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This alert will be permanently deleted.
Welcome
to
the
Dotdigital
Group
plc
Interim
Results
Investor
Presentation.
Throughout
this
recorded
presentation,
investors
will
be
in
listen-only
mode.
Questions
are
encouraged
and
could
be
furnished
at
any
time
by
the
Q&A
tab
situated
in
the
right-hand
corner of
your
screen.
Just
simply
type in
your
questions
and
press
send.
The
company
may
not
be
in
a
position
to
answer every
question
it
receives
during
the meeting
itself. However,
the
company
will
review
all
questions
submitted today
and
publish
responses
where
it is
appropriate
to
do
so.
Before
we
begin,
I
would
like
to
submit the
following
poll.
I'd
now
like
to
hand
you over
to
Paraag
Amin,
CFO;
and
Milan
Patel,
CEO.
Good afternoon
to you
both.
Good afternoon,
[ph]
Alexander (00:38).
Thank
you
very
much
for
handing over
to
us,
and
welcome,
all,
to
our
Dotdigital
Group
plc
first
half
interim
results
presentation.
For
some
of
you,
this
will
be
a
recap.
But
for
some
of
the
newer
investors
or
looking
to
invest,
I'll
take you
through
from
history
to
what
we
do
and
our
growth
strategy.
Originally
formed in
1999, was
a
very
simple
marketing
tool
made
for
the
marketing
department,
but
they
were
able
to
send
bulk
messages
to
people
on
their
subscriber
list.
So
today,
where
the
market
has evolved
and
the
platform
has
evolved,
it's
a
very
sophisticated
platform
that
captures
data
into
the
platform,
allows
the
marketing
teams
to
understand
who they're
communicating
to
and
gives
them
the
full
complete
toolset
in
order
to
use
that
data
to
be
highly
relevant
and
personalized
and gives
them
all
of
the
different
channels
that
they
can
communicate
to.
It's
about
sending the
right
message
at
the
right
time
to
the
right
person
through
the
right
channels.
In
terms
of
the
business,
center
that to
three
main
global
hubs.
UK
is
a
hub
into
EMEA.
Our
New
York
offices
is
a hub
[ph]
into (01:50)
America.
And
our
Sydney
offices
is
a
hub
into
APAC.
We
have
over
340
employees
globally,
predominantly
in
sales
and
marketing,
IT
and
development, small
amount
of
people
in
professional
services
and
the
back
office,
have
eight
offices
across
the
world,
very
strong
network
of
tech
and
solution
partners
around
our
strategic
partners
within
the
integrations
that
we have
within
e-commerce,
and
also
within
the
CRM
space
as
well.
As
we
look
forward,
we
will
talk
about
some
of
the
new
strategic
partnerships
that are
coming
on.
We're
very
much
focused
in
that
mid-market
and
upper
mid-market
where
we
know
the
cost
of
acquisition
to
lifetime
value
makes
sense.
In
terms
of
some of
the
KPIs that
we
look
at,
the
organic
growth
strategy is
centered
around
three
main
pillars,
whether it's
around
geographic
expansion,
whether
it's
around
our
strategic
partnerships,
or
product
innovation.
We
talk
about
not
only
our
domestic
market,
which
is
around
EMEA,
predominantly
in
the
UK,
expansion
into
the
US,
and
further
into
LATAM.
And
in
terms
of
APAC,
further
push
into
Far
East
Asia
and
also
some
of
the
newer
where
we're
dipping
our
toe
in
the
water
into
areas
like
Japan.
In
terms
of
what
we
measure
from
a
strategic
partnerships
perspective
is
the
number
of
our
customers
that are
using
the
integration
within
– whether
it's our
e-commerce
platforms
like
Magento,
which
is
now
owned
by
Adobe,
or
Adobe
Commerce.
In
terms
of
some
of
the
partnerships
that
we
have
with
Shopify
and
BigCommerce
in
the
e-commerce
space
or
Microsoft
Dynamics
and
Salesforce
in
the
CRM
space.
What
we've
continued
to
do
is
really
expand
on
the
recurring
revenues
we
have
from
the
business,
predominantly
in
two
main
forms,
whether
it's
what we
describe
as
our
functionality
recurring
revenues,
and
that's
based
on
licenses,
and
additional
functionality
our
customers
are
buying,
or
data
that
they're
bringing
in,
which
in
turn
increases
our
license
fees
that
we
charge
our
customers.
In
terms
of
messaging,
there's
two
main
parts
what
we
describe
as
premium
messaging,
which
is
around
our
SMS
and
[ph]
WhatsApp
(04:06) messaging
or/and our core
e-mail
and
other
90%
plus
gross
margin
message
charges.
In
terms
of
what we
continued
to
do
over
the
last
10 years
is
we
talk
about
profitable
growth.
Over
the
last
10 years,
CAGR,
from
a
revenue
perspective,
is
in
that
19%.
In
terms
of
profitability,
around
the
20%.
And
we
continuously
increase
the
cash
from
a
conversion
perspective.
You
can
see
some
of
the
customers
we
help.
We
also
help
mid-market
companies
that
you
may
not
recognize.
The
part
of
what
we
are
seeing
as
we
look
at
new
business
that
is
coming
on
board,
we're
seeing
higher
value
mid-market
companies
as
they're
getting
more
sophisticated,
but
also
larger
enterprises
that are
using
our
platform,
whether
they're
deploying
it
on
multiple
territories
or
multiple
brands
as
they
expand
out.
In
terms of
last
half,
saw
a
10%
organic
growth,
strong
profitability.
We
were
– if
we
look
at
the
financial
results for
the
full
year,
there
was
some
one-off
spike
in
SMS
from
the
pandemic.
But,
effectively,
as
we
go
through
the
presentation,
we'll
talk
about
that and
the
unwinding
of
that.
We
continue
to
win
larger
value
business
complemented
from
our
existing
customers
in
terms
of
expanding
the
product
adoption,
very
much
focused
on
our
people
and
continuing
to
invest
behind
our
people.
For
us,
it's
the
successful
ingredients
of
not
only platform,
but
also
the
people
that
really
gives
it
the
value
proposition
and
the
success
that
we've
had
in
the
business.
In
terms
of
– if
anybody
attended
my
last
presentation,
we
were
talking
about
building
a
customer
data
platform.
That
proposition
is
out
and
have
– has
beta
customers
now
on
that.
And
our
product
managers
are
now
working
out
the
monetization
strategy
from
the
CDP
side
of
things
and
as
we
look
forward
and
building
out
those
use
cases
and
how
we're
generating
return
on
investment
for
our
marketeers.
For
us,
we
continue
to
[ph]
see kind
of (06:07)
strategic
partnerships,
but
also
broaden
on
our
existing
partnerships
that
we
have,
both
from
the
ecommerce
and
CRM,
and
some
of
the
newer
strategic
partnerships
that
we
have
with
the
sales
and service
clouds.
For
us,
our
pipeline
is
underpinned
by
a
recurring
SaaS
business
model.
We
look
at
some
of
the
statistics.
We're
seeing
strong
growth
in
the
half.
We're
seeing
strong
profitability.
Recurring
revenues
as
a
total
revenue
from
a
group
perspective
is
continuing
to
increase.
So,
94%
of
our
group
revenues
is
now
recurring.
Functionality
recurring
revenue
continues
to
grow
very
strongly,
22%
in
the
period. That's
a
combination
of
existing
customers
adding
more,
but
also
newer
customers
buying
more functionality
from
when
they
start
with
us.
Strong
cash
position,
no
debt
within
the
organization,
of
ÂŁ40
million.
So
if we
cover
some
of
the
evolving
backdrop
and
some
of the
headwinds
we've
seen
in
the first
half,
a
lot
of
companies
have
seen
headwinds
from
a
people
perspective,
whether
it's
salary
inflation,
whether
it's
around
retention.
We
have
seen
a
slight
increase
in
employee
attrition.
However,
we've
done
quite
a
lot
around
the
attrition
and
reducing
this
as
we
look
forward.
In
terms
of
salary,
benchmark
analysis
has
already
started.
We've
implemented
recommendations.
We've
increased
our
benefits
packages
in
our
international
regions.
We're using
share
options
as
a
way
of
retaining
from
an
overall
remunerations
package.
More
importantly,
we
look
at
how
much
of
the
staff
are
engaged
with
the
business.
Three
main
metrics
I look
at
or
we
look
at
is
around
employee
engagement. We see
over 90%
there.
97%
of
our
employees
are
proud
to
work for
the
business.
And
92%
would
recommend
us
to
their
friends
or
other
people
that
they
may
know.
So
very
strong
engagement
of
our
staff
within
the
business.
In
terms
of
the
US,
it
is
a
competitive
labor
market.
All
businesses
are
facing
that.
What
we
did
see
in
the
first
half
was
a
slightly
higher
attrition
in
our
management
in
that
region
and
customer
success
and
salespeople.
What
we've
done,
we've
got
new
management in
place
now.
They
are
from
industry
who
are
making
a
difference
in
that
business
unit.
We've
added
a
VP of
Growth.
We've
added
a
Head
of
Customer
Success
in
the
region.
We've
now
got
back
to
the
same
levels
we
had
from
a
customer
success
perspective.
And
in
between,
we
are
now
starting to
increase
the
salespeople
that
we
have
in
region
as
the
demand
has
been
created.
We've
increased
the
resourcing
we
have
from
an
in-house
recruitment
perspective.
We've
added
people
in
these
regions
to
continue
hiring
and
building
a
pipeline
of
great
talent
that
we
can
bring
into
the
business.
In
terms
of
the
other
factor,
compounding
the
US –
sorry,
compounding
is,
in
this
year,
now
that
the
UK
has
opened
up
from
the
COVID
perspective
and
also
quarantining
elements
have come
out,
effectively,
we
are
seeing
some
of
the
one-off
pandemic-related
messages
diluting
our
marketing
SMS
growth.
We've
seen
over
100%
growth
in
the
last
six-month
period
in
customers
from
a
marketing
perspective
adopting
more
of
the
SMS.
We
continue
to
see
newer
omni-channels
like
in
that
push
as
more
and more
brands
build
applications
on
Android
or
iOS
so
that
they
can
provide
that
single
consistent
message
across
all
channels
and
that
single
content
and
personalization
across
every
touchpoint
that
they
have
with
their
end
customer,
regardless
of
whether
it's
a
transaction
message,
whether
it's a
marketing
message,
and
we
continue
to
see
that
adoption
increasing
as
we
look
into
the future.
So
what
is the
marketeers'
challenge
now?
And
I
guess,
as
more
and
more marketeers
are
engaging
with
their
end
customer,
whether
it's
using
e-mail,
whether
it's
using
all
digital
forms,
it's
the
battle
into
inboxes.
It's
about
being
very
personalized.
It's
about
understanding
who
you're
talking
to
and
using
that
data
that
they have
on
the
recipient
to
be
very
highly
targeted.
In
terms
of
more
and
more marketeers
are
now
trying
to
create
customer
journeys
at
every
touchpoint
that
they
have,
effectively, what
we
have
is
a
platform
that
is
not
only
able
to
personalize
at
each
of
these
different
touchpoints,
we
give
them
all
of
the
different
channels
to
communicate
on.
We
give
them
the
data
to
really
understand
who
they're
speaking
to,
which
allows them
to
have
those
real-time
optimizations
as
well
as
all
of
the
data
integrations
off
the shelf
that
they
are
using
today.
And
we
continue
to
invest
in
our
R&D
to
build
out
integrations
into other
business
systems.
If
we
look
at
the platform,
it's
about
bringing
data
into
the
platform.
We
take
all
of
the
heavy
lifting
in
terms
of
data
hygiene.
We
give
them
the
information
to
really
get
personalized
from
a marketing
automation
perspective, allows
them
to
action
the
data
that
they
have.
It
allows
them
to
learn
through
AI
and
machine
learning
capabilities
that
we
have.
It
allows them
to
predict
to
build
a
higher
return
on
investment,
but
also
have
more
of
their
recipients
engage
with
their
brand,
and
really
analyze
the
campaign
effectiveness
to
reaction
the
marketing
automation
from
an
efficiency
perspective.
Lots
and
lots
of
functionality
around
empowering
our
customers
to
drive
better
marketing
models
or
enhance
their
marketing
strategies,
give
them
all
the
tools
to
communicate,
and
build
on
the outcomes
that
they're looking
to,
whether
it's around
growing
customers,
whether
it's
around
driving
people
to
event,
whether it's
about
disseminating
information,
and it's
about
retaining.
What
we
have
seen
in
the
marketplace
from
the
marketing
department
perspective
is
not
only
about
customer
acquisition.
Retention
marketing
is
coming
higher
up the
priority
from
a
strategy
perspective.
Effectively,
with
the
tools
that
we
provide,
they
can
continue
the
influential
side
of
things
and
build
on
the
influences
that
they
are
building,
and
continue
that
brand
awareness
as
they
use
the
platform
in
the
territories
that
they
operate
in.
So
what does
the
competitive
landscape
look
like?
We
all
have
a
target
segment
that
we
build
our
platform
for.
You've
got
some
of
the
competitors
like
MailChimp
and
Constant
Contact,
which
are
really
building
their
platform
for
the
small
business
market.
You've
got
platforms
that
work
and
build
functionality
in
that
mid-market,
as
well
as
you've
got
players
that
really
go
after
the
large
enterprise.
As
I
mentioned
at
the
start of
the
presentation,
for
us, it's
been
very
focused
in
that
mid-market,
upper
mid-market,
and
we
continue
to
see
an
increase
in
larger
enterprises
deploying
our
platforms
between
different
brands
that
they
may
have
or
even
different
territories
that
they're
using
our
platform
in.
In
terms
of
our
growth
strategy,
as
I
mentioned earlier
in
the
presentation,
our
organic
growth
is
focused
around
three
main
pillars,
whether
it's
around
product
innovation,
whether it's around
our
strategic
partnerships and
geographic
expansion
from
the
hubs
that we
have.
When
we
describe
a
hub
for
our
geographic
territory,
it's
scaling
from
the
foundations
that
we
have.
It's
having
every
single
department
in
that
territory
to
really
scale
from,
understanding
the
customer
and
making
sure
that
we're
delivering
on
the
needs
and
the
reason
they
choose
Dotdigital
as a
platform
of
choice.
We
continue
to
expand our product
suite.
We
can
see
that
coming
through
in
our
functionality
recurring
revenues. Platform
adoption
is
increasing,
which
really
provides
us
for
organic
growth
into
the
future,
very
much
deepening
our
relationships,
focused
on
cross-selling,
upselling,
as
well
as
allowing
our
customers
to
unlock
more
value
out
the
platform
through
adoption,
but
working
with
them
on
their
strategies
to
drive
a
higher
return
on
investment.
We
continue
to
grow
our
customer
base
globally,
increasing
our
global
market
presence.
The
platform
is
well-received
in
different
territories. But
we
also
see
demand
as
we
piggyback
on
the
coattails
of
our
global
partnerships
that
we
have. In
terms
of
deepening
our
strategic
partnerships,
it's
about
building
integrations,
making
it
very
easy
for
our
marketeers
to
bring
data
into
the
platform,
but
as
well
as
working
out
the
areas
that
mid-market
find
challenges
in
the
data
silos
that
they
may
have
and
making
it
easy
to
remove
those
silos.
For
us,
it's
also
important
to
continue
globalizing
our
talent,
making
sure
we're
onboarding,
building
that
culture
that
we
have
within
our
business
and
expanding
that
out,
which
really
makes
us
successful
as
we
look
forward.
So
we're
very
much
focused
on
organic
growth,
but
we
also look
at
acquisitions
that
really
makes
sense
for
the
business,
not
just
from
an
arbitrage
perspective,
but
real
synergies
that
our
marketeers
could
have
in
having
additional
functionality
from
adjacent
technology
perspective,
whether
it's
building
foundations
from
a
people
or
from
a
business
perspective
in
territories
that are
strategic
to
us
through
consolidation,
or
deeper
functionality
that
we
may
be
missing
today
that
would
take
us
multiple
years
to
really
build.
So
if
we
look
at
what's
happening
from
a
product
innovation
perspective,
we
saw
revenue
growth
of
over 22%
in
the
period
from
a
recurring
perspective
continuing
to
increase
as
platform
adoption
is
being
increased,
or
customers
bringing
in
more
contacts
into
the
database,
as
well
as
increasing
the
level
of
data
that
is
being
brought
into
the
platform.
We've
continued
to
enhance
our
user
experience
end-to-end,
whether
it's
the
customer
journeys
we
have
with
our
end
customers
from
the
start
point,
they
start
using
Dotdigital,
and
we
handhold
them
all
the way
through
to
their
more
sophisticated
marketing
strategies.
In
the year,
or
in
the
last
six
months,
we've
launched
our
customer
data
platform,
as
I
mentioned
earlier.
We're
working
with
customers
in
driving
user
case
studies,
how
they
can
use
that
data
to
really
get
hyper-personalized
on
a
one-to-one
basis
with
their
end
recipients
or
their
customers.
If
we look
at
what's
happening
from
a
metrics
perspective,
we're
seeing
more
and more
customers
using
more
than
one
channel.
Over
20%
of
our
customers
are
increasing
the
channel
usage
within
their
own
marketing
strategies.
You're
seeing
more
and
more product
data
continuing
to
come
into
the
platform,
and
we
continue
to
see
that
rise
in
e-mail
volumes
of
over 18%
in
the
last
six
months.
But
that
continues
to
accelerate
into
the
second
half
and
as
we
look
into the
future.
In
terms
of
building
pipeline
for
us
and
continuing
our
market
reach,
we
have
a
very
strong
foothold
in
the
UK.
We
are
the
largest
for what
we
do.
Most
marketing
departments
would
have heard
of
us
or
know
of
us.
And
effectively,
we
have
a
blue
print
of
international
expansion
through
strategic
partners,
whether
it's
in
our
North
American
market,
whether
it's
in
our
APAC
market,
where
they
help
drive
brand
awareness
within
their
user
base.
We
continue
to
add
value
from
a
proposition
perspective
and
see
those
clients
seeing
real
value
from
the
platform
that
they
are
using
and
effectively
continue
to
build
on
that.
We've
seen
strong
growth
across
all
of
the
integrations
that
we
have,
whether
it's
in
the
e-commerce
space,
in
Magento,
some
of
the
newer
connectors
that
we
have
that
is
continuing
to
increase
from
a
compounding
perspective.
We've
seen
an
increase
in
customers
using
our
Shopify
integration.
That
continues
to
feature
and
accelerate.
In
terms
of
some of
the
other
areas,
Microsoft
Dynamics,
and
some
of
our
new
integrations
that
we've
been
doing
with
our
strategic
partners,
we're
now
starting to
build
connectors
within
the
sales
and
service
clouds
as
more
and
more
customers
are
storing
conversations
using
those
keywords
in
those
conversations
to
really
drive
marketing
automation.
So
one
of
the
newer strategic
partners
that
we
are
excited
about
and
we
see
real
opportunity
for
is
around
our
integrations
with
Zendesk,
and
that
will
continue
to
feature
as
we
look
forward.
In
terms
of
our
growth
in
the
different
regions,
all
three
regions
grew.
APAC,
very
strong
growth
of
27%.
And
we
continue
to
push
further
not
only
into
the
Australian
and New
Zealand
market,
whether
it's
through
our
own
direct
marketing
efforts
or
our
strategic
partners,
further
into
Far
East
Asia
through
our
Singapore
office,
and
we've
now
started to
[indiscernible]
(19:41) as
we've
seen
stronger
demand
coming
from
Japan
and
work
with
the
likes
of
Shopify
to
push
further
from
a
go-to
market
perspective
as
we
look
forwards
into
that
market
with
some
feet
on
the
ground.
In
terms
of
the
US
growth,
we
saw
3%.
As
I
talked
about
some of
the
headwinds
we've
seen,
we've
continued
to
solidify
the
foundations
that
we
have
within
the
North
American
region.
We
started
to
accelerate
some
of
the
investments
that
we've
been
doing
from
a
marketing
perspective
as
we've
got
the
people.
In
terms
of
that
growth
coming
through
into
the future
years,
as
we're
an
annuity
business,
for
us,
customer
success
teams
and
sales
take
about
three
to
six
months
to
ramp
up
in
getting
to
that
full
target
or
hitting
those
full
targets
and
that
starts to
come
through
into
the
future
years
in
terms
of
revenue
growth
in
that
region.
Whenever,
from
an
annuity
revenue-based
perspective,
you
start
to add the
clients
through
the
period,
you
see
the
full
impact
of
the
revenue
growth
in
the
following
periods
and
that
will
continue
to
build.
In
terms
of
EMEA,
very
strong
growth
in
the
EMEA
market,
predominantly
led
by
the
UK.
But
as
we
start
to
develop
more
brand
awareness outside
of
the
UK,
we
continue
to
see
a
strong
demand
for
our
platform
in
these
regions.
I'll
pass
you
over to
Paraag
to go
through
the
financial
details.
Yes.
So,
good
afternoon,
everyone.
So
looking
at
the
first
half
and
in
terms
of
the
numbers
and
what we've
seen,
so
group
revenue
grew
10%
to
ÂŁ30.9
million
in
the
half.
And
then
the
monthly
average
revenue
per
customer
increased
19%
to
now
ÂŁ1,422
per
month
per
customer.
Now,
in
our
business,
we
have
a
broad
range
of
monthly
spend,
those
contracted
customer
by
customer,
so
that
could
be
anywhere
from
sort
of
the
lower
end,
our
customers
paying
us
around
ÂŁ250
a
month.
And
then
there
are
customers
at
the
much
sort
of
higher
end
paying
tens
of
thousands
of
pounds
a
month,
so
ÂŁ30,000,
ÂŁ40,000, ÂŁ50,000
a
month
at
the
very
high-end.
So
the
average
revenue
per
customer
isn't
measurable
as
to
how
many
customers
we
have.
So
in
a
subscription
business
like,
say,
a
Netflix
or a
Sky,
you
can
take
average
revenue
per
customer
or
ARPU
and
multiply
that
by
number
of
customers,
which
gives
you
the
overall
revenue.
In
our
case,
because
we
have
such
a
broad
range
of
that
average
revenue
per
customer
and what
we're
also
talking
about
here
is
the
contracted
revenue,
so
it's
not
the
total
revenue of
the
business.
What
we
do
see,
therefore,
is
our
customer
numbers
have
actually
increased
over
time.
And
those
customers
are
spending
more
than
the
existing
customer
base
that
have come
through
and
our
existing
customers
over
time
also
spend
more.
So
the
ARPC
is
just
more
of
an
indicative
trend
of
the
new
customer
wins
and
the
growth
in
the
existing
customer
base
that's
coming
through.
It's
not
going
to drive
into
a
one-to-one
correlation
with
revenue.
It
absolutely
helps
because,
of
course,
your
customer
base
is
spending more and
your
new
customer is
coming
in.
But
there's
not
a
kind
of
one-to-one
correlation
as
you
would
have
with
a
pure
subscription
model.
Now,
Milan
has talked
about
the
three
pillars
of
growth.
So,
international
revenue
grew
4%
in
the
period.
The
US
was
the
principal
area
of
weakness,
as
Milan
talked
about.
But
functionality
revenue
growing
22%
is
very
much
key
to
the
R&D
spend
that
we
do.
It
does
show
that
as
we're
spending
more
on
R&D,
and
we
spent
ÂŁ3.5
million
in
the
first
half,
that
leads
to
not
only
the
growth
in
the
functionality
of revenue,
but
also
that's
where
that
average
revenue
per
customer
also
goes
up.
So
as
customers
take
on
and
adopt
some
of
that
functionality
that
we're
building,
they
will
then
be
spending
more
with
us
as
well.
So
the
–
from
an
R&D
and
a
return
on
investment
perspective,
that's
going
very
well.
In
terms
of
the
partnerships, as
Milan
has
also
talked
about,
the
revenue
grew
9%.
Again,
that's
indicative
of
the
investment
that
we
put
into
our
partnership
team
over
the past
12
months.
We
have
revamped
our
partnership
model
to
be
more
scalable.
We've
added
new
people
or
partner
managers
into
the
teams.
So
that
number,
over
time,
we'd
expect
to
increase
and
drive
that
topline
further.
From
a
profitability
point
of
view,
we've
seen
both
adjusted
EBITDA
and
adjusted
operating
profit,
both
up
17%
in
the
first
half.
Now, I'll
talk
a
little
bit
more
in
detail
about
that
on
the
next
slide,
because
there
are
some
anomalies,
I
suppose,
or
trends
that
have
led
to
a
higher
margin
than
maybe
we
would
have anticipated
at
the
start
of
the
year.
The
chart
on
the
right-hand
side
of
the
slide
just
shows
the
revenue
progression
and
how
that
revenue
half-on-half
continues
to
increase. And,
of
course,
we
had
a
pandemic-related
spike
last
year,
which
drove
the
first
half
of
fiscal
2021
probably
to
a
higher
level
of
growth
than
we've
seen
historically.
But
the
normal
trend
has
continued
as
we've
moved
into
the
second
half
of
last
year
and
into
the
first
half of
this
year.
So
just
looking
in
more
detail
at
the
P&L.
So
I
talked
about
the
overall
revenue,
the
average
revenue
per
customer,
and
then
the
strategic
pillars. So
I won't
go
too
much
more
into
the
detail
on
revenue.
But
when
it
comes
to
our
margins
and
costs,
so
the
gross
profit,
that
increased
broadly
in
line
with
the
growth
in
revenue,
so
9%.
So
our
cost
of
sale
has
remained
at
sort
of
similar
growth
levels
to
the
revenue
levels,
and
the
margin
therefore
has
remained
relatively
stable.
And
then
what
that's
also
done,
therefore,
is,
in
theory,
the
operating
profit
margin
and
the EBITDA
margins
would
have
also
been
similar
kinds
of
growth
levels
in
a
normalized
year,
but,
instead,
obviously, they
grew
17%
rather
than
the
sort
of 9%,
10%.
And
the
reason
for
that
is
very
simple.
Milan
talked
about
people
earlier,
but
it's
taken
longer
than
we
would
have anticipated
to
fill
a
lot
of
the
new
hires
that
we
wanted
to
make
at
the
start
of the
year.
And
also,
in
terms
of
some
of
the
people
that
have
left
the
business
during
the
first
half
of
the
year,
we've
–
again,
it's
taken
a
little
bit
longer
to
backfill,
and
therefore,
there
might
be
a
gap
for
a
month
or
two
as
we
are
back
filling
those
roles.
And
so
what
that's
meant
is
that
the
– in
the
first
half,
we
just
didn't
spend
as
much
as
we
would have
anticipated
on
head
count.
Now,
that
has
reversed
and
we
now
have
all
of
the
head
count
in
place
that
was
anticipated.
The
backfills
have
reduced, so
the
level
of
people
leaving
in
the
last
couple
of months
has
been
lower
than
it
was
in
the
first
half.
So, at
this
moment
in
time,
the
total
number
of
employees
we
have
has
increased
over
350
from
being
340
at
the
end
of
the
period,
we're
talking
about
the
first
half.
So,
with
the
investment
that's
gone in
into
those
people,
and
some
of
those
are
key
hires,
as
Milan has
mentioned,
such
as
the
VP
of
Growth
and
the
Head
of
Customer
Success
in
the
US.
Those
costs,
you
see
the
full
impact
in
the
second
half
of
this
year.
So
our
full-year
margin,
operating
margin,
will
be
closer
to
the
normalized
long-term
guidance
that we
gave
of
20%
to
25%.
In
fact,
it
will
be
closer
to
that
20%
mark.
So
around
the
21%
level
is
what
we're
anticipating,
so
long
as
there's
nothing
else
that
changes
in
the
next
few
months.
So
we'll
see
that
second
half
impact
when
it comes
to
the
actual
margin
within
the
half.
But
for
the
year,
it's
very
much
within
that
guidance.
Two
other
just
points
on
that
to
note.
We
also
will
be
having
a
higher
level
of
marketing
spend
in
the
first
half
– sorry,
in
the
second
half
versus
the
first
half
because
we've
now
got
that
full
team
in
place
in
the
US.
In
the
first
half
where
there
wasn't
a
full
team
in
place,
it
didn't
make
sense
to
ramp
up
the
marketing
budget.
And
so
that'll
be
very
much
second
half-weighted.
Again,
that's
influencing
the
overall
margin
for
the
half
and
the
year.
So,
as
we
look
forward –
this
is
the
sort
of
final
point
on
this.
As
we
look
forward,
the
margins,
operating
margins,
will
be
around
the
20%
to
22%
level
for
the
next
couple
of
years
because
you'll
see
the
full-year
impact
of
all
that
hiring
that
we've
done
this
year.
But
also
from
a
marketing
budget
perspective,
there
won't
be
– it won't
be
so
lumpy
as
it
has
been
this
year
because
of
the
recruitment
needs
and
the
people
churn
that
we've
seen
in
the
first
half,
particularly
in
the
US.
So
next
year
becomes
a
much
smoother
year
in
terms
of
from
the
start
to
what
we
expect
to
happen
by
the
end.
That's
probably
the
key
things
to
highlight
when
it
comes
to
the
P&L.
I'll
move
over
to
the
balance
sheet.
So
the
balance
sheet
is
very
similar
to,
I
suppose,
what
we've reported
in
the
past
in
terms
of
the
health
of
it.
Strong
cash
position
continues
to grow.
We've
got
no
debt.
It
does
give
us
opportunities
to
invest
as
we
look
forward.
But
again,
with
the
balance
sheet,
it's
a
very
strong
balance
sheet,
which
gives
us
[ph]
a bandwidth of (29:40)
strategic
investments.
And
then
the
cash
flows,
which
of
course,
help
that
is
we've
got
strong
cash
flow,
with
the
adjusted
free
cash
flow
of
ÂŁ8.6
million,
total
cash
balance
at
the
end
of
the
period,
so
the
end
of
December,
was
ÂŁ40
million.
That
has
grown
from
ÂŁ27.6
million
a
year
prior
to
that.
So
there's
been
a
strong
level
of
cash
conversion
and
then
cash
collection
as
well
as
–
continues
to
improve.
So
a
healthy
cash
balance
for
the
business,
very
much
underpinning
the
long-term
future
of
the
business.
There's
no
issues,
therefore,
when
it
comes
to
potentially
having
–
running
out
of
cash
or
anything
like
that.
We've
got
enough
for
a
long,
long
time.
The
health of
the
balance sheet
is
very
healthy.
The
businesses
are in
an
extremely
strong
position
financially
from
that
perspective.
So
we're
all
set
for
making
sure
that
we
can
invest
as
we
go
forward
for
the
future
years.
With
that,
I
know
there
are
questions
in
the
chat,
which
we'll
address
during
the
Q&A,
but
I'll
hand
it
back
over
to
Milan.
Thanks,
Paraag.
So
I
guess
from
an
outlook
perspective,
we've
talked
about some
of
the
headwinds
that
we've
had
and
what
we're
actually
doing
about
it.
In
regards
to
the
US,
we've
now
got
the
management
in
place
to
really
take that
growth
to
that
next
level
that
we
are
looking
for.
We've
got
a
strong
team
in
that
region
where
we
are
going
through
the
onboarding
process
and
you'll
start
to see
the
benefits
of
the
newer
staff
as
they
are
fully
trained
and
optimized.
In
terms
of
there
is
slightly
slower
growth
in
– from
the
previous
expectations
in
the
current
year,
we
are
looking
to
not
only
see
that
unraveling
[ph]
of (31:34)
some
of the
pandemic
messages,
but
optically
that
covers
up
some
of
the
increase
that
we're
getting
from
marketing
messages
that
are
going
out,
which
has
expanded
significantly
and
growth
through
the
period
has
been
significant.
In
terms
of
– for
us,
the
operating
margins
remain
over
20%.
Continuing
to
look
into
the
future,
it
will
continue
to
see
the
levels
of
investment
that
we
require
in
the
business,
the
investment
that
we
are
making
in
our
people
from
a
learning
and
development,
but
also
new
talent
that
we're
bringing
into
the
business.
From
a
cultural
perspective,
we'll
continue
to
expand
now
as
we
move to
more
of a
flexi-working
scenario.
In
terms
of
other
elements,
return to
more
convention
in
sales
process,
that
helps
win
some
of
the
upper
tier,
mid-market
companies
and
large
enterprise,
but
also
it
helps
with
the
strengthening
of
our
partnerships
that
we
have
across
the
different
regions,
which
in
turn
means
additional
lead
flow
that
comes
in
from
demand
[audio gap]
(32:33).
In
terms
of,
Paraag
mentioned, in
our
financial
strength,
really
gives
us
sort
of
flexibility
to
invest
in
both
organic
and
inorganic
growth
opportunities
we
look
forward.
For
us,
we've
continued
to
strengthen
our
foundations
across
all
of
our
different
regions,
whether
it's
around
the products
and
whether
it's
around
our
people
to
really
scale
for
that
future
growth
as
we
look
forward.
So,
in
summary,
in
terms
of
the
industry
itself,
that
continues
to
grow
between
10%
and
14%.
You're
seeing
marketing –
from
a
marketing
budget
perspective,
digital
marketing
continued to
increase
as
a
percentage of
overall
marketing
budgets.
You're
seeing
more
of
the
traditional
marketing
budgets
being
put
into
digital,
which
is
a
lot
more
cost
effective
and
you
can measure
the
return
on
investment.
We
have
high
visibility
in
our
recurring
revenues.
Over
94%
of
our
– sorry.
94%
of
our
group
revenues
is
recurring,
very
much
agile
business
structure
which
makes
quick
decisions.
And
that
allows us
to
empower
our
culture
and
our
people
to
really
push
the
business
forward
in
the
visions
that
we're
achieving.
A
very
focused
growth
strategy
around
geographic,
around
strategic
partnerships
and
product
innovation.
From
a
fundamentals
perspective,
the
long
term
vision
and
the
value
proposition
remains
unchanged.
[ph]
Alexander (33:59),
I'll
hand
back
to
you
in
terms
of
taking
some
of the
questions.
Thank
you
very much. And
thank
you
very much
for your
presentation.
Ladies
and
gentlemen,
please,
do
continue
to submit
your
questions
using
the
Q&A
tab
situated
on
the
top
right
hand
corner
of
your
screen.
But
just
while
the
company
take
a
few
months
to review
those
questions
submitted
today,
I'd
like
to
remind
you
that
recording
of
this
presentation,
along
with
a
copy
of
the
slides
and
the
published
Q&A,
can
be
accessed
by
via your investor
dashboard.
As
you
can
see,
we've
received
a
number of
questions
throughout
today's
presentation,
and
thank
you
to
all
the
investors
for
submitting
their
questions.
But I'd
ask
you
to
read out
the
questions
and
give
responses
where
it's
appropriate
for
you
to
do
so,
and
I'll
pick
up
from you at
the
end.
No
problem
at
all.
So
first
question
from
[ph]
Henry (34:42).
Quite
a
lot
of
cash
on
the
balance
sheet,
what you
intend
to use
it
for?
So
part
of what
I
am
doing,
[ph]
Henry (34:48),
is
really
focused
on
getting
my
management
team.
So
we
are
in
the
process
of
replacing
our
CFO.
That's
quite
a
long
down
the
process
in
terms
of
getting
a
short
list.
Once
I've got
the
new
CFO
and
the
Chairman, we
will
then
take
stock
in
terms
of
whether
we
invest
that
more
for
organic
growth
or
whether
we
look at
M&A
from
a
strategic
standpoint,
whether
it's around
the
synergy
technology
or
more
consolidation
in
strategic
territories
that
we're
looking
at.
Paraag, there's
a
question
from
[ph]
Andrew (35:26).
In
terms
of
[indiscernible]
(35:27),
please,
if
you
could
talk
about
the
basis
on
which
you
capitalize
and
amortize
R&D.
CapEx
seems
to
run
consistently
ahead
of
amortization.
Yeah.
So
we
obviously
do
the
capitalization
in
line
with
the
guidelines
where we
look
to
capitalize
anything
that
is
for
future
development.
But
the
key
here
is
that
when
we
made
the
acquisition of
Comapi,
there
was
a
one-off
spike
in
that
level
of
capitalization
that
took
place.
Since
then,
the
increase
you'll
see
in
R&D
over
the
last
three,
four
years
has
been
at
a
constant
level.
The
amortization
is
catching
up
to
the
point
where
probably
in
two
years'
time,
assuming
we
continue
to
increase
R&D
by
a
couple
hundred thousand, say,
ÂŁ300,000
to ÂŁ400,000
a
year,
which is
what we've
been
doing
for
the
last
few
years, the
amortization
will
actually
catch
up
in
about
two
years'
time
when
they'll
be
equal
and
net
each
other
off
on
the
P&L.
Thank
you,
Paraag.
Another
question
I
have.
How
do
you
plan
to
respond
to
recent
share
price
drop?
Will
you
buy
back
shares?
Effectively,
we
don't
comment
on
the
share
price
movements.
But
effectively,
in
terms
of
answering
your
question
in
regards
to buyback
of
shares,
we'll
be
talking
to
our
advisors.
Myself
and
the
board
will
also
look
at –
once
the
roadshow
is
over,
look
at
where
we
are
and
what
we
do
next,
whether
we
do
buy
back
shares,
whether
we
invest
the money
organically,
or
whether
we
look
at
acquisitions
as a
way
forward
to
complement
our
growth
rates
that
we
have
from
an
organic
standpoint.
[indiscernible]
(37:13)
the
question
from
[ph]
Will (37:13)
on
the
margin,
just
to
clarify
a
little
bit.
The
question
is,
you
say
the
margin
should
be
in
the
20%
to
22%
range
for
the
next
couple
of
years.
But
if
you
annualize
the
second
half, the
implied
guidance
shows
that
margins
for
the next
year would
be
a
lot
lower.
Are
you
saying
that
there's
a
lot
of
one-off
spend
in
the
second
half
OpEx?
So
there's
two
elements
to
it.
So
there
is
a
second
half
weighting thing
when
it
comes
to some
of
that
budget.
So
as
I
mentioned
earlier,
marketing
spend
is
very
much
second
half
weighted.
There's
a
lot
more
in
the
second
half
than
there
was
in
the
first.
There's
two
reasons
for
that.
One
is
partly
the
US
and
the
– having
the
US
team
in
place.
The
second
part
is
that
if you
take
the
UK
as
an
example,
we
still
had
lockdown
and
the
pandemic.
Now,
events
have
opened
up,
travelers
opened
up.
There's
a
lot
of
marketing-related
activity.
There's
a
lot
of
partnership
team-related
activity.
And
then
general
business
travel
between
offices
and
–
so
therefore,
marketing
spend,
travel
and
subsistence
spend,
and
a
lot
of
those
kinds
of
things
are
very
much
now
back
to
normalized
levels
in
the
second
half
where
they
weren't
in the
first
half.
Now,
when
we
look
forward,
we
set
these
budgets
based
on
the
full
year
what
we're
expecting
in
terms
of
revenue
and,
therefore,
a
cost
base,
with
a
little
bit
of
flex
if
needed.
And
so
what
the
budgeting
for
next
year is
is
based
on
the
revenue
we
anticipate,
we
have
a
cost
base
that
is
able
to
be
within
that
20%
to
22%
range.
Now,
if
we
don't
quite
spend
enough,
that
percentage
will
be
higher.
If the
revenue
is
higher,
that
percentage
will probably
be
at
the
lower
end
of
that
20%
to
22%
range.
But
ultimately,
we
have
a
plan
on
a
three-year
basis
of
the
cost
that
we
expect
to
be
within
the
business.
So
you
can't
just
annualize
the
second
half
and
take
that
as
your
run
rate
for
next
year.
And
then
I
think
there's
a
few
more
parts
to
that
question.
But
I
think
the
–
do you
anticipate
similar
top-line
growth
next
year
as
this
year?
Well, the
numbers
in
the
market
that
you
can
see
from
the
analysts
and
consensus
show
that,
at
this
moment
in
time,
we
expect
growth
to
be
slightly
higher
next
year
than
it
is
this
year
when
it
comes
to
topline.
So
topline
this
year
is
roughly
7.5%
is
the
sort
of midpoint
of
the
guidance.
Next
year,
that
should
be
over
8%
based
on
what
we're
seeing
today.
So
growth
should
accelerate
next
year.
And
then
you
can
look
at
analyst
notes
for
years
beyond
that.
But,
essentially,
next
year
should
be
an
increase
on
the
growth
that
we've
seen
this
year.
I'm
trying
to
get
through
these
questions
to see
which
other
ones
we
haven't
gone
through
in
the
actual
presentation.
So,
Milan,
maybe
you
want
to take
the
one
from
[ph]
JP (40:19)
around
–
I'll
read
the
question
out.
So
there's
been
a
lot
of
consolidation
in
your
market.
As
one
of
the
last
independent
players,
does
this
put
Dotdigital
at
a
competitive
disadvantage
compared
to
larger/piggybacked
firms
who
can
deploy
more
resources? Please
comment
on
the
general
state
of
competition
as
perceived
by
ourselves.
Yeah. In
terms
of
consolidation,
what
we've
seen
from
a
historic
standpoint
is
when
they
go
through
that
consolidation,
there's
a
change
in
strategy.
There's
disruption
initially
that
happens
when
you
go
through
any
corporate
activity.
So,
for
us,
we
are
laser-focused
on
working
with
our
sales
teams
to
really
pinpoint
the
company
or
competitor
and
differentiate
our
product
against
them
with
a
very
focused
approach
of
winning
or
displacing
that
provider.
You
also
see
cultural
differences
when
any
company
is
either
consolidated
through
private
equity
or
a
trade
buyer.
And at
that
point,
we
pick
up
quite
a
lot
of the
talent
from
the
business.
In
terms
of
does
it
disadvantage
us
from
a
competitive
advantage
perspective,
there
is
a
lot
of
private
equity
and
VC-backed
money
going
into
some
of
the
competitors
from
the
landscape that
I
provided,
but
we're
very
focused
in
the
niches
that
we
play
in.
We
work
with
a
strategic
partners
in
the
international
regions.
As
I
mentioned
earlier,
we
are
the
largest
in
the
UK,
so
most
of
the
marketing
teams
have
already
heard of
us.
But
from
the
international
region's
perspective,
we
focused
on
ecommerce.
We've
increased
the
addressable
market
or
opportunity
we
can
go
after
in
the
CRM
space
and
we're
increasing
that
market
opportunity
now
with
integrations
or
strategic
partners
in
the
sales
and
service
clouds.
In
terms
of
them
spending
a
lot
more
of
their
marketing
dollars,
they're
looking
for
general
[ph]
marketeers (42:27).
We're
very
focused
in
our
approach
on
how
we
win
our
customers
for
future
growth.
There's
a
question
of
customer
concentration.
So
our
top
100
customers
make
up
about
31%
of
revenue, so it's
about
a
third
of
revenue
from
the
top
100.
There's
no
customer
from
a
contracted
perspective
that
is
over
1%.
I
think
our
largest
customers
just
under
that.
So
it's
a
pretty
sort
of
long
list
when
it
comes
to
the
concentration
of
customers.
A
question
from
[ph]
Andrew (43:12).
Please,
could
you
be
more
explicit
about
the
issues
of
management
staff
in
the
US?
How
many
people
are
involved?
How
has it
affected
customer
service?
Will
it
affect renewals?
So
there
was
a
couple
of
moving
parts
there.
What
we
saw
was
some
private
equity-backed
businesses
or
VC-backed
competitors
that
took
a
couple
of
our
management
teams,
which,
effectively,
while
I
couldn't
get
out
to
the
US
in
terms
of
stabilizing
some
of
our
employees
in
that
region,
we
did
see
some
of
our
customer
success
and
go-to-market
employees
leave
the
business
for
higher
levels
of
salary.
In
terms
of
where
we
are
now,
we've
replaced
the
management
team
there
with
people
from
industry
who
really
know
that
region,
who
can
really
drive
that
growth
forward.
We've
also
added
in
terms
of
our
customer
success
teams.
We've
increased
the
amount
we're
going
to be
recruiting.
There
was
some
level
of
higher
attrition
while
we
were
going
through
[indiscernible]
(44:26)
period.
What
we
have
seen
is
that
customer
attrition
in
that
North
America
market
now
stabilized.
And
we're
now
seeing
the
positive
impacts
that
we've
put
in
terms
of
investment
in
our
customer
success
staff
in
that
region
and
our
Head
of
Customer
Success
that
will
lead
the
charge
in
terms
of
our
retention
strategies
and
expansion
strategies
has
just
started
with
us
last
week.
So
we're
working
with
her
and
the
rest
of
the
team
in
terms
of
onboarding
and
training
to
really
look
at
what
we're
seeing
going
forward.
Most
of
the
renewals
that
were
affected
by
the
customer
service
level is
dropping,
[ph]
avoid
(45:07)
the
churn
during
that
last
four-month
period.
And
we
feel
we're
in
a
better
place
now
with
the
deployment
of
our
customers
with
the
right
level of
skills
from
our
customer
success
teams
to
really
move forward
and
the
renewal
rate
increasing
as
we
look
forward
into
the
future
year.
So
there's
one
more
question
from
[ph]
Rosemarie (45:30) here.
Over
how
much
of
your
revenues
does
the
ARPC
apply?
So
I think
I
mentioned
earlier
that
we
do
it
over
our
contracted
recurring
revenue,
and
that's
around
82%
of
the
total
revenue.
So
that's
the
element.
The
other
piece
just
to
sort
of
finish
off
the
breakdown
of
revenue,
so
we
have
6%
that
is
one-off
services.
Those
are
when
new
customers
come
on
board
and
there's
training
and
custom-designed
templates
that
are
created
and
working
with
our
services
teams
on
getting
that
smooth
up
and
running
through
the
process.
And
then
there's
the
SMS
revenue
and
even,
I
suppose,
WhatsApp
will
fit
into
that
as
that
starts
to
grow,
which
is
typically
not
contracted
and
is
a
pay-as-you-go.
But
we're
buying
[ph]
service
(46:19) rate,
we're
buying
the
actual
supply
from
aggregators
and
then
reselling
that
to
our
customer
base.
So
the
average
revenue
per
customer,
we're
talking
about
purely
just
the
contracted
recurring
revenue,
which
is
just
over
80%
of
the
total.
So
I
think
that's
pretty
much
all
the
questions.
Yeah.
Thank
you,
Milan,
Paraag.
I
think
you've
addressed
those
questions you can for the
investors.
And
of
course,
the
company
will
review
all
questions
submitted
today
and
will
publish
those
responses
on
the
Investor Meet
Company
platform.
Just
before
redirecting
investor
to
provide
you
with
their
feedback,
which
I
know
is
particularly
important
to
the
company,
Milan,
can
I
ask
for
a few
closing
comments?
Yeah. No
problem at
all.
In
terms
of
the
fundamentals
of
the
business,
that
continues
to
– that
hasn't
changed.
We
continue
to
see
strong,
profitable
growth
that
is
coming
through.
We
see
some
of
the
newer
changes
that
we've
made,
whether
it's
in
North
America,
whether
we've
addressed
some
of
the
headwinds
from
a
people
perspective.
That
will
continue
to
pay
dividends.
In
terms
of
our
opportunities,
we
continue
to
see
strong
opportunities
within
APAC,
further
into
EMEA
and
also
into
the North
American
market
as we
push
forward.
In
terms
of
product
innovation,
we've
done
lots
of
new
functionality
deployment.
We've
carried
out
our
customer
data platform.
We're
looking
at
the
analysis.
Our
customers
continue
to
drive
a
higher
return
and
investment
from
the
product
and
research
and
development that
we're
doing.
And
we
can
continue
to
see
that
coming
through
in
the
functionality
recurring
revenues
that
have been
growing
in
the
last
six
months,
but
also
will
be
growing
into
the future.
In
terms
of
strategic
partnerships,
that
continue
to
go
from
strength
to
strength,
whether
it's
in
our
e-commerce
integrations
that
we
have
or
whether
it's
in
our
CRM.
We're
now
looking
at
newer
partnerships
within
sales and
service
clouds.
Some
of the
exciting
opportunities
that
we
have
are
with
the
newer
integrations
with
people
like
Zendesk
as
we
look
forward.
And
I
think
what
we
have
today
is
a
business
that
continues
to
deliver
on
cash
generation,
very
profitable,
strong
growth.
And
as
we look
forward, that
will
continue.
Thank
you
very
much.
Milan,
Paraag,
thank
you very
much
for
updating
investors
today.
Could
I please
ask
investors
not
to
close
the
session
as
you'll
now
be
automatically
redirected
to
provide
your
feedback
in
order
for
the
management
team
can
better
understand
your
views
and
expectations?
This'll
only
take
a
few
moments
to complete
and
I'm
sure
will be
greatly valued
by
the
company.
On
behalf
of the
management
team
of
Dotdigital
Group
plc,
we'd
like
to
thank
you
for
attending
today's
presentation
and
good
afternoon
to
you
all.