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SUMO GROUP PLC Full Year Results 2020

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SUMO GROUP PLC Full Year Results 2020 SUMO GROUP PLC Full Year Results 2020 © 2021 Sumo Group plc. All Rights Reserved. Registered in England No: 11071913 Registered office: Unit 32 Jessops Riverside, Brightside Lane, Sheffield S9 2RX DISCLAIMER • Certain statements included or incorporated by reference within this presentation may constitute “forward-looking statements” in respect of the Group’s operations, performance, prospects and/or financial condition. • By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions and actual results or events may differ materially from those expressed or implied by those statements. Accordingly, no assurance can be given that any particular expectation will be met and reliance should not be placed on any forward-looking statement. Additionally, forward- looking statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. No responsibility or obligation is accepted to update or revise any forward-looking statement resulting from new information, future events or otherwise. Nothing in this presentation should be construed as a profit forecast. • This presentation does not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to purchase any shares or other securities in the Company, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment or investment decisions relating thereto, nor does it constitute a recommendation regarding the shares and other securities of the Company. Past performance cannot be relied upon as a guide to future performance and persons needing advice should consult an independent financial adviser. • Statements in this presentation reflect the knowledge and information available at the time of its preparation. Liability arising from anything in this presentation shall be governed by English Law. Nothing in this presentation shall exclude any liability under applicable laws that cannot be excluded in accordance with such laws. Sumo Group plc INTRODUCTION FY20 results ahead of market expectations Continuing strong and resilient performance through COVID-19 pandemic 3-star accreditation in B’Heard Engagement survey Growth in headcount to 1,043 at December 2020 up 277 from December 2019 Acquisitions of: • Lab42 (May 2020) • Pipeworks (October 2020) Key messages: Our people • PixelAnt (January 2021) Acquisitions Launch of Secret Mode in March 2021 Secret Mode Very strong market backdrop FY21 very positive outlook Visibility of 2021 development fees Slide 3 Sumo Group plc SUMO GROUP SINCE THE IPO >34% Revenue CAGR since 2017 1043 >25% Adjusted EBITDA Total heads 766 869 CAGR since 2017 Direct heads Number of people 592 634 24% Organic revenue 489 68.9 growth 2019 to 488 2020 415 49.0 38.7 Revenue (in £m) 28.6 14.1 16.5 10.2 Adjusted EBITDA (in £m) 8.4 December 2017 December 2018 December 2019 December 2020 Year end studios: 5 7 10 12 13 (March 2021) Acquisitions: Slide 4 Sumo Group plc THE YEAR IN LAUNCHES AND ANNOUNCEMENTS IP - OWN ANNOUNCED JAN ‘20 FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC IP - CLIENT NOW WORKING ON MORE THAN 40 PROJECTS WITH 28 DIFFERENT CLIENTS OF WHICH EIGHT ANNOUNCED (UP FROM 21 PROJECTS WITH 12 DIFFERENT CLIENTS AT APRIL 2020) Slide 5 Sumo Group plc AWARD WINNING Slide 6 Sumo Digital LONG TERM CONTRACTED REVENUE 2021 2022 2023 JAN FEB MAR APR MAY JUN JUL AUG SEPT OCT NOV DEC JAN FEB MAR APR MAY JUN JULY AUG SEPT OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEPT OCT NOV DEC 85% 60% 35% Contracted Near-Contracted Slide 7 Pipeworks LONG TERM CONTRACTED REVENUE 2021 2022 2023 JAN FEB MAR APR MAY JUN JUL AUG SEPT OCT NOV DEC JAN FEB MAR APR MAY JUN JULY AUG SEPT OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEPT OCT NOV DEC 50% 24% 11% Contracted Near-Contracted Slide 8 Sumo Group plc COVID-19 UPDATE • All studios have been working remotely for 12 months Working remotely • Caring and homeschooling support • Over 8,000 care packages shipped to our people Maintaining our culture • Coffee mornings, Yoga evenings, quiz nights, movie nights, etc. • Mental health first aid support Government support measures • Have not taken any and do not expect to do so Return to the studios • Managed re-opening of studios with greater flexibility Slide 9 Sumo Group plc IMPACT OF COVID-19 • Operational effectiveness maintained in all tracked projects whilst remote working Operating effectively • Successfully delivered 279 milestones in 2020 • Project closure more challenging Successful milestone deliveries: 4/4 SuccessfulSuccessful milestone Successfulmilestone deliveries: deliveries:milestone 7/7 deliveries:4/4 7/7 Successful milestone deliveries: 9/9 Slide 10 Sumo Group plc FINANCIAL HIGHLIGHTS Adjusted gross margin Utilisation (Group) Revenue Adjusted gross profit (New definition) £68.9m £31.7m 41.8% 92.6% + 40.7% + 25.8% (FY19: £49.0m) (FY19: £25.2m) (FY19: 44.8%) (FY19: 95.8%) Cash flows from Development fee Adjusted EBITDA Net cash operating activities visibility Sumo Digital: 85% £16.5m £12.7m £6.8m + 17.1% Pipeworks: 50% (FY19: £14.1m) (FY19: £16.3m) (Dec 19 £12.9m & Jun 20 £15.2m) (FY19: Sumo Digital 73%) 1. Adjusted gross profit is calculated as statutory gross profit adjusted for net investment in co-funded games expensed 2. Adjusted gross margin is now calculated as adjusted gross profit as a percentage of revenue and Video Games Tax Relief 3. Adjusted EBITDA is set out later in this presentation 4. Adjusted gross profit, adjusted gross margin and adjusted EBITDA are non-GAAP metrics used by management and are not an IFRS disclosure 5. Some figures in this presentation have been rounded to one decimal place Slide 11 Sumo Group plc REVENUE FY20 FY19 YoY growth £m £m Client-IP Development 55.4 31.3 Royalty 1.3 1.3 Own-IP Development 9.9 16.0 Royalty 1.9 - Significant Own-IP Royalties Game revenues 0.4 0.4 Total revenue 68.9 49.0 40.7% Client-IP 82% 67% Own-IP 18% 33% Client-IP: Strong track record of creating high quality content for publishers and likely to continue to represent majority of revenue Own-IP: Longer term monetisation opportunity and range of project sizes with larger projects entirely or mainly funded by publishers Overall mix of Client-IP & Own-IP will vary depending on project mix and status during the financial period Slide 12 Sumo Group plc STATUTORY AND ADJUSTED GROSS MARGIN Royalties FY20 FY19 Now incur costs to generate royalties so no £m £m longer exclude royalty income in Adjusted Gross Margin. Revenue 68.9 49.0 VGTR 6.9 7.4 VGTR VGTR a proxy for revenue in UK – No equivalent in Oregon. Revenue + VGTR 75.9 56.3 Pipeworks 31.5 23.9 Statutory gross profit • Considered cost classification following acquisition. • Tend to use more contractors. Investment in co-funded games expensed 0.2 1.3 • Gross margin is lower than Sumo Digital. • Underlying gross profit per direct head at least Adjusted gross profit 31.7 25.2 in line with Sumo Digital. Underlying gross margin Underlying Adjusted Gross Margin remains Statutory gross margin 45.7% 48.9% strong at 43.2% - after Snake Pass 2 and holiday pay accrual flagged at H1. 2.5 months of Pipeworks has 1% impact on gross margin. Adjusted gross margin 41.8% 44.8% Slide 13 Sumo Group plc ADJUSTED EBITDA FY20 FY19 £m £m Statutory operating profit 1.3 7.5 £1.7m Pipeworks – expected to be £4.5m Amortisation 2.1 0.8 in 2021 and £4m in 2022 Depreciation 3.5 2.2 Share based payments 5.0 2.7 Investment in co-funded games expensed 0.2 1.3 Operating lease costs capitalised under IFRS 16 (1.5) (0.9) Foreign currency derivative contracts (1.0) - Exceptional items 4.1 0.5 Transaction fees Fair value loss on contingent consideration 2.7 - Adjusted EBITDA 16.5 14.1 Adjusted EBITDA margin 23.9% 28.7% Expect H2 weighting once more in 2021 Slide 14 Sumo Group plc CONSOLIDATED CASH FLOW STATEMENT FY20 FY19 Y/e 31 December £m £m Operating profit 1.3 7.6 Depreciation 3.5 2.2 Amortisation 2.2 0.8 Fair value loss on contingent consideration 2.7 - Share based payment charge 5.0 2.6 Movement in trade and other receivables (3.7) 1.8 FY19 contract unwind Movement in trade and other payables 1.7 1.3 Net cash flow from operating activities 12.7 16.3 Net finance (costs) (0.3) (0.2) Tax received / (paid) 0.6 (1.6) Purchase of intangible assets (1.4) (0.8) Capex (4.3) (3.3) Expect c£7.5m in 2021 including £2.5m at Pipeworks Acquisitions (25.3) - Acquisition of Lab42 and Pipeworks Net proceeds from issue of shares 13.1 - Placing in July 2020 Proceeds of borrowings 14.2 - Repayment of borrowings (10.0) - Outflow of financial debt – IFRS 16 (1.0) (1.0) Net cash (outflow)/inflow (1.7) 9.4 Slide 15 Sumo Group plc WORKING CAPITAL June 2019 December 2019 June 2020 December 2020 £m £m £m £m Revenue in excess of billings “Contract 1” 2.3 1.3 1.6 - Other 3.3 6.9 4.8 9.2 Trade debtors 11.1 5.8 6.9 10.3 Work in progress 0.8 0.7 0.1 - VGTR 10.0 5.7 6.5 7.4 Other 1.8 3.2 3.7 4.1 29.3 23.6 23.6 31.0 Trade creditors (6.3) (3.1) (2.3) (4.2) Contract liabilities (0.8) (0.4) (0.5) (0.9) IFRS 16 lease liabilities < 1 year (1.0) (0.8) (1.3) (1.4) Other provisions (7.5) (9.9) (8.9) (14.5) (15.6) (14.2) (13.0) (21.0) Net working capital (exc.
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