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Australian Reporting Season Wrap | Atlassian, Telstra, Coles, REA Group, Goodman Group

HOSTS Alec Renehan & Bryce Leske|23 August, 2021

Sponsored by Quartr

It’s the third of our Equity Mates Quartr specials, where we listen to the earnings calls of companies that interest us. Using the app Quartr, we’ve been taking out the best bits and talking about what it means. Because for a long time now we’ve had a gripe with earnings calls. Why? They’re at inconvenient times, and they’re hard to find and listen to on demand. But, they’re such a rich source of information for retail investors. This episode we hear from Atlassian, Telstra, REA Group, Coles and Goodman Group

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Bryce Leske: [00:00:16] Welcome to another episode of Equity Mates, a podcast that follows our journey of investing, whether you're an absolute beginner or approaching Warren Buffett status. Our aim is to help break down the barriers from beginning to dividend. My name is Bryce and as always, I'm joined by my equity buddy Ren. How's it going? [00:00:30][14.4]

Alec Renehan: [00:00:31] I'm very good. Bryce great to be back with you for another episode. [00:00:34][3.4]

Bryce Leske: [00:00:35] Yes, the episodes keep on rolling here in lockdown. I hope everyone's going OK out in lockdown. Not an easy time, but hopefully Equity Mates can bring some sort of enjoyment to your day. But we've been having a good time Ren talking about reporting season, which keeps on rolling and we are going to continue to do so today. [00:00:57][21.4]

Alec Renehan: [00:00:58] Yeah, that's it. With the last two Mondays, we've taken a deep dive into earnings calls with the help of quarter, an app that really helps us listen to earnings calls all around the world. We started with the US and listen to some of the biggest tech names over there. Then we went to Europe, listen to earnings calls from companies like Volkswagen and Spotify. And now in the third and final instalment of this earnings call series, we're back home in Australia. [00:01:29][31.5]

Bryce Leske: [00:01:30] We are back home in Australia. We've got five companies to go through today. We've got hearing from Atlassian, Telstra, REA Group, Coles, and the Goodman Group. So plenty of big Australian companies to to hear from the CEO. And a bunch of questions from analysts on the calls [00:01:49][18.8]

Alec Renehan: [00:01:49] and before people have a gripe about the fact that Atlassian isn't based in Australia, it is listed in New York, but it's a Australian founded company and one that I think we should be more proud of. [00:02:03][14.1]

Bryce Leske: [00:02:04] Yeah, we've got to give it more credit. [00:02:05][1.1]

Alec Renehan: [00:02:06] It's probably it's probably the best tech start up to come out of Australia. And I'm sure people are thinking of other ones that I can't quite think of. But it is a phenomenal company started by two Australians. So let's give it some credit and let's get it on an Equity Mates episode. We have tried to get Mike Cannon-Brookes on a Equity Mates episode. Until we get him on, we will have to settle for his voice on an earnings call. [00:02:31][25.5]

Bryce Leske: [00:02:32] Yeah. So if you do have an in with Brucey, then let us know. We'd love to, we'd love to get him on the show. We've got some great CEOs coming up over the next few weeks. Stay tuned for this Thursday. We've got a massive one set of dominoes. Don May will be joining us, which we had an epic conversation with him. But for now, we're going to be hearing them through these reporting season earnings calls, thanks to quarter head to Q A.R.T. say for their app. And certainly check it out, because as you would know by now, Ren and I find a lot of value in these earnings calls. So should we get stuck in Ren? [00:03:07][35.3]

Alec Renehan: [00:03:08] Yeah, let's do it. So as you mentioned, five companies today, we really cover a good breadth of, I guess, topics, some stuff around sustainable investing, some stuff around, you know, software businesses and how they grow. Obviously, the impact of covid conversations around inflation. There's a lot of really interesting threads to pull on in this set of clips. But let's start with the last time we said it doesn't get enough credit. So we're going to put it front and centre. And one thing that I've noticed in these earnings calls is that the CEO introduction can take a long time, even if you don't want the investment and investment banks to ask a lot of questions, just really stretch out your CEO intro. Well, Mike Cannon-Brookes, the legend that he is, says enough of that. And he has the shortest and sharpest intro that I've heard on any earnings call this season. And he starts with a very Australian phrase. So let's hear Mike Cannon-Brookes sum up Alaskan's Q4 f y twenty one. [00:04:18][69.7]

Bryce Leske: [00:04:18] Thanks for joining the call today. Everyone from wherever you are in the world, Scott's out on holiday, so it'll be just James and I taking your questions. So we're in lockdown here in Australia. So I have you and your loved ones are safe wherever you are, as you've already read the letter, Q4 was a of a quarter. As we say, we had over 23000 net new customers. We generated revenue of one hundred and sixty million, thirty percent year over year. Importantly, we grew subscription revenue fifty percent year over year with cloud revenue up forty seven percent year over year. And that cloud migration momentum continues to build a strong Q4 caps off another year that we're incredibly proud of. The incidents for twenty one staring down headwinds. And we exited stronger than ever before. I'm proud of our resilience and our ability to execute during a difficult year. We continue to deliver innovation to technical and nontechnical teams, building new products and new capabilities on top of our world class cloud platform research has 200000 customers and two billion dollars in revenue. We followed through on what we said that we would do things. We've added more than fifteen hundred Atlassian to our team and will continue to play offence by 22 and beyond. We still have a lot of work to do, but the opportunities in front of Atlassian have never been greater and we came to seise those opportunities. Before we move to Q&A. I want to take a moment to thank the thousands of Atlassian around the world whose resilience, passion and commitment drives the innovation that we continue to deliver to our customers every day, every month and every quarter with a pass to the operator. Tik-tok Ren. [00:06:21][123.1]

Bryce Leske: [00:06:22] You love to hear an earnings call with Ripper of a quarter very Aussie go proxy. Love to hear it. So I also [00:06:30][8.0]

Alec Renehan: [00:06:30] I also love how you've just given him the nickname Brookside. [00:06:32][2.1]

Bryce Leske: [00:06:36] I know where that's coming from. But anyway, [00:06:37][1.4]

Alec Renehan: [00:06:38] yeah, I'll go with it. Maybe if we get him on you call it Brookie, I'll call him Canada. [00:06:43][4.7]

Bryce Leske: [00:06:48] All right. We'll see. Organo, if you're out there and listening, we'd love to get you on. But now we've got we've got a question from one of the analysts around, you know, the catalyst for the recent growth that that Atlassian has seen and for Ren and I, we love businesses that that certainly think long term. And that's certainly conveyed in this response. [00:07:09][21.8]

Bryce Leske: [00:07:11] Your next question comes from the line of Keith Bryce from Morgan Stanley. Your line is now open. Great quarter, guys. And a really fantastic end to the fiscal year. It really seems like something has catalysed or something has shifted over the past few quarters. Thought in the letter about the 70 percent acceleration. A lot of customers coming over to cloud prior. You guys are a little bit more cautious on the pace of that transition, 23000 customers and just say eye popping number and things like the 8000 you did a year ago. Is there something in particular is the macro environment? It's just like the the product strategy gelling the distribution strategy. Is there something you could point to for that sort of what, like a catalyst or an inflexion point in momentum on the cloud strategy and just like overall customer additions? Yeah, that's a look. I think we're in a great position across the board and we continue to take our long term thoughts and want to think about the last year in such a maelstrom. Boneheaded moves are really easy to make. And we've kept our heads. We've been very sensible about how we have made decisions throughout this last 12 to 18 months and continue to focus on the long term and focus on our customers. And so the strength that you are seeing across the board in so many different areas comes from thousands of really smart, really thoughtful long term decisions that we've made that are continuing to drive the pace and progress of the lesson and the value to the customers. I don't think anything particular has changed in the last two years in that philosophy and strategy, which I always say is more important than individual decisions. You can certainly point to things like three, which has significantly expanded our funnel and ability to to grow the customer a number of various ways. You can point to the continued integration of Trello. You yourself have probably asked a whole series of other questions over the last four years. And and our answers have been very consistent and very much the same. And that is four years worth of work from the Cerrillo team in the world of possibility. And in bringing that in, continue to make it part of the family that that continues to pay off, as does our broader shift in migration to the cloud, which gives us a lot of fantastic capabilities for those customers right on top of our platform and all the other things that cloud brings us. So I don't have a particular shift. I don't think there's any individual thing that's changed. I think it's, you know, 20 years of Atlassian history and making long term decisions and continue to execute it at a very, very high level against those decisions that. Is that continues? [00:10:16][185.3]

Alec Renehan: [00:10:17] So there you have see, as Bryce has dubbed them, just talking about how Alaskan you know, they could have made a number of mistakes during Covid, but they've just maintained a disciplined long term approach and that is quite literally paying dividends at the moment. So actually, I don't know if Atlassian pays a dividend. So maybe figuratively and literally. [00:10:39][21.3]

Bryce Leske: [00:10:39] And just just a side note on this. If you want a bit more info on how the two co-founders and co CEOs think, go and listen to a podcast called How I Built This with Guy Raz. And he interviews the two of them about their founding story. And they give a great view on how they think very long term when it comes to this business. So, yeah, you'll have to see it. Go and listen to it. [00:11:01][21.2]

Alec Renehan: [00:11:01] Yeah, you love to you love to see that. You would also love to be able to say, listen to the episode of Equity Mates where we speak to them so that that could be in our future. I want to close out the Alaskan section with one last clip that is interesting for the Alaskan story, but I think it's more interesting for people who are investing in software businesses. Generally, we get some pretty good insight into how Atlassian is building out there, I guess, subscription model and adding tiers and adding and adding products so they can really you know, they're already a massive business, but they're building, I guess, the the infrastructure to continue to grow revenue and to continue to grow subscription numbers. So for me, you know, we all have a software business. They seem to really be the flavour of the moment with pretty incredible unit economics and operating leverage. And I think this final clip from Alaskan's earnings call gives us some good insight about the company, but about the software businesses more generally. [00:12:03][61.9]

Bryce Leske: [00:12:04] Congrats on the quarter. And, you know, river in the quarter is understating it. You know, going back to this idea of free to premium enterprise, I guess you walk us a little bit more of the details on the adoption curve of standards of premium to enterprise in any sense, to the mix within those pockets at this point and how long it takes to move up the stack on average or why customers might not be moving up at this point but could move up over the next 12 months? Thanks, guys. Yeah, one of the things I stop by saying is how the free editions have really expanded the top of our marketing funnel in an impressive way. We talked in prior quarters about a three X Factor. And and frankly, as each quarter goes by, we continue to refine the experience, if you will, as the user has with our free offering, making it easier to invite others in on their team, not requiring someone to go through an admin. It would change the trial and so forth associated with the move up to standard. So we continue to refine the way the user experiences and gains value from our free offerings, but then also is introduced to the additional benefits of the standard take place. And so we're very pleased with how we study the different monthly cohorts that have started with free over the last year. Also how they are moving increasingly towards Afterpay plans to the degree that we feel very comfortable with the long term economics of offering free versions of Jera software confluence and share service management in the market. And I think that was one of the key initiatives of this last fiscal year that will serve us well out over many years to come in terms of premium. Yes, we started off 18 months, two years or so ago with a relatively modest package of incremental functionality versus the standard plan. And not surprisingly, and we expected this, it was a relatively modest take up, but that was just getting us out of the gates, if you will. And we have, as I mentioned in one of our earlier comments, really repeatedly expanded what's available in that premium offering. And we will continue to do that in the years to come. And we've been very pleased with how generous software or service management and confluence premium additions have increased their impact on the overall proportion of cloud customers. And then we just really getting started with enterprise, very early days of encouraging developments thus far and the. Well, this is one of our key areas of focus for R&D development, and I would expect us to continue to build momentum around the Enterprise editions over the next year or two. Mike, what would you add to the situation? I think James did a fantastic job at answering that question. The only one small element of colour, I would add, and it may be taken for granted, but I just want to make sure everyone understands a customer does not need to buy one edition across the board. So one of our advantages in having a family of products is the adoption curves of each product can grow at the pace of the particular customer or group within that customer set of teams, whoever is using that particular product. This is where Alattar is very consciously designed to be customer friendly and customer service and is really starting to resonate. So an example there is you could use your software enterprise edition or Premium Edition and in a large company, because you have a very mature consumer organisation with a lot of capabilities and adult competence free with a small group of 10 people alongside that, as you start to learn about how consultants can add to your software team, has that confidence deployment grows, you've probably been the standard and you probably move into a premium over time. If it's a large company and the user base continues to grow and we have success with your usage. So a single customer can buy different editions of different products at the same time, depending on their adoption of each of the different areas and opportunities and markets that we have, that's that's designed like that on purpose so that customers can can grow at their own pace in different areas. Nice. [00:17:00][295.6]

Bryce Leske: [00:17:00] Well, that's a wrap from Brooksley and Atlassian. A lot got a lot going on over there. And it is great to see the Aussie start story continuing strength to strength. Now we move to a company that is listed here in Australia, and that is a company that has forever what feels like forever being on the on the turnaround story, and that is Telstra hearing from their CEO, Andy Penn. So it just going to hear a little bit about the return to growth, what they've done to their workforce, and then close it out with some commentary from him around. [00:17:35][35.0]

Bryce Leske: [00:17:38] Thanks very much, Nathan. And good morning and welcome to Telstra's results announcement for the full year ended 30th of June 2021, a year which we saw underlying business return to growth. A year in which we continue to make strong progress against 22 strategy. This morning, I would like some introductory remarks and take me through an overview of our results, which we will then quickly through the numbers in more detail before we move to Q&A. Before I start, I want to thank you for attending virtually it's been a trying 18 months for all of us and my thoughts go out to those of you that are in lockdown and those families and businesses that are doing it tough. I sincerely hope your families and yourself are staying safe. Let me turn to 2021, because 2021 was a significant year for Telstra. It was a crucial milestone in 1922 journey. It represents a turning point in our financial trajectory, with the second half underlining up on the first half guidance for equi 22. Underlying are in the range of seven to seven point three billion, representing mid to high single digit growth and 21 net profit after tax and earnings per share, up three point four per cent and three per cent, respectively. We have achieved this because we have stayed disciplined and we have stayed focussed on delivering what we said we would deliver. Three years into what has been one of the largest and most ambitious transformations globally, we are a vastly different continent. Since announcing today 22, we have radically simplified our business, reducing the number of plants, consumers, small businesses for 18 to 20 with remove, blocking Contract with America data. We remove many other things. The number of calls coming into contact centres has fallen by more than two thirds by the end of this financial year. We expect to answer all calls from these customers in Australia. We are also well progressed on the arrangements to bring a licensee stores back in-house with khaliah workforce by one third, reducing our direct and indirect headcount by more than 25000 in response to the transfer of a material part of our business to the NBN and from digitisation and efficiency initiatives. We have also exceeded our target to recruit new capabilities in new areas, exciting areas such as software engineering, data analytics, cyber security, artificial intelligence with more than 1500 new enhanced. We have, on average, more than four layers of management. We have delivered cost reductions of two point three billion dollars and we are on track to deliver twenty two productivity target by the end of this financial year of Kimosabe two point seven billion dollars. That's more than a third of extra InfoSpace. We've repositioned our investment in Foxtel, retaining access to key content for our customers and supporting it. So we have similarly repositioned our investments in Telstra, which delivered a mark to market gain for us this year of 300 million dollars will improve the performance of our business. And with Monday's announcement regarding medical director, it is now very well strategically positioned for the future. We have also successfully established in Africa and we are progressing with appropriate restructure. We will continue to focus on opportunities to realise additional value for shareholders on top of the 2.5 billion dollar deal on tariffs that we announced recently. With magnetise at a billion dollars of assets further strengthening our balance sheet and in addition to our ordinary dividends, we have returned approximately 75 percent of the net, one of payments from the NBN to shareholders. And today, we have announced an all market share buyback return up to a further one point thirty five billion dollars from Telstra that we announced earlier. And we have taken a leadership position on climate change and environment, and we have been certified carbon neutral since this time last year. We also continue to make progress on the other two climate targets to reduce their absolute emissions by 80 percent by 2030 and Ren renewable energy equivalent to 100 percent of our consumption by 2025. [00:22:14][275.6]

Alec Renehan: [00:22:16] So there we have Andy Penn celebrating the Telstra turnaround story. Now, let's be honest, it's pretty impressive. Telstra has been up almost about to turnaround story for as long as we've been investing. I guess the proof will be in the pudding if they can continue this growth for halves and years to come. But I think, you know, credit where credit's due to two notes from May on the Telstra earnings call. First of all, Andy closed with some thoughts around RSJ, how the carbon neutral, how they're working to reduce their emissions. That was a consistent theme across all of the Australian earnings calls. I listened to every CEO mentioned RSJ and sustainability, and I think that's reflective of the questions that the market and the investment banking community are asking them. Ethical investing, sustainable investing is having an impact. And we'll see say that a little bit more in Coles where we go to next. But one other note, that's not in the clip we played, but it was on the earnings call. And if you want to hear more about it, you can go and listen on the quarter up. Telstra have a like a venture capital arm, Telstra Ventures. They've made 74 investments, 12 have reached a unicorn status. So valuations of a billion dollars or more and four have reached a 10 billion dollar valuation, which is a pretty incredible success rate. [00:23:53][97.9]

Bryce Leske: [00:23:54] Yeah, that seems amazing. I remember when we maybe a year ago you did a social post that showed the success of the acquisitions that Telstra had made and they've made. You know, high 10, ten, close to 100 or something like that, all of which a majority of which weren't very successful. So it's good to see that from their venture point of view, they're having a lot more success in that space. And yeah, it was a seventy four. [00:24:22][28.3]

Alec Renehan: [00:24:23] Yeah, it was a tweet I think, and it was like he was their share price. Here's the amount of money they've spent on acquisitions and here's how much their share price has dropped in that time. But look, Andy Penn, full credit. We will continue to watch the Telstra story in earnings seasons to come. But Bryce, we're up to that time of the episode where I really get to wax lyrical about a company that I'm very fond of, a company that I used to work for, and a company that I don't think gets the credit it does [00:24:55][32.0]

Bryce Leske: [00:24:56] and [00:24:56][0.0]

Alec Renehan: [00:24:59] go and that that is Coles. But to leave me in anticipation for a little bit longer, we're going to take a quick break to hear from our sponsors and then we'll get stuck in. [00:25:10][11.7]

Bryce Leske: [00:25:13] Well, look, Ren, we're at that time in the episode that you've been waiting for for months and months now, and that is some clean air to just absolutely give it all you've got for colds. And they've luckily have in time for this episode, their earnings call came out. Woolworths haven't their earnings call wasn't out at the time of recording. So I'm not able to to give my my rebuttal. However, I'm just going to hand this over to you and let you run with it. [00:25:43][30.1]

Alec Renehan: [00:25:44] Look, if you're only going to download the quarter up for one earnings call every half, it's worth it to hear Stephen Kane, you know, wax wax lyrical about the supermarket sector. So we'll start with his introduction to the call. And I just want to make a note that of all the earnings calls I listened to all around the world to prepare for these three episodes, Stephen is the only CEO to open the call himself. There's no VP of investor relations, there's no operator. It's just Stephen Kane, man of the people starting the call, getting on with the job. [00:26:23][39.3]

Bryce Leske: [00:26:24] I think they've cut their bottom line so much that they don't have anyone to open because [00:26:29][5.4]

Alec Renehan: [00:26:31] they're part of the smartest selling cost cutting programme. Was was. Yes, they want us to run. But but let's let's get stuck into it. Here's Stephen opening the call and talking about the impact of covid, especially on the supermarket sector. [00:26:49][18.2]

Speaker 4: [00:26:49] Thank you. And good morning, everyone. Stephen here. Welcome to 2021 full year results announcement. Joining me on the court is the CFO. Once again, we are presenting our results from a lockdown in Melbourne. It's hard to believe that it was only two months ago that we had our virtual strategy day here. Much has changed since then, most notably the emergence of the Delta covid-19 strength, the release of a vaccination programme which will see the majority of Australians vaccinated by Christmas, and the road map to normality, including migration. The good news is there is finally light at the end of a two year tunnel, and I, along with many others, are also looking forward to 2022. During a 21, we've experienced 11 covid lockdowns. And again, I would like to acknowledge our team members, suppliers, community partners and the various governments for their resilience and support to secure up the supply chain and deliver a safe in-store environment for our customers. With that, I'll move into the presentation for today. So, like one, I'd like to start by briefly talking about our vision, purpose and strategy, which was launched two years ago and designed to build trust with all stakeholders in our ecosystem, if you like, and grow long term shareholder value. Whilst we've made significant progress, we recognise the majority of our transformation and associated benefits are still to come. Particularly those that relate to our automation projects with Vitron and Acardo, the operational highlights of the year was the improvement in acceleration of our e-commerce business and omni channel offer, which exceeded two billion dollars across the group. For the first time, we introduced more unique and innovative products, particularly through our own brand, rolled out new formats like Kell's local black and white liquor and launched our new Together to Zero Sustainability Strategy in our quest to be Australia's most sustainable supermarket. Moving on to slide four. I will not go into this slide in too much detail, as most of it will be Covid later, but it serves as a reminder of where we have come from since the merger in NY 19. It is clear we're making real progress against each of our strategic pillars of inspire customers smarter selling and went together as we look to the future and increase investment and pace of change of clothes, you will see an increasingly differentiated omnichannel offer around our brand, Acardo team engagement and sustainability, supported by longer term supply relationships and smarter selling programme. Moving on Slide five with regards to the financial results for Y 21, total sales increased by three point one percent to thirty eight point six billion dollars on a two year basis. Headline sales increased by ten point two percent. Ebed increased by six point three percent to one point nine billion. And we delivered operating leverage across all three segments of the business. Net profit after tax increased by seven point five percent to just over one billion dollars. Smartarse, selling continues apace and delivered around about 300 million dollars. Capital expenditure was pretty much as forecast, one point one billion operating cash flow was three point six billion and strong cash realisation of 106 per cent, complementing a strong balance sheet for future growth with net debt of just 355 million dollars. [00:30:57][247.5]

Alec Renehan: [00:30:58] So now we have Stevens opening remarks. The thing that stands out to me and I know the thing that gets you excited, Bryce is a retailer that is moving into e-commerce and obviously accelerated by the Covid lockdown's Kohl's is massively growing their e-commerce business. I don't think he said it in that clip. But in another part of the call that we haven't featured, they they mentioned the growth rate in e-commerce, 52 percent growth in the year, which is great. You'll have to see those numbers. But in that clip, he mentioned over two billion dollars in e-commerce sales. I remember I was at Kohl's when we got past one billion and that was only a year or two ago. So some pretty incredible growth coming from that part of the business. Obviously, the 11 lockdown's that Coles dealt with in different parts of the country in FY 21 definitely changed consumer behaviour and pushed a lot of shopping to online. So, yeah, is I get you excited about Coles. [00:32:04][65.8]

Bryce Leske: [00:32:05] It gets excited in general because similar to you, when I was in the digital team at Woolworths for a period of time. I remember when we celebrated at the first billion, you know, the billion dollar sales. And also I remember what the growth yearly growth targets were, which at the time seemed, you know, phenomenal growth targets, if you were to compare them to the bricks and mortar part of the business. But now they seem insignificant compared to the growth that both Coles and Woollies are pumping out in their e-commerce businesses at the moment. So it's just amazing to see how quickly these businesses have grown, particularly with with the changes that have happened during Covid. But I mean, the way that these companies are having to scale up not only from infrastructure, but people as well in these businesses, it's just phenomenal. [00:32:58][52.5]

Alec Renehan: [00:32:59] Yeah, well, speaking of the impact of Covid, this next clip comes on the back of a question from an investment banker about how things have opened up in NY 22. And it just gives some good insight into how, I guess, shopping patterns have changed, some of it not surprising with rules around 10 km or five km radiuses. But I think for us, looking trit trying to pull out information from earnings calls that are broadly applicable for lots of companies, I think some of the insight in this clip is relevant to really any business with a physical footprint, but especially any retailer with a physical footprint, be it, you know, baby bunting, JB Hi-Fi, any any of those list of companies. So here's Steve in answering a question about how the lockdown's have impacted their opening to F 22 [00:33:53][53.4]

Speaker 4: [00:33:54] things differently and press on a great result. I was wondering if we might be able to drag out a little bit more detail on current trading, major state by state, and whether the extra capacity is added on line means that your market share this time around is not going to be negatively impacted versus last time we were in lockdown. Yes. Good morning, Ross, and thanks for the question. As we said in the statement, current trading is is volatile by state, by day by hour. And it's almost the biggest challenge we've got at the moment is keeping up with the changing sales profiles that we're experiencing. However, what I would say overall is w when a lockdown happens, we're seeing shorter, less bikie panic buying, which suggests that people are getting used to the bans. And then as we enter longer lockdowns and particularly the five kilometre rule, that's then when we see that we'll move to more e-commerce and more local shopping. In terms of the store cohorts, we've seen perhaps not as significant yet amount of change as we saw last time. But we have seen neighbourhood stores increasing by double digit and we have seen shopping centres reducing by double digits. So the same sort of phenomenon as last time, but not yet quite as marked. The point about online is a good one. We're in a far better space this year than last year in. Both capability and capacity, you know, we'd still probably like more if we if we could, but the online business is is in is in good shape. And it means that I think that for those competitors who don't have a strong online offer, then clearly they'll lose out to shoppers who want home deliveries or clicking collect to the beat of the car. [00:36:07][132.3]

Alec Renehan: [00:36:08] So Bryce some interesting insight there around the differentiated impact on stores based on their location. Obviously, when we're all locked down at home, neighbourhood stores doing a lot better. City stores and metro stores doing a lot worse. So I guess if you're looking at another retailer, it's probably worth looking at where their stores are located to try and think about how their sales mix is affected with these ongoing lockdowns in the F 22. But we now turn to the final clip of the Coles earnings calls, the saddest part of the episode, because I know we're soon going to have to move on from Coles. But obviously sustainability is the, you know, front and centre of most of the company's minds. This this earnings season and more generally, you know, for the last few years, more and more funds have been, you know, investing ethically. More and more investment bankers have been asking questions about it. More and more customers and team members have been focussed on it. And we really saw a consistent theme across all of these Australian earnings calls that sustainability was front and centre. This question from an investment banker was an interesting one. He asks about sustainability and whether it can be a point of difference or whether, you know, Woolworths is going to be more sustainable, Coles is going to be more sustainable, and it's just going to be a bit of a push. So I thought the answer was interesting. And I also just think it was a moment where I really reflected on the impact to the ethical and sustainable investing is having on the way that, you know, the the big investors are thinking. And then, you know how that flows on to the way company leaders are approaching, I guess, the task of becoming more sustainable. So we'll listen to Stephen answer this question now. [00:38:01][113.3]

Speaker 4: [00:38:02] I mean, it's the second point, dare I say. This is a question I might have lost the last of the strategy. David, just sustainability is a key theme from Coles. I'm just curious about how you see this as a point of difference in that I don't think it's a thing that Woolworths are pursuing either. Or is it something where you see it as a point of difference that will drive incremental sales from from competitors? Or is it going to be a little bit like being competitive on price where both Woolworths and Coles are going to be there or thereabouts on price? And it's just each of them have their own sustainable sustainability attributes, but it's not going to be one where one one supermarket is sustainable and the other is not. And it's curious how you see this. Will it drive incremental sales or is it just going to be something like Bryce where you generally have to be in the game, the sustainability like you have to be in the game of price competition place. Yeah, it's a great, great question. Thanks, Sean. You know, we've said all along we want to be the most sustainable supermarket, and it's not because it sounded like a good thing to do. It's because at one level, for all our sakes companies, certainly in the top 100, sustainability is going to be a licence to operate. And we're increasingly seeing that investment is following people who are sustainable. And increasingly there's concerns around companies that are not doing sustainable things and who's funding them. And so we're seeing more questions from shareholders, receive more questions from customers and more questions from our team members on sustainability. So there's one level, which is it's a licence to operate. But if you stand back from the market and again, it's a bit like a fine. I look at the food. I don't look at the food market as one competitor. I look at the food market as a market that's got thousands and thousands of competitors across the nation and a very diverse and diversifying customer base that's changing faster than ever before. And so all our data says that customers are becoming more interested in sustainability and that they will vote for their feet if they see someone doing something better that they like. And, you know, we think we've got a plan that will differentiate us over time. We've done some things historically which differentiates us over time. We believe we've got the most sustainable, you know, main supply chain in terms of animal husbandry, for example. And we'll continue to to promote those things and we'll continue to do new things. But when you step back from the market overall, we'll be doing things that a lot of those thousands of competitors that we compete with won't be able to do because a lot of them require significant investment. And those are some of the investments that we're making now, either on our own or with our partners. So that is a good example where, you know, we're partnering now with the landlords to put the solar panels on the roofs and and everything else. We've had our first solar panel farms come on stream and we're well on the way to achieving our renewable targets. So these things are expensive, but the return on them is getting better all the time. But we think we will be differentiated in sustainability and not just from an environmental point of view, but who we partner with and the way we behave in the community. [00:41:38][216.1]

Bryce Leske: [00:41:39] Nice Ren you have to hear it. And I've you know, I've recently seen a lot of ads on TV about couples trying to become the most sustainable supermarket in Australia. I think I don't think they went as large as saying the world from memory. [00:41:55][15.4]

Alec Renehan: [00:41:55] But what the world is divided. [00:41:57][2.0]

Bryce Leske: [00:41:58] The world is very tough. [00:41:59][0.8]

Alec Renehan: [00:42:00] The world is tough, given some of the, I guess, different regulations around the world, shall we say? I think the role, the role of government is often underestimated in making companies be more sustainable. And I think, you know, the most sustainable supermarkets in the world to knock off some of the Europeans, um, would would require some more effort from government. But anyway, that's that's not that's not why we're here. For me to give my opinion on the regulatory framework, although we could do an episode on it if I wanted. But no, [00:42:37][37.8]

Bryce Leske: [00:42:39] no, no. Let's move on. Next Australian company that we're going to hear from is Ariah Group. They are they own the real estate dot com website, the main. And of course, with a hot housing market, we can expect to see some good numbers coming out of Ariah Group. So this clip we hear from the CEO, Owen Wilson, and he talks about some of the numbers that they're pumping out from a revenue point of view. [00:43:10][31.3]

Speaker 5: [00:43:10] Thanks, Graeme, and welcome to everyone. Joining us today, the twenty twenty one financial year has been a defining period for RPI through a year that saw extraordinary disruption. The business has accelerated our growth ambitions and delivered exceptional financial results. Looking at our results from corporations for the year, revenue was nine hundred and twenty eight dollars million, an increase of 13 percent. Haiveta after share of associates with five hundred sixty five dollars million, an increase of 19 percent, an impact with three hundred and eighty million dollars, an increase of 18 percent. Pleasingly, we also maintained our strong core, even our margin at 60 percent. The board has determined to pay a full year dividend of 131 cents per share, fully franked a 19 per cent increase on the prior corresponding period. As you can see on this slide, alongside our strong financial result, our right to live in a number of significant milestones, I'm very proud of our team's ability to respond to the changing needs of our customers and consumers during the pandemic, while also accelerating our growth strategy through a number of pivotal investments. We'll cover these achievements in more detail throughout the presentation. Our eyes continue to make great strides in the delivery of our strategy during F.R. 21. This included new record audience levels and the unveiling of new products and solutions to drive more leads to our customers. In India, we acquired a controlling interest in the flower technologies. While our transaction with property guru creates the most compelling property group in Southeast Asia and at home we acquired Mortgage Choice, building on the strength of our online broker business and accelerating our financial services strategy. These investments provide the foundation for sustainable long term growth. Fennica audience highlights. Fundamental to our success is having the largest and most engaged audience of property seekers real estate dot com extended its audience leadership position throughout FY 2001. An average of one hundred and twenty one million visits were received each month, up 35 percent year on year or three point three times more visits than the nearest competitor of the twelve point six million people who visit real estate, dotcom Dragoo. Each month on average, six point four million are exclusive to our site. Our app remains Australia's number one property app, with an average of 55 million launches each month. Forty nine percent year on year. When compared to the other leading digital brands, real estate, dotcom com Donahue is now Australia's eighth largest in terms of audience reaching over 60 per cent of the adult population. This shows that our brand has become part of the everyday lives of so many Australians. Turning to a consumer highlight for the. Our goal is to convert Australia's largest audience of property seekers into real estate dotcom members by delivering valuable insights and experiences powered by a unique property data. Our membership base grew thirty one percent year on year. A member profiles enable us to deliver targeted, personalised experiences, providing consumers with the right information at the right time based on their activity on the site. This, in turn, increases consumer engagement, which is evidenced by a 20 percent increase in members who are active on our site. The strength of our relationship with consumers is also demonstrated by a 52 percent year on year increase in properties being tracked by home owners, while the total numbers of property tracts being tracked also grew significantly up 62 percent year on year. The launch of our property on a dashboard is just one example of the new features we're bringing to market to empower consumers throughout their property journey. This experience, launched in December, allows homeowners to monitor the market and make confident choices when selling, renting, renovating or financing. Importantly, it also serves as a powerful way for buyers and sellers to connect with agents and agencies. Twenty four percent of owners visiting the dashboard have become a seller refinance or landlord prospects since launch, while the volume of leads delivered has increased 71 percent. [00:47:40][269.6]

Alec Renehan: [00:47:42] So obviously, some good numbers from Ariah Group, but probably my two biggest takeaways from that clip were to really think outside of Australia when it comes to a group, you know, they own mentioned investments in India and South East Asia and then just how dominant the audience position is, real estate, dotcom that I you is three point three times larger than their nearest competitor in terms of what website visits. I assume that competitor's domain. I couldn't really think of another one. [00:48:11][29.3]

Bryce Leske: [00:48:12] Yeah, I find that surprising, to be honest. But I can't argue with the numbers. But it's it's quite a sizeable difference. [00:48:18][6.5]

Alec Renehan: [00:48:19] Mm hmm. Um, larger. Yeah. And 60 percent of the Australian adult population is visiting the website. It shows how much we're obsessed with property. Yeah. Yeah. Far out. But I think on the theme of thinking outside of Australia, this second clip we have from our own talks about some of those investments. And it really made me think about the future growth of, r.i, coming from new geographies outside of Australia. [00:48:48][29.1]

Speaker 5: [00:48:50] As I mentioned earlier, twenty twenty one was a defining issue for our group. We made a number of pivotal investments to accelerate key areas of our strategy. I'll cover up the larger of these in the coming slides. In December, we move to a controlling position in Alara Technologies, which operates the Indian web housing, dot com, dot com and target dot com throughout the year allow achieved a number of key milestones. Despite the significant impacts of Covid media on this slide, you can see that our flagship site, Housing Dotcom, made excellent inroads in the battle for market leadership. Site visits increase 92 percent year on year, and we also saw phenomenal growth in each of a staggering two hundred and forty two percent. This trend corresponds with the rapid digitisation of India's real estate market, which presents exciting opportunities. In January, Housing H was launched on housing dotcom as part of the focus to create a seamless consumer property experience, housing aged digitises multiple services for homeowners and tenants, including rent agreements, tenant verification and home loan options, all designed to make the process of moving home as simple as possible. Speaks native language Such experiences were launched on housing dotcom. This means we're now able to attract new uses and reach more of India's population while we're early. Now, Janee, in India, the progress this year points to an exciting future. Moving on to financial services and as you can see on this slide, we have an outstanding year in terms of broker recruitment submissions and settlements. Janelle will talk to these results in more detail. We also launch new features to provide a highly personalised timeline experience, these features such as Airline Tracker, are receiving positive consumer engagement and driving more qualified, higher value mortgage leads. Building on the strong foundation of a financial services business, the acquisition of mortgage choice has accelerated our strategy. Bringing mortgage choice together with our smart online broker business gives us the opportunity to be the leading mortgage broker business in Australia. The combined business has a significant national Broca footprint and a five percent market share of the four hundred billion dollar annual online market. Our investment in Scientology will help us provide consumers with choice and simplicity when navigating the timeline options. We will also deliver productivity improvements to our broken network through higher quality lines, submissions resulting in less Ritwik Basilone approval times and streamline business operations. We see considerable growth opportunities through the combination of our larger broken networks, our digital expertise, our high end property, Saika and our audience and our unique data and insights. Our financial services offering is delivering a multichannel proposition that can deliver great rates and choice coupled with ease and great service. It's a winning proposition. Today, 60 per cent of mortgages go through brokers who offer invaluable advice to Australians navigating the complexities of financing their properties. At the same time, 40 per cent of people are comfortable undertaking the mortgage crisis on their own. Our strategy is focussed on servicing 100 per cent of the market. This year, I completed the transaction to combine out this week, I should say it is this year as well. I completed the transaction to combine in Malaysia and Thailand. Businesses with property in exchange right now has an 18 percent interest in this larger, more diversified company and takes one seat on the board. I'm delighted to be joining the board later this year. Prior to this transaction, I also divested its stake in 99 Group. Southeast Asia is one of the fastest growing regions globally, predicted to become the fourth largest economy by 2030, Covid is border permanent and massive spike in digital adoption across the real estate sector, 70 percent of the region's population is now online. Property guru now holds the number one position in four of Southeast Asia's five key markets, and he's perfectly positioned to propel the next wave of protec innovation across the region. Another exciting development for property garou was its recent announcement regarding its intention to pursue a listing on the New York Stock Exchange. Another big step in the company's evolution. Ari Iscar momentum, coupled with SJT investments and exciting product roadmap, great, an excellent platform to deliver on ambitious plans across all of our markets to drive future growth. At core, business has never been stronger and we will continue to focus on attracting audiences that are actively engaged through the delivery of highly compelling, personalised experiences. The last 12 months have fast tracked our customers. Appetite for digital solutions will continue to roll out and submit new offerings like Kinect to help our customers drive their businesses to new levels. Leveraging and unique data and insights, we will grow our business as a trusted leader in property data and valuations products delivered a record result this year and is set for strong growth and FY 20 to. The continued growth of our core business is balanced with the creation of next generation marketplaces, extending our ability to offer truly differentiated experiences to buyers, sellers, renters and owners. There's still so much to do in financial services, and we have an ambitious longer term goal to originate one in 10 homelands in Australia and finally in India, we will continue to invest to become the undisputed number one digital real estate business. One of the largest growth markets in the world. [00:54:42][351.7]

Bryce Leske: [00:54:43] Nisrine. That's the question that we've so we've had. Ariah pitched a couple of times on our Osborn's channel as part of our watch list Wednesday, and it's good to hear the CEO addressing the opportunities outside of Australia because it's a question that we often ask our experts around, you know, the dominance they have here in Australia. What does that mean for growth outside of Australia? So it was interesting to hear the comments there. So to close out today, we've got a final call from Goodman Group. So for those of you who don't know who could mean group, are there a company that essentially owns and managers and develops a bunch of primarily industrial real estate warehouses, you know, office parks or that sort of stuff, both domestically and around the world? So we start this clip with an intro from their CEO, Greg Goodman, with a bit of a summary on how things are going for them. [00:55:38][55.3]

Speaker 5: [00:55:39] Good morning and welcome, everybody. I hope you're keeping safe and well in these very uncertain times next, Rhonda is with me on the call. Throughout the year, Goodman has remained flexible and adapted to the changing conditions, enabling our business to deliver strong growth with the health and well-being of our people remaining a high priority. We've continued to build on previous years with operating profit of one point to two billion, up 15 per cent on last year. The result highlights strong growth in our developed workbook, high demand from our customers and positive revaluation outcomes. Operating earnings, PC security for the year of sixty five point six cents is up fourteen point one per cent on the previous year and statutory profit came in at two point three dollars billion when you include primarily the re-evaluations. Goodman is well capitalised with Gering at six point eight per cent and available liquidity one point nine dollars billion, including 900 hundred million in cash. Our partnerships, importantly, also has 18 billion available. The future investment. Market conditions are strong in our sector, continued growth in the digital economy is giving our customers confidence to grow, a global portfolio is well positioned to facilitate their needs. Development work, work increased during the year to ten point six billion. A global work in progress has spread across 73 projects in 12 countries. And importantly, the development programme has very strong margins. The depth of demand is leading to a higher level of pre commitments with work in progress and 70 per cent leased and an average lease team of 14 years. Projects completed in NY 21, almost 100 per cent leased. Development undertaken on behalf of our partners remains consistent with pride periods at 81 per cent. The activity is flowing through the partnership's performance and also the assets under management. As it grew solidly through the year and now stand at 50 billion, a partnerships delivered average returns of 18 per cent with solid income and capital growth. With strong visibility into the development activity, we're forecasting growth in assets under management this year to an excess of 65 billion, which in turn will be reflected in revenues in future periods. Regeneration of our existing brownfield sites is an important part of our global sustainability strategy, given the large impact on the environment. Developing brownfield sites decreases waste, preserves greenfields land and generates jobs where people live. Reducing commute times and uses existing infrastructure. These sites represent more than half of our development land and who provide us with more development opportunities in future periods. One of our most important areas of focus this year has been to integrate ESG initiatives into everything we do at Goodman, we're focussed on a long term, sustainable approach that leads to positive economic, environmental and social outcomes for our business as stakeholders and the world more broadly. This year, our global operations achieved carbon neutrality four years ahead of our target. And looking ahead, we're working with our contractors and customers to decarbonise our developments, a critical part of the solution to emissions reduction. We've established a framework to calculate the embodied emissions from our development projects globally, which will allow us to reduce and offset this in the future. [00:59:59][259.9]

Alec Renehan: [01:00:01] So no surprises there, that clip ends with Greg mentioning ASG, as we've said throughout this episode, sustainability has been a focus across all of these earnings calls. I think my other big takeaway from that clip was the rise of the digital economy and how that's just such a big tailwind for Goodman Group. We haven't included any of the clips in this episode because we're already running long. But there's a bunch of questions and interesting colour in this earnings call around what the digital economy means for Goodman. But more generally, you know, where different parts of the world are up in that, I guess, transformation towards e-commerce and, um, away and away from bricks and mortar. So an interesting introduction that we've got. One final clip to play today from the Goodman earnings call. A Morgan Stanley analyst was clearly trying to reconcile the numbers on the call. And this this final clip is a few minutes. And it's it's a few questions back to back. And you can actually sort of see the analysts trying to reconcile the numbers as he's talking to the Goodman team. So this will be the final clip for today's episode. If you do want to listen to more, obviously download the quarter app on the App Store or head to their website. But here we have this Morgan Stanley analyst trying to reconcile some of Goldman's numbers on the call. [01:01:35][93.9]

Speaker 5: [01:01:37] But our first question today comes from the line of Simon Chen from Morgan Stanley. So please ask your question, Simon. All right, good morning, Greg and Nick. First question, just how much how much of a disposal's did you guys factor in for 22 in your guidance? Because I noticed you guys sold about three, three, three billion or maybe a bit more last year. Just what should we be expecting this year? Look, look, I think in the next 12 months, it's going to be minimal. I think we've done, Simon, what we wanted to do in the last four or five years. We've repositioned the portfolio globally within positions that capital back into the two sites which we wanted to do around the world. Those in two sites are now starting to crank into production through 22, 23 and 24. So most of the most of where we want to position the portfolio for growth is done. So it'll be relatively minor in the scheme of 65, 67, 65 to 67 billion of assets will be pretty minor. Great. And then on your production rate of six point five or six point six billion dollars, can you guys just give us a feel for when will that actually translate through to to completion, if at all? I mean, I'm just trying to reconcile this production, right. Going from four to five billion now, six point six, Bill, your annual completions only gone from one point five bill to two point five. I feel like and I acknowledge that, you know, stuff takes you saying 19 months to complete. So are we are we close to the point, you know, perhaps back in if Y 22, when we should see a pretty noticeable uplift in incompletions and, um. Yeah, look, good question, Simon. I'll just make one comment, we're carrying a lot of work through this June 21 and 22, so he's starting to very strongly, but I'll just pass over that for a few few other comments then. Spot on, Greg. So, yes, I think we flagged this a year ago that we'll go through this transition process because we're dropping off a lot of shorter dated projects and picking up a lot of longer dated ones. And so until that normalises, it'll take a bit of time. But if y 20 to you know, we expect that there will be another step up and then if y twenty three, another step up again, that that's the that's the programme. So you say another step up. A step up in what. Incompletions, if the production rate remains around this six, six and a half level over time, the completion rate should be get pretty close to that, but it'll take a couple of years for us to get to that normalised level. And will, we'll have one year. Yes. OK, fair enough, mate, putting that together then I'm just struggling to see how your EPS growth expectations only 10 percent for next year. I mean, Greg, so you're not going to be selling a material amount of assets. Your completions is going to go up, you know, throwing a little bit of revo like this, something else on missing and putting all that together. So mean, I think we're looking at the world pretty realistically, we've got a world which is difficult. You've got supply chains that are challenged. So we just being we're just taking a look at the world and putting a sensible number out, which we think one point three, six billion is a good number. It's cash. It's operating profit. We would expect valuations to be also strong. So we think it's just a prudent, sensible number at this point point of the year to pick up on the point you made that Greg, supply chain, supply chains being challenged. Is that is that increasing your your your, you know, manufacturing costs of your shed's, et cetera? Is that something? Well, yeah, good, good question. The the out of the ten point six billion is about three and a half billion in concrete, steel and construction. So it's actually not as not as volatile even cost increases at the top line. So land and profit risk is 65, 70 per cent of the equation at the moment. So I look not not from a profitability point of view. I think from a timing point of view, you've got to be realistic this year that things with everyone dealing with the deal, a slowdown down in the in Sydney, in the construction process, in parts of the world, the good news for us is having a global portfolio and a global business. We can sort of work with those cycles, as we actually have been in the last 18 months. So I think 10 per cent is a good number. It's a big number, the sensible number this time of the year. That's terrific. Thanks, guys. [01:06:42][305.6]

Bryce Leske: [01:06:44] Interesting to hear how they are doing that on the fly Ren. So there you go. That brings us to the end of today's Episode one. A couple of final things, though. We're very excited for this Thursday's episode. It's part of our ASX 200 challenge where we want to be interviewing all top 200 ASX 200 CEOs, managing directors, business leaders. And that continues this Thursday as we sit down with Don May, the CEO of Domino's, to discuss his fascinating journey from pizza delivery boy to now leading a huge global pizza empire. It was an awesome conversation, so make sure you tune into that. Please do leave us a review as well, if you can. It really helps to grow Equity Mates. So head over and and and lead a review. If you have noticed anything regarding the audio over the last few months, we are rectifying it. So please, if you want to have some feedback on that, just email directly that is much appreciated. And also and also [01:07:46][62.3]

Alec Renehan: [01:07:46] and and also just go easy because we're not in a studio recording from home. So we are we are trying to get this audio fixed. We know Bryce voice is too deep and blowing some speakers, which is really makes him quite proud, given he tried to blow speakers up when he was a deejay back in the day. And now he's doing it as a podcast, but yet flick as a dam or an email if if there are further audio issues and we are we are trying to sort it out. [01:08:17][30.2]

Bryce Leske: [01:08:17] Absolutely. Well, that brings us to the end of our reporting season series, the last three episodes, Monday episodes with thanks to Quarter. We loved using the app and certainly encourage you guys to do as well. Next Monday, we're sitting down with one of the pioneers of the ETF industry. So make sure you tune in next Monday as well. But until then, Ren always great to chat stocks and we'll be back on Thursday. [01:08:44][27.2]

Alec Renehan: [01:08:45] Sounds good. [01:08:45][0.0]

[4044.0]

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Meet your hosts

  • Alec Renehan

    Alec Renehan

    Alec developed an interest in investing after realising he was spending all that he was earning. Investing became his form of 'forced saving'. While his first investment, Slater and Gordon (SGH), was a resounding failure, he learnt a lot from that experience. He hopes to share those lessons amongst others through the podcast and help people realise that if he can make money investing, anyone can.
  • Bryce Leske

    Bryce Leske

    Bryce has had an interest in the stock market since his parents encouraged him to save 50c a fortnight from the age of 5. Once he had saved $500 he bought his first stock - BKI - a Listed Investment Company (LIC), and since then hasn't stopped. He hopes that Equity Mates can help make investing understandable and accessible. He loves the Essendon Football Club, and lives in Sydney.

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