SUSE Interim Condensed Consolidated Statement of Cash Flows (unaudited) For the nine months ended 31 July 2021
Nine months ended Nine months ended
31 July 2021 31 July 2020
USUSD'000 USUSD'000
Loss for the period (170,028) (22,558)
Net finance costs 38,078 46,052
Taxation (50,946) (4,886)
Share of losses on associate 1,582 2,008
Operating (loss)/profit for the period (181,314) 20,616
Addback:
Depreciation - Property, plant and equipment 3,365 3,388
Depreciation - Right of use assets 4,632 7,792
Amortization of intangible assets 111,063 89,426
Amortization of contract related assets 6,370 1,888
Contract liabilities - fair value haircut 10,455 14,975
Share based payments expense 166,099 7,338
Restructuring charges 1,407 -
Foreign exchange movements 10,004 (13,808)
Impairment (credit)/loss on trade receivables (433) (86)
Movements:
Movements in trade receivables (17,216) 11,347
Movements in other receivables (476) 14,723
Movements in trade payables (1,421) 1,796
Movements in other payables (11,455) 10,018
Movement in other pensions (121) (367)
Movements in provisions (4,506) 2,100
Movements in contract related assets (32,791) (20,812)
Movements in contract liabilities 59,701 5,223
Cash generated from operations 123,363 155,557
Interest paid (40,470) (38,072)
Interest received 8 17
Tax paid (4,434) (4,955)
Net cash inflow from operating activities 78,467 112,547
Cash flow from/(used in) investing activities
Purchase of property, plant and equipment (2,095) (1,768)
Purchase and development of intangible assets (3,201) (33,629)
Acquisition of a business, net of cash (489,432) (15,964)
Proceeds from IPO, net of underwriting costs 659,409 -
Settlement of share-based payments (112,686) -
Net cash inflow/(outflow)from investing activities 51,995 (51,361)
Net cash inflow before financing activities 130,462 61,186 SUSE S.A. and its subsidiaries ("the SUSE Group")
Interim Condensed Consolidated Statement of Cash Flows (unaudited) For the nine months ended 31 July 2021
Nine months ended Nine months ended
31 July 2021 31 July 2020
USUSD'000 USUSD'000
Cash flows from/(used in) financing activities
Proceeds from contribution of share premium 135,338 -
Proceeds from bank borrowings 300,000 -
Payment of arrangement fees (3,764) -
Repayment of bank borrowings (513,062) (2,700)
Payment of interest rate swap premia (6,702) (4,290)
Lease payments (3,680) (8,121)
Loan repaid by intermediary parent undertaking 1,500 -
Net cash outflow from financing activities (90,370) (15,111)
Net increase in cash and cash equivalents 40,092 46,075
Foreign exchange movements (12) (559)
Cash and cash equivalents at beginning of period 94,933 38,197
Cash and cash equivalents at end of period 135,013 83,713 APPENDIX 2 Reconciliation from IFRS to Adjusted Pro Forma Figures
IFRS Revenue to Adjusted Revenue
USD USD millions Q3 Q3 Growth Q3 YTD Q3 YTD Growth
2021 2020 % 2021 2020 %
Revenue - IFRS 148.0 111.7 32% 407.7 327.4 25%
Adjustments
Contract liability haircut amortized 3.0 3.9 -23% 10.5 15.0 -30%
Pro Forma Rancher 0.0 9.7 -100% 3.7 23.3 -84%
Adjusted revenue 151.0 125.3 21% 421.9 365.7 15% Note: The Pro Forma Rancher adjustment is 1 month in 2021 Q3YTD, and for the full periods in 2020 Q3 and Q3 YTD.
IFRS Operating Loss to Adjusted EBITDA
USD USD millions Q3 Q3 Growth Q3 YTD Q3 YTD Growth
2021 2020 % 2021 2020 %
Operating loss - IFRS (30.5) 22.9 nm (181.3) 20.6 nm
Adjustments
Depreciation and Amortization 40.3 32.8 23% 119.1 100.6 18%
Separately reported items 4.9 0.6 nm 14.1 0.6 nm
Contract liability haircut amortized 3.0 3.9 -23% 10.5 15.0 -30%
Non-recurring items 5.0 6.8 -26% 18.3 20.8 -12%
Share-based payments - charge 18.3 3.0 nm 166.1 7.3 nm
Share-based payments - ER taxes 1.2 0.0 nm 7.0 0.0 nm
Foreign exchange - unrealized 13.0 (15.9) nm 12.1 (15.0) nm
Adjusted EBITDA - Non Pro Forma 55.2 54.1 2% 165.9 149.9 11%
Pro Forma Rancher 0.0 (3.7) -100% (1.8) (12.1) -85%
Adjusted EBITDA - Pro Forma 55.2 50.4 10% 164.1 137.8 19% Note: The Pro Forma Rancher adjustment is 1 month in YTD 2021, and for the full periods in 2020 Q3 and YTD.
Adjusted Deferred Revenue to IFRS Deferred Revenue
USD USD millions Q3 Q3 Growth Q3 YTD Q3 YTD Growth
2021 2020 % 2021 2020 %
Movement in contract liabilities: Pro Forma (9.8) 15.0 nm (62.4) (12.7) nm
Pro Forma Rancher 0.0 3.0 nm 2.7 7.5 -64%
Movement in contract liabilities: Non Pro Forma (9.8) 18.0 nm (59.7) (5.2) nm
Adjustments:
Contract liability haircut amortized (3.0) (3.9) -23% (10.5) (15.0) -30%
Movement in contract liabilities - IFRS (12.8) 14.1 nm (70.2) (20.2) nm Note: The Pro Forma Rancher adjustment is 1 month in YTD 2021, and for the full periods in 2020 Q3 and YTD.
IFRS Net Cash inflow from Operating Activities to Adjusted uFCF
USD USD millions Q3 Q3 Growth Q3 YTD Q3 YTD Growth
2021 2020 % 2021 2020 %
Net cash inflow from operating activities 26.7 21.8 22% 78.5 112.5 -30%
Interest paid 11.7 10.9 7% 40.5 38.1 6%
Tax paid 0.4 1.6 -75% 4.4 5.0 -12%
Cash generated from operations 38.8 34.3 13% 123.4 155.6 -21%
Addbacks - non cash items (76.9) (22.2) 246% (313.0) (111.0) 182%
Movements - other working capital 4.8 (11.8) nm 30.6 (37.9) nm
Movement in other pensions 0.2 0.5 -60% 0.1 0.4 -75%
Movements in provisions 1.4 (3.7) nm 4.5 (2.1) nm
Movements in contract related assets 11.0 7.8 41% 32.8 20.8 58%
Movements in contract liabilities (9.8) 18.0 nm (59.7) (5.2) nm
Operating loss per IFRS Statements (30.5) 22.9 nm (181.3) 20.6 nm
Depreciation and Amortization 40.3 32.8 23% 119.1 100.6 18%
EBITDA per IFRS Statements 9.8 55.7 -82% (62.2) 121.2 nm
Separately reported items 4.9 0.6 nm 14.1 0.6 nm
Non-recurring items 5.0 6.8 -26% 18.3 20.8 -12%
Share-based payments - charge 18.3 3.0 nm 166.1 7.3 nm
Share-based payments - ER taxes 1.2 0.0 nm 7.0 0.0 nm
Deferred revenue haircut 3.0 3.9 -23% 10.5 15.0 -30%
Foreign Exchange - Unrealized 13.0 (15.9) nm 12.1 (15.0) nm
Adjusted EBITDA 55.2 54.1 2% 165.9 149.9 11%
Rancher Pro-Forma Adjustment 0.0 (3.7) -100% (1.8) (12.1) -85% (MORE TO FOLLOW) Dow Jones Newswires
September 16, 2021 01:30 ET (05:30 GMT)
