READYTECH HOLDINGS LIMITED — Investor Presentation 2021

Aug 23, 2021

24 August 2021

FY21 RESULTS PRESENTATION

ASX:RDY

Presenters Marc Washbourne – CEO & Co-Founder Nimesh Shah – Chief Financial Officer

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• NEXT GENERATION, PEOPLE-CENTRIC

• SOFTWARE

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Growth across all key metrics

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Open Office contribution
Revenue Underlying EBITDA Underlying NPATA
to FY21 revenue
27.4%
$18.9m $10.6m $4.8m
YoY Growth to $50.0m
Margin of 37.8% FY20: $8.3m Achieved 1 [st] earn-out
(excl. Open Office 15.1%)
Gross opportunity Operation cash flow Customer revenue
Recurring revenue
pipeline conversion to EBITDA retention
$19m 113% 96% 87%
1H FY21: $13m FY20: 95% FY20: 95%
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*FY21 Underlying results exclude the impact of transaction and restructuring costs of $2.2m and the impact of revaluation of contingent consideration of $1.8m.

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Outstanding growth in recurring SaaS revenue and EBITDA

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High value new business wins underpin continued growth

Key Education & Work Pathways customer wins

Substantial FY21 new business performance with 21 high value customers , each generating over $100k in annualised subscription and implementation value , with an aggregate annual value of $5m.

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High conviction pipeline of $19m with opportunities across the sectors of tertiary education, local government, justice tech and stand-up economy for Workforce Solutions.

Key Workforce Solutions customer wins

Open Office achieved first earn-out in June 2021, ahead of expectations, driven by new local government wins, upsell of modules to existing customers, and successful roll-out of the UK Ministry of Justice contract.

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Key Government & Justice customer wins

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Growth in sales and marketing investment as planned of 11.0% of revenue (FY20: 9.6%), with continued focus on enterprise and . account-based marketing, enterprise sales and pipeline conversion

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Laser focus on Laser focus on strategic execution strategic execution

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ReadyTech is building a vertical SaaS playbook

Delivering high value to segments and verticals

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Innovation &
Market Fit
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Increased growth achieved through ongoing investment

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Product-market fit Go-to-market Focused product alignment for superior Grow sales and marketing spend and retention and customer acquisition. target higher value customers. Investing for growth throughout FY21 14 new roles 7 new roles 31% R&D of revenue 11% sales & marketing of revenue Key growth initiatives • • Software Development Centre of Enterprise sales roles and playbook • Excellence & ReadyTech Academy Account-based marketing • • Product portability studies in key ReadyTech brand strategy • international markets for Work International focus – 7% of revenue Pathways and Justice tech sectors now generated offshore • • Deeper investment in product Expansion of channel partners & management capability and skills new reseller in NZ

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• Scaling

• Efficient and streamlined operations to support accelerated growth. 7 new customers

• Onboarding roles

• • Strategic talent acquisition

• • Consolidation of customer onboarding best practice with deeper investments in automation and self-service

• • Unified ReadyTech practices and playbooks

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Laser focus on FY21 financial strategic execution performance

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Solid revenue growth of 27.4%

$ MILLIONS
	FY21	FY20	YoY % change
Subscription and licence revenue	43.3	35.1	23.4%
Implementation, training and other revenue	6.7	4.2	61.7%
Total revenue	50.0	39.3	27.4%
Total revenue (excl. Open Office)	45.2	39.3	15.1%
Total expenses	(31.1)	(23.7)	(31.4%)
*Underlying EBITDA	18.9	15.6	21.4 %
*Underlying EBITDA margin	37.8%	39.6%	(1.9%)
Depreciation & amortisation	(4.7)	(3.9)	(20.5%)
Amortisation of acquired intangibles	(6.4)	(5.5)	(16.4%)
Net finance expenses	(1.0)	(1.0)	3.7 %
Income tax expense	(0.6)	(0.7)	13.8 %
*Underlying NPAT	6.2	4.5	36.9 %
Add: amortisation of acquired intangibles (post-tax)	4.4	3.8	15.3 %
*Underlying NPATA	10.6	8.3	27.0 %

* FY21 Underlying results excludes the impact of transaction and restructuring costs of $2.2m and the impact of revaluation of contingent consideration of $1.8m.

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• Total revenue of $50.0m representing 27.4% YoY growth and 15.1% YoY growth excluding Open Office. Subscription and license revenue was $43.3m representing 87% total revenue and a 23.4% YoY growth.

• Open Office contributed revenue of $4.8m with subscription and license revenue being $3.7m.

• Total revenue growth was driven by new customer wins, upsell/ cross-sell to existing customers, resulting in average revenue per new customer of $35.5k (24% growth) and significant user license and module upgrades.

• Planned growth in operating expenses reflects: o Sales and marketing costs increase to 11.0% of revenue (FY20: 9.6% of revenue).

• Continued growth in R&D, with R&D costs of $15.4m from $12.3m in FY20, representing 30.7% of revenue.

• o LTIP impact $0.4m (FY20: nil).

• Underlying EBITDA of $18.9m representing margin of 37.8% which is in line with FY21 guidance of 37%-39%. Open Office EBITDA contribution was $1.7m.

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INCREASED OPERATING CASHFLOW, DEBT HEADROOM	INCREASED OPERATING CASHFLOW, DEBT HEADROOM	INCREASED OPERATING CASHFLOW, DEBT HEADROOM	INCREASED OPERATING CASHFLOW, DEBT HEADROOM
AND COMFORTABLE BALANCE SHEET SUPT INVESTMENT Strong cashflow and balance sheetsupport further growth
NET DEBT AS AT 30 JUNE $ MILLIONS Total debt Cash and cash equivalents Adjusted net debt Net debt/EBITDA	30 Jun 21 31.5 12.0 19.5 0.86x	30 Jun 20 25.0 10.2 14.8 1.0x	$ Millions 1H FY21 1H FY20 0.0 5.0 10.0 15.0 20.0 25.0 Cash flow from operating activities		20% 30% 40% 50% 60% 70% 80% 90% 100% 110% 120%	Cash conversion (as % of EBITDA)
CASHFLOW CONVERSION			FY18	FY19	FY20 FY21
$ MILLIONS	FY21	FY20	Cashflow from operating activites		Cash conversion (as % of EBITDA)
EBITDA	18.9	15.6
EBITDA (excluding LTIP)	19.3	15.6	• Operating cash of $21.8m, which is a		113% conversion as a % of EBITDA,
			supported by continued growth in customers pre-paying annual
Changes in working capital	2.5	(0.8)	subscription fees.
Cash flow from operating activities	21.8	14.8	• Conservatively geared with net debt		of $19.5m and leverage ratio of
% conversion (as of % EBITDA)	113%	95%	0.86x.

• Available cash-for-use of $18m, including $12m cash and equivalents,

and $6m debt facility headroom, given $37.5m facility drawn to $31.5m currently.

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Laser focus on Education & strategic execution Work Pathways

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127

Education market remains significant opportunity Great progress made penetrating the large addressable market of tertiary education, training and back-to-work

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ENTERPRISE PRIVATE PRIVATE BACKSTATE (TAFE/UNIVERSITY) COLLEGES (VET) HIGHER ED TO-WORK GOVT MARKET SIZE[] 67 1H FY21 1H FY20 4,150 GROWTH 133 167 8 1 † RDY CUSTOMERS 12 1H FY21 1H FY20 1,200+ GROWTH 10 78 1* Significant Market-leader for VET Progressing well with Market leader to Well-positioned to opportunity as providers, enjoying breakthrough higher providers in major win further contracts TAFE/universities seek benefits of scale and education wins. government funded given experience next-gen technology. upsell. back-to-work programs. with ACT Govt. Example customers: 1. Management estimates as at FY21.[†] 3 JR Plus customer, 9 Ready Skills customers. Source of market data: Frost & Sullivan Report citing Universities Australia, National Centre for Vocational Education Research (NCVER), English Australia, Tertiary Education Quality and Standards Agency (TEQSA).

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The next generation student management system Our product differentiators and why we are winning customers in a sector ready for change

WHY WE ARE WINNING CUSTOMERS

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Student
Management
System
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OPEN ECOSYSTEM Interoperability with best in class STUDENT RETENTION Unique behavioural capability drives student success CLOUD & SAAS Regular release/agility, modern UX HIGH CONFIGURABILITY Rapid deployment and scalability

LOCAL EXPERTISE Assurance on compliance and local fit SUPERIOR STUDENT EXPERIENCE Digital experience driving student engagement

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Driving growth in customer base

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Enterprise Student Management System Type of customer Enterprise training organisation.

Driver of new/change of system A review of CBA’s Enterprise Student Management System for retail banking staff, resulting in a competitive RFP process.

WHY WE WIN

• ReadyTech is an established vendor to deliver on highly specific workflows and in-depth governance requirements.

• Depth and rigour in all facets of onboarding to delivery and beyond.

• Capability to deliver on risk, governance, compliance, cyber and technology requirements.

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Private Training Provider Learning Management System

Type of customer Private training organisation offering nationallyrecognised accredited qualifications.

Driver of new/change of system

A review of Learning Management Systems (LMS) in the market to support the delivery of an end-to-end student learning experience.

WHY WE WIN

• ReadyTech’s established reputation and 20+ years proven experience in VET sector.

• • Breadth of integration capabilities to deliver a seamless end-to-end student learning experience.

• • Best-of-breed solution purpose-built to meet Australian VET compliance standards.

Employment Services UK – Behavioural Science

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Type of customer

UK not-for-profit employment services provider.

Driver of new/change of system Tender process for an assessment platform that could support scaling Fedcap Employment’s service model now and into the future.

WHY WE WIN

• Resonated with the academic validity of the solution and approach.

• • Ability to support ascertaining the readiness of participants, standardise experience and improve measurement.

• • Depth and calibre of ReadyTech’s experience in the broader employment services market.

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Revenue and earnings both growing strongly

$ MILLIONS
	FY21	FY20	YoY % growth
Revenue	24.9	21.3	16.9%
EBITDA	~~1H FY21 1H FY20 GROWTH~~ 11.6	8.8	32.0%
EBITDA margin %	47%	41%

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Highlights

• Revenue growth of 16.9% to $24.9m, driven by substantial new business, cross-sell and significant upgrades from existing customers.

• Average revenue per new customer of $38.8k (FY20: $27.2k), up 42%.

• Continued growth expected through high value qualified leads in tertiary education and Work Pathways sectors.

• Strengthening recurring revenue base through successful customer engagement which resulted in revenue retention of 96%. Minimal impact of COVID-19 with less than 3% of international students across ReadyTech systems.

• BKI TAFE project progressing well with subscriptions being triggered and expanded scope to reflect additional requirements.

• CLTV to CAC ratio of 8.1x (FY20: 7.4x) with a CLTV of $106k (FY20: CLTV of $77k).

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Laser focus on Workforce strategic execution Solutions

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Workforce Solutions focused on addressable market of $2.4bn

Mid-to-enterprise market focused SaaS solving complex payroll and workforce management in stand-up economy

Targeting initial industry verticals with all-in-one offering

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Addressable market in ANZ represents 7 million employees and Targeting initial industry verticals with all-in-one offering
$2.4 billion spend on software and payroll outsourcing.
AGED & DISABILITY
LOGISTICS HOSPITALITY
CARE
Key target
is stand-up
economy
MANUFACTURING AGRICULTURE RETAIL
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All-in-one workforce management system Our all-in-one cloud offering is differentiated, meeting customer needs and driving growth

WHY WE ARE WINNING CUSTOMERS

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Workforce
Management
System
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TRUST Highly trusted brand for mission-critical payroll function

ONE VENDOR RELATIONSHIP Replacing separate legacy systems with one vendor

CONNECTED DATA Real-time and efficient data management

UNIFIED INTERFACE One employee experience reducing friction

EXPANDED COMPLIANCE Support for Australia & NZ in one platform

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HIGH VALUE CUSTOMERS Average revenue per all-in-one customer is on average 3 times higher than payroll only

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Strong pipeline conversion to secure new customers

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De Bortoli

Type of customer Beverage manufacturer with 380 employees.

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Tasco Petroleum

Type of customer

Logistics business with 240 employees.

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Bostock

Type of customer

Agriculture (growers) with 370 employees.

Driver of new/change of system

Integration of time & attendance, HR and payroll systems. Need for leave management capability and to ensure industrial relations compliance (annualised salaries) is maintained.

Driver of new/change of system

Need for an integrated payroll, rostering, human capital management and time & attendance system which eliminates manual roster processing, ensures accuracy of payroll and award interpretation.

Driver of new/change of system

The need to replace an ageing payroll and time attendance system in the business with realtime, date effective processing.

WHY WE WIN

WHY WE WIN

WHY WE WIN

• An integrated and comprehensive solution from a trusted supplier.

• Comfortability in ReadyTech’s industrial relations compliance.

• All-in-one solution to eliminate time wasted on manual double handling of data due to poor integration of multiple systems in place.

• Single vendor with recruitment, HR and WHS functionalities.

• Compliant award interpretation.

• Improved employee engagement via employee self-service mobile app (Android/ iPhone).

• Automation of paper-based process through online forms.

• • Ability to control security permissions/access to source of truth.

• Single vendor, real-time visibility of workforce attendance.

• Compliance with complex rostering – introduced modernised processes for advanced rostering with a mobility platform and gain productivity by removing doubling handling of data.

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Sustainable revenue and EBITDA growth

$ MILLIONS
	FY21	FY20	YoY % growth
Revenue	20.3	17.9	13.3%
EBITDA	8.5	8.3	2.4%
EBITDA margin %	1H FY21 1H FY20 GROWTH 42%	46%

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Highlights

• Revenue growth of 13.3% to $20.3m, driven by new customer wins from all-in-one platform, and significant upgrades from existing customers.

• Average revenue per new customer of $39.4k (FY20: $32.9k), up 19.7%.

• New customer wins in targeted industry verticals of hospitality, retail, aged care, agriculture and logistics.

• Revenue retention maintained at 94%.

• Continued investment in R&D as well as sales and marketing to 9.3% of revenue.

• CLTV to CAC ratio of 7.8x (FY20: 7.4x) with a CLTV of $66k (FY20: CLTV of $70k).

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Laser focus on Government strategic execution & Justice

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Digital transformation creating addressable market Market tailwinds across Government & Justice driving growth

Global digitisation of government services and migration to cloud and SaaS.

Estimate that over 75% of the 530+ councils have purchased a core solution 10+ years ago.

Next generation public sector employees driving customer and digital agenda.

Digitisation accelerated by COVID19 to become imperative.

Local Government

State Government

Justice

• 530+ local councils in Australia*

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530+ local councils in Australia
Point solutions supporting specific legislative
needs across:
6 119 212 199
Mega Large Medium Small
Water
Our key targets Health Transport Environment
Authorities
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Citizen-centric justice case management solutions with large and global addressable market of ~$211m* across:

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Courts Tribunals Commissions Prosecutors
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*Based on Management Estimates

Ready to digitize Government & Justice Digital transformation for improved customer service and growing community expectations

WHY WE ARE WINNING CUSTOMERS

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Community Engagement Platform

CITIZEN-CENTRIC 360-view of customer and connected self-service

MODULAR ARCHITECTURE Solves discreet challenges and enables land and expand to full ERP

CLOUD-BASED SAAS Modern UX, remote access & mobile apps all highly attractive to citizens as well as digital savvy council staff

HIGH CONFIGURABILITY Repeatable customer onboarding reduces time to go-live

TRACK RECORD Exemplary success rate for customer implementations

DRIVING GOWTH Estimate that over 75% of the 500+ councils have purchased a core solution 10+ years ago

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Recent customer wins

Goondiwindi Regional Council

Type of customer Local government (council)

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Glen Innes Severn Council*

Type of customer

Local government (council)

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Legal Services Commission SA*

Type of customer Justice case management

Driver of new/change of system

Driver of new/change of system

Deliver fully integrated solution across all key corporate applications, which embodies the principle of data entry once only into the software solution.

WHY WE WIN

• Attraction to true SaaS cloud solution.

• Completely different approach to all other vendors, aligned to council strategy of putting the customer at the centre of their service delivery.

• Capability of meeting council’s immediate requirements and also flexible enough to satisfy future demand requirements, future-proofing council investment.

Driver of new/change of system

Council was seeking to implement a comprehensive and fully integrated solution based on current open systems technology and standards.

WHY WE WIN

• Delivering greater levels of customer satisfaction and organisational efficiencies through the transformation of its current business processes through our fully integrated solution.

• Customer-centric enterprise solution to enable council’s digital transformation.

• Partner with a vendor with a demonstrable and successful track record in similar projects, having access to a substantial range of experienced resources, with current capability and capacity.

The incumbent solution reached end-of-life and with a digital transformation strategy in place, LSC SA was in need of a partner to modernise their grant and legal practice management.

WHY WE WIN

• The only solution in the market to successfully combine grants and practice management functionality in a single solution.

• Rich history in delivering successful outcomes to justice sector at state and federal levels.

• The agility and ability to address and implement their stringent requirements demonstrated customer-centricity throughout the entire pre-sales and proof-of-concept phases of the engagement.

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*Customers won during ReadyTech’s ownership

Strong Government & Justice contribution

$ MILLIONS
	ReadyTech ownership
Revenue	4.8
EBITDA	1.7
EBITDA margin %	~~1H FY21 1H FY20 GROWTH~~ 35%

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Highlights

• P&L contribution reflects the short period of ownership post acquisition.

• On a 12-month proforma basis, Open Office generated FY21 revenue of $18.3m, driven by new customer wins and successful upsell to existing customer base.

• Open Office revenue contribution from local government sector of 64% and justice case management sector of 36%.

• Revenue retention was 99% for FY21, reflecting high customer loyalty and mission critical nature of the product.

• Proforma average revenue per customer $145k (FY20: $111k), up 31%, driven by module upgrades to existing customers and winning customers from local and state government, as well as the justice sector.

• First earn-out achieved in FY21, ahead of expectations.

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Strategy and outlook Well positioned to grow ReadyTech targets organic revenue of over $125m by FY26.

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FY22 outlook

RDY expects FY22 organic revenue growth in the mid-teens, with full twelve months FY21 Open Office revenue being $18.3m. EBITDA margin is expected to be in the range of 36% to 38%.

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Strategic approach underpins long term growth

The ReadyTech flywheel

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Key take-outs

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ROBUST & GROWING BUSINESS PIPELINE

Sizeable new business high conviction pipeline of $19m annualised subscription and implementation fees, including a number of enterprise opportunities across all segments.

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CONTINUED SUCCESSFUL M&A

Open Office acquisition performing, ahead of expectations, driven by new local government wins, upsell of modules to existing customers and successful roll-out of the UK Ministry of Justice contract.

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$ Millions
1H FY21 1H FY20
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PRODUCT VALIDATION INTO INTERNATIONAL MARKETS

REVENUE DRIVEN BY CONTINUOUS RE-INVESTMENT

Expansion into international markets with existing ReadyTech products of McGirr Technologies (justice case management), Esher House (behavioural science) and Job Ready (back-to-work).

Ongoing investment in sales and marketing with focus on enterprise capability, robust product market fit through R&D and new talent – 28 new roles invested in FY21.

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5-YEAR OUTLOOK

Well positioned to achieve organic revenue of over $125m by FY26.

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Disclaimer

This presentation has been prepared by ReadyTech Holdings Limited for professional investors. The information contained in this presentation is for information purposes only and does not constitute an offer to issue, or arrange to issue, securities or other financial products. The information contained in this presentation is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. The presentation has been prepared without taking into account the investment objectives, financial situation or particular need of any particular person.

No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in the presentation. To the maximum extent permitted by law, none of ReadyTech Holdings Limited, its directors, employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising out of fault. In particular, no representation or warranty, express or implied is given as to the accuracy, completeness or correctness, likelihood of achievement or reasonableness of any forecasts, prospects or returns contained in this presentation nor is any obligation assumed to update such information. Such forecasts, prospects or returns are by their nature subject to significant uncertainties and contingencies.

Before making an investment decision, you should consider, with or without the assistance of a financial adviser, whether an investment is appropriate in light of your particular investment needs, objectives and financial circumstances. Past performance is no guarantee of future performance.

The distribution of this document is jurisdictions outside Australia may be restricted by law. Any recipient of this document outside Australia must seek advice on and observe such restrictions

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For more information: Ronn Bechler Market Eye Pty Ltd t. +61 400 009 774 e. ronn.bechler@marketeye.com.au

About ReadyTech ReadyTech is a leading provider of mission-critical SaaS for the education, workforce management, government and justice sectors. Bringing together the best in people management systems from students and apprentices to payroll, employment services, and community engagement, ReadyTech creates awesome technology that helps their customers navigate complexity, while also delivering meaningful outcomes. To learn more about ReadyTech’s people-centric approach to . technology, please visit readytech.io

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