Mitel Networks 2015 Financial Analyst Event. November 11, 2015
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1 Mitel Networks 2015 Financial Analyst Event November 11, 2015
2 Forward Looking Statements Certain information contained in this presentation constitutes forward-looking information within the meaning of Canadian securities laws and forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of We refer to all of these as forward-looking statements. Statements that include the words may, will, should, could, target, outlook, estimate, continue, expect, intend, plan, predict, potential, believe, project, anticipate and similar statements of a forward-looking nature, or the negatives of those statements, identify forward-looking statements. The forward looking statements contained in this presentation include, but are not limited to, financial plans, expectations, targets, target models, projections, valuation, deleveraging targets and objectives of management. There is no guarantee that the targets, projections or other forward-looking statements will actually be met. Such statements reflect the current views of management of Mitel and are subject to a number of risks and uncertainties. These statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, operational and other factors. Any changes in these assumptions, or other factors could cause actual results to differ materially from current expectations. All forward-looking statements attributable to Mitel, or persons acting on its behalf, are expressly qualified in their entirety by the cautionary statements set forth in this paragraph. Undue reliance should not be placed on such statements. In addition, material risks that could cause actual results to differ from forward-looking statements include, but are not limited to the following: the inherent uncertainty associated with financial or other projections; the integration of Mavenir and the ability to recognize the anticipated benefits from the acquisition of Mavenir; the anticipated size of the markets and continued demand for Mitel s products; Mitel s ability to achieve or sustain profitability in the future; fluctuations in quarterly and annual revenues and operating results; fluctuations in foreign exchange rates; current and ongoing global economic instability, political unrest and related sanctions; intense competition; reliance on channel partners for a significant component of sales; dependence upon a small number of outside contract manufacturers to manufacture products; and, Mitel s ability to successfully implement and achieve its business strategies successfully, including its growth of the company through acquisitions and the integration of recently acquired businesses and realization of synergies. We operate in a very competitive and rapidly changing environment. New risks emerge from time to time. In making these statements we have made certain assumptions. While we believe our plans, intentions, expectations, targets, assumptions and strategies reflected in these forward-looking statements are reasonable, we cannot assure you that these plans, intentions, expectations assumptions and strategies will be achieved. Our actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained in this presentation as a result of various factors, including the risks and uncertainties discussed in our Form 10-K filed on February 26, 2015 supplemented by those risk related to the Mavenir acquisition included in our Form 10-Q filed on November 5, Except as required by law, we are under no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise. 2
3 Non-GAAP Financial Measures In an effort to provide additional and useful information regarding the company s financial results and other financial information as determined by generally accepted accounting principles (GAAP), the company also discusses, in its earnings press release and earnings presentation materials, certain non-gaap information. Mitel provides a reconciliation between GAAP and non-gaap financial information in our quarterly results announcements and in the supplemental slides used in conjunction with the company s quarterly call. This information is available on our website at under the Investor Relations section This presentation includes references to non-gaap financial measures including Adjusted EBITDA, non-gaap net income, Non-GAAP revenues, Non-GAAP gross margin and non-gaap operating expenses,. Non-GAAP measures for future periods would not include, when applicable, share-based compensation expense, amortization of acquisition-related intangible assets, impact to revenue and cost of sales from purchase accounting adjustments, acquisition-related/divestiture costs, significant asset impairments and restructurings, significant litigation settlements, the income tax effects of the foregoing, significant tax matters, and other items that Mitel may exclude from time to time in the future, such as significant gains or losses from contingencies. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by other companies. We use these non-gaap financial measures to assist management and investors in understanding our past financial performance and prospects for the future, including changes in our operating results, trends and marketplace performance, exclusive of unusual events or factors which do not directly affect what we consider to be our core operating performance. Non-GAAP measures are among the primary indicators management uses as a basis for our planning and forecasting of future periods. Investors are cautioned that non-gaap financial measures should not be relied upon as a substitute for financial measures prepared in accordance with generally accepted accounting principles. Please see the reconciliation of non- GAAP financial measures to the most directly comparable U.S. GAAP measure attached to our quarterly results announcement. Constant Currency Management refers to growth rates at constant currency or adjusting for currency so that certain financial results can be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of the company's business performance. Financial results adjusted for currency are calculated by translating prior period activity in local currency using the current period currency conversion rate. This approach is used for countries where the functional currency is the local currency. Generally, when the US dollar either strengthens or weakens against other currencies, the growth at constant currency rates or adjusting for currency will be higher or lower than growth reported at actual exchange rates. Annualized Exit Monthly Cloud Recurring Revenue Annualized Exit Monthly Cloud Recurring Revenue is a leading indicator of our anticipated cloud recurring revenues. We believe that trends in revenue are important to understanding the overall health of our cloud business. Our Annualized Exit Monthly Cloud Recurring Revenue equals our Monthly Cloud Recurring Revenue multiplied by 12. Our Monthly Cloud Recurring Revenue equals the monthly value of all customer subscriptions in effect at the end of a given month. For example, our Monthly Recurring Subscriptions at September 30, 2015 were $9.3 million. As such, our Annualized Exit Monthly Cloud Recurring Revenue at September 30, 2015 were $111.6 million. 3
4 State of the Business and Mitel Strategy Rich McBee President and CEO November 2015
5 No cloud business No mobile business Europe: Strong position in two countries Top 10 globally Premises solutions $600 million revenue 5Year Transformation #1 in global business cloud communications On the road to powering 3 billion mobile connections #1 in Europe #4 globally Mobile, Cloud, Enterprise solutions $1.2 billion revenue 5
6 Mitel Today 6
7 Mitel s Industry Leadership & Growth 7
8 One touch to connect real-time vision To make communication and collaboration seamless mission To deliver solutions that enable our customers to communicate and collaborate anywhere, over any medium with the devices and applications of choice, securely 8
9 Mitel Strategy Build Growth Pillars on a Firm Foundation Create the Mobile Enterprise OWN the enterprise cloud Rapidly growing market Accelerating market migration Public and private capability Grow business > 20% OWN 4G LTE mobile Rapidly growing market Strong new service streams with VoLTE, VoWIFI and SDN Converging fixed and mobile tech Grow business > 20% Leverage vertical applications to pull through the base Drive contact center attachment across the base Maximize value in the base our foundation Solid revenue Excellent improvement in gross margin Hardware to software transition Large installed base 9
10 10
11 Global Mobile Footprint 31 LTE mobile footprints 30 % Over revenue growth 5 launches 3billion potential subscribers 11
12 Only Company in 5 Gartner MQs for Business Communications A Leader A Leader A Leader A Visionary A Challenger Magic Quadrant for Corporate Telephony Magic Quadrant for Unified Communications Magic Quadrant for UC for Midsize Enterprises Magic Quadrant for Unified Communications as a Service Magic Quadrant for Contact Center Infrastructure 12
13 Global Market Presence APAC 22% EMEA 38% Americas 40% 13
14 The Markets are Changing 14
15
16 What s Driving the Change? Cloud Public and private Consumerization of Enterprise IT Leverage consumer devices Unified Communications Increased collaboration Customer Interaction Multi-channel, mobile, social Mobility Seamless connectivity Security Secure communications and collaboration 16
17 The Workforce is Changing 17
18 Real Time Communications
19 A Mobile-First Paradigm Shift 20% 35% 45% Knowledge Worker Execs, Finance Engineering, HR Information Worker Contact Center Agents, Healthcare Workers, Police, Sales, Emergency Personnel Service Worker Hotel Staff, Delivery Drivers, Field Service Staff, Trades Staff PKE Consulting
20 Market Segments are Intersecting 20
21 UCC is a Big, Broad and Changing Ecosystem Multiple Players 21
22 Mitel is Expanding 22
23 Total Addressable Market ($B US) Mitel s TAM Continues to Grow TAM Expansion $14.8 $9.1 $5.1 $6.1 $ 6.3 $10.8 $11.5 $10.1 Premise IP PBX and UCC Applications Public Cloud Voice and UCC Applications Contact Center Applications Mobility *Data Sources: Dell Oro, Infonetics, Markets & Markets, MZA, Ovum, DMG, T3i 23
24 Mitel M&A The market continues to consolidate We continue to evaluate opportunities We look at mergers and acquisitions through multiple lenses Technology tuck-ins Vertical adjacencies Near adjacencies Consolidation for scale Opportunity abounds Timing is everything 24
25
26 Mitel - Winning in the Turn and Driving the Mobile Enterprise 26
27 #mitelnext
28 Mitel Powers the Cloud Jon Brinton Executive Vice President and General Manager, Mitel Cloud Services November 2015
29 Mitel Powers the Cloud Success Driven by Global Reach & Execution The Best Path To the Cloud: The Four Cloud Types What s Next For Mitel in the Cloud 2
30 It takes more than an imagination 3
31 Industry s Fastest Growing Cloud Business Mitel is #1 based on subscribers & total private and public seats installed 4 As of Q3 2015, ended September 30, 2015
32 Mobile + Enterprise + Cloud = The Enterprise Cloud Leader
33 1.76 Million Users $6.0B Market Size (1) $116M 2014 Sales 540k 286k 463k $112M 1 st 9 Months % Int l 79% Americas 6 (1) Source: Gartner (2) Source: Synergy Research Group as of June 30, 2015
34 There Is More Than One Path To The Cloud Small Business (1-100 employees): Mid Market ( employees): Large Enterprise (2500+ employees): Extra-Large Enterprise (10,000+ employees): Less sophisticated process integration but Highly mobile centric Some integration into other key applications like SFDC & basic Contact Center may be required Ideal consumers of mobile & public cloud solutions displacing small end customer premise platforms Often have sophisticated business process integrations & Contact Center requirements Interested in Public, Private & Hybrid Cloud solutions often favoring private networking over OTT solutions Strong interest in PBX to Hybrid & pure Cloud migration over time More sophisticated business process integration & Complex Contact Center requirements High interest in Private Cloud migration & Hybrid Cloud solutions to leverage existing investment Integration into larger IT Frameworks is a key consideration Focused on solutions that can be effectively deployed to a large user community by emphasizing role based user types and multiple location scalability Security, scalability & 3 rd Party Integrations are key considerations High interest in Private & Hybrid Cloud migration strategies Interest in Private Cloud 7
35 Cloud Paths Vary by Size, Segment & Geo. The US has the most developed total Cloud Market and approximately 40% is over 500 Users The US will shrink as a percentage of the Global Total as other markets like Western Europe and Asia Pacific continue to accelerate As other markets mature, the size of their Cloud deployments will go up market matching North America s historical trends Both Multi-Instance and Multi-Tenant technologies garner large shares of the overall market based on varying customer requirements and preferences 8 Source: *T3i InfoTrack for Unified Communications, 2015 Enterprise & SMB Market Forecasts, June 2015 **MZA, Global Hosted/Cloud Telephony Service July Update September 2015
36 Mitel s Expanding Global Cloud Customers North America EMEA Asia Pacific Foreign Affairs 9
37 Mobile Cloud Public Cloud Hybrid Cloud Private Cloud
38 Private Cloud Favored by large enterprise, key verticals & Govt. entities Some C level decision makers prefer CapEx or Perpetual licenses to pure Recurring licensing for financial reasons Very prevalent in Europe and other Global geographies Provides maximum organizational control & security Can be managed by Solution Provider Often includes recurring Cloud revenue components Takes advantage of cloud benefits while achieving high levels of security & control. 11
39 Hybrid Cloud Key Cloud migration strategy for medium to large enterprises Leverages existing investment for logical established company Path to the Cloud Favors large campus environments with geographically distributed satellite locations Provides unified management tools to manage users across all sites Embraced by IT orgs. with limited resources & coverage Provides a Best Path to the Cloud migration strategy to leverage existing investment, increase resiliency & enable Cloud management benefits & efficiencies of scale. 12
40 Public Cloud Primary Cloud deployment model for VSB & SMB businesses Generally dependent on OTT network availability and quality Tends to be more utilitarian in use without complex business process integration (key system & PSTN line replacement market) but may include Contact Center and App. Integration Often multi-tenant with no version control & potential security risks if pure Over The Top. However, can be delivered with Private Networking for increased security & reliability High adoption rates with SMB segment with accelerating up-market trends based on the addition of private networking & improved application integration. 13
41 Mobile Cloud Broad deployment of VoLTE & shifting Carrier investments makes this a key, go forward, growth driver Mobile UC delivers significant ARPU upside & lowers churn for Mobile Network Operators Workforce is increasingly mobile with needs for high levels of engagement across diverse geographies, networks & device types Millennials see the mobile device as their device of choice With VoLTE & shifting carrier investments mobile Cloud will be a substantial growth driver for Cloud Unified Communications going forward. 14
42 What path do you take? Public Cloud Private Cloud Customer Premises Equipment Straight to mobile cloud Mobile Cloud Hybrid Cloud
43 Who Can Deliver the Four Paths to the Cloud? Paths to the Cloud` Delivers ALL 4 paths today Public, some private Public Cloud Only Public & Private Architecture Multi-tenant or Multi-Instance Multi-Tenant Multi-Tenant Multi-Tenant (Sky) Contact Center Optional Optional Partnership Optional Delivery OTT, PN, Private & Mobile OTT, some Private OTT OTT & PN ARPU $49 Unreported Unreported $54 Avg. Mo. Spend $1,963 $360 Unreported $2,362 Churn.8%.8% Unreported 5.3% annualized Target Market VSB to VLE VSB- Mid Enterprise VSB Small Business Small Medium Avg. Cust. Size 39 users Unreported Unreported 44 users T Seats Added (Q2) 235,000 21,000 49,000 17,000 16
44 Private Cloud Hybrid Cloud Public Cloud Mobile Cloud Mitel - Uniquely Delivering All Four Cloud Types TODAY
45
46 UCaaS Global Footprint Kelowna Canada Seattle Washington Kansas City Kansas Austin Texas Toronto Canada Miami Florida Caldicot Wales, UK Manchester UK Paris France London UK Frankfurt Germany Singapore Malaysia Sydney Australia Worldwide Geo Redundant Enterprise UCaaS Data Centers Primary Data Center Resilient Data Center 19
47 Global Footprint Expansion Introducing Singapore Data Center to Service Asia Pacific Markets 20
48 Advance Teamwork and Collaboration Software on Any Device 31 hours in unproductive meetings 36% of time spent In inbox Only 60% of work is actually productive 21
49 Integration into the larger IT Framework 22
50 Conclusions Leading in the Global Enterprise Cloud Market 1.75M Cloud Seats deployed 70% YoY Growth in users Only vendor delivering all four paths to the cloud today Hybrid Public Private Mobile NEXT for Mitel s Cloud Expand global solutions Team collaboration Key business app integrations 23
51 24
52 Mitel Mobile Division The Business Opportunity Terry McCabe CTO, Mitel Mobile November 2015
53 Mitel Strategy Build Growth Pillars On A Firm Foundation Create the Mobile Enterprise OWN the enterprise cloud Rapidly growing market Accelerating market migration Public and private capability Grow business > 20% OWN 4G LTE mobile Rapidly growing market Strong new service streams with VoLTE, VoWIFI and SDN Converging fixed and mobile tech Grow business > 20% Leverage vertical applications to pull through the base Drive contact center attachment across the base Maximize value in the base our foundation Solid revenue Excellent improvement in gross margin Hardware to software transition Large installed base 2
54 The Transition To LTE, A Frame Of Reference 3
55 4G LTE Investment Cycle And Opportunity Launch 4G LTE Data Launch Voice Over LTE Launch New Services Mitel Solutions 4
56 Competitive Landscape Point S/W-based Solutions Complete S/W Portfolio Mobile First Enterprise capabilities End to End (closed ecosystems) 5
57 Market Assessment So Where Are We? Tier 1 MNO in leading markets (US, WE, JP, SK, SG) Tier 2 MNO in ROW Tier 2 MNO in leading markets; Tier 1 MNO ROW 6
58 Footprints Revenues and Margins Build Over Time Hardware Lab Validation Hardware/Software Initial Deployment/FOA (First Office Application) Virtualization Mass Deployment: License per User Where we are today Margins 40% Margins 50% Margins 80% 7
59 Business Strategy Overview
60 Drivers For Wireless Industry Transformation Mitel Mobile is capitalizing on several key trends in the wireless industry that are creating discontinuities and driving infrastructure spending 1 Global Adoption of 4G LTE IMS & EPC 2 Voice Networks Modernization VoLTE / VoWiFi 3 Service Innovation RCS/OTT 4 Cloud Networks Virtualization 9
61 Challenges Driver 1 - Global Adoption Of 4G LTE Business imperative due to mobile data traffic growth Business case due to spectrally efficient LTE LTE infrastructure spending 29% CAGR through 2018 LTE adoption to reach 1B in 7 years versus 12/13 years for 3G Regulatory challenges in major markets globally Underutilized 3G capacity in Europe & Asia Cost containment maintaining parallel networks 10
62 Capitalizing On 4G LTE 1 Breadth of Portfolio IMS & EPC Mitel Mobile has built complete end-to-end product portfolio that provides IP core networking solutions to transform mobile operator networks to 4G LTE OSS/BSS Billing Voice & Video Telephony Server Enhanced Messaging Rich Message Server Presence Server Leverage IMS for 4G LTE mobile communication services NMS SLA Session Control 4G LTE Core Network Session Border Controller Evolved Packet Core Leverage EPC for 4G LTE mobile data services Access Network CRM LTE WiFi Fixed 11
63 Challenges Driver 2 - Voice Network Modernization Massive transition to all-ip is underway globally Flatter all-ip network topologies are more efficient Mobility is the last frontier for transformation to all-ip VoIP maturity and entrenched incumbents in adjacent market segments Lack of IP knowledge/expertise in mobile domain 12
64 Capitalizing On Voice Network Modernization 2 Core Network Consolidation Replacing Legacy Circuit Core Networks Redefining LTE Architectures for Voice Improving Network Coverage with WiFi Extending Service Reach to the Web IMS I2/I3 Mw Uniquely architected suite of access gateway solutions ICS Gateway EPC+ epdg WebRTC GW A/Iu S1 IPSec REST 2G/3G 4G LTE WiFi Web 13
65 Challenges Driver 3 Service Innovation Service provider consolidation drives convergence All-IP removes technology silos across access domains LTE enables multi-device ecosystem Operators have inherent advantages, i.e. QoS, IOT Competing with OTT & playing by different rules Inflexibility of traditional HW deployment models Operator inability to innovate 14
66 Capitalizing On Service Innovation 3 Converged Cloud Services Leveraging a converged IP services core network to deliver an OTT like user experience across a multi-device ecosystem including smartphones, tablets, PCs and TVs Cloud Services 2G/3G Web 4G LTE WiFi BB 15
67 Challenges Driver 4 Cloud Networks Commoditization & mobile data driving cost pressures Merging of IT & Telco based on NFV/SDN technologies SW model for deployment flexibility and service agility SW model lowering cost by eliminating HW price premiums Operator culture is conservative and risk averse Operational models are undefined Vendors with legacy installed base moving slowly 16
68 Capitalizing On Cloud Networks 4 Leading the Industry in Virtualization Mitel Mobile leverages disruptive SW platform and virtualized end-toend mobile core network portfolio to enable a broad suite of 4G LTE voice, video, rich communications and data services 28 Tier 1 Over30 Customers For virtualized VoLTE & RCS solutions Products In virtualized IMS & EPC product portfolio Awards For virtualized IMS platform Ecosystem Open approach to virtualization partners 17
69 Technology Strategy
70 Why Acquire Mavenir? The Market Is Changing Cloud Public and private Consumerization of Enterprise IT Leverage consumer devices Unified Communications Increased collaboration Customer Interaction Multi-channel, mobile, social Mobility Seamless connectivity Security Secure communications and collaboration 19
71 Usage Example The Simple VoWiFi Experience 20
72 Usage Example Apple Continuity Enabling Multi-device 21
73 Why We Win Mitel value proposition can be categorized into three broad categories for our core value proposition and why we win Best in Breed supplier Best in Breed of wireless applications 1 End supplier of wireless applications End to End Differentiated supplier to End of and Differentiated unique wireless Supplier of wireless and unique solutions2 solutions products products 22
74 Key Differentiators Mitel Client Solutions Unique capability to deliver end to end solutions incorporating user experience Includes provisioning, on-boarding, and native deployment capabilities VoLTE/VoWIFI RCS IMS EPC SERVICE PARITY CONVERGED MESSAGING SCALE & FLEXIBILITY VIRTUALIZED & EFFICIENT Integrated IN MCS Equivalency Deployment Flexibility Convergence (FMC, VoWiFi) First Mover Advantage Investment Protection (RMS) Solution Breadth (CPM, RCS, legacy) Next Gen IP Leadership (CPM) First Mover Advantage Designed for Wireless Optimized for large scale deployments Next Gen SWbased SBC aligned with SDN ICS GW for CS Replacement Unique Distributed Architecture Lower TCO Thru SW Performance R4 Architectural Optimization of LTE Enhanced with M2M Features mone SOFTWARE PLATFORM 23
75 Winning Where We Compete North America & Europe Global Rest of Market Mitel Mobility Rest of Market Mitel Mobility Rest of Market Mitel Mobility Rest of Market Mitel Mobility Based on GSMA, GSA and Mitel Mobility Number of launched / in-deployment Mobile operator networks 24
76 Mitel In The Mobile Network Content Share Profile Share Messaging Applications Voice Applications Video Applications IMS Core Border Controllers Enhanced Packet Core Broadband Public WiFi 25
77 Mitel In The Mobile Network MStore CDB RMS TAS TAS CSCF isbc / asbc PGW SGW epgd MME Broadband Public WiFi 26
78 Technology Core Messaging Voice Portfolio Roadmap VoLTE Customizations VoWiFi Enhancements Voice/Video Mail Multi-Device Services Fixed-line Replacement Enterprise Services Service Creation Carrier as a platform (mobility as a platform) Legacy Replacement (RMS) Centralized Cloud Storage Converged Messaging WebRTC Converged Messaging Network Intelligence Service Enablement (API) Service Creation Carrier as a platform (mobility as a platform) SAE GW, epdg, MME EPC Partners (PCRF, DPI) vsbc, esbc Enhancements Non-Cellular Access ICS GW (CS Replacement) EPC Enhancements for M2M SDN EPC Virtualization moving to NFV SDN Adoption for Packet Processing Cross-platform analytics architecture 27
79 Summary Transition to Profitable Growth Expand footprint with continued expansion of LTE deployments More selective approach to new account engagement and territorial expansion Maintain leadership in NFV and SDN Ensure differentiated approach to adoption of IT technology into Telecommunications market Develop the Mobile Enterprise carrier segment Define a new market segment leveraging mobile first approach 28
80 29
81 Financial Update Steve Spooner CFO November 2015
82 Agenda Recent results Segment highlights/target models Consolidated target model Synergy update Deleveraging plans Comparables Q&A 2
83 Firing On All Cylinders (Q3-CY15, pro-forma, All amounts non-gaap and dollars in millions except for earnings per share) Cloud/Mobile pillars & Premise operating discipline deliver profitable growth 3
84 Solid Results Despite FX Headwinds Estimated impact on CY2015 full-year results: Revenue: ($90M) EBITDA: ($22M) 4
85 $900M Premise Business - The Profit & Cash Flow Engine 830bps GM expansion following InterTel acquisition Another 650 bps GM expansion in the years following, from 2009 to bps GM expansion in just 11 months following Aastra acquisition Another 200 bps GM expansion in 2015 (constant currency) 5
86 Expanding Premise Profitability Target Model - Premise CY16 CY17 CY18 Revenue Growth* -5% -5% -5% GM% of revenue 55-56% 56-57% 57-58% EBITDA% of revenue 20-21% 23-24% 24-25% *constant currency Expect mid single digit decline over next 3 years Retaining market share overall while expanding in some regions Proven track record for gross margin expansion through relentless focus on cost reductions and acquisition synergies 6
87 Largest and Fastest Growing Cloud Telephony Business! 7
88 Cloud Business Exceeding Growth Expectations Total Cloud Users Total Cloud Users Recurring Cloud Users Recurring Cloud Users 2,000,000 1,500,000 1,000, ,000 0 Dec-13 Dec-14 Sep-15 Total Users 400, , , , , , ,000 50,000 0 Dec-13 Dec-14 Sep-15 Recurring Users Annualized Exit Cloud Recurring Revenue ($M) Retail Monthly ARPU Recurring Recurring Cloud Cloud Revenue Mix Mix Retail Wholesale 8
89 Cloud Business Superior Model Drives Growth & Profitability Target Model - Cloud CY16 CY17 CY18 Revenue Growth* 20% 20% 20% GM% 50-51% 51-52% 52-53% EBITDA% 0-1% 3-4% 10-11% *constant currency Revenue growth of 20% Expanding gross margins from increased scale (leveraging our data center investments) R&D and SG&A investments increase but at a slower pace than revenue growth Profitability increases from break even in 2016 to 11% in
90 Mitel Mobile Driving the Mobile Enterprise Footprints: 17 to 31 in only 5 months post acquisition! 10
91 Footprints Mobile Revenues and Margins Build Over Time Hardware Lab Validation Hardware/Software Initial Deployment/FOA (First Office Application) Virtualization Mass Deployment: License per User Where we are Q Margins 40% Margins 50% Margins 80% 11
92 31 Footprint Wins How Should We Think of That? Potential Revenue Opportunity - Existing Customers ~1000 mobile carriers Mitel to target Top 100 Estimated $900M incremental potential future revenue opportunity from selling incremental applications beyond initially awarded mandates 0 Revenue Backlog Footprint CRs, H/W Exp. Maintenance 12
93 Mobile Subscriber Deployments Drive Revenue, Gross Margin Expansion Target Model - Mobile CY16 CY17 CY18 Revenue Growth* 20% 20% 20% GM% of revenue 56-57% 62-63% 67-68% EBITDA% of revenue 4-5% 14-15% 23-24% *constant currency Revenue growth of 20% Gross margin expansion from increasing software mix as VoLTE, VoWiFi and RCS deployments accelerate (software capacity expansions) R&D and SG&A investments increase but at a slower pace than revenue growth 13
94 Shifting Business Mix Driving Growth % revenue 2015 % revenue % 26% 12% 55% 73% 19% Premise Cloud Mobile 2015 Premise Cloud Mobile % 33% 73% 67% Recurring Non-recurring Recurring Non-recurring 14 Calendar year 2015 estimates
95 Solid Track Record of Delivering on Synergies Forecasted Aastra Synergies Mavenir Synergies $50M Jan/14 $75M May/14 $80M Feb/15 Incremental $23M Mavenir synergies on track for
96 Pulling it All Together: Overall Growth & Profitability Premise business Highly profitable Consolidated Target Model CY16 CY17 CY18 Revenue Growth* 1-2% 3-4% 4-5% GM% of revenue 55-56% 57-58% 59-60% EBITDA% of revenue 14-16% 19-21% 22-23% Cloud business Exceeding growth expectations *constant currency Mobile business Off to a great start 16
97 Targeted Deleveraging CY15 CY16 CY17 CY18 Net Leverage Target* Covenant *The targeted net leverage in the table above is based on achieving operating results consistent with our Consolidated Target Model on the prior slide. Our targeted Leverage Ratio and Consolidated Target Model are based on our current operations, and assume no changes to the Consolidated Target Model or our debt levels from any merger and acquisition activity, which may or may not occur. Refer to the Safe Harbor Statement at the start of this presentation for cautionary language surrounding our forward looking statements. 17
98 Peer Company Valuations Enterprise Value* Premise Companies 10-11X EBITDA/ X Revenue Cloud Companies 2.5-4X Revenue Mobile Companies X Revenue *Indicative Valuation Methodology & Range 18
99 Right strategy Executing well Success 19
100 Q&A / Executive Panel
101 21
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