Bill Identity : Financial Results Presentation

only
FY22 Half Year
Results Presentation
use
ersonal	24 February 2022

1H FY22 results

Revenue growth driven by key client wins across all regions and acquisition of Optima

only	$7.4m	$5.8m
	Total revenue1	Platform revenue1
use	up $1.1m / 17% pcp	up $2.4m / 72% pcp
Key platform customer
	wins AU/UK/NZ
ersonal

Notes:

1 - Excludes amounts associated with discontinued operations 2 - Excludes 20 US based customers at Dec 21

$1.6m	203
Rebate revenue	Platform Clients2
down $1.3m / 46% pcp	up 16 / 8% Dec 20
	(Net)

Revenue

2

1H FY22 regional highlights

Getting closer to breakeven in ongoing operating business

Enabling and enhancing environmental sustainability through technology

UK - Achieving segment breakeven

Global - New leadership

• $1.7m total revenue growthachieved in UKvs pcp ($1.6m attributable to Optima).

onlyuse	+ Improved Gross Margin (~50%in FY21 vs 6%in
	pcp) and breakeven Segment Margin.1
	+ New Executive VP for UK/EU, Ben Rouncefield-
	Swales joinedin January 2022.
ersonal	US - Discontinuing unprofitable US UBM Business
	+ Commenced actions to discontinue ~20 negative orlow
	gross profit US Platform UBM contracts, as well as
	reduction in associated fixed costs, in Q3 FY22.
	+ Once completed the discontinuance is expectedto
	deliver ~$4m annualised savings.

• Focus on Rebates business and supporting global Platform customers with appropriate ROI.

Note 1: Segment Margin equals Revenue less Cost of goods/services sold and Sales & Marketing costs. It excludes significant items, R&D and corporate costs

• Michele Garra commenced as Bid's Chief Executive Officer on 29 November 2021.
• Q2 operating cashflow burn improved by

approx. $1m onQ1.

Australia/ New Zealand

+25% pcpplatform revenue growth.

+Revenue increase fromNew Zealand to $0.12mfor the sixmonth period.

3

3

Platform

P+L key metrics

Platform grew by 72% on pcp driven by key client wins from all regions, and the Optima acquisition. UK achieved significant improvement in Gross Margin, and positive Segment Margin.

only	AU		UK			Total Platform: Continuing Operations
Platform:
Continuing
Operations							5.8	up
								+72%
			up
		3.6	+25%			3.4
	2.9				up
				2.2	336%
Revenue ($m)			0.5
and growth (%)
use	HY	HY	HY	HY		HY	HY
Dec-20	Dec-21	Dec-20	Dec-21		Dec-20	Dec-21
		CHANGE		CHANGE			CHANGE

Gross Margin ($m)	1.3	1.4	+0.1	NM	1.1	+1.1
ersonal	46%	40%	-6%pt	6%	50%	+44%pt
Gross Margin %
Segment Margin1	0.3	(0.1)	(0.4)	(0.5)	-	+0.5
($m)
	Revenue up 25% on pcp driven by	Revenue increased off a small base
	key client wins despite higher	in pcp to $2.2m post Optima
	degradation and churn.		acquisition. Optima contributed
	Gross Margin reduced by 6%pt and	$1.8m on a 6 month basis vs $0.3m
	for 1 month in FY20.
	negative Segment Margin due to	Gross Margin increased significantly.
	investments in customer
	experience for AU market and	vs pcp.

Sales and Marketing for NZ	UK also achieved break-even
market.
Segment Margin for the half year.

Note 1: Segment Margin equals Revenue less Cost of goods/services sold and Sales & Marketing costs. It excludes significant items, R&D and corporate costs

1.3	2.5	+1.2
40%	44%	+4%pt
(0.2)	(0.1)	+0.1

Total Platform revenue up 72% on the pcp.

Gross Margin up on pcp and Segment Margin close to

breakeven.

4

Rebate and Group

P+L key metrics Continued….

Rebate services revenue contracted 46% on pcp to $1.6m - impacted by the completion of certain large projects and the 2-year impact of Covid-19 on generating new business. The Rebate business continues to demonstrate high profitability.

only

Rebates : Continuing Operations

Total Platform: Continuing Operations

Total : Continuing Operations

7.4

5.8

6.3

up

up

+72%

+17%

use

3.4

2.9

1.6

down

Revenue ($m)

-46%

and growth (%)

HY

HY

HY

HY

HY

HY

ersonal

Dec-20

Dec-21

Dec-20

Dec-21

Dec-20

Dec-21

CHANGE

CHANGE

CHANGE

2.5

1.3

(1.2)

1.3

2.5

+1.2

3.9

3.8

(0.1)

Gross Margin ($m)

Gross Margin %

86%

81%

-5%pt

40%

44%

+4%pt

62%

52%

-10%pt

Segment Margin1 ($m)

2.4

1.1

(1.3)

(0.2)

(0.1)

+0.1

2.2

1.0

(1.1)

81%

70%

-11%

NM

NM

NM

NM

NM

NM

Rebate revenue contracted as larger customer projects

R&D

(1.1)

(1.2) Corporate costs increased with full

(i.e. LED lights & HVAC) completed.

impact of investments in Legal and

New business generation was impacted by 2 years of

G&A

(1.8)

(2.5) Finance Teams made at the of end HY-

covid restrictions, and reduced pipeline and business

21 and during 2021 via increased or new

development opportunities.

EBITDA

(0.7)

(2.6) headcount in key areas (HR; Proj Mgmt;

High margins for this business have been retained.

excluding significant items

Compliance) and 6 months of cost in

FY21 vs 1 and 3 months in FY20 for CFO &

Note 1: S gment Margin equals Revenue less Cost of goods/services sold and Sales & Marketing costs. It excludes significant items, R&D and corporate costs

General Counsel respectively.

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