Progressive presents the management team of Aferian (previously known as Amino Technologies) – 10/09/2021

Aferian is a software-led global media technology company. The group delivers modern TV and video experiences to millions of viewers globally, via a growing, global customer base of over 500 service providers. Aferian is focussed on giving consumers what they want – easy access to the TV and video content that they love.

Presenters: Donald McGarva, Group CEO Mark Carlisle, Group CFO

Watch the full presentation below or navigate to the segments and questions that interest you the most.

Introduction

Group Strategy and M&A Plans

Financial Progress

Summary

1. You have been winning contracts in Asia, for instance PCCW in Honk Kong. What's the growth strategy in the region?

2. Could you provide more detail with regards to your marketing strategy in acquiring more customers to reach your 2025 objectives?

3. I can see why "end-to-end" solutions are useful for small customers, but why do larger customers need this - or do they more often choose individual point solutions from different providers?

4. What's the expected split between organic and acquired growth to reach the 2025 target, and do you expect to need to raise more equity to fund those acquisitions?

5. Please could you talk about the other end-to-end provider Tivo. You mentioned that they were different in their focus but it would be good to understand that a bit more.

6. On the aborted acquisition, can you outline why it failed to consummate please and what sorts of EV/EBITDA valuations we are looking at?

7. Given this is still a relatively new market for many of your customers, are they actually making much, or any money, from their OTT services? I am trying to get a sense of the sustainability of your smaller sized customers.

8. You talked about the "Big Four" - Amazon, Hulu, Netflix and Disney. Do you think that's likely to become a "Big Five" or is the market now stabilising with those players as the leaders?

9. Can you talk about revenue visibility? Is there a long pipeline of new operators being rolled out?

10. The revenue forecast for 2025 was £175m for software and £75m for hardware. Will the hardware, with the change in technology, not become redundant?

11. Gaming and E-Gaming, you mentioned as being opportunities but these organisations are already well set up for streaming and delivery. What is it that you can add to their platforms?

12. Are you materially exposed to foreign exchange moves and do you hedge this at all?

13. Please could you talk through the adjusted operating cash flow in more detail.

14. Was the head-to-head with Tivo atypical or will you likely be up against them and/or other gorillas in other M&A targets? Can your pipeline get you to 2025 targets if you get outbid and/or does it mean you will only be able to buy lower quality businesses the 'big boys' don't covet?

15. For a complete newcomer, could you outline the geography of your customer base and whether that is likely to change very much as you expand the company?

16. Does growth in ARR mainly rely on new customer wins, or is it also driven by increased subscriber bases within your existing customers?

17. You sell to a very large number of relatively small customers. How do you prioritise technology development? Do they all want the same things, or is there a wide range of different needs?

18. Given your US exposure and desire to raise Aferian's profile, have you considered a dual stock market listing in the US?

19. Have you lost any clients to Tivo in the US or internationally?

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