for securities in Bravura or any of its subsidiaries ( Bravura Group ). The distribution of this Presentation in jurisdictions outside Australia may be restricted by law and you should observe any such restrictions. Any failure to comply with such restrictions may constitute a violation of applicable securities laws.

This Presentation does not, and does not purport to, contain all information necessary to make an investment decision. The information contained in the Presentation has been prepared without taking account of any person's investment objectives, financial situation or particular needs and nothing contained in the Presentation constitutes financial, investment, legal, tax, accounting or other advice or any recommendation by Bravura. You must not rely on the Presentation but make your own independent assessment and rely upon your own independent taxation, legal, financial, accounting or other professional advice.

FINANCIAL DATA

All information in the Presentation is in Australian dollars.

The Presentation contains pro forma financial information. Such pro forma financial information has not been prepared in accordance with disclosure requirements of applicable accounting standards and other mandatory reporting requirements in Australia.

This presentation contains a number of non-IFRS financial measures under ASIC Regulatory Guide 230: ‘Disclosing non-IFRS financial information’ published by ASIC which are not recognised under the Australian Accounting Standards ( AAS ) and International Financial Reporting Standards ( IFRS ). Such non-IFRS financial information do not have a standardised meaning prescribed by AAS or IFRS. Therefore, the non-IFRS financial information may not be comparable to similarly titled measures presented by other entities, and should not be construed as an alternative to other financial measures determined in accordance with AAS or IFRS. Although Bravura believes this information provides useful information for investors and form key performance indicators for Bravura investors are cautioned not to place undue reliance on any non-IFRS financial information included in this Presentation.

Financial data calculating totals and percentages may be subject to rounding.

FORWARD STATEMENTS

No representation or warranty, expressed or implied, is made as to the adequacy or completeness of the information and opinions contained in the Presentation.

The Presentation may contain certain forward looking statements, including estimates, projections and opinions ( Forward Statements ). We use words such as 'will', 'may', 'intend', 'seek', 'would', 'should', 'could' 'continue' 'plan', 'probability', 'risk', 'forecast', 'likely', 'estimate', 'anticipate', 'believe', or similar words to identify Forward Statements. While due care and attention has been used in the preparation of forward-looking statements, forward-looking statements, opinions and estimates provided in this Presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forward Statements including projections, guidance on future earnings and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance and may involve known and unknown risks and uncertainties and other factors, many of which are beyond the control of the Bravura Group, and have been made based upon management's expectations and beliefs concerning future developments and their potential effect on the Bravura Group. No representation or guarantee is made or will be made that any Forward Statements will be achieved or will prove correct. Actual future results and operations could vary materially from the Forward Statements. Circumstances may change and the contents of this Presentation may become outdated as a result. Readers are cautioned not to place undue reliance on Forward Statements and Bravura assumes no obligation to update such statements (except as required by applicable regulations or by law).

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Important Notice and Disclaimer

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PAST PERFORMANCE

Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon (and is not) an indication of future performance.

DISCLAIMER

The information is supplied in summary form and is therefore not necessarily complete. The material contained in this presentation may include information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information.

To the maximum extent permitted by law, the Bravura Group and each of its affiliates, directors, employees, officers, partners, agents and advisers and any other person involved in the preparation of the Presentation disclaim all liability and responsibility (including without limitation, any liability arising from fault or negligence) for any direct or indirect loss or damage which may arise or be suffered through use or reliance on anything contained in, or omitted from, the Presentation. The Bravura Group accept no responsibility or obligation to inform you of any matter arising or coming to their notice, after the date of the presentation or this document, which may affect any matter referred to in the Presentation.

This presentation should be read in conjunction with Bravura's other periodic and continuous disclosure announcements lodged with the ASX, which are available at www.asx.com.au.

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For more information, visit:

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