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Final Results 2020 Download LON:LTG Closing the gap between current and future workforce capability Learning Technologies Group plc 2020 Final Results Jonathan Satchell Neil Elton Chief Executive Chief Financial Officer 25 March 2021 2020 Highlights Financial Highlights • Resilient revenue and high quality earnings • Recurring revenues increased to 81% (2019: 74%) and EBIT margins maintained above 30% • Software & Platforms grew 13% - stable organic performance plus acquisitions; Content & Services declined 24% (24% of Group revenue)- anticipating strong recovery in 2021 • Strong cash generation and balance sheet with over £70m net cash at year end • Raised £82m in placing to accelerate future growth in the talent development market and made 8 acquisitions since start of 2020 adding c.£50m of proforma revenue Strategic Highlights • Extended our global reach into new markets and customer segments • Established global leadership in the open-source Moodle™ LMS market: acquired Open LMS, eCreators and eThink - reaching more than 8m users • Cross-selling initiatives focused on top 50 high potential clients; increased success in delivering multi-product, best-of-breed solutions • Enabling our clients to deliver on their ESG priorities - over 200m learners globally • Confident of delivering 2022 strategic run-rate target of c.£230m revenue and c.£66m adj. EBIT LTG in the corporate digital talent management and learning markets LTG - Strategic Leader PeopleFluent - Core Leader PeopleFluent/Bridge Jan 2021 Bridge - Strong Performer Core Challenger Jan 2021 Oct 2020 *Fosway Group: Europe’s #1 learning analyst, Glossary – see appendix 3 2020 Financial Highlights: resilient performance, strong balance sheet Revenue (£m) Revenue Organic Revenue* CAGR 19% 2020: £120.1 m 2020: £132.3m (2019: £130.1m) +2% S&P +0% (+8% 4 Year CAGR) (2019: £130.1m) C&S -24% (-2% 4 Year CAGR) Adjusted EBIT (£m) Adjusted EBIT CAGR 24% Adjusted EBIT Margin 2020: £40.3m 2020: 30.5% -2% (2019: 31.5%) (2019: £41.0m) Adjusted d.EPS (pence) Adjusted dEPS Net Cash CAGR 20% 2020: £70.2m 2020: 4.294 pence (2019: £3.8m) -1% Net cash at end Feb ‘21: c.£25m (2019: 4.351 pence) *On a constant currency basis and excluding Open LMS, eCreators, eThink Organic growth includes BreezyHR acquired April 2019 for full year in 2019 and excludes Open LMS - March 2020, eCreators - Oct 2020, eThink - Dec 2020, JCA and Patheer. Also adjusted for FX. 4 Financial Highlights Review Neil Elton Chief Financial Officer 5 Revenue: enhanced sustainability and diversification of earnings Increasing recurring revenue Revenue shift LTG's top 10 clients 52.1 Increasing international footprint 6 Divisional Performance: Software & Platforms/Content & Services Software & Platforms • 6-9 months enterprise sales cycle Revenue (£m) (£m) EBIT EBIT Margin • Like-for-like revenues flat • Margins fell from 36% to 32% due largely to the higher allocation of overheads based on revenues • Most customers take multi-year licences, invoiced and paid annually • Open LMS contributed for 9 months, eCreators for Q4 and eThink for December Content & Services (£m) Revenue (£m) EBIT EBIT Margin • 4-6 weeks content/services sales cycle • Year-on-year revenues fell 24% • Margins increased from 23% to 25% due largely to the lower allocation of overheads based on revenues • As anticipated revenues impacted by clients postponing projects due to uncertainties created by COVID-19 • Anticipate a stronger services performance in 2021, returning towards 2019 levels 7 Quality of Earnings: strong reliable margins Resilient margins £m 40% 30% 20% 10% 0% EPS growth Dividend Per Share ROCE** DPS Postponed Div final DPS cover Pence Pence 6.1 5.8 5.7 0.5 0.25 *Includes postponed dividend of 0.50p per share paid in 2020. 8 Cash Flow and Financing: continuing strong cash conversion £'m Cash cost of acquisitions net of cash acquired (38.9) 2020 Cash Flow Bridge Transaction costs (0.7) Net cash Inflow Outflow Cost: Open LMS, eCreators, eThink, Patheer , JCA (39.6) 80.6 (1.2) 70.2 42.6 (6.1) (3.3) (39.6) £m (5.5) (1.1) 3.8 Operating cash conversion* New Bank Debt Facility as % of adjusted EBITDA • 5 year loan with Silicon Valley Bank and Barclays Bank from May 2018 1.0 • $63m facility includes $42m term loan and $21m RCF 0.75 • Additional uncommitted $28m accordion facility 0.5 • Financial covenants: 0.25 • Cash Flow cover >1.0 / Leverage <2.75 0.0 • Net cash of £70.2m at 31 December 2020 (2019: £3.8m) *Operating cash conversion % is calculated by dividing operating cash flows (adjusted for acquisition-related deferred consideration payments, transaction and integration costs, interest and tax paid, exceptional realised FX gains or losses, payments of lease liabilities and the movement of deferred upfront investment outflows relating to the CSL project) by adjusted EBITDA. 9 LTG Strategic Review Jonathan Satchell Chief Executive 10 LTG’s unique offering: specialist talent management and learning solutions that address the entire market ecosystem 11 Reflektive and Bridge: class leading products in new markets Highly complementary to PeopleFluent solutions; expands access to the small and mid-market sectors • Two acquisitions that reflect LTG’s strategy to acquire high functionality, complementary products and to offer multi-product solutions that meet the needs of small, mid-size and large enterprises. • Reflektive’s highly regarded software will broaden LTG’s offering within the learning and talent management ecosystem and increase the Group’s exposure to the high growth mid-market sector. • Bridge is highly complementary to PeopleFluent, which Reflectiveserves the large enterprise market, and Breezy HR, which Revenuesserves c. the small and mid-sized market. Like Reflektive, c.$14m £12mBridge’s solutions are focused primarily on the mid-market. c.$21m revenue revenue Reflektive Bridge acquired Jan 2021 acquired Feb 2021 A leading performance management software provider headquartered Bridge provides a highly user-focused learning management in San Francisco; highly complementary - bringing agile performance system in addition to performance, engagement and skills management software; expands PeopleFluent’s capabilities with development products on a SaaS-based platform. The business flagship engagement and analytics tools; offers collaborative goal represents a significant extension of LTG’s mid-enterprise setting, continuous feedback and analytics that bring measurable results offering for digital learning and talent management. for boosting productivity, engagement, and retention. JCA and Patheer combined run-rate revenues of c. $0.4 million were also acquired during 2020. These acquisitions were consistent with LTG’s strategy to buy specialist skills and niche software. 12 Open LMS broadens LTG’s exposure to growth markets: now the largest Moodle™ services provider in the world $35m pro forma revenue in a $250m growth market • Open LMS, eCreators and eThink acquired and integrated to create global leader in Moodle™. • c.1,500 cloud-based Moodle™ clients and servicing more than 8 million users. • Scalable hosting technology with committed team of open-source experts, providing best-fit solutions for higher education and corporate clients. • New customers, broader offering, larger addressable market and more cross-selling opportunities. • Customers will be able to transition, free of charge, to our workplace-focused, Moodle™-based, open-source LMS - rebranding as Open LMS Work. • Open-source software model is well proven by both Red Hat and SUSE in the Linux market. Acquired December 2020; focused on US market. Renowned for Acquired October 2020 LTG; Australia’s outstanding customer service; largest provider of Moodle™ services. added approx. 40 Moodle™ Cash paid c. £3.3m. FY20 revenue of specialists to the Group and 325 c. £2.8m of which c.70% recurring. hosted Moodle™ clients. Cash paid c.£14.4m. FY20 revenue of c.$9.5m of which c.80% recurring Combined revenue c.$35m Open LMS acquired in March 2020 to form the foundation for a For more on the purchase of buy-and-build strategy to become the largest player in the Open LMS see our website at Moodle™ market. https://www.ltgplc.com/news/im-a-honda Business and assets acquired for c. £21.9m. Acquired revenue -guy-or-why-were-buying-another-lms/ of c.$16 million, of which c.70% recurring subscription fees. 13 Diversity & Inclusion: high growth potential within talent management Broadening activities in growth markets “PDT Global is a fantastic partner to us; very flexible, agile, extremely cost efficient and very accommodating • Expanding into new growth areas is a key part of LTG’s acquisition strategy. to the brand awareness and values that are Walmart.” • The joint proposition of Affirmity + PDT will address the high-growth D&I sector by enabling customers to measure diversity at granular levels and then implement - Senior Manager, D&I, Walmart the tools, processes and learning required to make appropriate changes. • During 2020 Affirmity authored several new e-Learning modules and expanded its capabilities in existing diversity analytics software and services. D&I – addressing the S in ESG • Affirmity’s new Employee Resource Group management tool has already been • LTG’s efforts to help clients fulfil their ESG priorities was a adopted by several large corporates. key factor behind the purchase of PDT early in 2021. • During 2020 LTG rolled out a number of internal programmes around D&I and unconscious bias training. All of these were based on Affirmity’s solutions. “Diversity in workforce representation and utilization
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