Contenu connexe Similaire à Textura q3 14 earnings release 11 4 2014 final (20) Textura q3 14 earnings release 11 4 2014 final1. 1
©2014 TexturaCorporation
Textura Corporation –Quarter Ended September 30, 2014
Image: Hudson Yards Redevelopment, New York, NY – a project managed using Textura Construction Collaboration Solutions 2. 2
©2014 TexturaCorporation
Safe Harbor
This presentation includes forward-looking statements, including statements regarding Textura's future financial performance, market growth, total addressable market, demand for Textura's solutions, and general business conditions. Any forward looking statements contained in this presentation are based upon Textura's historical performance and its current expectations and projections about future events and financial trends affecting the financial condition of its business. These forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. These forward-looking statements are based on information available to Textura as of November 5, 2014,and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause such differences include, but are not limited to, trends in the global and domestic economy and the commercial construction industry; our ability to effectively manage our growth; our ability to develop the market for our solutions; competition with our business; abnormal severe winter weather conditions; our dependence on a limited number of client relationships for a significant portion of our revenues; our dependence on a single software solution for a substantial portion of our revenues; the length of the selling cycle to secure new enterprise relationships for our CPM solution, which requires significant investment of resources; our ability to cross-sell our solutions; the continued growth of the market for on- demand software solutions; our ability to develop and bring to market new solutions in a timely manner; our success in expanding our international business and entering new industries; and the availability of suitable acquisitions or partners and our ability to achieve expected benefits from such acquisitions or partnerships, including our acquisition of Latistain December 2013. Forward-looking statements speak only as of November 5, 2014 and we assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. Further information on potential factors that could affect actual results is included under the heading “Risk Factors” in our Annual Report on Form 10-K filed on November 26, 2013 and our other reports filed with the SEC.
This presentation should be read in conjunction with Textura’sSeptember 2014 Earnings Release on the Company’s Investor Relations website at investors.texturacorp.com.
In addition to U.S. GAAP financial information, this presentation includes certain non-GAAP financial measures. These historical and forward-looking non-GAAP measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. A reconciliation between GAAP and non-GAAP measures is included in Textura’sSeptember 2014 Earnings Release on the Company’s Investor Relations website at investors.texturacorp.com, and at the end of this presentation. 3. 3
©2014 TexturaCorporation
Introduction and Review of Key Highlights
Image: Hudson Yards Redevelopment, New York, NY – a project managed using Textura Construction Collaboration Solutions
Patrick Allin
Chairman, CEO, Co-founder 4. ©2014 Textura Corporation 4
Current Business Processes – Complex, Error Prone, Inefficient
Banks / Insurers
Title Company
Owner / Developer
Sub-contractors
Engineers
Architects
General
Contractors
Suppliers
Architects
Financing
Companies
Insurance
Companies
Owner/
Developer
GC
Prime Sub Prime Sub
Sub
Material
Supplier
Sub Sub Sub
Sub-tier Sub-tier
Sub-tier
Etc.
. . .
Material
Supplier
Material
Supplier
. . .
Sub . . .
Prime Sub . . .
Title
Companies
Engineers . . .
Design
Pre-qualification
Bid Contracting Construction Close-out
5. 5
©2014 TexturaCorporation
Textura Solutions –Addressing the Project Lifecycle
Design
Pre- qualification
Bid
Contracting
Construction
Close-out
CPM
PlanSwift
SubmittalExchange
GradeBeam
PQM
SubmittalExchange
Latista
BidOrganizer 6. 6
©2014 TexturaCorporation
Approx. $28 billion of Total Addressable Market
Market
Expansion
Monetization
Total Addressable Market
Target
Global
Markets
~$4.8t
Markets
Currently
Served
~$1.3t
Current
Solutions
~30 bps
Total
FutureAddressable
Market
~$28.0b
Current
Markets
and
Solutions
~$4.4b
Expanded
Platform
~50 bps
Key Strategies:
•North America market penetration
•Global expansion to Asia and Western Europe
Key Strategies:
•Cross-sell solutions
•Strategic acquisitions
•Solution expansion
•Solutions to platform
•Pricing
Result:
•Potential for very high long-term revenue growth rates
Expanded
Platform
~55-60 bps
Current
Solutions
~34 bps
Mobile
+~5–10 bps
Mobile
+~4 bps
~$3.9b
Mobile
+~$0.5b
~$24.0b
~$4.0b 7. ©2014 Textura Corporation 7
Multiple Long-term Growth Opportunities
Market
penetration
Cross-sell
solutions
Global
expansion
Related
markets
Strategic
acquisitions
New
products
Future
US, Canada,
Australia
Western
Europe,
Developed
Asia
Mining
Oil and Gas
Data
Financing
Price
• Approx. 10%
penetration
• 7 primary
solutions
• Few multi-product
clients
• Bundled
sales/
pricing
• Platform
strategy
• Project
lifecycle
from design
to operation
• Integrated
solution
suite
Submittal
Exchange
GradeBeam
PlanSwift
CPM
Submittal PlanSwift
Exchange
GradeBeam
PQM
BidOrganizer
Latista
8. 8
©2014 TexturaCorporation
Recent Highlights –Continuing to Execute our Strategy
•Year-over-year revenue growth of 51%
•Organic revenue growth of 43%
•Approximately $155 billion in construction value active on our solutions
Pricing Power
Strong Quarterly Results
Operating
Leverage
Growth Strategy
•Improving gross margins, EPS and cash flow trajectory
•Adjusted gross margins from 81% in prior quarter to 82%
•Adjusted EPS loss improved from $0.12 in prior quarter to $0.07
•Positive operating cash flow in the quarter and year-to-date periods
•Increased functionality and expanding market of existing solutions
•Continued integration of solutions and progress towards platform
•Opened first TexturaEurope office near London
•Implemented CPM price increase for sub usage fees
•Effective on all new projects after February 1
•Expected to add 2 to 3 basis points of revenue on subcontracted contract value 9. 9
©2014 TexturaCorporation
Quarter Ended September 30, 2014
Financial Overview
Image: Denver International Airport South Terminal Redevelopment, Denver, CO
–a project managed using Textura Construction Collaboration Solutions
Jillian Sheehan
EVP and CFO 10. 10
©2014 TexturaCorporation
Quarter Ended September 30, 2014 Highlights
•51% year-over-year revenue growth
•Organic revenue growth of 43%
Balance Sheet
Adjusted EPS
Strong Revenue Growth
Expense Trends
Adjusted EBITDA
•14% Adjusted operating expense growth
•Continuing to see leverage in business model
•Continuing to invest in the development of our solution suite
•$1.0 mm Adjusted EBITDA loss vs. $2.2 mm loss in prior quarter
•Focus on supporting growth and strategic initiatives
•Loss narrowing as a percent of revenue
•$0.07 Adjusted EPS loss vs. $0.12 loss in prior quarter
•Adjusted net loss of $1.8 million vs. $3.0 million in June 2014 quarter
•Weighted-average share count increased to 25.4 million
•$66.0 million cash position at September 30, 2014
•Ample liquidity to fund our growth initiatives 11. 11
©2014 TexturaCorporation
Consistently High Growth Rates
$12.9
$24.0
$40.8
CY11
CY12
CY13
87%
86%
70%
Year-over-year change
51%
65%
65%
72%
77%
61%
60%
51%
Year-over-year change
45%
46%
38%
45%
50%
46%
52%
43%
77%
69%
69%
Organic growth
Organic growth
$6.8
$8.5
$9.4
$10.9
$12.0
$13.8
$15.0
$16.4
Dec 12
Mar 13
Jun 13
Sep 13
Dec 13
Mar 14
Jun 14
Sep 14 12. 12
©2014 TexturaCorporation
Strong Operating Metrics
Projects Added
Client Reported Construction Value Added
Active Projects
$7.3
$10.6
$13.6
$23.7
$17.9
$19.5
$17.7
$18.2
Dec 12
Mar 13
Jun 13
Sep 13
Dec 13
Mar 14
Jun 14
Sep 14
5,046
5,263
5,701
6,225
6,580
7,052
7,578
8,030
Dec 12
Mar 13
Jun 13
Sep 13
Dec 13
Mar 14
Jun 14
Sep 14
1,048
1,245
1,467
1,511
1,466
1,712
1,729
1,792
Dec 12
Mar 13
Jun 13
Sep 13
Dec 13
Mar 14
Jun 14
Sep 14 13. 13
©2014 TexturaCorporation
Revenue Model –Broad Base of Paying Customers
•Revenue from multiple participants
•Fees are invoiced and collected in advance
•CPM -highly sticky, recurring, and visible
CPM
PlanSwift
SubmittalExchange
GradeBeam
PQM
Activity-driven
•Owners/GCs
•Subscription fees based on project activity – total number of projects/construction value
•Subcontractors
•Contract usage fee –varies by value of contract and subject to minimum and maximum fees
Organization-driven
•Primarily organization annual subscription fees
•Fees based on:
•Construction volume, number of offices/subcontractors
BidOrganizer
Latista 14. 14
©2014 TexturaCorporation
2014 Guidance
•45 –48% year-over-year revenue growth
•$17.4 –$17.8 million
•Adjusted EPS of ($0.02) –($0.04)
•Excludes stock based comp of $2.0 million & amortization of acquired intangible assets of $1.1 million
•Assumes ~25.5 million shares
Quarter Ended December 31, 2014
Year Ended December 31,
2014
•53 -54% year-over-year revenue growth
•$62.5 –$62.9 million
•Adjusted EPS of ($0.37) –($0.39)
•Excludes stock based comp of $8.5 million & amortization of acquired intangible assets of $5.0 million
•Assumes ~25.2 million shares 15. 15
©2014 TexturaCorporation
Long-term Operating Model Yields Highly Attractive Margins
CY2013
March2014
Quarter
June
2014
Quarter
September 2014Quarter
CY2014
Guidance
Target Future Model
(2 to 3 yrs.)
Revenue
$40.8
Million
$13.8
million
$15.0
million
$16.4
million
$62.5 -$62.9
million
$150 –180 million
Adjusted operatingexpenses* as % of revenue:
Cost of servicesGeneral and administrative
Sales and marketingTechnology and development
Total adjusted operating expenses*
22%
44%
30% 41%
137%
20%
35% 33%
37%
124%
19%
36% 29%
30%
115%
18%
31%
29%
28%
106%
10% -13%
13%-15% 17% -20% 15% -17%
55% -65%
Adjusted grossmargin*
78%
80%
81%
82%
87% -90%
Adjusted EBITDAmargin
(37)%
(24)%
(15)%
(6%)
(15) -(16)%
35% -45%
* See the reconciliation of these non-GAAP measures to the most comparable GAAP measures in the tables included at the end of this presentation. 16. 16
©2014 TexturaCorporation
Image: World Trade Center Transportation Hub, New York, NY – a project managed using Textura Construction Collaboration Solutions
Questions . . . and Thank You 18. 18
©2014 TexturaCorporation
Quarter Ended March 31, 2014
GAAPShare-Based Compensation and Amortization of Intangible AssetsOther Non- Recurring Expenses *As Adjusted% of RevenueRevenues13,787$ -$ -$ 13,787$ 100% Operating expensesCost of services2,882 152 - 2,730 20% General and administrative6,055 1,191 74 4,790 35% Sales and marketing4,843 312 - 4,531 33% Technology and development5,356 281 - 5,075 37% Depreciation and amortization1,886 1,282 - 604 4% Total operating expenses21,022 3,218 74 17,730 129% Total operating expenses, excluding depreciation and amortization19,136 1,936 74 17,126 124% Loss from operations(7,235) (3,218) (74) (3,943) Total other expense, net(25) - - (25) Loss before income taxes(7,260) (3,218) (74) (3,968) Income tax provision80 - - 80 Net loss(7,340)$ (3,218)$ (74)$ (4,048)$ Gross profit10,905$ 11,057$ Gross margin79%80% Adjusted EBITDA **(3,339)$ Adjusted EBITDA Margin(24%) * Other non-recurring expenses represent acquisition-related costs. ** Adjusted EBITDA represents revenue less adjusted operating expenses, excluding depreciation and amortization. (dollars in thousands) 19. 19
©2014 TexturaCorporation
Quarter Ended June 30, 2014
GAAPShare-Based Compensation and Amortization of Intangible AssetsAs Adjusted% of RevenueRevenues14,965$ -$ 14,965$ 100% Operating expensesCost of services3,028 156 2,872 19% General and administrative6,473 1,049 5,424 36% Sales and marketing4,663 324 4,339 29% Technology and development4,819 301 4,518 30% Depreciation and amortization1,962 1,282 680 5% Total operating expenses20,945 3,112 17,833 119% Total operating expenses, excluding depreciation and amortization18,983 1,830 17,153 115% Loss from operations(5,980) (3,112) (2,868) Total other expense, net(8) - (8) Loss before income taxes(5,988) (3,112) (2,876) Income tax provision80 - 80 Net loss(6,068)$ (3,112)$ (2,956)$ Gross profit11,937$ 12,093$ Gross margin80%81% Adjusted EBITDA *(2,188)$ Adjusted EBITDA Margin(15%) * Adjusted EBITDA represents revenue less adjusted operating expenses, excluding depreciation and amortization. (dollars in thousands) 20. 20
©2014 TexturaCorporation
Quarter Ended September 30, 2014
GAAPShare-Based Compensation and Amortization of Intangible AssetsOther Non- Recurring Expenses *As Adjusted% of RevenueRevenues16,354$ -$ -$ 16,354$ 100% Operating expensesCost of services3,335 90 344 2,901 18% General and administrative6,232 1,049 120 5,063 31% Sales and marketing5,869 586 592 4,691 29% Technology and development6,366 913 802 4,651 28% Depreciation and amortization1,990 1,282 - 708 4% Total operating expenses23,792 3,920 1,858 18,014 110% Total operating expenses, excluding depreciation and amortization21,802 2,638 1,858 17,306 106% Loss from operations(7,438) (3,920) (1,858) (1,660) Total other expense, net(22) - - (22) Loss before income taxes(7,460) (3,920) (1,858) (1,682) Income tax provision80 - - 80 Net loss(7,540)$ (3,920)$ (1,858)$ (1,762)$ Gross profit13,019$ 13,453$ Gross margin80%82% Adjusted EBITDA **(952)$ Adjusted EBITDA Margin(6%) * Other non-recurring expenses include severance expense and acquisition-related and other expenses. Acquisition-relatedand other expenses represent acquisition, strategic transaction and certain tax-related costs. ** Adjusted EBITDA represents revenue less adjusted operating expenses, excluding depreciation and amortization. (dollars in thousands) 21. 21
©2014 TexturaCorporation
Year Ended December 31, 2013
GAAPShare-Based Compensation and Amortization of Intangible AssetsOther Non- Recurring Expenses *As Adjusted% of RevenueRevenues40,766$ -$ -$ 40,766$ 100% Operating expensesCost of services12,808 2,198 1,446 9,164 22% General and administrative25,152 5,700 1,501 17,951 44% Sales and marketing15,153 2,789 308 12,056 30% Technology and development20,820 2,863 1,288 16,669 41% Depreciation and amortization5,325 3,397 - 1,928 5% Total operating expenses79,258 16,947 4,543 57,768 142% Total operating expenses, excluding depreciation and amortization73,933 13,550 4,543 55,840 137% Loss from operations(38,492) (16,947) (4,543) (17,002) Total other expense, net(2,530) - - (2,530) Loss before income taxes(41,022) (16,947) (4,543) (19,532) Income tax provision(767) (1,086) 319 Net loss(40,255)$ (16,947)$ (3,457)$ (19,851)$ Gross profit27,958$ 31,602$ Gross margin69%78% Adjusted EBITDA **(14,923)$ Adjusted EBITDA Margin(37%) * Other non-recurring expenses include offering-related expense and acquisition-related and other expenses. Acquisition-relatedand other expenses represent acquisition, strategic transaction and certain tax-related costs. ** Adjusted EBITDA represents revenue less adjusted operating expenses, excluding depreciation and amortization and excludingchange in fair value of conversion option liability. (dollars in thousands) 22. 22
©2014 TexturaCorporation
Quarter Ended September 30, 2013
GAAPShare-Based Compensation and Amortization of Intangible AssetsOther Non- Recurring Expenses *As Adjusted% of RevenueRevenues10,853$ -$ -$ 10,853$ 100% Operating expensesCost of services3,532 160 550 2,822 26% General and administrative6,405 922 301 5,182 48% Sales and marketing3,172 142 3,030 28% Technology and development4,445 176 4,269 39% Depreciation and amortization1,358 840 518 5% Total operating expenses18,912 2,240 851 15,821 146% Total operating expenses, excluding depreciation and amortization17,554 1,400 851 15,303 141% Loss from operations(8,059) (2,240) (851) (4,968) Total other expense, net(194) - - (194) Loss before income taxes(8,253) (2,240) (851) (5,162) Income tax provision68 - - 68 Net loss(8,321)$ (2,240)$ (851)$ (5,230)$ Gross profit7,321$ 8,031$ Gross margin67%74% Adjusted EBITDA **(4,450)$ Adjusted EBITDA Margin(41%) * Other non-recurring expenses include offering-related expense and acquisition-related and other expenses. Acquisition-relatedand other expenses represent acquisition, strategic transaction and certain tax-related costs. ** Adjusted EBITDA represents revenue less adjusted operating expenses, excluding depreciation and amortization. (dollars in thousands) 23. 23
©2014 TexturaCorporation
Adjusted EPS
September 30, 2014June 30, 2014Net loss per share(0.30)$ (0.24)$ Share-based compensation expense0.10 0.07 Amortization of intangible assets0.05 0.05 Severance expense0.06 - Acquisition-related and other expenses *0.02 - Adjusted EPS(0.07)$ (0.12)$ * Acquisition-related and other expenses represent acquisition, strategic transaction and certain tax-related costs. Three Months Ended 24. 24
©2014 TexturaCorporation
Guidance
High EndLow EndHigh EndLow EndNet loss per share(0.14)$ (0.16)$ (0.98)$ (1.00)$ Accretion of redeemable non-controlling interest- - 0.01 0.01 Share-based compensation expense0.08 0.08 0.33 0.33 Amortization of intangible assets0.04 0.04 0.19 0.19 Acquisition-related and other expenses*- - 0.02 0.02 Severance expense- - 0.06 0.06 Adjusted EPS(0.02)$ (0.04)$ (0.37)$ (0.39)$ * Acquisition-related and other expenses represent acquisition, strategic transaction and certain tax-related costs. Three Months Ended December 31, 2014Twelve Months Ended December 31, 2014