Announcement PDF 1H 2019 Results 28 February 2019 Atomos unlocks creativity and profit for video content creators Advanced technology allows faster, higher quality, more flexible productions Agenda Half Year Results 3 Outlook & Board Update 12 Appendix 18 Half Year Results “Our VISION is to invent and deliver ground breaking products and disruptive technologies that enhance, simplify and ultimately democratise video content creation” Atomos – A Snapshot • Global video technology company that enhances video content creation with products that connect the imaging and computer world together • Allows video content creators to improve recording quality, save time and maintain greater flexibility and control over the content creation process • Advanced proprietary technologies underpin the current product suite and will be used to drive future growth into new markets • Global strategic relationships with leading global tech companies such as: Apple, Adobe and camera makers: Sony, Canon, Panasonic, RED and JVC Kenwood Capital Structure (as of 27 Feb. 2019) Major Shareholders % Ticker AMS Ms Claire Louise Young2 12% Share Price $0.80 Ellerston Capital Ltd 11% Shares on Issue (m) 152.0 Domazet FT3 P/L 11% Market Capitalisation (m) $121.6 Common Sense Computing P/L 8% Cash Balance ($m)1 $5.2 Imagination Technologies Ltd 7% Enterprise Value ($m) $116.4 Top 20 79% Board & Management 22% 1Calculated from 1H’19 Balance Sheet 2 Related Party to Board Member (Jeromy Young) • Three key market segments: Share Price Share Price History – Social: consumers / prosumers who create and share on free, advertisement driven platforms $1.0 $0.9 $0.8 $0.7 – Pro Video: advertising, events, corporate, broadcast and education – Entertainment: production companies producing high-quality content for TV and cinema usually viewed on subscription streaming platforms $0.6 $0.5 IPO Share Price: $0.41 $0.4 © Atomos 2019. | 1H’19 Results Global Operations Offices in major global locations and strong sales channels • 77 Staff Globally* 1H’19 Sales by Region PORTLAND NEWYORK • 10 Offices in 7 Countries LOSANGELES LONDON PARIS FRANKFURT Asia BEIJING SHENZHEN • Strong Global SalesChannel TOKYO 21% EMEA US 53% 26% • Broad retailer and reseller network in each region MELBOURNE * As of 31 December2018 © Atomos 2019. | 1H’19 Results 5 Target Markets – Current & Future Atomos’ growing product portfolio will address a US$10B camera equipment market1 Content Creation Social Pro Video Entertainment Camera Equipment Phone & PhotoCameras Pro Video Cameras Broadcast, TV & Cinema NINJA Atomos Products SHOGUN SUMO NEW MARKETS Social NEW MARKETS Entertainment Future Markets Expansion into growing Social & Entertainment video content markets – Double core product range in 2 years 1 CIPA Report, 2017 © Atomos 2019. | 1H’19 Results Rapidly Growing Markets Social Content Pro Video Content Entertainment Content Accessibility of new social media platform allows individuals to produce, share & monetise their content Market wide increase in video-focused corporate marketing, advertising, event and content creation Increased original content by new online streaming platforms is driving demand for enhanced content • New Technology is allowing Everybody to create quality video content • US$135B1 2017 spend on US digital video marketing • Growth of on demand streaming has driven investment in original content • Growing advert driven video capable platforms allow instant mass sharing of video • Content creators have platforms to build significant followings & monetise their content − DanTDM (YouTube) – US$16.5m earnings in FY17 1 Boston Consulting Group, “The Future of Television”, 20 September 2016 • Advertisers and publishers now ‘pivoting to video’ for brand exposure and marketing • ~$20k ave. estimated spend in 2017 by US businesses on video marketing1 – Redefined Video Marketing – Create great, exciting content that audiences actively seek (Stratos Jump) – Redbull use Atomos products 1 Magisto Report, Oct 2017 – The Modern Marketing Dilemma and the State of Business Video 2 Juniper Research, Future Digital Advertising AI, Ad Fraud & Ad Blocking • Netflix, Amazon and Apple are expected to grow their combined spend for original content from US$5B in 2017 to >US$23B in 20221 • Massive growth in production of scripted TV Shows2 1 Loup Ventures - Research, Gene Munster, Nov 21 2017 2 FX Network Research – Adweek.com article “There’s No Stopping Peak TV…” © Atomos 2019. | 1H’19 Results 1H’19 Executive Summary (ending 31 December 2018) 1H’19 Revenue $24.2m 32% pcp Achievements during 1H’19 • Completed development of Ninja Platform, launched first monitor recorder product (Ninja V) in September 2018 • Growth drivers: 1H’19 Gross Profit $10.5m 26% pcp – On time new product launch (Ninja V) – Higher than forecast camera bundle sales across multiple products (Ninja V, Shogun Inferno) • Ninja V continues Atomos’ push into the rapidly growing ‘Social’ segment of the video market 1H’19 EBITDA $0.7m 194% pcp © Atomos 2019. | 1H’19 Results Pro Forma Income Statement P ro F orma ( A$m) 1 H'1 8 1 H'1 9 ∆ p cp Revenue 18.4 24.2 32% COGS (10.0) (13.7) (38%) Gross P rofit 8.4 1 0.5 26% Gross Profit Margin 45.6% 43.4% Wages & Salaries (3.1) (3.5) (12%) Marketing (1.2) (1.8) (50%) General & Administration (1.3) (2.1) (56%) Other (0.6) (0.7) (9%) Op e ra ting Exp e nse s ( 6.3) ( 8.0) ( 28%) EBITDA ( p re R&D) 2.1 2.5 1 8% R&D Expenses (1.8) (1.7) 5% EBITDA 0.2 0.7 1 94% Key Insights: • 1H’19 sales of $24.2m, up 32% pcp, driven by: – Strong sales of Ninja V which was released in September 2018 – Product bundling with major camera manufacturers • Gross Profit of $10.5m, up 26% pcp • GP margin lower due to higher than anticipated component costs associated with the Ninja V which was accentuated by strong sales of Ninja V – Management have addressed these component costs and envisage monthly run-rate GP margin in line with prospectus forecast by May/June 2019, however full year FY19 GP margin expected to be lower than FY19 prospectus forecast • EBITDA of $0.7m, up 194% pcp Pro Forma Revenue Growth ($m) 50 $35.6m 40 $30.5m $31.1m 30 $17.3m H2 20 $18.4m H1 10 $24.2m H1 FY16 FY17 FY18 H1 FY19 © Atomos 2019. | 1H’19 Results Pro Forma Balance Sheet P ro F orma ( A$m) 1 H'1 9 Cash and cash equivalents 5.2 Trade and other receivables 6.1 Inventories 11.1 Other assets 2.6 Plant and equipment 0.9 Intangible assets 8.2 Key Insights: • Strong balance sheet with $5.2m cash and zero debt – Access to a $1.5m EFIC working capital facility if required • Inventory levels increased reflecting: – Stronger than anticipated Ninja V sales Tota l a ssets 34.1 – Stock build up of components ahead of Chinese New Year (given various lead times) Trade and other payables (10.9) Provisions (0.6) Borrowings 0.0 • Trade payables also reflects a build up of components (given various lead times) ahead of the Chinese New Year Tota l lia b ilities ( 1 1 .5) Net a ssets 22.6 Issued capital 44.3 Reserves • $14.4m of tax losses and R&D tax credits available to offset future tax payable (off balance sheet) 1.9 Accumulated losses (23.6) Eq uity 22.6 © Atomos 2019. | 1H’19 Results Statutory Cash Flows 1 H'1 9 Key Insights: Receipts from Customers 23.2 • Net cash flows in line with prospectus forecast Payments to suppliers and employees (27.6) Sta tutory C a sh F lows ( A$m) Op e ra ting a ctiv itie s Income taxes paid (0.1) Ne t ca sh use d in op e ra ting a ctiv itie s ( 4.5) • Growth in working capital driven by successful launch of Ninja V: – Build in inventory to satisfy demand; and – Debtors growth resulting from strong sales Inv e sting a ctiv itie s Payments for PP&E (0.2) Payments for intangible assets (1.0) Ne t ca sh use d in inv e sting a ctiv itie s ( 1 .2) F ina ncing a ctiv itie s Proceeds from issue of ordinary shares 6.0 Payment for equity raising costs (1.0) Proceeds from issue of convertible notes 6.5 Repayments of borrowings (1.6) Ne t ca sh inflow from fina ncing a ctiv itie s 9.8 Ne t cha ng e in ca sh a nd ca sh e q uiv a le nts 4.1 Cash and cash equivalents, beginning of period 1.4 C a sh a nd ca sh e q uiv a le nts, e nd of p e riod 5.6 • Working capital to reduce over 2H’19 • Payments for intangibles relate to completion of the Ninja Platform development © Atomos 2019. | 1H’19 Results Outlook & Board Update “At $399 it won’t break the bank either. It’s bright, very, very light, and has incredibly good battery life. Yep, I like it” – Redshark News on new Shinobi monitor Outlook - Achievements Post End 1H’19 + Full Year FY19 Achievements post end 1H’19 • Finalised licence agreement with RED.com LLC • Released 5” Shinobi monitor-only product in February 2019 - continuing drive into the ‘Social’ market • Appointed Stephen Stanley and Bradley Whitcomb as Non-Executive Directors Full Year FY19 Outlook • Expect stronger sales than forecast in prospectus lodged 30 November 2018 • Improving GP margin in 2H’19 vs 1H’19, however overall FY19 GP margin expected to be lower than FY19 prospectus forecast • Comfortable with forecast FY19 Pro Forma EBITDA guidance of $0.3m given in the prospectus © Atomos 2019. | 1H’19 Results 13 Outlook – Growth Initiatives for 2H’19 and beyond Growth Drivers Description Progress Growing Product Portfolio • Leverage tech portfolio to develop new future products with goal to double range over next two years ✓ Released flagship 5” Ninja V recorder/monitor Expand into New Adjacent Growth Segments • Expand further into adjacent high growth market segments (leveraging existing sales channels) - Social & Entertainment ✓ Released 2 new products targeting the Evolve Strategic Relationships • Continued relationships / partnerships with global camera makers and software video editing providers ✓ Released Shinobi 5” monitor only in Feb. ’18 growing ‘Social’ segment with strong market acceptance ✓ Announced ProRes Raw recording on Ninja V and bundled offering with Nikon camera ✓ Licence agreement entered into with RED ✓ Hired two former Apple Final Cut Pro X Continue to Seek exceptional Management & Talent • Seek out exceptional talent globally to enable continued development of leading content creation products software engineers ✓ Announced two new Board members, Stephen Stanley & Bradley Whitcomb © Atomos 2019. | 1H’19 Results Board Update Recent Board Appointments – 1 February 2019 Sir Hossein Yassaie Stephen Stanley Bradley Whitcomb Executive Director Co-Founder & CEO Non-Executive Director Non-Executive Director Non-Executive Director Director since 2009 Director since 2016 Director since 2019 Director since 2019 Chris Tait Jeromy Young Non-Executive Director Chairman Director since 2017 • 25+ years experience advising local and multinational companies both private & public • Co-Founder and Managing Director of Henslow • Previously, Director of Strategy for WH Smith PLC and CFO of WH Smith’s APAC operations • 20+ years technology & management experience • 35 years in specialised R&D and semiconductors • Previously global BDM for Blackmagic growing sales from $7m to $30m in two years • Founder & CEO of Imagination Technologies Plc for 18 years, growing the company from £15m to £1bn+ • Prior to Blackmagic, global BDM Director for Canopus (GV) Japan growing sales from $5m to $60m in four years • Chairman of The BlueRock and Neo Products • Received knighthood at 2013 New Year Honours for services to UK Technology • 25+ years experience across a number of senior management roles at leading global organisations • Previously CEO of Mayne Logistics • Previously, Director for Corp. Development for Toll Holdings, overseeing its development into a leading international logistics player • 25+ years experience in the telecommunications and technology sectors across North America, Japan and Australia • Spent five years in senior Marketing, Corporate Development and Board roles in Vodafone’s Japanese operations • Chief Customer Officer of NBN Australia Neil Chatfield Advisor to the Board Stepped down as a NED on 1 February 2019 (as outlined in the Prospectus), however will remain as an Advisor to the Board © Atomos 2019. | 1H’19 Results “If you need an HDR monitor that works both on set and in post-production, you should consider the Atomos Sumo19” - Videomaker.com on SUMO19 Questions & Answers Contacts For further information on this presentation, please contact: Key upcoming Tradeshows / Conferences: James Cody Matthew Wright Name Location Dates Chief Financial Officer Media relations +61 3 9999 5908 +61 451 896 420 Photography Show Birmingham 16 - 19 March james.cody@atomos.com matt@nwrcommunications.com.au Games Developer Conference San Francisco 18 - 22 March NAB Show 2019 Las Vegas 8 - 11 April About Atomos KOBA Seoul 22 - 25 May Atomos is a global video technology company delivering award-winning, simple to use monitor-recorder content creation products. These products give content creators across the rapidly growing social, pro-video and entertainment markets a faster, higher quality and more affordable production system. Cine Gear Los Angeles 31 May – 1 June Media Production Show London 11 - 12 June Electronic Entertainment Expo (E3) Los Angeles 11 - 13 June Broadcast Asia Singapore 18 - 20 June IBC Amsterdam 12 - 17 September Atomos’ range of seven products take images directly from the sensor of all major camera manufacturers, then enhance, record and distribute them in high-quality formats for content creation using the major video editing software programs. Since being founded in 2010, Atomos has established strategic relationships with key technology providers within the ecosystem including Apple, Adobe, Sony, Canon, Panasonic, Nikon and JVC Kenwood. Key Tradeshow Atomos is based in Australia with offices in the USA, Japan, China, UK and Germany and has a worldwide distribution partner network. For more information please visit www.atomos.com © Atomos 2019. | 1H’19 Results Appendix “This is how you can supercharge any camera… You definitely want to check out the Ninja V. I was thoroughly impressed and I’m definitely going to be using this a lot more from now on.” – YouTube star Matti Haapoja on Ninja V What We Improve Atomos unlocks the creative and commercial potential of digital cameras Lower quality monitor Despite the advanced technology of modern digital cameras, users are limited by: • Heavily compressed recorded data Complex menus • Not designed for computerworkflows • Short record times • Expensive media • Small lower resolution monitors • Complex menus and buttons Expensive media Short record times © Atomos 2019. | 1H’19 Results How We Do It Atomos devices take images directly from the camera’s sensor, then enhance, record and distribute them for content creation © Atomos 2019. | 1H’19 Results Content Creation Workflow CAPTURE PROCESS & ENHANCE FINISH & DELIVERY From the sensor of all major camera manufacturers Atomos products enhance content creation, quality and creativity Edit, Colour Grade, Titles, Graphics Finish in Post Atomos’ devices are compatible with all levels of content creation & equipment © Atomos 2019. | 1H’19 Results Product Suite 4K Monitor Recorders Ninja Range Shogun Range • HDMI only • HDMI & Quad SDI inputs • Broad market application due to portability • Broad market application due to portability • Both 5” and 7” screen options • 7” high brightness screen • Record ProRes®, DNxHR at 60p frame rates • Record ProRes, DNxHR at 60p frame rates • AtomHDR monitoring • ProRes RAW capability • Includes recently released 5” Shinobi monitor only • AtomHDR monitoring Production / Studio Broadcast, Pro AV, Accessories & O SUMO Range Shogun Studio + Converters + Accessories • Larger format 19” monitor recorder Shogun Studio – targeting studio usage • Rack mount 4K monitor recorder solution • Quad SDI & HDMI in/out • Dual 7” screens with touchscreen interface • Record ProRes/ProRes RAW, DNxHR, among others Converters • Range of 4K converters • SDI to HDMI or vice versa Accessories (Cables, Caddies & Adaptors) • Range of accessories to compliment monitor recorder range • Media caddies (SSD) Social / Pro-Video Segment Pro-Video / Entertainment Pro-Video / Entertainment Various © Atomos 2019. | 1H’19 Results We have worked hard to ensure our Brand Strength matches our Product Strength Senior Management Jeromy Young James Cody Trevor Elbourne Co-Founder & CEO Chief Financial Officer Chief Technology Officer Location: Australia Location: Australia Location: Australia • 20+ years technology & management experience • • • Previously global BDM for Blackmagic growing sales from $7m to $30m in two years 20+ years financial & accounting experience in both private & public businesses 23+ years experience as a hardware engineer with particular focus on IC and ASIC design • Prior to Blackmagic, global BDM Director for Canopus (GV) Japan growing sales from $5m to $60m in four years Previously CFO and Principal at Henslow, a corporate advisory firm in Melbourne • • • Prior to Henslow, CFO at Funtastic, an ASX listed supplier of children’s products with revenue of $200m+ At Atomos Trevor started as a Senior Hardware Engineer before moving to Director of Systems Engineering • Previously, Engineering and Hardware manager at Canon and various electronic firms Stephan Kexel Naofumi Yoneda Frankie Liu Global Sales Director Chief Design Officer Global Production Manager Location: Germany Location: Japan Location: China • 25+ years experience in business development and sales primarily focused in the video and electronics industry • 20+ years industrial design experience in consumer electronics, professional cameras & broadcast equipment • Previously, Senior Manager of EMEA channel sales for Grass Valley • Previously, acting Chief Art Director at Sony Corporation developing products for the Professional Solution Business Division • Prior to Grass Valley, General Manager of Canopus GmbH • Prior to that role, Naofumi was Art Director designing consumer products (cameras, portable & home audio, TV, laptop) • 23+ years experience in electronics production and quality control – currently leads Atomos’ production operation in China • Previously, General Manager for a high-tech electronics manufacturer based in China • Worked at both Mobile Tech & Seiko Instruments in senior positions responsible for production & process control © Atomos 2019. | 1H’19 Results A Few Key Terms Explained “4k60p” “ProRes recording” “1,500 Nits brightness & HDR” Refers to: Resolution / Frame Rates Refers to: Recording Format Refers to: Screen Brightness (Nits) / HDR • Resolution refers to the number of pixels displayed within each frame - simplistically, greater pixels (higher resolution) results in a sharper, clearer and more detailed image (video) Standard Resolution (W x H) Standard Definition (SD) 720 x 480 Full High Definition (HD) 1920 x 1080 4K (UHD) 3840 x 2160 8K 7680 x 4320 • 4K contains 8 million pixels compared to 2 million pixels for Full HD • The ‘p’ stands for progressive scanning and is increasingly become the standard over ‘i’ (or interlaced) which was popular in the early TV era • Recording Format or “Codec” refers to how a video is captured & recorded by the camera or recording device • The codec (abbreviation for Coder/Decoder) describes the type of compression used to record a video - the codec encodes a video stream thereby making the video file smaller & easier to manage/transport to editing software Nits • The editing software (assuming the codec is supported) is then able to decode (unpack) the video file based on the rules set by that codec, providing the user access to all the video information during post production (editing) iPhone X 625 Galaxy Note 8 1,200 Shogun Inferno 1,500 • For professionals some of the main codec’s include: Samsung QLED Q9F TV − ProRes or ProRes RAW → Apple − DNxHR → Avid − CinemaDNG → Adobe • For simplicity, we are only referring to codec’s typically used by video professionals – that is users who require video to be edited via an editing suite in post production • There is a often a trade off between resolution & frame rate depending on application, setting, budget and editing software • For ‘amateur’ video requiring only minimal editing with the aim of uploading to a video streaming site other codec’s may be more applicable (e.g. H.264) Usage 24 / 30 Standard for home movies 60 Suited for faster paced video, e.g. sports 240 Slow motion video • Tabled below are few examples for comparison: Device • Frame Rates refers to the frequency (no. of frames) that an image is recorded per second - the higher the frame rate the smoother the video appears Frame rates p/s (fps) • Nits refers to a measurement of light that a screen sends to your eyes (luminance) within a given area – the greater Nits the more light output the screen can display • RAW refers to uncompressed video footage taken directly from a camera's sensor. Although it provides the highest level of colour and image detail, it requires huge data capability and therefore is impractical for most users Up to 1,800 • HDR (High Dynamic Range) refers to the brightness range of an image and aims to present a similar range of colour and brightness to that experienced by the human eye • In HDR video each pixel can capture a much wider and more granular range of light (whites appear whiter and darks appear darker) • Atomos invented the ability to view (on an in-field monitor) what HDR video will look like once it has been through post-production • Prior to Atomos, the only way to ‘approximate’ HDR while shooting in the field was to apply a LUT (colour style filter) to the video image © Atomos 2019. | 1H’19 Results 1H’19 Income Statement – Statutory to Pro Forma Pro fo rma adjustments to the statuto ry co nso lidated statements o f pro fit o r lo ss and o ther co mprehensive inco me $ tho usand No tes S tatuto ry EB ITDA Actual Fo recast HY 20 19 FY 20 19 (146 ) (1,9 32) Incremental listed company costs 1 (127) (129) Financial instruments movements 2 (1,203) 1,770 Employee share plan costs 3 370 131 Transaction costs 4 1,833 448 726 28 8 Pro fo rma EB ITDA S tatuto ry lo ss after tax (2,29 2) (3,8 49 ) Incremental listed company costs 1 (127) (129) Financial instruments movements 2 (472) 1,770 Employee share plan costs 3 370 131 Transaction costs 4 1,833 448 Capital structure 5 675 644 (13) (9 8 5) Pro fo rma lo ss after tax Notes: 1. Incremental listed company costs include ASX listing fees, audit fees, registry costs, board fees and insurance 2. Inclusive of movement in fair value of derivatives and interest attributable to underlying financial liability 3. Accelerated vesting charge 4. Transaction costs - prospectus forecast excluded pre IPO transaction costs ($545k) and recorded a higher proportion of costs ($538k) directly in equity 5. Interest on Convertible Notes and unwinding of capitalised borrowing costs © Atomos 2019. | 1H’19 Results 1H’19 Balance Sheet – Statutory to Pro Forma S tatuto ry histo rical and pro fo rma histo rical co nso lidated statement o f financial po sitio n $ tho usand Current assets Cash and cash equivalents Trade and other receivables Inventories Other assets Current assets - to tal No n-current assets Property, plant & equipment Intangible assets No n-current assets - to tal Assets - to tal Current liabilities Trade and other payables Borrowings Provisions Other financial liabilities Current liabilities - current No n-current liabilities Provisions No n-current liabilities - to tal Liabilities - to tal Net assets Equity Issued capital Share issue reserve Foreign currency translation reserve Accumulated losses Equity - to tal No tes 1 1 31 December 20 18 Redeemed S tatuto ry Notes payable Pro fo rma 5,595 6,086 11,065 2,591 25,337 (358) (358 ) 5,237 6,086 11,065 2,591 24,9 79 871 8,245 9 ,116 34,453 (358 ) 871 8,245 9 ,116 34,0 9 5 (10,889) (358) (544) 0 (11,79 1) 358 358 (10,889) 0 (544) 0 (11,433) (64) (6 4) (11,8 55) 22,59 8 358 - (64) (6 4) (11,49 7) 22,59 8 44,293 1,549 350 (23,594) 22,59 8 - 44,293 1,549 350 (23,594) 22,59 8 Notes: 1. Remaining balance payable on redeemed convertible notes at IPO, paid in January 2019 © Atomos 2019. | 1H’19 Results Disclaimer The information contained in this document (“Document”) has been prepared by Atomos Limited ACN 139 730 500 (referred to as “Atomos” or “Company”). This Document is current as at the date of this Document and should be read in conjunction with other Atomos periodic and continuous disclosure announcements filed with the Australian Securities Exchange (ASX), available at www.asx.com.au. The information in this Document is not intended to form the basis of any investment decision in relation to the Company or its assets and should not be considered as a recommendation to the Recipient to acquire securities in the Company. 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