Gentrack Group Limited Half-Year Results

Gentrack Group Ltd
17 Hargreaves Street, St Marys Bay Auckland
1011, PO Box 3288, Auckland 1140, New
Zealand
Ph: +64 9 966 6090
Email: info@gentrack.com
www.gentrack.com



Results for announcement to the market
Name of issuer Gentrack Group Limited
Reporting Period 6 months to 31 March 2023
Previous Reporting Period 6 months to 31 March 2022
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$84,303 47.71%
Total Revenue $84,303 47.71%
Net profit/(loss) from
continuing operations
$7,880 235.14%
Total net profit/(loss) $7,880 235.14%
Interim/Final Dividend
Amount per Quoted
Equity Security
No dividend payable
Imputed amount per
Quoted Equity Security
Not applicable
Record Date Not applicable
Dividend Payment Date Not applicable

Current period Prior comparable
period
Net tangible assets per
Quoted Equity Security
$0.355 $0.175
A brief explanation of any
of the figures above
necessary to enable the
figures to be understood
For commentary on the results please refer to the market
announcement, financial statements including
chairperson commentary, and investor presentation
attached.
Authority for this announcement
Name of person
authorised to make this
announcement
Kerry Nickels
Contact person for this
announcement
Kerry Nickels
Contact phone number +64 9 966 6090
Contact email address kerry.nickels@gentrack.com
Date of release through
MAP
22/05/2023

Unaudited financial statements accompany this announcement.
Gentrack Group Ltd | ARBN 169 195 751

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Gentrack Group Ltd | ARBN 169 195 751

Gentrack Group
17 Hargreaves Street, St Marys Bay Auckland 1011,
PO Box 3288, Auckland 1140, New Zealand
Ph: +64 9 966 6090
Email: info@gentrack.com
www.gentrack.com



22 May 2023
Market Announcement
Gentrack Group Limited (NZX/ASX: GTK), a leading provider of software solutions
for utilities and airports, today released its results for the half-year to 31 March 2023.
Results Summary
• Revenue: $84.3m – up 47.7% on H1’22
• EBITDA $16.0m – up $14.8m over H1’22
• Statutory NPAT: $7.9m profit v $5.8m loss in H1’22
• Cash: $41.9m – up $14.5m over FY22
• No Dividend payable
• Results include substantial one-off revenues, but strong underlying growth
means that both FY23 and FY24 revenue guidance have been upgraded to
a range of $157m to $160m (from previous guidance of $147m to $150m for
FY23 and $150m for FY24)

Across the first half of the financial year, Gentrack has delivered impressive growth
in revenue, EBITDA and cash. We continue to win new customers as well as deliver
against recent wins and expand services with existing customers. We have strong
net people growth and employee engagement is high, with staff turnover at an all-
time low. Finally, we are proud to be working with the leaders in the sectors we
serve to help them innovate and move to sustainable solutions.
Financial performance
Strong revenue results were driven by a 51.2% increase in the Utilities business to
$73.9m for this half. This included $19.7m of revenue from Bulb and other insolvent
UK customers. In December 2022, the UK Government agreed the sale of Bulb’s
business to another retailer who is now in the process of migrating Bulb’s customers
from our platform to its own. Whilst we continue to support the administrators of
Bulb, the level of services we provide has now peaked and we do not expect
material revenues from this customer beyond this financial year.
Notwithstanding, our underlying growth in the Utilities business, excluding
insolvencies, was also impressive, up by 38.7% over H1’22. The Veovo airports

Gentrack Group Ltd | ARBN 169 195 751

business also grew strongly, up 26.7% on H1 ‘22 to $10.4m with growth in recurring
and non-recurring revenues, up 15% and 57% over H1’22 respectively.
EBITDA performance was $16m, $14.8m higher than H1’22. This growth in EBITDA
has been achieved whilst continuing to invest in strategic R&D and increasing our
sales & marketing spend to support international expansion.
With strong cash conversion from EBITDA, net cash as of 31 March 2023 was
$41.9m, which is an increase of $14.5m from the end of the last financial year.
This half year marks a return to an NPAT profit of $7.9m against an NPAT loss made
last year. Gentrack’s Utilities and Veovo businesses both operate in markets with
strong growth potential. The Board continues to believe that the best use of the
company’s capital is to continue to invest in growth. We have therefore decided not
to pay an interim dividend.
Growing our energy customers
Our underlying growth in Utilities demonstrates we are doing more with both new
and existing energy customers in the markets we serve.
EnergyAustralia, a new customer for Gentrack this half year, went live in March with
its innovative, ground-breaking product ‘Solar Home Bundle’ on our cloud billing
solution. They have migrated their existing Solar Home Bundle customers to the
new platform, an integrated solution including digital consumer engagement, field
services management and automation, and a Virtual Power Plant (VPP) solution.
In New Zealand, we are working with Mercury, a customer win for Gentrack last
September, to migrate their customers from SAP across to our multi play platform
that will support Mercury to deliver premium offers, multi play bundles across B2C
and B2B energy and communications services and a high level of digital
engagement with its customers.
Growing our water customers
We are doing more with our water customers across the globe. We support,
through leading water retailers, more than 50% of the UK’s businesses with water
solutions. We recently completed the migration of Scottish Water Business Stream’s
200k+ business customers from three legacy systems to our cloud-based solution.
In Australia, we have won another water customer during this half year, and we are
working to migrate a new customer we secured last year across to our platform. In
Fiji, we have agreed with one of our existing customers, the Water Authority of Fiji,
to modernise their platform and transform their business.
Targeting international expansion for Utilities
In November, we announced our plan to expand our international footprint, beyond
our core markets in the UK, Australia, and New Zealand. This year, we have opened
an office in Singapore, and are growing the local team to both support the

Gentrack Group Ltd | ARBN 169 195 751

migration to our platform at one of Singapore’s large energy retailers (customer win
in 2022) and to target new business in the wider Asian region.
During the period, we built our EMEA business development team, based from our
London office, and are actively pursuing opportunities across Europe and the
Middle East.
We are pleased with our progress in building our capability and growing our
pipeline in these new regions. The Salesforce relationship, an essential part of g2.0,
our next generation platform, has greatly benefited our pipeline development.
Growing our airport customers
We are seeing a strong recovery across the aviation and airports industry.
Passenger numbers are trending close to pre-pandemic levels, driving airports to
look to technology to help them handle more passengers with fewer resources than
before. For Veovo, this has meant strong demand for upgrades to our latest “R8
Platform” for Aero-Billing and Airport Operations. This, together with some
significant expansions in deployments of our passenger flow solutions, is driving
growth within our current customer base. We have also gone live at our first Tier 1
airport for our managed service offering.
Veovo’s pipeline of new customer opportunities has also significantly strengthened
across the last year as airports globally look to undertake digital transformations.
Looking Forward
We are pleased with the progress made this half year on sales and building our
pipeline, delivering against recent customer wins, on-boarding new people into our
team, building our overall people capability, and continuing to innovate with great
technology.
We are excited about the transformation capabilities required by the industries that
we serve. For airports, we are seeing pent-up demand being unleashed in
modernisation programs. For utilities, no other market requires the level of
modernisation that the IT systems in both the energy and water markets require. It
is an exciting time to be in these dynamic markets.
In the second half of the financial year, we continue to expect growth across all our
customer base excluding revenues from insolvent UK customers. For insolvent UK
customers we expect lower revenues in H2 ‘23 than H1 ’23 and generally a wind
down of revenues from these insolvent customers by the end of the financial
year. As a result, our full year revenue for FY23 is expected to be in the range of
$157m to $160m with EBITDA for the year of approximately $22m.
The strong underlying growth in both Utilities and Veovo means we are able to
upgrade our revenue guidance for FY24 to be in line with the revenue expected in
FY23 despite the loss of ‘one off’ revenues of c.$25m from insolvent UK customers.

Gentrack Group Ltd | ARBN 169 195 751

Guidance
For FY23, the Group expects revenue to be between $157m and $160m. This is an
increase over our previous guidance of $147m to $150m. We still expect FY23
revenue will include c.$25m from insolvent UK customers, with the higher revenue
guidance a result of faster growth across the rest of our business. We expect EBITDA
for FY23 to be c.$22m.
The strong underlying growth in both Utilities and Veovo means we are also able to
upgrade our revenue guidance for FY24, from the prior guidance of $150m, to be
in line with FY23 revenue despite the loss of ‘one off’ revenues of c.$25m from
insolvent UK customers. Our targeted EBITDA margin for FY24 remains at 12% to
17%.
Presentation Results
Investors are invited to join the presentation of the Half Year Results on Monday
22nd May at 10.30am NZT/ 8.30am AEST via webcast:
https://event.webcasts.com/starthere.jsp?ei=1611330&tp_key=018edc76f5
It is advised that attendees allow ten minutes prior to the start time to register and
download any necessary webcast software.
To join via audio only, please see details here: https://gentrack.com/half-year-
results-2023-briefing-details/
ENDS
Contact details regarding this announcement:
Kerry Nickels – Company Secretary
+64 9 966 6090

Gentrack Group Ltd | ARBN 169 195 751

About Gentrack
For over 30 years Gentrack has been partnering with the world’s leading utilities.
More than 50 energy and water companies rely on Gentrack. Our g2.0 solution
combines this wealth of experience with Salesforce’s unbeatable CRM, Gentrack’s
leading meter-to-cash platform, and a composable architecture on AWS. g2.0
ensures high performance, security, scalability, and rapid prototyping for
innovation at pace. When it comes to transformations, you can count on us.
https://www.gentrack.com

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© Gentrack 2023. All rights reserved.
This document is the intellectual property of Gentrack.
Gentrack Group
FY23
Half Year Update
22 May 2023
[NZX/ASX: GTK]

2
© Gentrack 2023. All rights reserved.
This document is the intellectual property of Gentrack.
This presentation may contain forward-looking statements.
Forward-looking statements often include words such as
‘anticipate’, ‘expect’, ‘plan’ or similar words in connection with
discussions of future operating or financial performance.
The forward-looking statements are based on management’s
and directors’ current expectations and assumptions regarding
Gentrack’s business and performance, the economy and other
future conditions, circumstances and results. As with any
projection or forecast, forward-looking statements are inherently
susceptible to uncertainty and changes in circumstances.
Gentrack’s actual results may vary materially from those
expressed or implied in its forward-looking statements.
All figures are shown in NZ$M.
Disclaimer

3
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This document is the intellectual property of Gentrack.
Gentrack
HY23 Business Review
Gary Miles
Chief Executive Officer

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This document is the intellectual property of Gentrack.
Financial Headlines
Revenue growth driven by 51.2%
increase at Utilities:
•Customer wins & upsells to existing customers
driving underlying growth. Excluding
customers in insolvencies, revenue up 39%
•Revenue from customers in insolvencies has
now peaked at $19.7m for HY23 v $9.8m in
HY22 as we manage exit of Bulb.
Veovo revenue up 26.7% at $10.4m
•Continued strong growth in ARR (up 15%)
EBITDA at $16m ($14.8m higher)
•Revenue growth delivering EBITDA growth.
All R&D investment expensed in the period.
Cash $25.4m higher v H1 FY22 & $14.5m
higher than last year end
•High level of EBITDA to cash conversion
•No debt
REVENUE
UTILITIES
REVENUE
$48.9M
$73.9M
VEOVO
REVENUE
1268%
EBITDA
47.7%
$16.5M
$41.9M
NET CASH
$32.9M
$45.4M
ARR excl. insolvent
customers
51.2%
26.7%
37.7%
154%
$8.2M
$10.4M
$57.1M
$84.3M
HY22HY23
$1.2M
$16.0M

5
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This document is the intellectual property of Gentrack.
© Gentrack 2021. All rights reserved.© Gentrack 2021. All rights reserved.
5
Outlook Update
For FY23, the Group expects revenue to be between $157m and $160m. This is an
increase over our previous guidance of $147m to $150m. We still expect FY23 revenue will
include c.$25m from insolvent UK customers, with the higher revenue guidance a result of
faster growth across the rest of our business. We expect EBITDA for FY23 to be c.$22m.
The strong underlying growth in both Utilities and Veovo means we are also able to
upgrade our revenue guidance for FY24, from the prior guidance of $150m, to be in line
with FY23 revenuedespite the loss of ‘one off’ revenues of c.$25m from insolvent UK
customers. Our targeted EBITDA margin for FY24 remains at 12% to 17%.

6
© Gentrack 2023. All rights reserved.
This document is the intellectual property of Gentrack.
The growth opportunity for Gentrack is significant
new-age players will take
market share from legacy
players who are slow to
adapt & new regional
players outpaced
No industry has seen so little IT change in the past 25 years and now needs to change
so much to modernize and deliver a sustainable future. To enable this is our purpose.
of utilities will transform
in the next decade
The first wave (20%)
is predicted to
transform by 2026
~100%
2-3

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© Gentrack 2023. All rights reserved.
This document is the intellectual property of Gentrack.
Gentrack is well positioned to service all of our
stakeholders
We have a strong leadership team, employees
have great career opportunities, attrition is
significantly lower than tech benchmark and net
people growth of 23% from HY22 to HY23.
Our customers are strong leaders
who drive the market direction. Our
tech roadmap is resonating well.
Gentrack is now outperforming the market,
delivering a sustainable agenda and is
committed to transparency & growth.
People
InvestorsCustomers
GTK stock performance in NZX, compared to ‘NZX 50 index’, Last 12 months

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This document is the intellectual property of Gentrack.
Use Singapore as a base to expand into
Asia and the UK into EMEA
Reassign experienced leaders from core
markets to new markets
Use our partnership strategy to replace SAP,
Oracle and other legacy tech providers
Amplify marketing to build global
brand awareness
Utilities Objectives for 2023 –Recap
Grow in our core markets
‘23 and beyond
Expand globally
‘23 and beyond
Double digit growth in underlying revenue
Target c.$3m p.a. investment for global expansion focused on sales & marketing
Implement booked wins in Australia,
New Zealand and UK
Upsell G2, cloud services and innovation
highway to all existing customers
Reach new Tier1/Tier2 B2C and B2B
energy customers
Expand Australian water footprint and
enter regulated water in the UK
As presented in FY22 earnings

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This document is the intellectual property of Gentrack.
Scorecard for ‘Grow in our core markets’
•Solar home bundle in EnergyAustralia
•New water customer in Australia
•New water project in Fiji
•Go live in water B2B companies UK and
water pipeline is growing
upgrade
Reach new Tier1/Tier2 B2C and B2B
energy customers
time
# of customers
Innovative
add-ons
Expand Australian water footprint and
enter regulated water in the UK
UKNZAUS
Regional growth revenue compared to HY22:
Upsell G2, cloud services and innovation
highway to all existing customers
Implement booked wins in Australia,
New Zealand and UK
Good resultsEarly/On Plan

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This document is the intellectual property of Gentrack.
Scorecard for ‘Expand in EMEA and Asia'
Opened Singapore office
Experienced Gentrack
execs now leading Asia
and EMEA with scaled up
sales teams
Our salesforce strategy is
working and pipeline is
building
Keynote at European & Asian events
Joined forces with trade delegation in
energy agenda overseas
Grow social awareness and influence
Good resultsEarly/On Plan
Use Singapore as a base to expand into
Asia and the UK into EMEA
Reassign experienced leaders from core
markets to new markets
Amplify marketing to build global
brand awareness
Use our partnerships to replace SAP,
Oracle and other legacy tech providers

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This document is the intellectual property of Gentrack.
Airport Division Returns to Growth
Strong demand for digital transformation across the Airport sector
Expand the base
Win new airports
Innovate
the sales pipeline
Migrated to new
cloud tech stack to
reduce cloud cost
Machine learning
pilot for future EU
regulation
Forecasting pilot
in tier-1 US airport
transformations projects goes live,
including first managed services
3
Numerous upsells,
including in
2tier-1 airports
upgrades
signed
4
More than 2x
Good resultsEarly/On Plan

© Gentrack 2023. All rights reserved.
This document is the intellectual property of Gentrack.
John Priggen
Chief Financial Officer
Gentrack
HY23 Results

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Group Profit and Loss
•Revenue up 47.7% vs HY22:
oStrong growth at both the Utilities
and Veovo businesses.
oIncludes $19.7m from Bulb & other
UK insolvencies. Expect c.$5m from
these customers in H2.
oUnderlying Utilities growth also
impressive at 39%.
•Costs up 22% vs HY22 to support
revenue growth and continue
investment in R&D and Sales.
•EBITDA up $14.8m at $16m- includes
benefit of high Bulb revenue. H2 EBITDA
expected to be $6m+.
1 Underlying EBITDA being earnings before depreciation, amortisation, impairments and non-operating expenses related to acquisitions. EBITDA is a non-GAAP measure
Utilities
Veovo
Group

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This document is the intellectual property of Gentrack.
Utilities Revenue Analysis
Total revenue up 51% v HY22
Strong underlying growth (excludingBulb & other UK
insolvencies):
•39% growth in total underlying revenues.
•43% growth in underlying recurring revenues (CMRR
& TRR).
Growth from delivering on recent customer wins and
upsells to existing customers.
Expect $5m+ of revenue from Bulb in H2 (c.$25m in total
for FY23). We assume no Bulb revenue in FY24.
Utilities Revenue HY23 v HY22
Total:$48.9m
Total:$73.9m
Committed Monthly
Recurring Revenues
(CMRR)
Non-contracted
Recurring Revenues
(TRR)
Non-recurring
Revenues (NRR)
Revenue from Bulb
& other UK insolvencies
HY22
HY23
Underlying:$39.0m
Underlying:$54.2m
39%

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This document is the intellectual property of Gentrack.
Utilities – Analysis of Underlying Revenue
HY23 v HY22 Revenue by region excl. insolvencies
Revenue by market segment
H1 23
excl. insolvencies
•Strong underlying growth across all
regions.
•ROW - growing international footprint
with $2m revenue from customers in
Singapore, Fiji & Papua New Guinea.
•Strong growth in both energy and water.
Top 10 customers by revenue
H1 23
excl. insolvencies
All other
customers
39%
26%
58%
ROW

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This document is the intellectual property of Gentrack.
Utilities Expenditure Analysis
•$6.3m increase in direct costs, in people &
hosting, to support higher revenues.
•Higher investment in strategic R&D (up
$1.4m) as our underlying revenue grows.
•$1.4m investment in international
expansion (Asia & EMEA) in line with the
$3m p.a. target set out last November.
•Continued strong investment in Sales &
Marketing within our core market (up $2m).
Utilities Costs HY23 v HY22 (NZ$m)

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Revenue Analysis
•Recurring revenue continues to grow up 15.1%over HY22 at $6.8m
•Strong demand for upgrades & transformations driving higher NRR up $1.3m at $3.6m this half year.
VeovoRevenue HY22 v HY23
VeovoRevenue by Geography HY23 v HY22
Committed Monthly
Recurring Revenues
(CMRR)
Non-contracted
Recurring Revenues
(TRR)
Non-recurring
Revenues (NRR)
Total Revenue
Up 26.7% on H1 22
Annual
Recurring
Revenue
$6.8m
Up 15.1% on H1 22
$8.2m
$10.4m
Europe
Americas
APAC
H1 22
H1 23
27%

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Cashflow
•Cash up $14.5m from September 2022 (+53%).
•High cash conversion from EBITDA, with no R&D capitalised in half year.
•Strong cash collections reflects good project execution.
•Recovery of tax overpaid from prior years reducing HY23 tax payments.
EBITDA to Net Cashflow HY23 (NZ$m)
30
September
2022
31
March
2023
Cash$27.4m$41.9m
Debt*NilNil
Net Cash$27.4m$41.9m
* Group retains a $25m credit facility currently undrawn

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This document is the intellectual property of Gentrack.
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© Gentrack 2021. All rights reserved.
In Summary
We are pleased with our progress in all of Gentrack’s core markets.
For the new markets we are entering, for both utilities and airports, our pipeline is
growing.
Our technologies are resonating well and our key partnering strategy around g2.0
with SalesForce and AWS is working.
Gentrack’s people are highly engaged and our employee attrition is well below the
tech global benchmark.
I want to welcome the new investors who have joined our register and thank our
long standing and supportive investors. We look forward to a long and fruitful
journey together
.

© Gentrack 2023. All rights reserved.
This document is the intellectual property of Gentrack.
Q&A

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GAAP to Non-GAAP Profit Reconciliation
NZ$m
Half Year
31 Mar 22
Half Year
31 Mar 23
Reported net profit/(loss) for the period (GAAP)
(5.8)7.9
Add:Net finance Expense
1.50.5
Add/(deduct):Income Tax expense/(credit)
0.23.5
Add: Depreciation and amortisation
5.44.1
EBITDA
1.216.0

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HY23 on a Constant Currency Basis
NZ$mHY23
HY23
Constant
Currency
Difference
(vs HY23)
Revenue
84.384.0(0.3)(0.3%)
Operating Costs
68.367.8(0.5)(0.7%)
EBITDA
16.016.20.21.2%
Statutory NPAT
7.98.00.22.0%
%

© Gentrack 2023. All rights reserved.
This document is the intellectual property of Gentrack.
Thank you