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Report of the Management Board on the Operations of Livechat Software S.A

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Report of the Management Board on the Operations of Livechat Software S.A Report of the Management Board on the operations of LiveChat Software S.A. and LiveChat Software Capital Group for the period of 6 months ended September 30, 2019 November 27, 2019 www.investor.livechatinc.com THE FASTEST WAY TO HELP YOUR CUSTOMERS Management report on the activities of LiveChat Software Capital Group Contents Management Discussion and Analysis In the first half of the financial year 2019/2020, LiveChat Software Group of Companies generated revenues of PLN 62.5 million and Operating highlights consolidated net profit of PLN 31.1 million. These results are higher by 20% and 9.7%, respectively, than last year’s results in the analogous period. Structure of In Q2 alone, consolidated revenues of the Group went up by 21.6% YoY to PLN 32.32 million and net profit by 16.1% to PLN 16.37 million. LiveChat Software Group As in Q1, growth resulted from such factors as: increased number of clients using the LiveChat solution, increased LiveChat ARPU Description of the activities (average revenue per user) as compared to the preceding year, increased revenues from other solutions (especially ChatBot). LiveChat ARPU grew both in relation to the preceding year and in relation to the preceding quarter. What is more, it went upwards in each of LiveChat Software Group subsequent month of Q2. During recent periods, the Group employed significantly more staff. At the end of Q1, it collaborated on a permanent basis with 160 Growth prospects people as compared to 107 people a year ago. Increased employee headcount is a response to challenges faced by the Company and the Group. At present, the Company is focusing, among other things, on taking advantage of opportunities offered by the new LiveChat3 back-end and implementing new functionalities for its clients. Financial situation The rise in workforce numbers was also affected by the work on other Company’s products and certain tasks related to marketing (e.g. content creation) and development of new channels for reaching out to clients. Despite higher employment level and higher costs of operating a larger organization, the Group maintains very high operating margins Shares and shareholders and efficiently generates positive cash flows. In the first half of the year, gross margin on sales was 85.7%, operating margin was 61.7% and net margin was 49.7%. Cash flows from operating activities amounted to PLN 31.7 million. In Q2 alone, net margin was 50.6%. At the end of Q2, the Group had cash of PLN 22.7 million at its disposal. It is worth noting that during Q2 the Company made the second advance payment towards expected dividends for the financial year 2018/2019 and then paid out a part of the dividends remaining to be Governing bodies paid after advances. The company, for a long time, has been observing the trend according to which the dynamics of the increase in the number of customers and the dynamics of the increase in revenues differ significantly. Currently, work is underway to change the current price model, which may further increase this difference. Therefore, from the beginning of next year, the Company intends to stop publishing monthly reports on the number of customers of the LiveChat solution and replace them with the publication of preliminary, estimated data on revenues. The Company confirms its dividend policy of distributing to the shareholders as much of its net profit as possible and making advance payments towards expected dividends. www.investor.livechatinc.com 2 THE FASTEST WAY TO HELP YOUR CUSTOMERS Operating summary Selected consolidated financial data [PLN] H1 2019/20 2018/19 Zmiana [PLN] 30 September 2019 31 marca 2018 r. Zmiana Total assets 57 684 232 61 520 325 -6,2% Net sales of products, goods and 62 496 575 52 095 771 +20,0% materials Liabilities and provisions 8 514 201 7 175 057 +18,7% EBITDA 41 203 464 36 695 606 +12,3% Long-term liabilities 2 944 584 10 243 Operating profit (loss) 38 568 952 35 042 055 +10,1% Short-term liabilities 5 569 617 7 164 814 -22,3% Gross profit (loss) 38 606 231 35 126 607 +9,9% Net equity 49 170 031 54 345 268 -9,5% Initial equity 515 000 515 000 - Net profit (loss) 31 082 343 28 328 390 +9,7% Number of shares 25 750 000 25 750 000 - Net cash flow - 9 900 820 -10 330 144 - BVPS 1,91 1,53 +24,8% cash flow from operating activities 31 712 525 28 759 415 +10,3% cash flow from investing activities - 5 302 520 -4 842 059 - PLN 41 203 464 cash flow from financial activities - 36 310 826 -34 247 500 - 36 695 606 Number of shares 25 750 000 25 750 000 - 31 082 343 28 328 390 Profit (loss) per ordinary share 1,21 1,10 +10,0% Net profit EBITDA H1 2018/19 H1 2019/20 www.investor.livechatinc.com 3 THE FASTEST WAY TO HELP YOUR CUSTOMERS Operating summary Key events in the six months of the fiscal year Each month of the first half of the accounting year marked an increase in the number of In July, the Company finalised the process of changing the free trial period for potential paying clients using the LiveChat solution. Figures relating to the number and dynamics LiveChat clients. A shorter trial period allows for faster assessment of impact of changes of client accessions are presented in the chart below. introduced to the product and the so-called on-boarding process (getting clients acquainted with the product and its functionalities) on conversion and for more effective Net growth of number of clients management of paid campaigns. In June and July, one-off positive impact of shortening the client conversion period by 16 days was observed. 700 On 2 July, the Management Board adopted a resolution on the second advance payment towards expected dividends out of profits for the accounting year 2018/2019. As in the 600 case of the first advance payment, the payment value was PLN 0.54 per share. 500 On 7 August, the Annual General Meeting of Shareholders made a decision on distribution of profit for the last accounting year. In accordance with the recommendation of the Management Board, it was decided to distribute unconsolidated 400 456 profit of LiveChat Software S.A., amounting to PLN 56,983,913.68, as follows: PLN 6,771,413.68 to the Company’s supplementary capital and PLN 50,212,500.00 for 335 300 payment of dividends to the shareholders, which means that the dividend per share was 292 288 242 PLN 1.95. 200 263 204 In September, the Company tested changes to the sales process, which translated into 199 165 reduced conversion during that month. The tested changes were not introduced 100 121 permanently and in the following months conversion came back to levels comparable to the previous months. 0 On 22 October, the Company received “Individual Interpretation” of tax law provisions I II III IV V VI VII VIII IX X XI XII relating to the corporate income tax and aspects connected with preferential taxation of 2016 2017 2018 2019 income generated by intellectual property rights (IP Box). In the interpretation, the Director of the National Revenue Information Service stated that the Company’s position The number of clients alone is becoming a less and less important KPI for the Company. presented in its request for interpretation of tax law provisions relating to the corporate For many months, revenues (adjusted for impact of currency exchange rate fluctuations) income tax, in respect of: have been growing faster (in terms of YoY dynamics) than the number of clients. This is connected, among other things, with the fact that the Company’s offer is addressed to - determining whether the Company’s products (applications) described in the statement business clients – companies with their own websites. Now, clients of LiveChat Software of facts constitute qualified intellectual property rights within the meaning of Section have a choice among four different subscription plans. Final revenue per client depends 24d(2) of the Corporate Income Tax Act (Question No. 1) – is correct; on the chosen plan and the number of purchased licences. Difference between revenues - determining whether the Company’s income from individual applications will constitute generated by individual clients may be very high. Furthermore, the Company has been income from a qualified intellectual property right referred to in Section 24d(2) of the working towards improving ARPU. Corporate Income Tax Act which may be taxed at the rate of 5% as income from a qualified intellectual property right included in the sales price of the service (Question No. 2): www.investor.livechatinc.com 4 THE FASTEST WAY TO HELP YOUR CUSTOMERS Operating Summary Key events in the six months of the fiscal year - in the event that the monthly subscription fee is only a fee paid by the user for the right In the statement of reasons, the Authority stated that it “does not deny that adoption to use a given application – is correct; by the Applicant of accounting record-keeping allowing the Company to divide particular income calculation items as part of IP BOX, i.e. revenues and costs corresponding to each qualified intellectual property right, will allow for avoiding - in the event that the highest-level subscription offers extended product support unauthorised deduction of incurred costs in the part in which they are not related to including support of IT specialists, product training, a dedicated Key Account Manager – the qualified intellectual property right, and nothing in the Corporate Income Tax Act is incorrect; prevents the Company from applying accounting record-keeping of a qualified intellectual property right in order to match particular costs or revenues with - calculation, according to the formula, of the Nexus indicator referred to in Section particular activity.
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