The Platform That Powers Retail€¦ · Charlotte, NC 28255-0001 or by emailing...
38
June 2019 The Platform That Powers Retail
Transcript of The Platform That Powers Retail€¦ · Charlotte, NC 28255-0001 or by emailing...
June 2019
The Platform That Powers Retail
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Disclaimer
This presentation, prepared by Linx S.A. (the “Company”), is solely for informational purposes and is strictly confidential. Disclosure of this presentation, its contents, extracts or abstracts to third parties is not authorized without express
written permission from the Company.
The Company has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the “SEC”) for the offering to which this presentation relates. Before you invest, you should read the prospectus in
that registration document and other documents that the Company has filed with the SEC for more complete information about the Company and this offering. You may get these documents for free by visiting EDGAR on the SEC
website at www.sec.gov. Alternatively, the Company, any underwriter or any dealer participating in this offering will arrange to send you the prospectus if you request it from Goldman Sachs & Co. LLC, Prospectus Department, 200 West
Street, New York, NY 10282, telephone: 1-866-471-2526 or by emailing [email protected]; Morgan Stanley & Co. LLC at 1585 Broadway, New York, NY 10036; Jefferies LLC, Equity Syndicate Prospectus Department, 520
Madison Avenue, 2nd floor, New York, NY 10022, telephone: 1-877-821-7388 or by emailing [email protected]; BofA Merrill Lynch, Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd floor,
Charlotte, NC 28255-0001 or by emailing [email protected]; and Itau BBA USA Securities, Inc., 540 Madison Avenue, 23rd floor, New York, NY 10022, Attention: Juliana Pinho, or by emailing [email protected].
Certain statements herein are “forward-looking statements.” Statements contained herein that are not clearly historical in nature are forward-looking, and the words “anticipate,” “believe,” “continues,” “expect,” “estimate,” “intend,”
”strategy,” “project” and similar expressions and future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” “may,” or similar expressions are generally intended to identify forward-looking statements. These
forward-looking statements speak only as of the date hereof and are based on the Company’s current plans and expectations and are subject to a number of known and unknown uncertainties and risks, many of which are beyond the
Company’s control. As a consequence, current plans, anticipated actions and future financial position and results of operations may differ significantly from those expressed in any forward-looking statements in the presentation. You are
cautioned not to unduly rely on such forward-looking statements when evaluating the information presented and we do not intend to update any of these forward-looking statements. We urge you to read the prospectus (filed as part
of the Registration Statement on Form F-1 filed by the Company with the SEC (Registration No. 333-231796, as amended), including the uncertainties and factors discussed under “Risk Factors,” completely and with the understanding
that actual future results may be materially different from expectations.
This presentation includes references to certain financial and operating measures that were not prepared under the International Financial Reporting Standards (“IFRS”), including EBITDA, EBITDA Margin and Net Debt. We calculate
EBITDA as net income plus: (1) net financial income (expense); (2) income tax and social contribution and (3) depreciation and amortization. EBITDA margin is calculated by dividing EBITDA for the period by net operating revenues for
the same period. We calculate Net Debt as the sum of current payables for the acquisition of businesses plus non-current payables for the acquisition of businesses plus current and non-current loans and financing minus cash and cash
equivalents and financial assets. We present non-IFRS measures when we believe that the additional information is useful and meaningful to investors. These supplemental measures are not prepared under any comprehensive
accounting rules or principles and should not be viewed in isolation, as alternatives or substitutes to measures of the financial condition, results of operations or cash flows of the Company as presented in accordance with IFRS in its
consolidated financial statements. The non-IFRS financial and operating measures do not have any standardized meaning and, therefore, may differ from, and not be comparable to, similarly titled measures used by other companies.
Non-IFRS measures have limitations in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with IFRS. These measures should only be used to evaluate our results of operation
in conjunction with the corresponding IFRS measures. For a reconciliation of these non-IFRS measures to the most directly comparable IFRS measure, see “Appendix.”
This presentation also contains estimates and other information concerning our industry that are based on industry publications, surveys and forecasts. This information involves a number of assumptions and limitations, and we have not
independently verified the accuracy or completeness of the information.
Any offering of securities by the Company will only be made by means of a registration statement (including a prospectus) filed with the SEC, after such registration statement becomes effective. No such registration statement has
become effective as of the date of this presentation. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
YOU ARE CAUTIONED TO READ THE OFFERING MEMORANDUM, THE BRAZILIAN PROSPECTUS AND THE ANNUAL REPORT (FORMULÁRIO DE REFERÊNCIA), ESPECIALLY THE RISK FACTORS SECTIONS, BEFORE ACCEPTING ANY OFFERING
OF SECURITIES IF ANY.
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Offering Summary
Issuer Linx S.A.
Shares Offered (Base Offer) 29,274,601 Common Shares (67% primary | 33% secondary)
Greenshoe 4,391,190 Common Shares (15% of base offering | 100% primary)
Hot Issue 5,854,920 Common Shares (20% of base offering | 100% primary)
Selling Shareholder BNDESPar (9,674,601 Common Shares)
Use of Proceeds General working capital requirements as well as expansion through organic and inorganic initiatives, including
but not limited to acquisitions, sales and marketing efforts and the further development of Linx Pay Hub
Listing Venue / Ticker / LINX / LINX3
Expected Pricing Date June 25, 2019
Lock-Up Period 90 days for the Company, its directors, executive officers and certain relevant equity holders
Global Coordinators Goldman Sachs & Co. LLC | Morgan Stanley
Joint Bookrunners Jefferies LLC | BofA Merrill Lynch | Itaú BBA
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Today’s Presenters
Alberto Menache
CEO & Co-Founder
Alex Kelemen
IR
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The Platform that Powers Retail
Our Mission:
Make Retailers More
Competitive,
Profitable and
Successful Through
Technology
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45,000+ Customers(2)
110%+ Net Dollar Retention
Rate(1)
24.6%+ 2018 EBITDA Margin
19.9% 2018 Net Operating Revenue
Growth 20+ Management Team’s
Average Years of Experience
R$250 billion
Of Approx. Gross GTV(3)
Notes 1. Average of the last 3 years.The customer retention rate adjusted for (x) any increases or decreases in billings for pricing changes and (y) additional products or services provided to existing subscribed customers 2. As of December 31, 2018 3. GTV: Gross transaction volume, source: Linx estimates
Linx at a Glance
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Then
Feb. ‘13
Now Mar. ‘19
29% 41% Market Share(1)
75% (2) 89%(3) % of Subscription Revenues
11 28 # of Acquisitions to Date(4)
We’ve Come a Long Way
R$1.5Bn(2) R$5.9Bn(3) Market Capitalization
Management Software End-to-End Retail
Software Platform Positioning
8 1. In Brazilian Management Software Solutions segment in 2013 and 2017, according to IDC
2. As of February 28th, 2013
3. As of March 31st, 2019
4. Considers mergers, acquisitions and technology transfer agreements 7
Digital Solutions
Financial Solutions
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We Are Part of a Large Economy
US$2,054
Bn 209 MM +1.3 MM
US$5,972
Bn 644 MM +5.9 MM
Brazil
Total
Latam
Total GDP # of Retail
Stores Total Population
Brazil:
GDP: US$ 2,054Bn
Argentina:
GDP: US$ 637Bn
Chile:
GDP: US$ 277Bn
Peru:
GDP: US$ 211Bn
Mexico:
GDP: US$ 1,151Bn
Sources: Euromonitor, World Bank 2017 data
# of
Early Stages of Software and Digital Transformation Linx Branches
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Retail is Undergoing Digital Transformation in LatAm
eCommerce Relevance
Omni-Channel
Cashless Transactions
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Merchants Face Multiple Challenges to Run their Businesses
Complex Tax
Environment
Inconsistent Point
of Sale Solutions
Lack Of Focused
Retail Solutions
Digital
Transformation
Multiple
Uncoordinated
Vendors
Unique Local
Consumer
Environment
Infrastructure
Challenges
Fragmented
Processes
Language Barriers Lack of
Transparency
Long Delivery
Process Lack of Innovation
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Solution: Linx´s End-to-End Platform
What does it mean
to be an end-to-
end platform for
our customers?
Market & Sell … Process Payments ... Build & Run
Linx
Core
Linx
Digital
Linx
Pay Hub
CRM
ERP Loyalty &
Rewards
PoS
Software
E-commerce
Platform
Advertising
& Reengagement
Omni OMS
Technology
PoS
Software
E-commerce
Platform
Working
Capital
Solutions
Payment
Management
Tools
Linx
Pay
Finance &
Accounting
Inventory &
Supply
Management
Performance &
Analytics
Mobility &
Connectivity
1 2 3
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Significant Core TAM in Brazil is Expanding with Payments Opportunity
Notes: 1. 2018 IDC Survey 2. Core TAM of R$9.5 billion as per 2018 IDC Survey and Digital Solutions TAM of R$1 billion as per company estimates 3. ABECS (2018) 4. Company estimates
Core & Digital Solutions
Payment Solutions R$1.6Tr (3)
Brazilian Total Payment
Volume
+R$20.2Bn
TAM
x
1.3% (4)
Market Average
Take Rate
R$1.3 Bn Spend(1)
Existing Retail
Management Software
R$10.5 Bn TAM(2)
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Core
Digital
Retail
eCommerce
Payments
How We Land and Expand
Multiple entry points
to Linx’s high-value
solution, offering
attractive cross-selling
opportunities
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Why We Win
All Players Some Players No Players
Retail
Focused Core Capabilities
ERP POS CRM Analytics
Digital Solutions
eCommerce Reengagement Advertising OMS
Payments
EFT
Payment
Split
International
Legacy Vendors
E-commerce
Platforms
Payment
Providers
Online &
Offline
Local Legacy
Vendors
Local
Knowledge
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How We Do It
Notes: 1. Considers Franchisees with ~700 people
FRANCHISEES with ~700 people(1)
SUPPORT employees across LatAm +840 199
COMMERCIAL employees across LatAm
R&D employees +280 1,205
BRANCHES across LatAm BRANCHES in the largest countries of LatAm 21 5
Total Employees
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Sticky Value Proposition
Merchants can sell
in-store and online,
process payments
and manage their
operations centrally
• Built for retailers with dedicated expertise and local
knowledge
• On-demand, scalable and flexible cloud platform
• Simplifies processes, cost effective and easy to
deploy
• Single view of customers and inventories across
channels
• Advanced analytics and intuitive reporting
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Loyal & Diversified Customer Base
Key Brazilian Clients Key International Clients
We are the vendor of choice for key Brazilian and international clients
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Case-Study: Restoque
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Restoque’s Background and Challenges +Publicly listed in Brazil since 2008 +250 own brand stores +M&A (4 brands acquired since the IPO) +Digitalization +Omnichannel
Restoque’s Journey with Linx 2004: POS + Basic ERP + EFT 2007: Connectivity 2010: e-Receipt 2014: Mobility + CRM 2018: E-commerce Platform + Analytics + Omnichannel + Personalization Suite
Linx’s Revenue Growth from Restoque
2010
2011
2012
2013
2014
2015
2016
2017
2018
Core Digital Pay Hub
27% 38% 30% 26% 24% 23% 33% 32% CAGR
2010(1)
200
4
200
5
200
6
200
7
200
8
200
9
2010
2011
2012
2013
2014
2015
2016
2017
2018
Core Digital Payments
...
Notes: 1. Compound Annual Growth Rate assuming
revenues as of 2010.
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Case-Study: Nike
Challenge: Omnichannel
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Linx’s Solutions POS, EFT, Mobile, Promo, OMS (Omnichannel)
• Linx: Nike’s technology platform in Brazil
• Full support to address local market specificities
• Compelling value proposition translated into
cross-selling
Digital
Solutions
Core
Solutions
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Best-in-Class Management Team
Years of experience in software and retail markets
CEO and Vice-Chairman
Alberto Menache
CFO and IR Officer
Pedro Moreira
VP of Linx Core
Gilsinei Valcir Hansen
VP of Linx Digital
Jean Carlo Klaumann
Director of Linx Pay Hub
Denis Piovezan
VP of Marketing and HR
Flávio Menezes
VP of R&D
Ney dos Santos
28+ 16+
20+ 24+
25+ 30+
25+
From left to right: Pedro Moreira, Gilsinei Hansen, Flávio Menezes, Jean Klaumann,
Denis Piovezan; Center middle: Alberto Menache; Center bottom: Ney dos Santos
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Key Investment Highlights
Loyal customers drive higher recurring revenue with strong unit
economics
End-to-end cloud-based technology platform for retailers with
integrated suite of mission critical solutions
Large and growing addressable markets supported by strong tailwinds
Proven management team with strong track record of execution
Rapidly growing with strong profitability
Financial Highlights
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Financial Model Provides Foundation for Long-Term Profitable Growth
Recurring and
Expanding Revenue
Model
Highly Profitable
Business Model
Strong and
Consistent Revenue
Growth
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98.7% 97.6% 99.1%
2016 2017 2018
114.8%
106.1% 110.3%
2016 2017 2018
Highly Recurring and Expanding Revenue Base
Customer Retention Rate (1) Net Dollar Retention Rate (2)
%
Notes 1. The rate at which billings from existing subscribed customers at the beginning of the period continue as billings during the end of such applicable period not adjusted for (x) any increases or decreases in billings for pricing
changes or (y) additional products or services provided to these existing subscribed customers 2. The customer retention rate adjusted for (x) any increases or decreases in billings for pricing changes and (y) additional products or services provided to existing subscribed customers
%
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Strong and Growing Cohorts
R$MM
Annual Revenue by Cohort
0
50
100
150
200
250
300
350
400
2013 2014 2015 2016 2017 2018
2013 2014 2015 2016 2017 2018
Retention
2018
133.1%
113.0%
108.5%
141.4%
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495
572
686
2016 2017 2018
158 177
1Q18 1Q19
Strong Revenue Growth
Net Operating Revenue and YoY Growth Rate %
R$MM | %
Growth: 15.6% 19.9% 11.6%
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We Are a Software Company and Generate a Majority of Revenue from Subscriptions
1Q 2019 Subscription vs. Non-Subscription Revenue
R$MM
181
22
Subscription Revenue
Non-Subscription
Revenue
89.1%
Subscription
Revenue
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125
144
169
2016 2017 2018
48 50
1Q18 1Q19
Highly Profitable Business Model
EBITDA (1)
R$MM | %
Margin:
Notes 1. EBITDA calculated as net income plus: net financial income (expense), income tax and social contribution and depreciation and amortization
25.2% 25.1% 24.6% 30.1% 28.1%
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Uses of Capital: M&A & Growth
Expand Customer
Base
Accelerate Linx
Pay Hub Growth
Expand Verticals
of Solutions
Increase sales initiatives
Expand to new retail
verticals
Development of New
Partnerships
Additional solutions for
upselling and new data
driven solutions
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Key Takeaways
3
Loyal customers drive higher recurring revenue with strong unit economics
2 End-to-end cloud-based technology platform for retailers with integrated suite of mission critical
solutions
1
Large and growing addressable markets supported by strong tailwinds
5
Proven management team with strong track record of execution
4
Rapidly growing with strong profitability
Appendix
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Linx: History of Constant Evolution
Notes 1. In Brazilian Management Software solutions, according to IDC 2. Brazilian Management Software Solutions segment in 2017, according to IDC
3. Considers mergers, acquisitions and technology transfer agreements 4. Announced in April 2019
'85 '04 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19
Microserv
Comércio e
Consultoria
Founded
Corporate
Name
Changed
Linx S.A.
Leadership
Cloud
Acquisitions
Market share(1)
% of cloud on
recurring revenues
Number of acquisitions to date(3)
29%
30%
11
41%(2)
45%(2)
28
1,120
bps
1,500
bps
+17
38%
45%
21
@IPO
Feb/2013
@Follow-on
Sep/2016 Today
Mar/2019
Since
IPO
Value Creation Market Capitalization R$1.5Bn R$5.9Bn R$4.4Bn R$3.2Bn
(4)
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Unique Ability to Solve the Retailer’s Needs
Analytics Promotion
Loyalty CRM
NFE Connectivity
E-Receipts TEF
POS ERP
Regional
National
International
Big Retail
Service Retail
Car Dealers
Food Service
Drugstores
Gas Stations
Apparel
Structure divided by
verticals tailored to
customer needs across
different retail segments
and size categories
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True Corporation Listed in Brazil Supported by World-Class Shareholders
Ownership Structure
Pre-Offering Ownership Structure (%)(1)
Note 1. Shareholder structure includes common shares subject to options exercisable within 60 days and before taking into account the global offering
Free Float
61.23% 8.42% 7.16%
Nércio
Fernandes
5.82% 5.16%
Alberto
Menache
4.23%
Treasury
& Others
7.98%
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Linx’s World-Class Corporate Governance Standards
Board of Directors Corporate Governance
Common shares listed on Novo Mercado segment of the B3 S.A.
(Brasil, Bolsa, Balcão)
Hires an independent auditing firm (big four) to analyze its balance sheets and
financial statements
40% of the board of directors composed by independent members
True Corporation – No shareholder has control of the Company
Transparency in transfer of control due to tag-along rights
Statutory provision for installation of a fiscal council
Nércio José
Fernandes
Alberto Menache
João Cox Roger de Barbosa
Ingold Alon Dayan
Vice-Chairman
CEO of Linx and board member of Arco
Platform
Member
Director of Linx Sistemas
Independent Member
Manager of Cox Investments and
Advisory and board member of Estácio
and Embraer
Independent Member
Director of Brazil and Latin America of
Accenture
Chairman
Founder of Linx and Innovation adviser
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255
36
Balance Sheet and Cash Flow Highlights
Gross Debt and Net Debt(1) Debt Composition
R$MM
Notes 1. Net Debt calculated as loans and financing + payables for the acquisition of businesses - cash and cash equivalents and financial assets. 2. Calculated as cash flow from operating activities + cash flow from investing activities
1Q19 | %
Cash Flow Unleveraged Cash Flow (2)
R$MM R$MM
Loan - BNDES
Bank, 56.3%
Loan - Itaú Bank,
0.2%
Leases, 21.2%
Payables related
to business
acquisitions,
22.3%
R$426MM
211 228 363
223
426
(435) (303) (101) (313) (37)
2016 2017 2018 1Q18 1Q19
(8)
36
7 6 0
2016 2017 2018 1Q18 1Q19
(377)
163 63
5 29
2016 2017 2018 1Q18 1Q19
Gross debt Net debt
71 30 87
94 31 119
241 90 23
255 136 17
127 127 127
163 163 163
71
30
87
241
90
23
234
234
234
63
63
63
235
136
17
255
255
255
37
How We Do
+40,000
POS
uses our TEF
solution
~99%
Client
retention
R$250 Bn
Potential
TPV
41.3%
Mkt Share
Frictionless and
no conversion
cost to the retailer
Unique SaaS Platform… … Creates opportunities in new industries, specially Fintech
40,000+ POS uses our
TEF solution
99%+ Client Retention
Rate
41.3% Market Share
R$250Bn Potential TPV
Perfect
Integration
Linx IR Information
June 2019
Leading cloud-based technology company
Only end-to-end solution through an integrated and ever-evolving
platform to retailers
We highly value respect, acknowledgment and development
of our people
Investor Relations
Phone: +55 11 2103.1531
E-mail: [email protected]
Website: ir.linx.com.br
