OPENLEARNING LIMITED — Interim / Quarterly Report 2020

Aug 30, 2020

RESULTS PRESENTATION

HALF YEAR ENDING 30 JUNE 2020

OPENLEARNING LIMITED (ASX:OLL) 31 AUGUST 2020

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DISCLAIMER

This presentation has been prepared by OpenLearning ( The Company ). It does not purport to contain all the information that a prospective investor may require in connection with any potential investment in the Company. You should not treat the contents of this presentation, or any information provided in connection with it, as financial product advice or advice relating to legal, taxation or investment matters.

This presentation and the information contained herein and all electronic and/or hard copy documentation which comprise it are being provided to you solely for your information and may not be copied, reproduced, distributed, disclosed or published, in whole or in part, to any other person for any purpose whatsoever at any time without the prior written consent of the Company. This presentation is not an offer to any person nor is it a prospectus.

The Company has prepared this document based on information available to it at the time of preparation. No representation or warranty (whether express or implied) is made by the Company or any of their officers, advisers, agents or employees as to the accuracy, completeness or reasonableness of the information, statements, opinions or matters (express or implied) arising out of, contained in or derived from this presentation or provided in connection with it, or any omission from this presentation, nor as to the attainability of any estimates, forecast or projections set out in this presentation.

This presentation is not investment or financial product advice (nor tax, accounting or legal advice) and is not intended to be used for the basis of making an investment decision. The information contained in this presentation has been prepared without taking into account the objectives, financial situation or needs of individuals.

This presentation is provided expressly on the basis that you will carry out your own independent inquiries into the matters contained in the presentation and make your own independent decisions about the affairs, financial position or prospects of the Company. The Company reserves the right to update, amend or supplement the information at any time in their absolute discretion (without incurring any obligation to do so).

The Company, nor their related bodies corporate, officers, their advisers, agents and employees accept any responsibility or liability to you or to any other person or entity arising out of this presentation including pursuant to the general law (whether for negligence, under statute or otherwise), or under the Australian Securities and Investments Commission Act 2001, Corporations Act 2001 (Cth), competition and any such responsibility or liability is, to the maximum extent permitted by law, expressly disclaimed and excluded.

Nothing in this material should be construed as either an offer to sell or a solicitation of an offer to buy or sell securities. It does not include all available information and should not be used in isolation as a basis to invest in the Company.

This presentation contains reference to certain intentions, expectations, future plans, strategy and prospects of the Company.

Those intentions, expectations, future plans, strategy and prospects may or may not be achieved. They are based on certain assumptions, which may not be met or on which views may differ and may be affected by known and unknown risks. The performance and operations of the Company may be influenced by a number of factors, many of which are outside the control of the Company. No representation or warranty, express or implied, is made by the Company, or any of their directors, officers, employees, advisers or agents that any intentions, expectations or plans will be achieved either totally or partially or that any particular rate of return will be achieved.

Given the risks and uncertainties that may cause the Company actual future results, performance or achievements to be materially different from those expected, planned or intended, recipient’s should not place undue reliance on these intentions, expectations, future plans, strategy and prospects. The Company does not warrant or represent that the actual results, performance or achievements will be as expected, planned or intended.

This document does not constitute any part of any offer to sell, or the solicitation of any offer to buy, any securities in the United States or to, or for the account or benefit of any “US person” as defined in Regulation S under the US Securities Act of 1993 (Securities Act). The Company shares have not been, and will not be, registered under the Securities Act or the securities laws of any state or other jurisdiction of the United States, and may not be offered or sold in the United States or to any US person without being so registered or pursuant to an exemption from registration including any exemption for qualified institutional buyers.

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STRONG GROWTH ACROSS ALL KEY METRICS

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$1,510 $1,143 $1,665
TOTAL PLATFORM CUSTOMER
GROSS SALES SAAS ARR [1] CASH RECEIPTS
$992 $1,070
(AUD, ‘000) (AUD, ‘000) $667 (AUD, ‘000)
+52.3% +71.4% +55.6%
H1 FY19 H1 FY20 H1 FY19 H1 FY20 H1 FY19 H1 FY20
116 2,508 3,675
PLATFORM SAAS TOTAL UNIQUE TOTAL UNIQUE
CUSTOMERS REGISTERED ENROLMENTS
1,535 2,273
USERS (‘000) (‘000)
45
+157.8% +63.4% +61.7%
H1 FY19 H1 FY20 H1 FY19 H1 FY20 H1 FY19 H1 FY20
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1. ANNUALISED RECURRING SAAS REVENUE, CALCULATED BY UTILISING THE GENERALLY ACCEPTED INDUSTRY STANDARD, WHICH INVOLVES MULTIPLYING THE MONTHLY ACCRUED SAAS REVENUE IN THE MONTH AT THE END OF THE QUARTER BY 12 (MONTHS). THE ARR CALCULATION DOES NOT TAKE INTO ACCOUNT THE FUTURE EXPIRY OF THE TERM OF ANY CONTRACT UNDER WHICH SAAS REVENUE IS GENERATED OR ANY CUSTOMER LOST DURING THE RELEVANT MONTH.

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CAPITALISING ON FUNDAMENTAL CHANGES IN THE HIGHER EDUCATION SECTOR

PLATFORM

• → SCALABLE LEARNING PLATFORM IS THE CORE PRODUCT; ENABLING A NEW ONLINE-FIRST MODEL FOR HIGHER EDUCATION

AVERAGE ANNUAL REVENUE OLL PROVIDES PLATFORM AND PER ACTIVE USER IN AUSTRALIA FUNDS SETUP COSTS FOR REVENUE SHARE[3] BY PRODUCT/BUSINESS MODEL

• → FLEXIBILITY ADMIST COVID-19 HAS ENABLED OPENLEARNING TO OFFER SERVICES THAT ADDRESS IMMEDIATE CLIENT NEEDS

• → INCREMENTAL REVENUE GENERATED FROM LEARNING DESIGN, ONLINE PAYMENTS, MARKETPLACE AND OFFSHORE COURSE DELIVERY

NEW REVENUE SHARE MODELS TO UNLOCK VALUE

• → LAUNCHED OPEN MICROCREDENTIAL DEVELOPMENT GRANT WITH OPEN UNIVERSITIES AUSTRALIA TO CREATE 30 OPENCREDS

• → LAUNCHED OPENCREDS INVESTMENT FUND TO CREATE 35+ OPENCREDS WITH PRIVATE EDUCATION PROVIDERS AND INDUSTRY

• → PLANNING TO DIRECTLY FUND SETUP COSTS FOR SELECTED HIGH VALUE ONLINE QUALIFICATIONS ON A REVENUE SHARE BASIS

• → STRONG CLIENT RELATIONSHIPS ARE UNLOCKING OPPORTUNITIES

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$500
OLL PROVIDES
PLATFORM AND
FUNDS SETUP COSTS
FOR REVENUE SHARE [2]
CLIENT PAYS SAAS FEES,
FUNDS SETUP COSTS AND
KEEPS ALL REVENUE [1]
$75
$20
PLATFORM SAAS AND REVENUE SHARE ON REVENUE SHARE ON
SERVICES; OPENCREDS; QUALIFICATIONS;
STARTED 2018 STARTED H2 FY20 PLANNING
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1. CALCULATED BASED ON THE SUM OF MONTHLY ACTIVE USERS IN AUSTRALIA IN H1 FY20 DIVIDED BY AUSTRALIAN REVENUE IN H1 FY20

2. ESTIMATE BASED ON THE EXPECTED AVERAGE REVENUE SHARE AND THE AVERAGE ENROLMENT FEES FOR OPENCREDS FUNDED THE TWO RECENTLY ANNOUNCED INITIATIVES

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1. ESTIMATE BASED ON THE EXPECTED AVERAGE REVENUE SHARE BETWEEN OPENLEARNING AND AN EDUCATION PROVIDER TO DESIGN AND DELIVER AN ONLINE QUALIFICATION

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GROUP FINANCIAL SNAPSHOT

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|||||||
|---|---|---|---|---|---|
|FOCUSED ON GROWING RECURRING REVENUE|[1]|HISTORICAL PROFIT AND LOSS STATEMENT|[1]|
|(HALF YEAR, AUD, ‘000s)|(HALF YEAR, AUD, ‘000s)|
|$1,250|H1 FY19|H1 FY20|CHANGE|
|1,143|
|GROSS SALES/REVENUE|
|$1,000|PLATFORM SAAS|285|517|81.4%|
|SERVICES/MARKETPLACE|706|993|40.6%|
|$750|TOTAL GROSS SALES|991|1,510|52.3%|
|667|
|REVENUE SHARE WITH PROVIDERS|(203)|(503)|>100%|
|517|
|$500|TOTAL REVENUE|788|1,007|27.8%|
|EXPENSES|
|292|285|
|$250|CLOUD HOSTING|(220)|(212)|(3.6)%|
|137|
|EMPLOYEES AND CONTRACTORS|(2,319)|(2,058)|(11.3)%|
|$0|MARKETING/OTHER EXPENSES|[2]|(560)|(1,022)|82.5%|
|H1 FY18|H1 FY19|H1 FY20|
|TAX, FINANCE INCOME, IPO|5|68|>100%|
|SAAS (REVENUE)|SAAS (CLOSING ARR)|PROFIT/LOSS FOR PERIOD|(2,304)|(2,217)|(3.8)%|

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1. OPENLEARNING ENDED ITS FREEMIUM MODEL IN MARCH 2019 AND RESTRUCTURED ITS OPERATIONS IN JULY 2019 TO FOCUS ON SAAS 2. OTHER EXPENSES INCLUDES DEPRECIATION AND AMORTISATION, PROMOTIONAL AND ADVERTISING, PROFESSIONAL SERVICES, AND GENERAL AND ADMINISTRATIVE COSTS

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OPENLEARNING’S ALL-IN-ONE SOLUTION ENABLES EDUCATION PROVIDERS TO MOVE ONLINE

MARKETPLACE Global high-traffic website for learners to discover new courses and degrees and providers to market their courses

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OPENCREDS

Transportable micro-credentials issued through the platform could lead to credit in a degree

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GLOBAL LEARNING PLATFORM

Scalable cloud platform for education providers to create, sell and deliver high quality courses and degrees

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PORTFOLIOS

Automatically generated portfolio to showcase learner’s skills and credentials to potential employers

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SKILLS SHORTAGES AND TECHNOLOGICAL CHANGE ARE DRIVING DEMAND FOR EDUCATION GLOBALLY

70%

SEMI-SKILLED JOBS IN MALAYSIA ARE AT A HIGH RISK OF AUTOMATION

74% AUSTRALIAN WORKERS ARE READY TO COMPLETELY RETRAIN TO REMAIN EMPLOYABLE

50% WORLD ECONOMY AFFECTED IF CURRENT AUTOMATION TECHNOLOGY IS ADOPTED

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1. https://www.theedgemarkets.com/article/robots-advance-your-job-risk 2. https://www.pwc.com/hu/en/pressroom/2017/a_jovo_munkavallaloi.html 3. https://www.mckinsey.com/featured-insights/employment-and-growth/technology-jobs-and-the-future-of-work

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CREATING AND LEADING THE NEW AUSTRALIAN MICRO-CREDENTIAL MARKET WITH OPENCREDS

OPENCREDS BY OPENLEARNING

• → ENABLES EDUCATION PROVIDERS AND INDUSTRY TO CREATE STACKABLE COURSES THAT LEAD TOWARDS CREDIT

• → DESIGNED TO BECOME THE INDUSTRY STANDARD

• → PATHWAY FOR INTERNATIONAL STUDENTS

• → OPENCREDS ARE EXCLUSIVE TO OPENLEARNING , EXPECTED TO ACCELERATE ADOPTION OF THE PLATFORM

• → LAUNCHED OPENCREDS INVESTMENT FUND IN JULY 2020

OPEN UNIVERSITIES AUSTRALIA (OUA)

• → LARGEST HIGHER EDUCATION MARKETPLACE IN AUSTRALIA, 21 UNIVERSITY PARTNERS AND 440,000 ALUMNI

• → SELECTED OPENLEARNING AS THEIR PLATFORM FOR SHORT COURSES AND MICRO-CREDENTIALS

• → JOINTLY SUPPORT THE DEVELOPMENT OF 30 OPENCREDS ON REVENUE SHARE BASIS

ENABLING CREDIT TRANSFER BETWEEN INDUSTRY AND THE HIGHER EDUCATION SECTOR

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POTENTIAL PATHWAY OPPORTUNITIES FOR OPENCREDS BASED ON INDICATIVE HOURS OF LEARNING, EVIDENCE OF LEARNING, AND ENTRY REQUIREMENTS OF THE QUALIFICATION.

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• MORE INFORMATION ON OPENCREDS IS AVAILABLE AT: https://solutions.openlearning.com/opencreds/

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OUR BLUE-CHIP CLIENTS IN MULTI-BILLION DOLLAR MARKETS

TOTAL EDUCATION EXPENDITURE IN $67.9B AUSTRALIA AND MALAYSIA[*]

$6.0B

$46.9B UNIVERSITY AND OTHER HIGHER EDUCATION

$10.0B CORPORATE TRAINING $5.0B TECHNICAL AND AND PROFESSIONAL INDUSTRY VOCATIONAL EDUCATION DEVELOPMENT ASSOCIATIONS

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• MANAGEMENT ESTIMATES COMPILED FROM PUBLICLY AVAILABLE INFORMATION, FULL REFERENCES AVAILABLE ON REQUEST. ^ LOGOS ARE FOR CLIENTS OF OPENLEARNING ANYTIME BETWEEN JANUARY AND AUGUST 2020

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EXECUTING ON STRATEGY TO DELIVER GROWTH

ACQUISITION

CASE STUDY

• → INCREASED SALES & MARKETING TEAM

• → BOARD APPOINTMENTS : DAVID BUCKINGHAM (EX-NAVITAS) AND BEVERLEY OLIVER (EX-DEAKIN)

• → SMALL CUSTOMERS CAN SELF REGISTER, PAY AND ONBOARD 100% ONLINE

EXPANSION

• → GROWING AVERAGE REVENUE PER USER THROUGH USAGE-BASED AGREEMENTS

• → INTEGRATING AND BUNDLING ADDITIONAL VALUE-ADDED PRODUCTS AND SERVICES

• → OPTIMISED ONBOARDING TO GROW USAGE

PARTNERSHIPS

• → ENHANCING OPENLEARNING’S COMPETITIVE ADVANTAGE IN AUSTRALIA

• → DATA ANALYTICS AND INTEGRATIONS TO INCREASE STICKINESS

• → SUPPORT CUSTOMERS’ LEARNER ACQUISITION STRATEGIES TO INCREASE THEIR ROI

INCREASING USAGE AT A TOP TIER UNI

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LEARNERS DISCOVER
AUSTRALIAN UNIVERSITY GREW FROM 10 COURSES COURSE & PAY ONLINE
AND 951 LEARNERS IN 2018 TO 25 COURSES AND
7,079 LEARNERS IN 2019. SCALABLE
EDUCATION PROVIDERS SALES AND
100% INCREASE IN SAAS FEES IN 1 YEAR CAN SUBSCRIBE ONLINE
ONBOARDING
TAILORED ONBOARDING
$60,000 FOR UNIVERSITIES
10,000
$48,000
$50,000
7,079
7,500 $40,000 HIGH QUALITY COURSE
FROM TOP BRANDS
NETWORK
$24,000 $30,000
5,000 EFFECT
GLOBAL MARKETPLACE
$20,000 FOR ONLINE EDUCATION
2,500
951 $10,000
0 $0 SCALABLE CLOUD PROPRIETARY
2018 2019 LEARNING PLATFORM TECHNOLOGY
LEARNERS ARR
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AUSTRALIAN UNIVERSITY GREW FROM 10 COURSES AND 951 LEARNERS IN 2018 TO 25 COURSES AND 7,079 LEARNERS IN 2019.

100% INCREASE IN SAAS FEES IN 1 YEAR

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RAPID RECURRING REVENUE AND CUSTOMER GROWTH IN MULTIPLE MARKETS

$1.14M

ANNUALISED RECURRING REVENUE AT 30 JUNE

12

COUNTRIES WITH PLATFORM SAAS CLIENTS

56.5% ARR FROM CLIENTS IN AUSTRALIA

116

PLATFORM SAAS CLIENTS INCL 9 AUS UNIVERSITIES

$9.9K

AVERAGE ARR PER SAAS CLIENT

71% YOY GROWTH IN ARR

ANNUALISED RECURRING REVENUE (ARR) AND B2B CUSTOMER GROWTH

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ARR (AUD, '000s) PAYING CUSTOMERS
$1,250 71% YOY GROWTH 1,143 150
1,051
116 125
$1,000 944
790
87 100
$750 667
585
534 62 75
55
$500 434
45
50
292 34
23
$250
14 25
9
$0 0
JUN SEP DEC MAR JUN SEP DEC MAR JUN
2018 2018 2018 2019 2019 2019 2019 2020 2020
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STRONG ORGANIC GROWTH AND REPEAT USAGE

2.5M 3.7M UNIQUE REGISTERED AGGREGATE ENROLMENTS LEARNERS IN COURSES

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3.8K 1.8M
ACTIVE RUNNING BADGES AND CERTIFICATES
COURSES ISSUED TO LEARNERS
165
900K
COUNTRIES WITH ACTIVE
ACTIVE LEARNERS
LEARNERS
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CUMULATIVE REGISTERED USERS AND ENROLMENTS

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CUMULATIVE REGISTERED USERS ('000s) CUMULATIVE ENROLMENTS ('000s)
4,000
3,500 ACCELERATING SHIFT TO
ONLINE LEARNING
3,000
2,500
2,000
1,500
1,000
500
0
JUN SEP DEC MAR JUN SEP DEC MAR JUN
2018 2018 2018 2019 2019 2019 2019 2020 2020
3,675
3,028
2,540 2,508
2,401
2,273
2,120 2,165
1,817
1,735
1,652
1,573 1,535
1,435 1,341 1,423 INCREASING REPEAT USAGE
1,158
1,023
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• ACTIVE COURSE COUNT IS CALCULATED FROM COURSES ACCESS > 10 TIMES BETWEEN 1 APR 2018 TO 30 NOV 2019

• ACTIVE LEARNERS INCLUDES ALL LEARNERS WHO HAVE ACCESSED A COURSE IN THE 12 MONTHS PRIOR TO 30 SEPT 2019

• CUMULATIVE FIGURES ARE CALCULATED FROM INCEPTION

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OPENLEARNING IS FOCUSED ON BEING THE LEADER IN AUSTRALIA AND SOUTHEAST ASIA

FUTURELEARN (UK)

COURSERA (US)

• Since 2011

• 40M users

• 201 institutions

• Since 2013

• 10M users

• 83 education providers

OPENLEARNING (AU)

• Since 2012

• 2.5M users

• 116 education providers

EDX (US)

• Since 2011

UDACITY (US)

• Since 2011

• 20M users

• 108 education providers

• 15M users

• 20 companies

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• USER AND PARTNER NUMBERS ARE BASED ON PUBLICLY AVAILABLE INFORMATION

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CUTTING-EDGE PLATFORM DESIGNED FOR THE FUTURE OF EDUCATION

• → RESEARCH-BACKED APPROACH

• → OUTCOME-BASED EDUCATION

• → HIGH STUDENT ENGAGEMENT

• → SOFT SKILLS AND PRACTICAL SKILLS

• → INNOVATIVE ASSESSMENT SYSTEM

• → AUTOMATICALLY GENERATED PORTFOLIOS

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EXPERIENCED BOARD OF DIRECTORS

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KEVIN BARRY

NON-EXECUTIVE CHAIRMAN

Kevin has over 24 years’ experience in law, property finance and funds management. Kevin has worked at leading firms KPMG, Blake Dawson, Norton Rose and Zurich Capital Markets. Kevin is currently MD of Thakral Capital Australia and the Chairman of ICS Global (ASX:ICS).

SPIRO PAPPAS

EXECUTIVE DIRECTOR

Former executive general manager of Global Institutional Banking at NAB & CEO of NAB Asia. Spent over 13 years in London and NY, including 11 years with ABN AMRO where he managed a number of global businesses. Spiro is currently the Chairman of Atlas Iron and Splitit Ltd (ASX:SPT). Spiro was recently appointed as a Senior Advisor to OpenLearning.

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ADAM BRIMO

EXECUTIVE DIRECTOR

Adam left Macquarie Group to found OpenLearning with fellow UNSW software engineer David Collien and renowned Prof Richard Buckland in 2012. Adam was recognised in Forbes 2017 30 under 30 in Asia Consumer Technology and has been added to the Pearcey Foundation Tech Entrepreneur Hall of Fame.

MAYA HARI

NON-EXECUTIVE DIRECTOR

A business leader with a proven track record across two decades of technology & digital lifestyle experience amassed at companies such as Google, Conde Nast, Samsung, Microsoft and Cisco. Maya is currently Twitter’s VP and MD for Asia Pacific and serves as the president of TiE in Singapore.

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DAVID BUCKINGHAM NON-EXECUTIVE DIRECTOR

David has had an impressive career which includes senior roles at PWC, VirginMedia and iiNet. Most recently David was Group CEO and Managing Director of education company, Navitas (ASX:NVT), where he oversaw its $2.3B sale to private equity firm BGH Capital.

BEVERLEY OLIVER NON-EXECUTIVE DIRECTOR

Beverley brings significant education experience, leading innovations in digital education with her most recent role as Deputy Vice-Chancellor Education and Alfred Deakin Professor at Deakin University. Beverley has been recognised with numerous awards and is a Principal Fellow of UK’s Higher Education Academy.

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INDUSTRY-LEADING MANAGEMENT TEAM

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ADAM BRIMO

MANAGING DIRECTOR & GROUP CEO

• B. Engineering (Software)/ B. Arts (Politics) from UNSW Sydney, honours at National ICT Australia

• Past: Engineer/Analyst at Macquarie Bank, Senior Engineer at Westpac Institutional Bank, Forbes 30 under 30 Asia 2017 (Consumer Technology)

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CHERIE DIAZ

MANAGING DIRECTOR, AUSTRALIA

• B. Teaching/B. Arts from ACU, M. Arts (History) from Macq Uni, M. Arts (Education) from UTS

• Past: Head of Education Delivery at AICD, Director Customer Success at Scentia, Head of College at Study Group

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DAVID COLLIEN

CHIEF TECHNOLOGY OFFICER

• B. Science (Computer Science, first class honours) and education PhD researcher at UNSW Sydney

• Past: AI researcher at National ICT Australia, Teaching assistant at UNSW Sydney, Developer at the Adaptive eLearning Research Group

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SARVEEN KANDIAH

MANAGING DIRECTOR, MALAYSIA

• B. Science (Finance) from Indiana University’s Kelley School of Business

• Past: Manager at CIMB Group, VP Investments at Malayan Traders Capital

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HUAT KOH

CHIEF FINANCIAL OFFICER

• B. Commerce (Accounting) from UNSW Sydney

• Past: Head of Finance at Parkson Retail Asia Ltd (SGX listed) and Head of Finance at Mulpha International

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