RECKON LIMITED — Annual Report 2017

Feb 13, 2017

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Results Presentation For the twelve months ended 31 December 2016 To be read in conjunction with Appendix 4E and Accounts

LAWYER

PLUMBER

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BUTCHER
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BUILDER
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ACCOUNTANT

The Reckon Story

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Our mission is to bring millions of businesses and professionals closer together with our software to create a brave new, connected economy...

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It’s been quite a ride already: 800,000+ registered businesses around the world have used Reckon software, 70% of the top accounting fi rms in Australia, three of the Big Four, and many of the worlds leading legal fi rms.

We owe a huge amount to our loyal Partners, our gifted in-house team, and active customer base. It is shaping up to be an exciting future as we continue to unleash our innovations into the market.

2. Document Management

Our Reckon Virtual Cabinet and Reckon SmartVault solutions are used by 51,000+ paying customers, with a 15% user growth in 2016. We’re aiming to become leaders in how businesses and professionals collaborate with documents, and manage customers. We already have a community of 617,000 users sharing documents through our online portal.

3. Practice Management

Reckon is split into three core areas:

1. Business

Our next-generation online accounting software, Reckon One, has been progressively released into the AU, NZ and UK market. It has been getting positive early feedback already, and is showing exponential month on month growth. In addition our connected services are expanding with our new Reckon Loans (powered by Prospa) launched in July.

Australia to manage their professional accounting practices, and 70 of the top 100 fi rms. nQueue Billback is continuing to show strong growth and is used by some of the leading legal fi rms in the world. A testament to our ability to deliver world class software.

In all Reckon has many businesses across multiple geographies with signifi cant opportunities. A strong foundation for an exciting future.

Yours,

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Clive Rabie Reckon CEO

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2

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The Agenda

1. CEO update

2. Financial update

3. Outlook

4. Q & A

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1. CEO update

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Clive Rabie RECKON CEO

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Delivered on guidance

Revenue

EBITDA

Development Spend

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$97.8 million

$35.3 million

$22.8 million

With $3.3m exchange impact $0.6m impact from business sold $101.7 million

With $0.6m exchange impact $0.1m impact from business sold $36.0 million

FY16 $101 - $105m guidance *

FY16 $34 - $36m guidance

FY16 $23 - $25m guidance

*Revised for change to ASIC fee reporting.

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EBITDA performance improves as revenue grows

Revenue and EBITDA growth at constant currency:

H1 FY16

H2 FY16

10%

7%

revenue growth

revenue growth

-8%

5%

EBITDA growth

EBITDA growth

Group revenue of $98m, up 7% (8% at constant currency) from $91m in FY15.

Strong new customer growth across all divisions.

Subscription revenue growth of 13% to $70m.

International expansion validated, by document management growth.

82% of available revenue is now subscription.

Revenue growth drives EBITDA improvement as SmartVault moves towards profi tability.

Strong volume growth, particularly in online products.

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Our momentum continues

All areas across the business are performing well, and looking strong into the future.

Practice and Document Management

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H1 FY16 H2 FY16 FY16
REVENUE $26.7m $27.4m $54.1m
GROWTH VS. FY15 17% 20% 18%
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• Strong organic growth across both divisions.

• Ramped up geographic expansion for Document Management.

• Executed on strategic objective to move Practice and Document Management businesses to a predominantly subscription based model.

• At constant currency and excludes business sold.

• New markets generated $5.3m of revenue.

Content

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H1 FY16 H2 FY16 FY16
REVENUE $3.9m $3.6m $7.5m
GROWTH VS. FY15 -4% -6% -5%
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• Weak year for the Content business.

• Allocated more resources to sales after Q1, and adjusted strategy. This will take time to flow through.

Business

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H1 FY16 H2 FY16 FY16
REVENUE $19.1m $16.4m $35.5m
GROWTH VS. FY15 -2% +3% -
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• In Q1 we completed the vast bulk of our move to a subscription model.

• Revenue growth generated from online products.

Group EBITDA

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H1 FY16 H2 FY16 FY16
EBITDA $18.5m $16.8m $35.3m
GROWTH VS. FY15 [†] -8% 5% -2%
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† At constant currency.

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Three core areas of our business

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Business

We provide accounting software to SME’s around the world. Over 800,000+ businesses having used our software, and we have a partner network of over 6,000+.

Document Management

Our document management software is used

by over 51,000+ paying customers, who have shared documents with over 617,000+ users through our online portal.

Practice Management

Market leaders in practice management software for professionals. Over 70% of the leading 100 fi rms use our accounting software, and many of the worlds leading legal fi rms use our legal products.

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Business highlights

Over 39k online users (+18% annualised growth).

Online user growth

23% online revenue growth over FY15.

35% of available revenue is now cloud.

Launched payroll for Reckon One into AU market in April 2016.

Delivered 54 major feature releases for Reckon One during FY16, and expect to continue this with exciting major releases in FY17.

Cloud POS technology acquired in FY16.

Countries operational:

USERS

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40k
35k
30k
25k
20k
15k
10k
5k
0
2011 2012 2013 2014 2015 2016
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AU NZ UK
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Document Management highlights

• 7k new paying customers added in FY16, an annualised underlying growth rate of 15%.

Increase in paying customers

SEATS

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55k
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35k
30k
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20k
15k
10k
2011 2012 2013 2014 2015 2016
SmartVault
acquired
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Virtual Cabinet and SmartVault online portals are currently used by 617k+ users to share documents.

Cross selling into our Practice Management (Reckon APS) client base is picking up.

SmartVault growth exceeded expectations.

• Project to merge SmartVault and Virtual Cabinet products onto a single cloud platform is on track.

• Countries operational:

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USA AU NZ
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UK
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Practice Management highlights

6k seats added across the APS suite (8% growth).

Reckon APS seat growth

Highest number of new large clients in many years.

Entered 2017 with strong backlog and pipeline.

Expansion of an already impressive customer list.

Online timesheet technology acquired in FY16.

Strong nQueue growth in USA, with exciting pipeline.

Countries operational:

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92k
86k
74k
67k
49k
42k
2011 2012 2013 2014 2015 2016
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AU NZ UK USA
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2. Financial update

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Chris Hagglund RECKON CFO

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Financial performance

Results

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FY16 FY15 GROWTH
REVENUE 97.8m 91.4m 7%
OPERATING EXPENSES (62.5m) (54.8m) 14%
EBITDA 35.3m 36.6m -4%
NET PROFIT ATTRIBUTABLE
11.0m 14.6m -25%
TO MEMBERS
DEVELOPMENT SPEND 22.8m 19.6m +16%
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• Strong subscription revenue growth.

• Underlying business showed solid profit growth.

• Investment in sales and marketing primarily in the Reckon One (ANZ and UK) and Document Management in (ANZ and USA) growth markets.

• Profit also impacted by higher amortisation due to investment in Reckon One and Document Management growth products.

EBITDA breakdown

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FY16 FY15 GROWTH
Existing businesses 39.8m 37.8m 5%
New market initiatives (5.2m) (2.6m)
Business sold 0.7m 0.8m
Currency - 0.6m
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Net profi t attributable to members breakdown

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FY16 FY15 GROWTH
Existing businesses 20.8m 19.3m 8%
New market initiatives (9.8m) (4.7m)
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Net profi t attributable to members

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Existing business net profit
20.8m
19.3m
Growth investments
(9.8m)
(4.7m)
FY16 FY15
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Financial performance

Revenue by business

Revenue type

CONSTANT CURRENCY:	FY16	FY15 GROWTH 45.0m 4% 8.7m 70% 35.4m - 89.1m 9% 1.1m 1.2m 91.4m 100% Subscription revenue Other revenue Content revenue 100% 8% 20% 72% 69% 22% 9% FY16 FY15
PRACTICE MANAGEMENT	46.8m
DOCUMENT MANAGEMENT	14.8m
BUSINESS	35.5m
TOTAL AT CONSTANT CURRENCY	97.1m
BUSINESS SOLD	0.6m
CURRENCY	-
	97.7m

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Business financials

Subscription business with strong online growth.

Revenue

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FY16 FY15 GROWTH
SUBSCRIPTION 25.4m 22.5m 13%
PERPETUAL/SERVICE/
10.1m 12.9m -22%
OTHER RECURRING
TOTAL 35.5m 35.4m -
EBITDA
EBITDA EXISTING
19.9m 19.1m 4%
BUSINESS
NEW MARKET
(2.9m) (2.1m)
INITIATIVE
TOTAL 17.0m 17.0m -
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Financial performance

• Revenue of $35.5m up marginally on FY15.

• Transition to subscription substantially completed (mainly in Q1).

• Growth of 3% in H2 FY16.

• Subscription now 81% of available revenue (72% in FY15).

• 23% online revenue growth over FY15 (35% of revenue now is now cloud).

• EBITDA of $17.0m marginally up on FY15.

• Invested in Reckon One sales and marketing in AU, NZ and UK.

• Underlying EBITDA growth 4%.

Revenue breakdown by half

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19.1m -2% 19.5m
16.4m +3% 15.9m
5.6m -29% 7.9m
4.5m -10%
5.0m
13.5m +17% 11.6m 11.9m +9% 10.9m
H1 FY16 H1 FY15 H2 FY16 H2 FY15
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EBITDA breakdown by half

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10.4m
9.9m -5%
7.1m
+8% 6.6m
H1 FY16 H1 FY15 H2 FY16 H2 FY15
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Perpetual / Service / Other recurring

Subscription

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Document Management financials

Customer growth continues to accelerate. Global market opportunity.

Revenue

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FY16 FY15 GROWTH
SUBSCRIPTION 11.8m 6.4m 85%
UPFRONT + SERVICE 3.0m 2.3m 29%
14.8m 8.7m 70%
CURRENCY - 1.1m
TOTAL 14.8m 9.8m 52%
EBITDA
EBITDA EXISTING
4.7m 4.2m 11%
BUSINESS
NEW MARKET
(2.3m) (0.4m)
INITIATIVES
CURRENCY - 0.5m
TOTAL 2.4m 4.3m -45%
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Financial performance

• Revenue of $14.8m, up 52% from $9.8m in FY15.

• 60% revenue growth in H2 FY16 (45% in H1 FY16).

• Underlying revenue growth of 9%.

• Subscription now 80% of revenue (73% in FY15).

• EBITDA of $2.4m, down 45% from $4.3m in FY15 due to investment in AU, NZ and USA markets. Market potential for each country is very significant.

• Underlying business EBITDA growth of 11%.

• SmartVault ahead of target.

Revenue breakdown by half

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7.3m +45% 7.5m +60%
1.4m -12% 1.6m +57%
5.0m 4.8m
1.5m 1.1m
5.9m 5.9m
+70% 3.5m +61% 3.7m
H1 FY16 H1 FY15 H2 FY16 H2 FY15
Upfront + Service Subscription
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EBITDA breakdown by half

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2.2m 2.1m
1.6m -25%
0.8m -64%
H1 FY16 H1 FY15 H2 FY16 H2 FY15
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Practice Management financials

Highest number of new large clients added in many years, to an already impressive customer base.

Revenue

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FY16 FY15 GROWTH
SUBSCRIPTION 32.7m 32.2m 1%
UPFRONT & SERVICE 6.6m 4.9m 33%
SOFTWARE 39.3m 37.1m 6%
CONTENT 7.5m 7.9m -5%
SUBTOTAL 46.8m 45.0m 4%
CURRENCY - 0.1m
BUSINESS SOLD 0.6m 1.1m
TOTAL 47.4m 46.2m 2%
EBITDA
EXISTING BUSINESS 19.9m 19.4m 3%
BUSINESS SOLD 0.7m 0.8m
TOTAL 20.6m 20.2m 2%
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Financial highlights

• Revenue of $47.4m, up 2% from $46.2m in FY15.

• Continued growth in software business.

• Weak content performance in 2016.

• Subscription now 83% of available revenue.

• EBITDA of $20.6m, up 2% from $20.2m in FY15.

Revenue breakdown by half

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23.8m +7% 23.5m -2% 23.9m
22.3m
19.4m +9% 17.8m +3% 19.3m
19.9m
4.1m 3.8m
3.9m -4% (0.2m) 3.5m -6% 0.3m
0.5m 0.6m 0.1m 0.5m
H1 FY16 H1 FY15 H2 FY16 H2 FY15
Software Content Currency Discontinued
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Practice Management reporting disclosure

A move towards a more meaningful reporting framework.

New revenue disclosure

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FY16 FY15
GROSS REVENUE 59.8m 59.9m
PASS THROUGH ASIC FEES (12.5m) (13.7m)
REVENUE EXCLUDING ASIC FEE (REPORTED) 47.3m 46.2m
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• As advised we have simplified the reporting in our Content business by removing the pass through ASIC fees from the revenue line.

• This more accurately reflects the revenue and margin earned on our Practice Management business.

• There is no impact on EBITDA.

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Development spend

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25 25%
22.8
FY16 FY15
19.6
20 20%
OPERATING CASHFLOW 29.7m 33.5m 18.3
16.8
14.9
DEVELOPMENT SPEND (22.8m) (19.6m)
15 15%
12.4 12.1
-
SMARTVAULT ACQUISITION (5.8m) 10.7
10 10%
DESKTOP SUPER SALE 1.3m -
VIRTUAL CABINET FINAL
- (9.0m) 5 5%
PAYMENT
DIVIDENDS PAID (3.9m) (10.0m)
0 0%
2009 2010 2011 2012 2013 2014 2015 2016
• Operating cashfl ow decreased and the development spend
increased as a result of the investment in new markets.
Existing business Growth investments % of revenue (RHS)
A$m
% of revenue
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• Bank facility of $71m extended to August 2019.

• More than 50% of development spend is on new growth investments:

• the integration of SmartVault and Virtual Cabinet platforms, Reckon One, and

• further targeted development of Reckon APS’s cloud functionality.

• Total development spend is expected to return to it’s long term average from 2018 onwards.

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• % of revenue prior to ASIC fee adjustment.

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3. Outlook

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Reckon One growth opportunity

Strong, rapidly growing customer feedback.

Customer feedback

“The product is fantastic, very easy to use. The pricing is very competitive.”

Michelle Aliste | Clever Cloud Business Solutions

“Easy to use, and only get charged for what you use, at a reasonable price.“

Brenton Wilson | Wilson Autocare

“The system is a great price and is becoming more and more user friendly.” Rob Easton | Rotary Club Philip Island

everyone in business can use.”

“Great cloud software and so much cheaper for the smaller clients.“

Lynda Chater | Add It Up Services

Julie Forrester | Bizassist

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Reckon One growth opportunity

We’re only getting started

Only 10% in the cloud of 5 million Self-Employed and SME’s

United Kingdom

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Only 20% in the cloud of 3 million Self-Employed and SME’s

Australia

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Only 40% in the cloud of 500,000 Self-Employed and SME’s

New Zealand

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And internationally most markets are far less mature. Tens of millions of potential businesses across dozens of countries. Enormous opportunity.

• Estimated from various market sources December 2016.

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Document Management growth

Velocity of our customer and user base acquisition continues to rapidly increase. Our recent SmartVault acquisition is already providing positive synergies.

Users sharing documents in the portal

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650k
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617,000
users are sharing documents
through our online portal.
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Practice Management strength We continue to add to our already impressive customer base at the fastest pace in years. Leading accounting and legal fi rms across the world are using Reckon products.

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Building a sustainable growing company by investing in product development, sales and marketing initiatives.

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Growing momentum

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Proving

success

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Global

opportunities

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We’re ready

Revenue and customer volumes continue to increase.

We’re executing on our strategy and showing we can deliver.

A leading product range, expanding territories, and lots of room to grow.

We’ve made and are making the right investments for an exciting future.

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4. Q & A

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Resources

Website About us Investors Media reckon.com reckon.com/au/about-us reckon.com/au/investors reckon.com/au/media Watch our new Reckon One video here: reckon.com/au/one

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