2021
ANNUAL
REPORT
The information in this document is for general
information purposes only, and does not purport to be
complete. It should be read in conjunction with
Catapult’s other market announcements. Readers
should make their own assessment and take
professional independent advice prior to taking any
action based on the information.
Due to rounding, numbers presented throughout this
document may not add up precisely to the totals
provided and percentages may not precisely reflect
the presented figures.
2 0 2 1 A N N U A L R E P O R T
1.0
I M P O R T A N T
N O T I C E
This document may contain forward looking
statements including plans and objectives. Do not
place undue reliance on them as actual results may
differ, and may do so materially. They reflect
Catapult’s views as at the time made, are not
guarantees of future performance and are subject to
uncertainties and risks, such as those described in
Catapult’s most recent financial report. Subject to
law, Catapult assumes no obligation to update,
review or revise any information in this document.
The financial information in pages 4 to 19 (inclusive) is
pro forma, non-IFRS, and has not been independently
audited or reviewed. It does not form part of
Catapult’s FY21 financial results.
Catapult recently changed its financial year end from
June 30 to March 31, with a nine-month transitionary
FY21 consisting of an interim period ended December
31, 2020 and a final period ended March 31, 2021.
Catapult also changed its presentation currency from
A$ to US$, which commenced with reporting in
US$ for the six-month period ended December 31,
2020. The pro forma information is provided solely for
the purpose of illustrating the effects of these two
changes on certain historical financial results. It has
been compiled from management accounts and
comprises the audited financial statements for the
nine-month period ended March 31, 2021 and the
unaudited accounts for the three-month period
ending June 30, 2020. It has been prepared and
presented so as to assist the market’s understanding
of these two changes. Because of its hypothetical
nature the pro forma information may not give a true
picture of the effects of the changes on those results.
Subject to law, Catapult assumes no obligation to
update, review or revise the pro forma information.
While Catapult’s results are reported under IFRS, this
document also includes non-IFRS information such as
the pro forma information referred to above, EBITDA,
Contribution Margin, free cash flow, Annualized
Contract Value (ACV), Lifetime Duration (LTD), and
ACV Churn. These measures are provided to assist in
understanding Catapult’s financial performance. They
have not been independently audited or reviewed, and
should not be considered an indication of, or an
alternative to, IFRS measures.
C A T A P U L T S P O R T S . C O M
2
2 0 2 1 A N N U A L R E P O R T
2.0
C O N T E N T S
➔ F Y 2 1 K E Y A C H I E V E M E N T S
4
➔ C H A I R M A N A N D C E O L E T T E R S
6
➔ F Y 2 1 R E V I E W O F O P E R A T I O N S
1 0
➔ R E P O R T O F T H E D I R E C T O R S A N D
F I N A N C I A L R E P O R T
2 0
I M P O R T A N T N O T I C E R E G A R D I N G P R O F O R M A F I N A N C I A L I N F O R M A T I O N
The financial information on pages 4 to 19 (inclusive) is pro forma, non-IFRS, and has not been independently audited or reviewed
(the Pro Forma Information). It does not form part of Catapult’s FY21 statutory financial results.
Catapult recently changed its financial year end from June 30 to March 31, with a nine-month transitionary FY21 consisting of an
interim period ended December 31, 2020 and a final period ended March 31, 2021. Catapult also changed its presentation currency
from A$ to US$, which commenced with reporting in US$ for the six-month period ended December 31, 2020.
The Pro Forma Information is provided solely for the purpose of illustrating the effects of these two changes on certain historical
financial results. It has been compiled from management accounts and comprises the audited financial statements for the nine-
month period ended March 31, 2021 and the unaudited accounts for the three-month period ending June 30, 2020. It has been
prepared and presented so as to assist the market’s understanding of these two changes. Because of its hypothetical nature the
Pro Forma Information may not give a true picture of the effects of the changes on those results. Subject to law, Catapult
assumes no obligation to update, review or revise the Pro Forma Information. The notice on page 2 also applies to the Pro Forma
Information.
C A T A P U L T S P O R T S . C O M
3
2 0 2 1 A N N U A L R E P O R T
3.0
F Y 2 1 K E Y
A C H I E V E M E N T S
➔ Strong progress against our key
SaaS growth metrics despite the
toughest conditions for sports
since WW2
o ACV +16.5% and ACV Churn -14.1%
to 5.5%
➔ Strong progress against our key
SaaS efficiency metrics
o Delivering 16.7% growth in
customers with multi-solutions and
an average customer duration of
almost 6 years
➔ Exiting the year with accelerated
momentum
o ACV +35% (annualised growth)
in H2
o Churn was lower in H2 than H1
o Cross-selling improved with multi-
solution customers up 41% in H2
(annualised growth)
➔ Two consecutive years of positive
and growing Free Cash Flow
($2.9m -> $4.9m) – underscoring
our long-term cash generation
capability
C A T A P U L T S P O R T S . C O M
Important Note: Financial information on this page is pro forma, has not been independently audited or reviewed, and is provided solely to illustrate the effects of Catapult’s
change in financial year end and presentation currency. See page 2 for its compilation method and other important notices.
4
2 0 2 1 A N N U A L R E P O R T
3.1
O P E R A T I O N A L
H I G H L I G H T S
➔ Sales Highlights
• Achieved 100% penetration of
teams in the NFL
• New multi-solution customers in
FY21 include Seattle Seahawks,
Stanford University American
Football, Stade Français Paris
Rugby, Arizona Coyotes and
Swindon Town
• Performance and Health contract
with US Army Special Forces to
help with soldier training
• Video Exchange contract with 130
Football Bowl Subdivision (FBS)
teams in the US
➔ Technology Highlights
• Covid solutions, including our
Remote Athlete Solution and
Athlete Proximity Reporting are all
heavily utilized
• New solutions for American
Football season including cloud
based full-resolution video analysis
and seamless indoor/outdoor
athlete experience for training
sessions
• Launched the player Movement
Profile software analytics package
for soccer
• $6.8m invested in R&D
• Acquisition of Science for Sport
• Began platform partnerships
• Achieved 100% penetration of
teams in the NFL
➔ Company improvements and
scaling progress
• Prioritized high-margin
subscription sales over
capital sales
• Enhanced capabilities of the Board,
and introduced the SaaS Scaling
Committee
Improved capabilities of the senior
executive team
Introduced SaaS metrics
•
• Changed reporting currency
•
and year-end
C A T A P U L T S P O R T S . C O M
Important Note: Financial information on this page is pro forma, has not been independently audited or reviewed, and is provided solely to illustrate the effects of Catapult’s
change in financial year end and presentation currency. See page 2 for its compilation method and other important notices.
5
2 0 2 1 A N N U A L R E P O R T
4.1
C H A I R M A N ’ S
L E T T E R
Dear Shareholders,
On behalf of your Board of Directors, it is our
pleasure to share with you the Catapult Group
International Ltd Annual Report for the financial year
ended 31 March 2021 (FY21).
We are very proud of the significant progress
Catapult has made during this historically challenging
year.
Entering the year, the Company faced a sports
industry dealing with world-wide postponements and
cancellations of major competitions. Catapult’s
customers faced huge financial challenges from the
pandemic’s impact. Despite the challenges presented,
Catapult stayed focused on customer retention, high
margin subscription sales, and efficiency
improvements.
Catapult leveraged its technology leadership to
introduce new solutions dedicated to supporting its
customers dealing with COVID impacts, including the
ability to train athletes remotely, provision of an
athlete proximity report for contact tracing, and the
ability for coaches to conduct high-definition video
analysis remotely.
Catapult’s subscription revenue model proved to be
resilient in ensuring the health of the Company’s
balance sheet, and the sustainability of its
investments in growth.
More information on our FY21 achievements and in
particular the second half momentum highlights is
provided in the CEO letter and pages following.
D R . A D I R
S H I F F M A N
E X E C U T I V E
C H A I R M A N
Catapult’s major FY21 financial and operating
highlights included:
● Growth in Annualized Contract Value (ACV)
of 16.5%
● ACV growth in EMEA and APAC was 57% and
34%, respectively
● ACV in Performance & Health grew 32% in
FY21, far exceeding pre-COVID FY20 growth
of 12%
● FY21 ACV Churn of 5.5%, a 14.1%
improvement from FY20, despite COVID
challenges
● Customers with two or more solutions grew
17%, highlighting the value of Catapult’s
platform
Increased Contribution Margin from 47.1% to
48.2%, as efficiency improved
●
● Subscription revenue was 79% of total
revenue, up from 71% in FY20, reflecting the
strategic focus on high-quality SaaS revenue
over one-time capital sales
● Second consecutive year of positive and
growing Free Cash Flow ($2.9m to $4.9m),
underscoring the Company’s long-term cash
generation capability
C U S T O M E R S W I T H T W O O R M O R E S O L U T I O N S
G R E W 1 7 % , H I G H L I G H T I N G T H E V A L U E O F
C A T A P U L T ’ S P L A T F O R M
C A T A P U L T S P O R T S . C O M
Important Note: Financial information on this page is pro forma, has not been independently audited or reviewed, and is provided solely to illustrate the effects of Catapult’s
change in financial year end and presentation currency. See page 2 for its compilation method and other important notices.
6
2 0 2 1 A N N U A L R E P O R T
Preparations to scale Catapult for high growth and
sustained technology leadership continued. Late in
the year, Catapult announced the appointment of
Tom Bogan to the Board as an Independent Non
Executive Director. Tom is Catapult’s first US based
director and the Chairman of the newly established
SaaS Scaling Committee. Tom has a diverse, long,
and celebrated history in successfully hyper-scaling
numerous US based B2B SaaS businesses as a CEO,
Chairman, and investor, including leading several
billion-dollar transactions.
The enhancement of executive team capability
continued and we have welcomed a new CTO, COO,
CPO, SVP of Product, and SVP of Revenue
Operations.
As the Executive Chairman of a high-growth SaaS
company, with a growing global customer base and
market leadership, I am pleased the broader
investment market is beginning to recognise the value
and opportunity in Catapult. In early June 2021
Catapult’s stock price had outperformed our ASX
listed technology peers in the S&P/ASX All Technology
Index by 30% over 12 months.
OUTLOOK
The Board and management are excited about
Catapult’s growth potential. Catapult is increasingly
confident in the short- to medium-term, for continued
strong organic ACV growth. The Company is also
confident in its long-term strategy of expanding ACV
to 10x its current size.
As the Company’s confidence in growth increases, it
sharpens the focus on accelerating opportunities that
Catapult is uniquely positioned to capture. Of interest
are specific investment opportunities (organic and
inorganic) that expand ACV and TAM as well as
technology that deepens Catapult’s entrenched
position in customers’ daily workflows and delivers
sustainable EBITDA margin growth. The Company will
maintain a disciplined approach in applying the SaaS
“Rule of 40” as its core philosophy in investing for
growth.
Catapult recently announced a transition of
Performance & Health capital deals to subscriptions.
This transition will temporarily reduce reported
revenue and EBITDA, as sales will be recognized over
the life of the subscription contract. Contribution
margin and EBITDA will also be lower as there will not
be a corresponding reduction in variable operating
expenses which will continue to be recognized in the
P&L up-front. Longer term, Catapult expects this to
yield higher gross margins, contribution margins, and
EBITDA margins associated with subscription sales, in
part due to the improved customer experience,
customer retention and pricing power provided by
subscription contracts.
I am extremely thankful for the continued
commitment of the Board, the Executive team and
our employees around the world in what has been an
incredibly challenging year.
Finally, the Board is enormously grateful to athletes,
teams and shareholders for their continued support in
the past year. It really was a year like no other.
Catapult’s continued growth would not be possible
without your support and loyalty. Thank you.
Regards
Dr Adir Shiffman
Executive Chairman
C A T A P U L T S P O R T S . C O M
Important Note: Financial information on this page is pro forma, has not been independently audited or reviewed, and is provided solely to illustrate the effects of Catapult’s
change in financial year end and presentation currency. See page 2 for its compilation method and other important notices.
7
2 0 2 1 A N N U A L R E P O R T
4.2
C E O ’ S
L E T T E R
Dear Shareholders,
FY21 completes my first full fiscal year as Catapult’s
CEO. Despite the hurdles COVID presented, I am
proud of what the Catapult team accomplished this
year.
Pre-pandemic, I said we would begin to operate the
Company as a true SaaS business, augment our
management team, improve our corporate
governance and return to high-growth rates.
At the end of my first full fiscal year, I am pleased we
met these goals and did it during the most difficult
period for world sport since World War II. The fact
we delivered such strong results during such a unique
year, only enhanced our leadership position and the
future potential of Catapult.
STRONG PROGRESS AGAINST ALL KEY SAAS
METRICS
Annualized Contract Value (ACV), Catapult’s leading
SaaS metric, grew globally at a 35% annualized rate
during the second half of FY21 against a full-year
growth rate of 16.5%. This growth highlights the
Company’s global leadership footprint, delivering
regional FY21 ACV growth of 57% in EMEA and 34%
in APAC. While the Americas region, the largest
market for the Company, was severely disrupted by
COVID with approximately 90% of NCAA competition
cancelled, it delivered an FY21 ACV growth of 4%. The
acceleration of growth in regions less impacted by
COVID highlights the significant growth potential of
the Americas once COVID impacts subside.
This potential was underscored by the growth in the
Company’s Performance & Health vertical, where Q4
momentum delivered an annualized ACV growth of
55% globally, almost 3x faster in FY21 than in FY20,
with all regions growing more than 40% annualized in
the quarter, including the Americas. The growth
momentum did not impact the Company’s world-
class retention rates. Catapult’s successful focus on
customers during the pandemic saw its annual ACV
Churn rate of 5.5% improve 14.1% on the FY20 rate of
6.4%. This was particularly evident in H2 where annual
ACV Churn to March 31, 2021 was 5.5% compared to
6.8% in the 12 months to September 30, 2020. These
sustained world-class SaaS churn rates highlight just
how important our solutions are to our customers,
W I L L L O P E S
C H I E F
E X E C U T I V E
O F F I C E R
despite the challenging financial year for professional
sports.
The growth momentum was further highlighted by
the Company’s ability to upsell and cross-sell to its
current customer base. Catapult delivered an H2
annualized growth of 41% in customers with two or
more solutions, versus an annual growth of 17%. Of
particular note was the success in cross-selling
existing Performance & Health customers into the
Company’s Vision video solution.
FINANCIAL RESULTS - ACCELERATING GROWTH IN
SUBSCRIPTION REVENUE
In line with the growth momentum of Catapult’s
SaaS metrics, subscription revenue growth
accelerated to 12.5% in Q4 versus 3.3% for FY21. High-
quality subscription revenue comprised 79% of total
revenue in FY21, up from 71% a year ago. Notably,
subscription revenue in the Performance & Health
vertical, the largest vertical by revenue, grew by
15.8%.
EBITDA remained positive at $6.5 million but declined
$3.9 million with the switch from capital sales to
higher-quality margin SaaS deals and the impact of
COVID. Free cash flow remained positive and grew
69% to $4.9 million.
SALES MOMENTUM
Sales highlights through FY21 included signing the
Atlanta Falcons to achieve 100% penetration of
teams in the NFL; growing multi-solution customer
base with marquee teams such as the Seattle
Seahawks, Stanford University American Football,
Stade Français Paris Rugby, Arizona Coyotes and
Swindon Town; signing a Performance & Health
contract with US Army Special Forces to help with
C A T A P U L T S P O R T S . C O M
Important Note: Financial information on this page is pro forma, has not been independently audited or reviewed, and is provided solely to illustrate the effects of Catapult’s
change in financial year end and presentation currency. See page 2 for its compilation method and other important notices.
8
2 0 2 1 A N N U A L R E P O R T
T H E F A C T W E D E L I V E R E D S U C H S T R O N G R E S U L T S
D U R I N G S U C H A U N I Q U E Y E A R , O N L Y E N H A N C E D
O U R L E A D E R S H I P P O S I T I O N A N D T H E F U T U R E
P O T E N T I A L O F C A T A P U L T .
soldier training; and a Video Exchange contract with
130 Football Bowl Subdivision (FBS) teams in the US.
reporting currency to USD, and moved the financial
year end to March.
TECHNOLOGY INVESTMENT HIGHLIGHTS
UNIQUELY POSITIONED FOR GROWTH
Catapult expanded its technology platform through
FY21 with COVID solutions, including a Remote
Athlete Solution and Athlete Proximity Reporting,
both heavily utilized by customers; new solutions for
the American Football season including cloud-based
full-resolution video analysis; and a seamless
indoor/outdoor athlete monitoring function for
training sessions.
Catapult also launched the player Movement Profile
analytics package for soccer. With continued
commitment to R&D, Catapult invested $6.8 million in
R&D in FY21 and expanded its solutions with the
acquisition of Science for Sport and the signing of
several strategic partnerships.
SCALING FOR GROWTH
As the Chairman mentioned in his letter, preparations
to scale Catapult for high growth and sustained
technology leadership continued. I was delighted to
welcome so many highly capable and experienced
executives to Catapult during FY21 including Chris
Cooper as COO, Parem Hedge as CTO and Zoe
Rumford as CPO. All of our new executives are
experienced with scaling high-growth, global
businesses.
As planned, Catapult started migrating its sales to
higher-quality multi-year SaaS subscription contracts
away from one-time capital sales, despite the
expected short-term negative impact on recognized
revenue. There were also several efforts to ensure the
Company is delivering on its promise of disciplined
and value-generating growth, and appropriately
reflecting results against its largest market in North
America. As such, Catapult introduced a new set of
SaaS metrics for growth and efficiency, changed its
To reinforce the Chairman’s outlook, Catapult is
uniquely positioned to leverage our leadership
position in sports technology.
We have a large customer base, working with 3,254
pro sports teams. Catapult’s experience of working
with pro sports teams since 2007 means we have the
most comprehensive data set as we capture and
analyze sports science data from tens of thousands
of athletes, providing our customers with unrivalled
accuracy and insights. As we continue to develop new
algorithms and provide enhancements for our
customers we remain strongly positioned to lead the
analysis evolution from descriptive, to predictive, and
eventually prescriptive data. The Company is
confident in its long-term strategy of expanding ACV
to 10x its current size.
Finally, thank you to the Board for their support and
thank you to our customers. I am proud of the results
and progress Catapult made in our key SaaS metrics.
We finished the year with an annualized ACV growth
rate of 35% and world-class customer retention,
demonstrating the value our SaaS solutions provide
our customers each day. Catapult remained focused
on customers during the pandemic and the business is
benefitting as the pandemic’s impact lessens.
Catapult is a business with strong SaaS
fundamentals with the potential to become the
‘Salesforce’ of the sports performance technology
world.
Regards,
Will Lopes
CEO
C A T A P U L T S P O R T S . C O M
Important Note: Financial information on this page is pro forma, has not been independently audited or reviewed, and is provided solely to illustrate the effects of Catapult’s
change in financial year end and presentation currency. See page 2 for its compilation method and other important notices.
9
2 0 2 1 A N N U A L R E P O R T
FY21
REVIEW OF OPERATIONS
C A T A P U L T S P O R T S . C O M
10
2 0 2 1 A N N U A L R E P O R T
5.1
F Y 2 1 S A A S R E S U L T S
A N D F I N A N C I A L H I G H L I G H T S
SAAS RESULTS
S
FINANCIAL HIGHLIGHTS
C A T A P U L T S P O R T S . C O M
Important Note: Financial information on this page is pro forma, has not been independently audited or reviewed, and is provided solely to illustrate the effects of Catapult’s
change in financial year end and presentation currency. See page 2 for its compilation method and other important notices.
11
2 0 2 1 A N N U A L R E P O R T
5.2
R E V I E W O F O P E R A T I O N S
Commentary in the Review of Operations refers to the 12-month period that ended
March 31, 2021, unless otherwise specified.
FY21 was the most difficult period in the sports industry since WW2. Due to the
impacts of the COVID-19 pandemic there was global shutdown of major sporting
events, delays in return to play, and most games were played in empty
stadiums. This environment impacted Catapults’ customers significantly,
creating a major revenue loss for sports during this year. Although the first half of
FY21 was significantly impacted, Catapult began to see positive signs during the
second half of FY21 with events such as the NCAA March Madness tournament return,
along with the return of some fans in stadium across the globe.
As Catapult navigated this turbulent year the Company stayed focused on
its customers. Catapult prioritized customer retention, the continued shift to high-
margin subscription sales, increasing the adoption of multiple-solutions for customers,
and generating cash. This focus has improved Catapult’s financial strength
and positioned the Company well for future growth.
Catapult delivered strong progress against key SaaS metrics in FY21, reporting
accelerated growth in the second half of FY21. Catapult believes the SaaS metrics it
reports are leading indicators of future revenue and profit growth. Catapult
was pleased with the FY21 progress against the SaaS metrics, especially
considering the challenges presented from the COVID-19 pandemic in the year.
C A T A P U L T S P O R T S . C O M
Important Note: Financial information on this page is pro forma, has not been independently audited or reviewed, and is provided solely to illustrate the effects of Catapult’s
change in financial year end and presentation currency. See page 2 for its compilation method and other important notices.
12
2 0 2 1 A N N U A L R E P O R T
5.2
R E V I E W O F O P E R A T I O N S
CATAPULT PERFORMED STRONGLY AGAINST
KEY SAAS GROWTH METRICS
ACV, that is Annualized Contracted Revenue growth was up 16.5% during
this incredibly challenging year. Catapult’s global footprint allowed it to deliver growth
even when one region was more challenged. EMEA was up 54% and APAC up 34%.
While Americas was up only 4%, Catapult sees growth from the Americas as a
significant growth opportunity as the impact of COVID lessens in the region. There was
evidence of this during the second half of FY21 with ACV growth accelerating,
delivering annualized growth of 35%. All regions contributed to this growth
momentum, reporting annualized growth above 40% in the last quarter of FY21.
MOMENTUM IN ACV GROWTH DRIVEN BY APAC AND EMEA
➔ Covid still impacting US customers relatively more than customers in other regions
➔ Significant potential for ACV growth in the US, our largest market, once Covid
impacts subside further
➔ Professional sports and NCAA have both flagged a full return to play in FY22
ACV Growth by Region
ACV by Region ($USm)
57%
34%
60
50
40
30
20
10
0
4%
Americas
APAC
EMEA
FY19
FY20
FY21
Americas
APAC
EMEA
C A T A P U L T S P O R T S . C O M
Important Note: Financial information on this page is pro forma, has not been independently audited or reviewed, and is provided solely to illustrate the effects of Catapult’s
change in financial year end and presentation currency. See page 2 for its compilation method and other important notices.
13
2 0 2 1 A N N U A L R E P O R T
5.2
R E V I E W O F O P E R A T I O N S
At the solution level, Catapult’s largest solution vertical by ACV and revenue,
Performance & Health (P&H) ACV grew almost 3x faster in FY21 than in FY20 (32%
versus 12%), despite COVID. P&H is an ”early cycle” solution, with athletes needing to
train with or without games being played. Tactics & Coaching (T&C) ACV was -1%
across FY21, being slightly down on a historic growth rate of approximately 5%, due to
COVID. T&C is a “late cycle” solution, dependent more on return-to-play than
preparatory training. T&C is expected to benefit as sports return post-COVID.
ACV Churn is Catapult’s second key SaaS growth metric.
It measures Catapult’s success with customer retention. It has continued to stay at
world-class levels and in FY21 dropped to 5.5%. This is a 14.1% improvement and is an
incredible result in the best of years, but it is hugely significant considering the
challenges that COVID presented in FY21.
ACV RETENTION AT WORLD CLASS SAAS LEVELS
6.6%
6.4%
6.2%
6.0%
5.8%
5.6%
5.4%
5.2%
5.0%
➔ Churn is at world class
SaaS levels
➔ A reduction in ACV Churn
was achieved during an
extremely challenging year
for our customers
➔ Low churn reflects strong
customer engagement and
the embedded
nature of Catapult’s SaaS
solutions in its customers’
critical daily workflows
FY19
FY20
FY21
C A T A P U L T S P O R T S . C O M
Important Note: Financial information on this page is pro forma, has not been independently audited or reviewed, and is provided solely to illustrate the effects of Catapult’s
change in financial year end and presentation currency. See page 2 for its compilation method and other important notices.
14
2 0 2 1 A N N U A L R E P O R T
5.2
R E V I E W O F O P E R A T I O N S
Complementing this strong growth in Catapult’s key SaaS growth metrics was
improvement across SaaS efficiency metrics in FY21.
There was 17% growth in customers with multi-solutions reflecting success with cross
sell. Customers recognise the value in Catapult’s solutions and the solutions are deeply
embedded in their daily workflows with an average customer duration of almost 6
years. There was improved momentum in the second half of FY21 with annualized
growth of 41% for customers with multi-solutions.
% of Customers with 2 or
more Solutions
Multi-Solution Customers –
by Quarter
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
235
216
209
252
241
FY19
FY20
FY21
Mar-20
Jun-20
Sep-20
Dec-20 Mar-21
➔ Last two quarters saw
positive shift in growth
• 41% annualized growth
for H2 FY21
➔ Significant upside remains
for further multi-solution
growth
300
250
200
150
100
50
0
Multi-Solution Customers
252
216
126
FY19
FY20
FY21
C A T A P U L T S P O R T S . C O M
Important Note: Financial information on this page is pro forma, has not been independently audited or reviewed, and is provided solely to illustrate the effects of Catapult’s
change in financial year end and presentation currency. See page 2 for its compilation method and other important notices.
15
2 0 2 1 A N N U A L R E P O R T
5.2
R E V I E W O F O P E R A T I O N S
Catapult’s business model efficiency has improved as the business scales. The
contribution margin increased by 2.3% to 48% and the gross margin continued to
rise, up 1.4% to 74%. Catapult anticipates some contribution margin pressures in the
short-term as the business transitions from capital sales to subscription sales, but
expects this to pay off as gross margins should improve due to this shift in sales mix.
A summary of the improved performance against Catapult’s key SaaS growth
and SaaS efficiency metrics is provided in the table following.
ACCELERATING GROWTH IN SUBSCRIPTION REVENUE
Catapult is seeing a strong return to growth in SaaS metrics as the impact of the
pandemic lessens. The accelerated growth momentum in ACV translated to
stronger subscription revenue growth of 12.5% in last quarter of FY21, well ahead of
the full year growth rate of 3.3%. ACV growth is the lead indicator for growth in
subscription revenue.
Subscription Revenue % of Total Revenue
80%
70%
60%
FY19
FY20
FY21
C A T A P U L T S P O R T S . C O M
Important Note: Financial information on this page is pro forma, has not been independently audited or reviewed, and is provided solely to illustrate the effects of Catapult’s
change in financial year end and presentation currency. See page 2 for its compilation method and other important notices.
16
2 0 2 1 A N N U A L R E P O R T
5.2
R E V I E W O F O P E R A T I O N S
The growth in subscription revenue was driven by strong subscription growth
from Performance & Health solutions which were up by 16%. In FY21, subscription
revenue represented 79% of total revenue, a 12% growth reflecting a positive trend for
the strategy of growing higher-margin subscription revenue.
FINANCIAL SUMMARY AND TECHNOLOGY INVESTMENT
Cash generation remained a critical focus in FY21 and Catapult was pleased to deliver a
second year of positive and growing free cash flow. Catapult delivered a positive free
cash flow of $4.9 million, up 69%.
Recognized Revenue and EBITDA were down on FY20, as Catapult continued to
successfully switch away from capital sales to higher-margin SaaS deals, and COVID-
19 impact the licensing business.
Catapult expanded its technology platform through FY21 with COVID solutions,
including a Remote Athlete Solution and Athlete Proximity Reporting, both heavily
utilized by customers; new solutions for the American Football season including cloud-
based full resolution video analysis; and a seamless indoor/outdoor athlete monitoring
function for training sessions. Catapult also launched the player Movement Profile
analytics package for soccer.
With continued commitment to R&D, Catapult invested $6.8 million in R&D in FY21 and
expanded its solutions with the acquisition of Science for Sport and the signing of
several strategic partnerships.
C A T A P U L T S P O R T S . C O M
Important Note: Financial information on this page is pro forma, has not been independently audited or reviewed, and is provided solely to illustrate the effects of Catapult’s
change in financial year end and presentation currency. See page 2 for its compilation method and other important notices.
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5.2
R E V I E W O F O P E R A T I O N S
PROSUMER
Despite the impacts of the pandemic in FY21, Prosumer revenue remained above $3
million. The achievement is notable, as the Company restructured the Prosumer
business to deliver cost containment and lower marketing spend, while it tries to
understand customers’ key acquisition levers of the product set. The result was a
reduction in the Cost to Acquire Customers (CAC) by more than 90%, reducing cash
burn and improving Prosumer EBITDA by 79%. A new growth strategy for Prosumer is
expected later in FY22.
BUILDING A WORLD CLASS SAAS BUSINESS
Preparations to scale Catapult for high growth and sustained technology leadership
continued. Late in the year, the Company appointed Tom Bogan to the Board, its first
US based independent Director, and established a SaaS Scaling Committee. The
enhancement of executive team capability continued with appointments of a new CTO,
COO, CPO, SVP of Product, and SVP of Revenue Operations.
To ensure the Company is delivering on its promise of disciplined and value-generating
growth, and appropriately reflecting results against its largest market in North
America, Catapult introduced a new set of SaaS metrics for growth and efficiency,
changed its reporting currency to USD, and moved the financial year end to March.
The Company had many key sales wins including expanding multi-solutions customers
with major teams, signing new deals with the US Army, and delivering a contract that
supported the top 130 teams in NCAA American Football.
Catapult’s clients are the very best in world team sport. Catapult works with many
of the top teams in American Football, Rugby, European Soccer, National Federations,
and top US Universities across more than 20 sports.
Catapult has a large and growing customer base and its experience is unique, having
worked with pro sports teams since 2007. This experience provides catapult with a
most comprehensive data set as it captures and analyzes sports science data from
tens of thousands of athletes. Catapult remains focused on providing new algorithms
and enhancements for its customers and is strongly positioned to lead the analysis
evolution from descriptive, to predictive, and eventually prescriptive data.
C A T A P U L T S P O R T S . C O M
Important Note: Financial information on this page is pro forma, has not been independently audited or reviewed, and is provided solely to illustrate the effects of Catapult’s
change in financial year end and presentation currency. See page 2 for its compilation method and other important notices.
18
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2 0 2 1 A N N U A L R E P O R T
C A T A P U L T S P O R T S . C O M
19
2 0 2 1 A N N U A L R E P O R T
REPORT OF THE DIRECTORS
AND FINANCIAL REPORT
C A T A P U L T S P O R T S . C O M
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6.0
C O N T E N T S
➔ D I R E C T O R S ’ R E P O R T
➔ C O N S O L I D A T E D S T A T E M E N T O F
C A S H F L O W S
2 2
5 3
➔ A U D I T O R ’ S I N D E P E N D E N C E D E C L A R A T I O N
➔ N O T E S T O T H E
F I N A N C I A L S T A T E M E N T S
3 7
5 4
➔ R E M U N E R A T I O N R E P O R T
( A U D I T E D )
➔ D I R E C T O R S ’ D E C L A R A T I O N
3 8
1 0 6
➔ C O N S O L I D A T E D S T A T E M E N T O F P R O F I T
A N D L O S S A N D O T H E R C O M P R E H E N S I V E
I N C O M E
➔ I N D E P E N D E N T A U D I T O R ’ S R E P O R T T O T H E
M E M B E R S O F C A T A P U L T G R O U P
I N T E R N A T I O N A L L T D
4 9
1 0 7
➔ C O N S O L I D A T E D S T A T E M E N T O F
F I N A N C I A L P O S I T I O N
➔ S H A R E H O L D E R I N F O R M A T I O N
5 1
1 1 0
➔ C O N S O L I D A T E D S T A T E M E N T S O F
C H A N G E S I N E Q U I T Y
➔ C O R P O R A T E D I R E C T O R Y
5 2
1 1 3
In this Appendix 4E, the terms ‘Catapult’, the ‘Company’, the ‘Group’, ‘our business’, ‘organisation’, ‘we’, ‘us’, ‘our’
and ‘ourselves’ refer to Catapult Group International Ltd and, except where the context otherwise requires, its
subsidiaries.
C A T A P U L TS P O R T S . C O M
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7.0
D I R E C T O R S ’
R E P O R T
The Directors of Catapult Group International Ltd (‘Catapult’ or the 'Company’) present their Report together with
the financial statements of the consolidated entity, being the Company and its controlled entities (the ‘Group’) for
the 9-month period ended March 31, 2021 (‘FY21’).
DIRECTOR DETAILS
The following persons were Directors of Catapult Group International Ltd during or since the end of the period year.
DR ADIR SHIFFMAN
MBBS, Medicine
Executive Chairman
Appointed September 4, 2013
Member of Nomination and Remuneration Committee
Member of SaaS Scaling Committee
Dr Adir Shiffman, Executive Chairman of Catapult,
has extensive CEO and board experience in the
technology sector.
Adir has founded and sold more than half a dozen
technology startups, many of which were high growth
SaaS (software as a service) businesses. His expertise
includes strategic planning, international expansion,
mergers and acquisitions, and strategic partnerships.
Adir currently sits on several boards. He is regularly
featured in the media in Australia, the US and Europe.
Adir graduated from Monash University with a
Bachelor of Medicine and a Bachelor of Surgery. Prior
to becoming involved in the technology sector, he
practised as a doctor.
Other current Directorships:
None
Previous Directorships (last 3 years):
None
MR SHAUN HOLTHOUSE
B.E. (Hon), Mechanical Engineering, GAICD
Founder, Non-Executive Director (previously CEO until
April 30, 2017)
Shaun co-founded Catapult in 2006 and served as
CEO up until April 30, 2017. During that time, he
played a central role in developing Catapult’s
wearable technology and is the author of many of its
patents.
Under his leadership Catapult launched and expanded
sales into more than 15 countries - including
establishing subsidiaries in the US and UK and
becoming the dominant elite wearable company
globally.
Shaun was responsible for raising early capital, listing
on the ASX, acquiring GPSports, XOS and Kodaplay
(Playertek) and developing Catapult’s strategy to
grow from a wearable only company to building out
the technology stack for elite sport and leveraging
this into consumer team sports.
Prior to Catapult, Shaun had extensive experience in
new technology transitioning into commercial
products, including biotechnology, MEMS, fuel cells,
and scientific instrumentation.
Shaun holds a Bachelor of Engineering (Hons) from
the University of Melbourne and is a graduate
member of the Australian Institute of Company
Directors. He is the author of numerous patents and
patent applications in athlete tracking, analytics and
other technologies. He also works as a professional
director as well as providing advisory services for
technology start-ups.
Other current Directorships:
None
Previous Directorships (last 3 years):
None
C A T A P U L TS P O R T S . C O M
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D I R E C T O R S ’
R E P O R T
MR IGOR VAN DE GRIENDT
B.E. Electrical Engineering
MR JAMES ORLANDO
BSc, MBA, GAICD
Founder, Non-Executive Director
Independent Non-Executive Director
Member of Audit and Risk Committee
Appointed October 24, 2016
Chair of Audit and Risk Committee
Member of Nomination and Remuneration Committee
Mr James Orlando has held senior finance positions
driving growth and shareholder value in the United
States, Asia and Australia. Most recently he was the
CFO of Veda Group Ltd (VED.ASX), leading the
company through its successful IPO in December
2013.
Before joining Veda, James was the CFO of AAPT
where he focused on improving the company’s
earnings as well as divesting its non-core consumer
business.
He also served as the CFO of PowerTEL Ltd, an ASX-
listed telecommunications service provider which was
sold to Telecom New Zealand in 2007. James also
held various international treasury positions at AT&T
and Lucent Technologies in the US and Hong Kong
including running Lucent’s international project and
export finance organisation.
Other current Directorships:
360 Capital Digital Infrastructure Fund
Rapid Response Revival Pvt. Ltd.
Previous Directorships (last 3 years):
None
Mr Igor van de Griendt has served as Chief Operating
Officer, Chief Technology Officer (CTO) and as an
Executive Director before moving into a Non-
Executive Director role in July 2019.
In his capacity as CTO, he was responsible for
providing strategic direction and leadership in the
development of Catapult’s products, both in the
analytical and cloud space, as well as with respect to
Catapult’s various wearable product offerings. Igor
also provided guidance and operational support to
Catapult’s R&D, software and cloud development
teams during that time.
Prior to co-founding Catapult, Igor was a Project
Manager for the CRC for MicroTechnology which, in
collaboration with the Australian Institute of Sport,
developed several sensor platforms and technologies
ultimately leading to the founding of Catapult.
Prior to joining the CRC for MicroTechnology, Igor ran
his own consulting business that provided engineering
services for more than 13 years to technology
companies such as Redflex Communications Systems
(now part of Exelis, NYSE:XLS), Ceramic Fuel Cells
(ASX:CFU), Ericsson Australia, Siemens, NEC
Australia and Telstra.
Igor holds a Bachelor of Electrical Engineering from
Darling Downs Institute of Advanced Education (now
University of Southern Queensland). Igor is also the
author of numerous patents and patent applications
in athlete tracking, and other sensor technologies.
Other current Directorships:
Symego Pty Ltd
Previous Directorships (last 3 years):
None
C A T A P U L TS P O R T S . C O M
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7.0
D I R E C T O R S ’
R E P O R T
MS MICHELLE GUTHRIE
BA/Law (Hons)
MR THOMAS F. BOGAN
BSBA
Independent Non-Executive Director
Independent Non-Executive Director
Appointed December 1, 2019
Appointed April 1, 2021
Chair of Nomination and Remuneration Committee
Chair of SaaS Scaling Committee
Tom Bogan is currently the vice chairman at Workday,
a leading provider of enterprise cloud applications for
finance and human resources with an annual revenue
of over $4 billion for its most recently completed
fiscal year.
Tom joined Workday in 2018 following its US$1.5bn
acquisition of Adaptive Insights, where he served as
CEO. Prior to this he was a board member of several
public and private software companies including
Chairman of Citrix Systems (Nasdaq: CTXS). He was
also Chairman of Nasdaq-listed Apptio until its
approximate US$2bn acquisition by Vista Equity
Partners in 2019.
Previously, Tom spent more than five years as a
partner at high-profile venture capital fund Greylock
Partners, where he focused on enterprise software
investments. He also served as president and COO at
Rational Software until it was acquired by IBM for
US$2.1bn in 2003, as well as CEO at Avatar
Technologies and Pacific Data.
As Chairman of the new SaaS Scaling Committee,
Tom supports the board and management with
growth-oriented SaaS-model innovations.
Other current Directorships:
Salient Systems, Aspire
Previous Directorships (last 3 years):
Acquia, Apptio
Member of Audit and Risk Committee
Over the last 25 years Michelle has held senior
management roles at leading media and technology
companies in Australia, the UK and Asia, including
BSkyB, Star TV and Google. She has extensive
experience and expertise in media management, and
content development, with deep knowledge of
traditional broadcasting, the digital media landscape
and the transformation necessary to embrace the
digital consumer.
From 2003 to 2007, Michelle was based in Hong Kong
as Chief Executive Officer of STAR TV, responsible for
pay TV platforms and content development in India,
China, Indonesia and across Asia. She then spent
several years as an equity adviser and investor for
Providence Equity covering Asia Pacific from Hong
Kong, before moving to Singapore for a senior role at
Google Asia Pacific.
In her role at Google as Managing Director for
Agencies, Michelle developed business partnerships
with key global advertising agencies.
From 2016 to 2018, Michelle was the Managing
Director of the Australian Broadcasting Corporation
where she led the transformation of the organisation,
increasing the efficiency and effectiveness of work
across the ABC as well as investing in investigative
journalism, regional journalism and innovative
Australian content.
Michelle holds a Bachelor of Arts and Law (Honours)
from the University of Sydney.
Other current Directorships:
Hoppr Ltd, StarHub Ltd, Chair of Mighty Kingdom
Ltd
Previous Directorships (last 3 years):
Australian Broadcasting Corporation (ABC)
C A T A P U L TS P O R T S . C O M
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7.0
D I R E C T O R S ’
R E P O R T
INFORMATION ON FORMER DIRECTORS(1)
MR BRENT SCRIMSHAW
Former Independent Non-Executive Director
Appointed November 24, 2014
Resigned effective November 17, 2020
Former Chair of Nomination and Remuneration
Committee
Mr Brent Scrimshaw has over 25 years of experience
in consumer innovation, executive business leadership
and brand management within the global sports
industry.
Brent had an 18-year career at Nike Inc, where he held
senior leadership roles in Australia, Europe and the
United States, including Vice President and Chief
Executive of Nike Western Europe; Chief Marketing
Officer and Vice President of Category Businesses for
Nike Europe, Middle East and Africa; and General
Manager of Nike’s East Coast United States
operations in New York.
As one of Nike Inc’s 30 most senior leaders worldwide,
Brent also served on Nike’s Global Corporate
Leadership Team, where he helped lead the creation
of Nike’s overall brand and global operating strategy,
as well as playing a senior role as a key member of the
Global Commercial Operations Executive Team,
responsible for sales and distribution strategies
worldwide.
Brent is also a Non-Executive Director at Rhinomed
Ltd, an ASX listed medical technology company
focused on enhancing human efficiency through
innovative respiratory technologies and also a Non-
Executive Director at ASX listed Kathmandu Holdings
Ltd, a specialty outdoor clothing and equipment
retailer with over 160 stores in AUS, NZ and the UK.
Brent was formerly a Director of Fox Head Inc, the
world’s largest manufacturer and marketer of
performance Moto-X and actions sports lifestyle
products, and Founder and CEO of Unscriptd Ltd
which was acquired by New York media company The
Players Tribune in Dec 2018.
Other current Directorships:
Rhinomed Ltd (ASX:RNO) Kathmandu Ltd (ASX:KAT)
Previous Directorships (last 3 years):
Unscriptd Ltd
(1)
Information provided is at the date of cessation as a Director
of the Company.
C A T A P U L TS P O R T S . C O M
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D I R E C T O R S ’
R E P O R T
COMPANY SECRETARY
Jonathan Garland commenced as Company Secretary on August 12, 2020. Jonathan’s career includes extensive
ASX-listed general counsel and Company secretarial experience, as well as a wide-ranging international corporate
legal background. Jonathan graduated with honours degrees in both Law and Commerce from the University of
Melbourne.
KEY PERFORMANCE METRICS
The Company measures its performance through the achievement of a number of principal SaaS metrics, and is
pleased to report the following movements in all of these metrics:
METRIC
As at Mar 31, 2021
As at Mar 31, 2020
Change %
US$’000
US$’000
ACV
ACV churn
Lifetime duration (LTD)
Multi-solution customers
PRINCIPAL ACTIVITIES
48.4
5.5%
5.8
252
41.5
6.4%
6.5
216
16.5
(14.1)
(11.5)
16.7
Catapult’s vision is to create the platform of solutions for teams and athletes, in order to improve the performance
of athletes and teams globally.
Within this platform Catapult has identified five “verticals” of technology solutions across two customer segments.
During the period, the principal activities of the entities within the Group and across the verticals were:
➔
In the Management vertical, AMS or the ‘athlete management system’, which is a cloud-based repository for
wellness information that teams use to better understand athlete welfare, and an administration tool to plan
rostering and the like.
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D I R E C T O R S ’
R E P O R T
➔
➔
➔
➔
In the Performance & Health vertical, a range of SaaS tracking technologies that use proprietary algorithms
to quantify the load, effort and fatigue levels of athletes enabling them to maximize performance and
minimize injury.
In the Tactics & Coaching vertical, a range of video analysis software that segments game footage, enables
instant video manipulation and replay, scouting of upcoming opponents, and more effective tactical and
coaching practices and outcomes.
In the Professional Services vertical, a range of services that maximize the productivity of customers’ sports
technology, providing them with sports science insights and perspectives to gain a competitive edge.
In the Media & Engagement vertical, a range of services to manage and monetize the video content assets
(i.e., footage) of customers, to drive fan engagement via social media, generate revenue from media licensing,
and facilitate talent scouting of athletes.
The Group’s wearable and video solutions are provided to elite clients on both a subscription and upfront sales basis,
with subscription sales forming the majority of all sales to elite clients. Catapult is the global leader in wearable
tracking technology and analytics solutions for the sports performance market with more than 3,200 teams.
Catapult is also a market leader in providing innovative digital and video analytic software solutions to elite sports
teams in the United States.
With major offices in Australia, the United States and the United Kingdom and over 350 staff in 26 countries,
Catapult is a global technology success story that is committed to advancing the way data is used in elite sports.
REVIEW OF OPERATIONS & FINANCIAL RESULTS FOR THE 9-MONTHS ENDED MARCH 31, 2021
➔ Subscription revenue in Q3 was 87% of total revenue, as the Company continues to switch from one-time
capital deals to higher quality and higher margin subscription deals.
➔ Second consecutive year of positive free cash flow ($6.4 million to $6.3 million), underscoring Catapult’s long-
term cash generation capability.
➔
➔
➔
➔
➔
➔
➔
➔
The Company is well positioned financially with $22.2 million of cash at bank as of March 31, 2021.
The Company commenced lifting its COVID-19 operating cost mitigation measures as the negative impact to
the business was less than anticipated.
The Company was awarded a contract with the Football Bowl Subdivision to provide video exchange services
to all 130 Division 1 American football teams.
The Company closed its largest capital deal to date; a contract with BMSK Sport Közhasznú Nonprofit Kft. to
provide video analysis and wearable technology services to 16 sports academies and teams.
The Company released a Movement Profile analytics package for soccer.
The French Ligue Nationale de Rugby appointed the Company as the preferred supplier of technology to all
teams that compete in France’s Top 14 and Pro D2 professional rugby competition for four years.
The Company launched new solutions to provide customers with greater workplace flexibility amidst new
COVID-19 restrictions.
The Company released Catapult Form, a dedicated athlete feedback and wellness management software
solution which provides coaches an end-to-end view of an athlete’s performance.
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D I R E C T O R S ’
R E P O R T
➔
➔
The Company renewed agreements with NFL Productions and Bleacher Report and supported global brands
in creating commercial campaigns for the 2021 football season.
The Company entered partnerships with PUSH, a sports technology company which helps coaches plan, track,
assess and improve athlete performance off the field; and Pro Quick Draw, a software platform that allows
American football coaches to organise playbooks, scout cards and presentations.
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
The following significant changes occurred during FY21:
➔
The Company’s registry management services were transferred from Computershare Investor Services Pty
Ltd to Boardroom Pty Limited.
The Company changed its year-end to March 31, and its presentation currency to the US dollar.
➔ Chris Cooper was appointed Chief Operating Officer in July 2020.
➔
➔
➔
Jonathan Garland was appointed as Company Secretary effective August 12, 2020.
The Company acquired the subscription online sport learning platform, Science for Sport on November 9,
2020.
➔ Brent Scrimshaw resigned from the Board effective November 17, 2020.
➔ Zoe Rumford was appointed as Chief People Officer in December 2020.
EVENTS ARISING SINCE THE END OF THE REPORTING PERIOD
Thomas Bogan was appointed to the Board as an Independent Non-Executive Director effective April 1, 2021.
The Board established a new SaaS Scaling Committee to assist the Company with its next stage of growth.
The Company signed the Atlanta Falcons as a customer, and now works with every team in the NFL.
➔
➔
➔
➔ Catapult’s annualised ACV growth reached 35% in the March 2021 quarter.
➔ Param Hedge was appointed as Chief Technology Officer in May 2021.
➔ Courtney Maunsell was appointed Senior Vice President, Revenue Operations in May 2021.
Aside from the above, the Directors are not aware of any matter or circumstance that has arisen since the end of
the financial year that, in their opinion, has significantly affected, or may significantly affect in future years,
Catapult’s operations, the results of those operations or the state of Catapult’s affairs.
LIKELY DEVELOPMENTS, BUSINESS STRATEGIES AND PROSPECTS
Based on the expected demand for athlete analytics globally and the continued growth in the Group’s sales and
marketing platform across key regions, we are optimistic about the long-term growth opportunity.
Furthermore, Catapult has broadened its suite of athlete analytics solutions through organic growth and through
acquisitions, resulting in a substantially larger addressable market opportunity across a wider range of customers in
both elite and prosumer sporting leagues. Catapult expects to benefit in these and other segments with increasing
sales and technical functionality.
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D I R E C T O R S ’
R E P O R T
BUSINESS RISK
In executing its growth plans, Catapult is subject to the market, operational and acquisition risks including those
outlined below:
COVID-19 RISKS
The COVID-19 crisis has caused significant disruption in sports globally. As Catapult announced on March 27, 2020,
the Company acted decisively to ensure the safety of all employees and customers, while minimally impacting the
business. Catapult also implemented operating cost mitigation measures. As announced on July 13, 2020, pleasingly
Catapult commenced lifting its COVID-19 cost mitigation measures as the negative impact to Catapult’s business
was less than anticipated. Despite this, COVID-19 remains a risk for the Company. A resurgence of COVID-19 may
cause the closure or disruption of sporting events, reduce customer demand, adversely affect supply chain
management, cause people movement disruptions and financial market volatility (including currency markets) and
otherwise adversely affect the business. COVID-19 may affect the ability of Catapult’s customers or suppliers to
comply with their obligations under their agreements and influence renewal or subsequent contracting decisions.
Catapult continues to assess the impact of COVID-19 on the business and ways to mitigate any risks to the
Company.
ECONOMIC RISK
Catapult may be affected by general economic conditions. Changes in the broader economic and financial climate
may adversely affect the conduct of Catapult’s operations.
In particular, sustained economic downturns in key geographies or sectors (in particular sports business and
consumer sectors), where Catapult is focused, may adversely affect its financial performance. Changes in economic
factors affecting general business cycles, global health risks such as the pandemic which commenced during the
reporting period, inflation, legislation, monetary and regulatory policies, as well as changes to accounting standards,
may also affect the performance of Catapult.
INDUSTRY AND COMPETITION RISK
Catapult’s performance could be adversely affected if existing or new competitors reduce Catapult’s market share,
or its ability to expand into new market segments. Catapult’s existing or new competitors may have substantially
greater resources and access to more markets than Catapult. Competitors may succeed in developing new
technologies or alternative products which are more innovative, easier to use or more cost effective than those that
have been or may be developed by Catapult. This may place pricing pressure on Catapult’s product offering and
may impact on Catapult’s ability to retain existing clients, as well as Catapult’s ability to attract new clients. If
Catapult cannot compete successfully, Catapult’s business, operating results and financial position could be
adversely impacted.
TECHNOLOGY AND HOSTING PLATFORMS
Catapult relies on third-party hosting providers to maintain continuous operation of its technology platforms,
servers and hosting services and the cloud-based environment in which Catapult provides its products. There is a risk
that these systems may be adversely affected by various factors such as damage, faulting or aging equipment,
power surges or failures, computer viruses, or misuse by staff or contractors.
Other factors such as hacking, denial of service attacks, or natural disasters may also adversely affect these
systems and cause them to become unavailable.
Further, if Catapult’s third-party hosting provider ceased to offer its services to Catapult and Catapult was unable
to obtain a replacement provider quickly, this could lead to disruption of service to the Catapult website and cloud
infrastructure. This could lead to a loss of revenue while Catapult is unable to provide its services, as well as
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adversely affecting its reputation. This could have a material adverse effect on Catapult’s financial position and
performance.
CYBER SECURITY AND DATA BREACHES
Catapult provides its services through cloud based and other online platforms. Hacking or exploitation of any
vulnerability on those platforms could lead to loss, theft or corruption of data. This could render Catapult’s services
unavailable for a period while data is restored. Catapult’s services frequently involve processing sensitive personal or
corporate confidential information. Such sensitive information could be taken, lost or viewed by unauthorised
persons, either maliciously or via administrative or user error. Such a data breach or other cyber incident could lead
to unauthorised disclosure of users’ data with associated reputational damage, claims by users, regulatory scrutiny
and fines. Although Catapult employs strategies and protections to improve the quality of its administrative
processes and global cyber security review, including ongoing external cyber threat assessments to minimise security
breaches and to protect data, these strategies and protections might not be entirely successful. In that event,
disruption to Catapult’s services could adversely impact on Catapult’s revenue, profitability and growth prospects.
The loss of client data could have severe impacts to client service, reputation, and the ability for clients to use the
products.
MANUFACTURING AND PRODUCT QUALITY RISKS
Catapult currently uses third party manufacturers to produce components of its products. There is no guarantee
that these manufacturers will be able to meet the cost, quality and volume requirements that are required to be
met for Catapult to remain competitive. Catapult’s products must also satisfy certain regulatory and compliance
requirements which may include inspection by regulatory authorities. Failure by Catapult or its suppliers to
continuously comply with applicable requirements could result in enforcement action being taken against Catapult.
As a manufacturer, importer and supplier of products, product liability risk, faulty products and associated recall
and warranty obligations are key risks of the Catapult business. While Catapult has product liability insurance not
all claims will be covered by this and any issues arising from product liability faults may be significant and beyond
the protection of Catapult’s existing insurance coverage.
FOREIGN EXCHANGE
Foreign exchange rates are particularly important to Catapult’s business given the significant amount of revenue
which Catapult derives outside Australia. Catapult’s financial statements are prepared and presented in US dollars.
Adverse movements in foreign currency markets could affect Catapult’s profitability and financial position. Refer to
note 4.4 for further information on the Company’s change of presentation currency.
DEVELOPMENT AND COMMERCIALISATION OF INTELLECTUAL PROPERTY
Catapult relies on its ability to develop and commercialise its intellectual property. A failure to protect, develop and
commercialise its intellectual property successfully could lead to a loss of opportunities and adversely impact the
operating results and financial position of Catapult. Furthermore, any third party developing superior technology or
technology with greater commercial appeal in the fields in which Catapult operates may harm the prospects of
Catapult.
Catapult’s success depends, in part, on its ability to obtain, maintain and protect its intellectual property, including
its patents. Actions taken by Catapult to protect its intellectual property may not be adequate, complete or
enforceable and may not prevent the misappropriation of its intellectual property and proprietary information or
deter independent development of similar technologies by others.
The granting of a patent does not guarantee that Catapult’s intellectual property is protected and that others will
not develop similar technologies that circumvent such patents. There can be no assurance that any patents
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Catapult owns, controls or licences, whether now or in the future, will give Catapult commercially significant
protection of its intellectual property.
Monitoring unauthorised use of Catapult’s intellectual property rights is difficult and can be costly. Catapult may
not be able to detect unauthorised use of its intellectual property rights. Changes in laws in Australia and other
jurisdictions in which Catapult operates may adversely affect Catapult’s intellectual property rights.
Other parties may develop and patent substantially similar or substitute products, processes, or technologies to
those used by Catapult, and other parties may allege that Catapult’s products incorporate intellectual property
rights derived from third parties without their permission. Whilst Catapult is not the subject of any claim that its
current products infringe the intellectual property rights of a third party, allegations of this kind may be received in
the future and, if successful, injunctions may be granted against Catapult which could materially affect the
operation of Catapult and Catapult’s ability to earn revenue, and cause disruption to Catapult’s services. The
defence and prosecution of intellectual property rights lawsuits, proceedings, and related legal and administrative
proceedings are costly and time-consuming, and their outcome is uncertain. In addition to its patent and licensing
activities, Catapult also relies on protecting its trade secrets. Actions taken by Catapult to protect its trade secrets
may not be adequate and this could erode its competitive advantage in respect of such trade secrets. Further,
others may independently develop similar technologies.
FURTHER PRODUCT DEVELOPMENT RISK
Catapult has developed its athlete video and tracking technology and software products and continues to invest in
further systems and product development.
Catapult cannot be certain that further development of its video and athlete tracking technology, software
products, or online sport learning platform will be successful, that development milestones will be achieved, or that
Catapult’s intellectual property will be developed into further products that are commercially exploitable. There are
many risks inherent in the development of technologies and related products, particularly where the products are in
the early stages of development. Projects can be delayed or fail to demonstrate any benefit or may cease to be
viable for a range of reasons, including scientific and commercial reasons.
BRAND AND REPUTATION DAMAGE
The brand and reputation of Catapult and its individual products are important in retaining and increasing the
number of clients that utilise Catapult’s technology and products and could prevent Catapult from successfully
implementing its business strategy. Any reputational damage or negative publicity surrounding Catapult, or its
products could adversely impact on Catapult’s business and its future growth and profitability.
PRODUCT LIABILITY
Catapult’s business exposes it to potential product liability claims related to the manufacturing, marketing and sale
of its products. Catapult maintains product liability insurance. However, to the extent that a claim is brought
against Catapult that is not covered or fully covered by insurance, such claim could have a material adverse effect
on the business, financial position and results of Catapult. Claims, regardless of their merit or potential outcome,
may adversely impact Catapult’s business and its future growth and profitability.
LITIGATION
Catapult may, in the ordinary course of business, be involved in disputes. These disputes could give rise to litigation
which may be costly and may adversely affect the operational and financial results of Catapult.
Catapult Sports LLC is the subject of a patent infringement claim filed by Forutome IP LLC (a non-practising entity)
filed before the Middle District Court of Florida. This claim does not involve any current Catapult products or
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services and the patent the subject of the claim expired on September 16, 2018. It is not anticipated that this claim
will materially affect the operation of Catapult or cause disruption to Catapult’s products and services.
Catapult Group International Ltd is the subject of a trademark opposition procedure filed before the United States
Trademark Trial and Appeal Board (TTAB) by adidas AG in respect of a pending trademark application in the United
States. It is not anticipated that this trademark opposition will materially affect the operation of Catapult or cause
disruption to Catapult’s products and services.
Given the above circumstances, no provisions have been recognised at March 31, 2021 in respect of either matter.
DIVIDENDS
In respect of the current financial period, no dividend has been paid by Catapult Group International Ltd.
DIRECTORS’ MEETINGS
The number of Directors’ meetings (including meetings of Committees of Directors) held during the 9-month period,
and the number of meetings attended by each Director, is as follows:
DIRECTOR’S
NAME
Adir Shiffman
Shaun
Holthouse
Igor van de
Griendt
Brent
Scrimshaw
James Orlando
Michelle Guthrie
Where:
BOARD MEETINGS
AUDIT AND RISK COMMITTEE
NOMINATION AND
REMUNERATION COMMITTEE
A
5
5
5
4
5
5
B
5
5
5
4
5
5
A
-
-
3
-
3
3
B
-
-
3
-
3
3
A
4
-
-
2
4
2
B
4
-
-
1
4
2
(i)
(ii)
column A is the number of meetings the Director was entitled to attend; and
column B is the number of meetings the Director attended.
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R E P O R T
UNISSUED SHARES UNDER OPTION AND RIGHTS
Unissued ordinary shares of the Company under option at the date of this report are as follows:
DATE OPTIONS GRANTED
EXPIRY DATE
EXERCISE PRICE OF
OPTIONS
NUMBER UNDER OPTIONS
April 14, 2016
April 14, 2021
September 22, 2016
July 30, 2021
September 22,2016
February 1, 2022
November 30, 2016
November 1, 2021
July 1, 2017
July 30, 2022
November 1, 2017
October 30, 2022
December 19, 2017
December 18, 2022
January 23, 2019
June 30, 2023
August 20, 2019
August 31, 2024
November 11, 2019
August 31, 2024
November 27, 2019
March 24, 2024
September 14, 2020
May 31, 2025
January 28, 2021
August 31, 2024
A$2.20
A$2.50
A$2.50
A$3.00
A$2.13
A$1.72
A$1.83
A$1.42
A$1.26
A$1.50
A$0.78
A$1.30
A$1.50
388,756
15,234
67,281
197,875
54,000
65,000
490,000
587,000
1,738,468
557,105
611,112
3,820,181
78,071
8,670,083
During the financial period ended March 31, 2021, the Company issued 4,274,869 options as part of the Employee
Share Plan. The options were issued at an average exercise price of A$1.30 and an average fair value of A$0.75
(US$0.55).
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Unissued ordinary shares of the Company under rights at the date of this report are as follows:
DATE RIGHTS GRANTED
EXPIRY DATE
EXERCISE PRICE OF
RIGHTS
NUMBER UNDER RIGHTS
January 23, 2019
August 31, 2021
August 20, 2019
August 31, 2022
November 1, 2019
August 31, 2022
November 11, 2019
August 31, 2022
November 27, 2019
March 31, 2021
January 28, 2020
August 31, 2022
April 21, 2020
October 20, 2021
April 21, 2020
August 31, 2022
July 20, 2020
July 20, 2021
July 20, 2020
July 20, 2022
July 20, 2020
July 13, 2021
September 14, 2020
May 31, 2023
A$0.00
A$0.00
A$0.00
A$0.00
A$0.00
A$0.00
A$0.00
A$0.00
A$0.00
A$0.00
A$0.00
A$0.00
25,555
260,036
5,600
184,227
154,412
33,145
192,848
325,006
97,574
97,576
48,246
1,112,625
2,536,850
All options and rights expire on their expiry date.
All options and rights are issued in accordance with the CSESP, as approved by shareholders.
SHARES ISSUED DURING OR SINCE THE END OF THE YEAR AS A RESULT OF EXERCISE
During the 9 months to March 31, 2021, the Company transferred to employees 2,111,773 treasury shares as part of
options and rights exercised under the Employee Share Plan. The options and rights were exercised at an average
exercise price of $1.72 and $0.00 respectively.
REMUNERATION REPORT
The Remuneration Report (audited) which is incorporated by reference into, and forms part of, this Directors’
Report, is presented separately on page 38.
ENVIRONMENTAL LEGISLATION
Catapult’s operations are not subject to any particular or significant environmental regulation under a law of the
Commonwealth or of a State or Territory in Australia.
INDEMNITIES GIVEN AND INSURANCE PREMIUMS PAID TO AUDITORS AND OFFICERS
During the year, the Company paid a premium to insure officers of the Group. The officers of the Group covered by
the insurance policy include all Directors.
The liabilities insured are legal costs that may be incurred in defending civil or criminal proceedings that may be
brought against the officers in their capacity as officers of the Group, and any other payments arising from
liabilities incurred by the officers in connection with such proceedings, other than where such liabilities arise out of
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conduct involving a wilful breach of duty by the officers or the improper use by the officers of their position or of
information to gain advantage for themselves or someone else to cause detriment to the Group.
Details of the amount of the premium paid in respect of insurance policies are not disclosed as such disclosure is
prohibited under the terms of the contract.
The Group has not otherwise, during or since the end of the financial period, except to the extent permitted by law,
indemnified or agreed to indemnify any current or former officer or auditor of the Group against a liability incurred
as such by an officer or auditor.
NON-AUDIT SERVICES
During the financial period, Grant Thornton Audit Pty Ltd, the Company’s auditors, performed certain other services
in addition to their statutory audit duties.
The Board has considered the non-audit services provided during the financial period by the auditor and is satisfied
that the provision of those non-audit services during the year is compatible with, and did not compromise, the
auditor independence requirements of the Corporations Act 2001 for the reason the non-audit services do not
undermine the general principles relating to auditor independence as set out in APES 110 Code of Ethics for
Professional Accountants, as they did not involve reviewing or auditing the auditor’s own work, acting in a
management or decision-making capacity for the Company, acting as an advocate for the Company or jointly
sharing risks and rewards.
Details of the amounts paid to the auditors of the Company, Grant Thornton Audit Pty Ltd, and its related practices
for audit and non-audit services provided during the financial period are set out in Note 25 to the Financial
Statements.
A copy of the Auditor’s Independence Declaration as required under s307C of the Corporations Act 2001 is included
on page 37 of this financial report and forms part of this Directors’ Report.
PROCEEDINGS ON BEHALF OF THE COMPANY
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on
behalf of the Company, or to intervene in any proceedings to which the Company is a party, to taking responsibility
on behalf of the Company for all or part of those proceedings.
ROUNDING OF AMOUNTS
The Company is of a kind referred to in ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument
2016/191 relating to the ‘rounding off’ of amounts in the Directors’ Report and, in accordance with that instrument,
amounts in the Directors’ Report have been rounded off to the nearest thousand dollars, or in certain cases, to the
nearest dollar.
Signed in accordance with a resolution of the Directors.
Dr Adir Shiffman
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Executive Chairman
May 26, 2021
I MP OR T ANT N OT I CE
This document including the Directors’ Report, Remuneration Report and financial statements may contain forward looking
statements including plans and objectives. Do not place undue reliance on them as actual results may differ and may do so
materially. They reflect Catapult’s views as at the time made, are not guarantees of future performance and are subject to
uncertainties and risks, such as those described in Catapult’s most recent financial report. Subject to law, Catapult assumes no
obligation to update, review or revise any information in this document.
While Catapult’s results are reported under IFRS, this document may also include non-IFRS information (such as EBITDA,
contribution margin, free cash flow, annual recurring revenue (ARR), annualised contract value (ACV), lifetime duration (LTD), and
churn). These measures are provided to assist in understanding Catapult’s financial performance. They may not have been
independently audited or reviewed, and should not be considered an indication of, or an alternative to, IFRS measures.
The information in this document is for general information purposes only and does not purport to be complete. It should be read
in conjunction with Catapult’s other market announcements. Readers should make their own assessment and take professional
independent advice prior to taking any action based on the information.
Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages
may not precisely reflect the presented figures.
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A U D I T O R ’ S I N D E P E N D E N C E
D E C L A R A T I O N
I
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R E M U N E R A T I O N R E P O R T
( A U D I T E D )
The Directors of the Company present the Remuneration Report for Non-Executive Directors, Executive Directors,
and other Key Management Personnel (‘KMP’), prepared in accordance with the Corporations Act 2001 and the
Corporations Regulations 2001.
Overview
The Board’s Nomination and Remuneration Committee, which operates in accordance with its charter as approved
by the Board, is responsible for determining and reviewing remuneration arrangements for executive management
and Directors.
Catapult's remuneration policy emphasises the Board’s desire to align executive remuneration with shareholder
interests, attract and retain business critical talent, and preserve cash. As outlined in last year’s Remuneration
Report, FY21 was the first financial year that all executives participated in an equity based short-term incentives
(STI) plan completing the transition away from cash awards. Along with the long-term incentives (LTI) plan, all
executive ‘at risk’ remuneration is now delivered through equity-based incentives. As such, FY21 executive
remuneration arrangements comprised of the following components:
•
•
•
a market competitive remuneration mix consisting of fixed and ‘at risk’ components. The ‘at risk’ components
consist of (STI and LTI under a clearly defined framework);
equity-based deferred STI awards with key metrics focused on customers, annual contract value (ACV),
revenue, scalability and talent as Catapult continues to drive for growth and sustained financial performance
over time; and
equity-based LTI awards with a total shareholder return hurdle, with a nil award where Compounding Annual
Growth Rate (CAGR) is below 12.5%.
Catapult’s target remuneration mix for FY21 was as follows:
Remuneration Mix
Base Salary
CEO
Other executive
management KMP
Other executive
management Non-KMP
36%
48%
58%
STI
28%
26%
20%
LTI
36%
26%
22%
Total Target
Remuneration
100%
100%
100%
The remuneration objectives and structure, including participation and the associated terms and conditions for both
the STI and LTI plans are reviewed annually by the Nomination and Remuneration Committee with
recommendations for change put to the full Board for approval as part of regular reviews of Catapult’s
Remuneration Policy. Variations within the Policy are considered on a case-by-case basis to ensure Catapult retains
flexibility in the various international markets in which it operates.
FY22 Remuneration Arrangements
As disclosed in last year’s Remuneration Report, in line with the evolution of our strategy and operating plans, the
Company commenced a review of incentive plans during FY21. The objectives of the review were to ensure such
plans drive a sense of collective ownership in the Company's short, medium and long-term success at all levels in the
organisation, emphasised through greater use of equity as opposed to cash. The plans were to remain aligned with
shareholder interests, be reflective of a modern technology company at Catapult's stage of evolution and be
consistent with market practice within the key regions Catapult operates within. The review has now been
completed with Board approved changes effective from FY22. Catapult will disclose further details in the FY22
Remuneration Report.
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R E M U N E R A T I O N R E P O R T
( A U D I T E D )
Catapult’s remuneration strategy relating specifically to executives during FY21 is set out in the following diagram.
Catapult Executive KMP Remuneration Objectives
Shareholder
value creation
through
equity
components
An appropriate balance of
‘fixed’ and ‘at risk’
components
Creation of award
differentiation to drive
performance culture and
behaviours
Attract, motivate and retain executive
talent required at stage of
development
Base Salary and Total Target Remuneration (TTR) is set by reference to relevant market benchmarks
Fixed
At Risk
Short Term Incentives
Long Term Incentives
(STI)
(LTI)
STI performance criteria are set by
reference to Company, Business Unit and
Individual performance targets appropriate
to the specific position and set each
performance year
Targets are linked to Catapult company
objectives such as TSR CAGR or other
specified metrics as determined by the
Board each performance year
Base Salary
Fixed
remuneration is
set based on
relevant
market
relativities
reflecting
responsibilities,
performance,
qualifications,
experience, and
geographic
location
Remuneration to be delivered as:
Base salary
Performance Rights, subject to the
achievement of performance conditions at
the end of the relevant performance period,
with deferral.
Options, subject to the achievement of
performance conditions at the end of the
relevant three-year performance period
TTR is intended to be positioned in the 3rd quartile compared to relevant market-based comparisons.
4th quartile TTR may be derived if demonstrable out performance is achieved by the Catapult Group
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R E M U N E R A T I O N R E P O R T
( A U D I T E D )
Short Term Incentive (STI) – FY21
For FY21, STI awards continued to be measured against annually set business critical, financially focussed,
enterprise-wide Company objectives. Performance hurdles are set annually to determine and drive executive
performance alignment with shareholder interests. The Board applied measurable and controllable objectives which
align with strategic objectives and enhance shareholder value.
The Board determined that for FY21 the best alignment with company strategy was for Executives to be assessed
against a range of relevant KPIs which formed a Company scorecard. The scorecard included an ACV metric with
hurdles between $42.3 million and $55.7 million, a contribution margin metric with hurdles between 45% and 49%,
and other metrics aligned with revenue, customer and people priorities. The scorecard achieved a 55.90% outcome
against the target hurdles.
Some additional key financial performance measures are highlighted in the following table:
Item
2021
2020
2019
2018
2017
EPS (US Cents)
(0.046)
(0.027)
(0.049)
(0.077)
(0.065)
(9 months)
(12 months)
(12 months)
(12 months)
(12 months)
Dividends (US cents per
share)
-
-
-
-
-
Revenue ($’000)
50,042
67,678
67,963
59,541
45,862
Underlying
EBITDA*($’000)
3,447
9,423
3,908
740
2,156
EBITDA (US$’000)
2,208
8,875
2,721
(1,508)
(2,802)
Net loss (US$’000)
(8,841)
(5,161)
(9,175)
(13,460)
(10,247)
Share price (A$)
1.890
1.125
1.095
1.225
2.330
* Underlying EBITDA is operating profit/(loss), adding back employee share plan costs and severance costs. In previous years acquisition and
integration costs have also been added back to underlying EBITDA.
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R E M U N E R A T I O N R E P O R T
( A U D I T E D )
In line with the FY21 results, the following STI awards (which are pro-rata for the nine-month period) were earned
during the period:
Name
Adir Shiffman –
Executive Chairman
Will Lopes – Chief
Executive Officer
(CEO)
Matthew Bairos –
Chief Commercial
Officer (CCO)
Hayden Stockdale –
Chief Financial Officer
(CFO)
TOTAL AT RISK
AMOUNT ($)
Percentage achieved
during the period
FY21 STI achieved
FY21 STI forfeited
110,948
55.90%
62,020
48,928
262,500
55.90%
146,738
115,762
150,000
55.90%
83,850
66,150
110,948
55.90%
62,020
48,928
* All amounts for Australian based KMPs translated from Australian Dollars to United States Dollars at an average exchange rate for the period
ended March 31, 2021 of 0.7397.
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R E M U N E R A T I O N R E P O R T
( A U D I T E D )
The FY21 awards were made in accordance with the following STI Plan features:
STI criteria
Participants
STI $ Value
Performance Criteria and Weightings
Performance Period
STI vehicle
Equity allocation methodology
STI Deferral
Vesting date
Service restriction
Clawback
Description
KMP and other employees as determined by the Board.
Individual STI opportunities vary based on remuneration
strategy.
The related KPIs consisted of a mix of financial, customer
and talent related objectives with KPIs weighted more
towards financial outcomes for KMP.
July 1, 2020 to March 31, 2021.
The award was made in the form of Performance Rights
for executives and cash for the Executive Chairman.
Where equity was the vehicle, the number of Performance
Rights offered at the commencement of the reporting
period was determined using the 5-day VWAP as at July 1
and based on an estimated 100% achievement. Following
the end of the performance period, the portion of
Performance Rights to be retained was calculated with
the balance being forfeited.
A one-year STI deferral will apply to the FY21 awards for
the executives and selected others, with grants vesting in
May 2022. Vesting is contingent on continued
employment.
For equity awards, on or before May 31, 2022, at the end
of the deferral period. For cash awards, on or before June
30, 2021, once the STI outcome has been determined.
Any STI award will be forfeited if the participant
terminates their employment before the vesting date. The
Board has the discretion to apply discretion to this
restriction, in exceptional circumstances.
STI awards will be subject to a Clawback and Malus policy
that may apply from time to time.
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R E M U N E R A T I O N R E P O R T
( A U D I T E D )
Long Term Incentive (LTI) - FY21
For FY21, LTI awards continued to comprise premium-priced share options with a hurdle rate to be achieved at the
end of the three-year performance period of a minimum CAGR of 12.5% in Total Shareholder Return (TSR). If that
hurdle is met at the relevant vesting date, 50% of the options will become exercisable. The proportion of options
vesting increases to 100% if a 17.5% TSR CAGR is achieved, with a pro rata entitlement between 12.5% and 17.5%
TSR CAGR.
The FY21 awards were made in accordance with the following LTI Plan Rules:
LTI Criteria
Participants
LTI $ Value
LTI vehicle
Exercise Price
Allocation methodology
Issue Price
Performance Criteria
Hurdle Rates
Description
KMP and other employees as determined by the Board.
Individual opportunities vary based on the remuneration
strategy.
Options.
15% above the VWAP as at July 1.
The number of Options will be determined by dividing the
LTI $ value by the Option value determined using the
‘Contract Life’ value of the option at the date of pricing
of the Option.
None.
Absolute TSR.
TSR CAGR <12.5% p.a. (0% vesting); 12.5% p.a. to 17.5%
p.a. (50% to 100% pro-rata).
Service and Performance Period
3-year term applies for service and TSR measurement.
Last Exercise Date
5 years after grant.
Dilution
Clawback
Minimum Shareholding
Change of Control
Total dilutive impact and Prospectus relief calculation to
be determined once final allocations approved.
Unexercised LTI will be subject to any Clawback Policy
that may apply from time to time.
No minimum shareholding guidelines or policies are in
place.
If a Change of Control occurs during the performance
period or between the end of the performance period and
vesting, the number of Options available to be exercised
will be determined by the Board in its absolute discretion.
C A T A P U L TS P O R T S . C O M
43
2 0 2 1 A N N U A L R E P O R T
9.0
R E M U N E R A T I O N R E P O R T
( A U D I T E D )
The relative proportions of remuneration, earned by Executive Directors and KMP during FY21, that are linked to
performance and those that are fixed are as follows:
Name
Directors
Adir
Shiffman
Fixed
remuneration
At risk -
STI
At risk -
options
Fixed
rem
STI Options
Total
73%
27%
N/A
166,423
62,020
-
228,443
Other Key Management Personnel
Will Lopes
Matt Bairos
Hayden
Stockdale
36%
48%
16%
16%
48%
330,493
146,738
440,208
917,439
36%
254,605
83,850
190,449
528,904
55%
14%
31%
252,068
62,020
142,943
457,031
For FY21, long term incentives were provided exclusively by way of options, and the percentages disclosed reflect the
valuation of remuneration consisting of options, based on the value of options expensed during the period.
Service agreements
Remuneration and other terms of employment for the Executive Directors and other Key Management Personnel
are formalised in a Service Agreement. The major provisions of agreements with persons occupying such roles as at
March 31, 2021 and which relates to remuneration are set out below:
Name
Position
Base Salary
Term of Agreement
Notice Period
Adir Shiffman
Executive Chairman
Will Lopes
Chief Executive Officer
Matt Bairos
Chief Commercial Officer
Hayden Stockdale
Chief Financial Officer
221,897
450,000
335,000
295,862
Contract
Permanent
Permanent
Permanent
1 month
6 months
12 months
6 months
C A T A P U L TS P O R T S . C O M
44
2 0 2 1 A N N U A L R E P O R T
9.0
R E M U N E R A T I O N R E P O R T
( A U D I T E D )
Details of remuneration
Details of the nature and amount of each element of the remuneration of each KMP of Catapult Group
International Ltd shown in the table below:
DIRECTOR AND OTHER KEY MANAGEMENT PERSONNEL REMUNERATION
Year
Short term employee benefits
Post-
employment
benefits
Long-
term
benefits
Share-based
payments
Total
Performance
based
percentage of
remuneration
Cash salary
and fees
Bonus
Other
(i)
Pension
Long
service
leave
Options and
Performance
Rights
$
$
$
$
$
$
$
-
228,443
27.1%
(38,463)
258,066
40.8%
EXECUTIVE DIRECTORS
Adir
Shiffman
Executive
Chairman
2021
166,423
62,020
2020
191,287
105,242
NON-EXECUTIVE DIRECTORS
Shaun
Holthouse
James
Orlando
Igor van de
Griendt
Brent
Scrimshaw
Calvin Ng
Michelle
Guthrie
2021
42,730
2020
100,125
2021
47,756
2020
251,329
2021
42,730
2020
65,573
2021
26,366
2020
60,524
2021
-
2020
29,127
2021
42,730
2020
28,103
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6,137
9,178
4,537
-
-
-
-
-
-
48,867
(38,463)
70,840
-
52,293
(4,511)
18,904
(52)
752,537
1,018,207
-
-
-
-
-
-
-
-
4,059
8,246
2,505
5,750
-
2,767
4,059
2,670
-
-
-
-
-
-
-
-
-
46,789
(38,463)
35,356
-
28,871
(38,463)
27,811
-
-
(38,463)
(6,569)
-
-
46,789
30,773
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
(i)
(ii)
Other remuneration includes annual leave and company benefits such as health insurance.
All 2021 amounts translated from Australian Dollars to United States Dollars at an average exchange rate for the period ended March 31, 2021
of 0.7397.
(iii) All 2020 amounts translated from Australian Dollars to United States Dollars at an average exchange rate for the year ended June 30, 2020
of 0.6712.
(iv) During the 2019 reporting period Directors Shiffman, Holthouse, van de Greindt, Scrimshaw and Ng each voluntarily relinquished 100,000
options issued in accordance with shareholder resolutions passed at the 2016 AGM, and part of the accounting charge for these options were
reversed in the previous reporting period.
C A T A P U L TS P O R T S . C O M
45
2 0 2 1 A N N U A L R E P O R T
9.0
R E M U N E R A T I O N R E P O R T
( A U D I T E D )
DIRECTOR AND OTHER KEY MANAGEMENT PERSONNEL REMUNERATION (CONTINUED)
Year
Short term employee benefits
Post-
employm
ent
benefits
Long-term
benefits
Share-based
payments
Total
Performance
based
percentage of
remuneration
Cash salary
and fees
Bonus
Other (i)
Pension
Long
service
leave
Options and
Performance
Rights
$
$
$
$
$
$
$
Joe Powell
Former Chief
Executive Officer
Will Lopes
Chief Executive
Officer
Hayden Stockdale
Chief Financial
Officer
Barry McNeill
Former Chief
Operating Officer
Matt Bairos (v)
Chief Commercial
Officer
2021
-
2020
89,050
-
-
-
-
-
-
-
(49,019)
3,524
(734)
(348,550)
(305,729)
n/a
n/a
2021
315,673
146,738
12,743
2,077
2020
217,875
160,792
8,697
-
-
-
440,208
917,439
16.0%
53,148
440,512
36.5%
2021
220,182
62,020
19,566
12,035
285
142,943
457,031
13.6%
2020
105,230
44,282
10,319
6,140
2021
-
2020
131,646
-
-
-
-
-
1,720
2021
240,942
131,142
5,113
8,550
2020
314,333
150,801
13,916
21,664
-
-
-
-
-
8,746
174,717
25.3%
-
-
(11,022)
122,344
n/a
n/a
190,449
576,196
22.8%
49,068
549,782
27.4%
2021 Total
2021
1,145,532
401,920
37,422
43,959
285
773,600
2,402,718
2020 Total
2020
1,584,202
461,117
(20,598)
80,563
(786)
311,612
2,416,110
16.7%
19.1%
(v) During the 9-months ended March 31, 2021 Matt Bairos was paid a cash bonus of $47,292 in lieu of options that had lapsed.
C A T A P U L TS P O R T S . C O M
46
2 0 2 1 A N N U A L R E P O R T
9.0
R E M U N E R A T I O N R E P O R T
( A U D I T E D )
Share-based remuneration
All options refer to options over ordinary shares of the Company, which are exercisable on a one-for-one basis under
the terms of the agreements. All options remain subject to review and approval by the Nomination and
Remuneration Committee and Board.
Options
Role
Opening Balance
Granted
during
the
period
Vested
during
the
period
Exercised
during the
period
Matt Bairos
Will Lopes
CCO
CEO
1,374,082
535,714
557,105
1,205,357
Hayden Stockdale
CFO
78,071
375,000
James Orlando
NED
611,112
-
-
-
-
-
-
-
-
-
Lapsed/Forfeited during the
period
Closing Balance
(701,180)
1,208,616
-
-
-
1,762,462
453,071
611,112
Performance Rights
Role
Opening Balance
Granted
during
the
period
Vested
during
the
period
Exercised
during the
period
Lapsed/Forfeited during the
period
Closing Balance
Matt Bairos
Will Lopes
CCO
CEO
193,239
189,634
412,861
331,859
Hayden Stockdale
CFO
113,720
132,743
James Orlando
NED
154,412
-
-
-
-
-
-
-
-
-
(41,740)
(89,178)
(24,564)
-
341,133
655,542
221,899
154,412
Options vesting schedule
Balance
held at
March 31,
2021
Vesting Date
Expiry Date
Value per
Option/Right
at Grant Date
(AUD)
Value per
Option/Right
at Grant Date
(USD)
Total Value
of Option/
Right at
Grant Date
AUD
Total Value
of Option/
Right at
Grant Date
USD
Exercise
price per
option
(AUD)
672,902
Aug 31, 2022
Aug 31, 2024
$0.42
$0.29
285,714
193,691
$1.26
535,714 May 31, 2023 May 31, 2025
557,105
Aug 31, 2022
Aug 31, 2024
1,205,357 May 31, 2023 May 31, 2025
$0.75
$0.76
$0.75
$0.55
401,786
294,643
$1.30
$0.52
420,614
288,586
$1.50
$0.55
904,018
662,946
$1.30
78,071
Aug 31, 2022
Aug 31, 2024
$1.08
$0.73
84,317
56,878
$1.50
375,000 May 31, 2023 May 31, 2025
$0.75
$0.55
281,250
206,250
$1.30
Options
Role
Matt Bairos
CCO
Will Lopes
CEO
Hayden
Stockdale
CFO
James
Orlando
NED
611,112 Mar 25, 2020 Mar 24, 2022
$1.37
$0.93
838,201
568,735
$0.78
C A T A P U L TS P O R T S . C O M
47
2 0 2 1 A N N U A L R E P O R T
9.0
R E M U N E R A T I O N R E P O R T
( A U D I T E D )
Performance rights vesting schedule
Performance
Rights
Role
Balance
held at
March
31, 2021
Vesting Date
Expiry Date
Matt Bairos
CCO
49,123
Aug 31, 2021
Aug 31, 2022
102,376
Aug 31, 2021
Aug 31, 2022
189,634
May 31, 2022 May 31, 2023
184,227
Aug 31, 2021
Aug 31, 2022
Will Lopes
CEO
139,456
Aug 31, 2021
Aug 31, 2022
331,859
May 31, 2022 May 31, 2023
33,145
Aug 31, 2021
Aug 31, 2022
Hayden
Stockdale
CFO
56,011
Aug 31, 2021
Aug 31, 2022
132,743
May 31, 2022 May 31, 2023
James Orlando
NED
154,412
March 31,
2020
March 31,
2021
Other notable activity during FY21
Value per
Option/Right
at Grant Date
(AUD)
Value per
Option/Right
at Grant Date
(USD)
Total Value
of
Option/Right
at Grant
Date AUD
Total Value
of
Option/Rig
ht at Grant
Date USD
Exerci
se
price
per
option
(AUD)
$1.20
$0.96
$1.90
$1.66
$0.96
$1.90
$2.07
$0.96
$1.90
$0.81
122,339
82,936
$0.60
47,158
29,626
$1.38
360,305
261,695
$1.14
305,817
209,823
$0.60
133,878
84,105
$1.38
$1.40
630,532
457,965
68,610
46,283
$0.60
53,771
33,780
$1.38
252,212
183,185
$2.10
$1.42
324,265
220,020
-
-
-
-
-
-
-
-
-
-
As stated in last year’s report, the Board approved a grant of 1.9 million service rights to our employees during the
FY20 reporting period to recognise our employees' commitment and contribution, and as an effort to retain talent
and stabilize the organisation through an exceptionally challenging Covid-19 pandemic. The grant vested in October
2020 and 0.9 million units were still held by employees at the end of the FY21 reporting period evidencing our
employees’ commitment to remaining aligned with shareholder interests.
Details of shareholdings
The movement during the year in the number of ordinary shares held directly, indirectly or beneficially, by each KMP,
including their related parties, is as follows:
Name
Held at
July 1, 2020
Received on exercise
of options/ rights
Purchased or sold
during period
Net change
other*
Held at
March 31, 2021
Adir Shiffman
6,542,100
Shaun Holthouse
18,775,000
Igor van de Griendt
20,508,000
James Orlando(a)
Brent Scrimshaw
Michelle Guthrie
80,000
15,150
-
-
-
-
-
-
-
(500,000)
(1,100,000)
-
-
-
-
-
-
-
-
-
-
6,042,100
17,675,000
20,508,000
80,000
15,150
-
(a)
(b)
James Orlando holds a relevant interest in 80,000 shares by way of his relationship with Kimberly Ann Foltz.
Brent Scrimshaw holds a relevant interest in 15,150 shares held by B&A Scrimshaw Superannuation Fund which is controlled by Mr Scrimshaw.
Refer to note 29 in the financial statements for details regarding related party transactions and transactions with
Key Management Personnel.
C A T A P U L TS P O R T S . C O M
48
2 0 2 1 A N N U A L R E P O R T
10.0
C O N S O L I D A T E D S T A T E M E N T
O F P R O F I T A N D L O S S
A N D O T H E R C O M P R E H E N S I V E I N C O M E
Revenue
Other income
Cost of goods sold
Employee benefits expense
Employee share option compensation expense
Capital raising and listing expenses
Travel, marketing and promotion
Occupancy
Professional fees
Other expenses
Operating profit before depreciation and amortisation
Note
2021
2020
7
8
19
19
(9 months)
(12 months)
US$'000
US$'000
50,042
67,678
508
(13,198)
(25,833)
(1,900)
(138)
(1,203)
(417)
(1,682)
(3,971)
2,208
881
(17,852)
(28,846)
(1,408)
(151)
(3,641)
(733)
(1,581)
(5,472)
8,875
Depreciation and amortisation
(10,218)
(14,405)
Loss from operations
Finance costs
Finance income
Other financial items
Loss before income tax expense
Income tax expense/(benefit)
Loss after income tax expense for the period / year attributable to
the owners of Catapult Group International Ltd
22
22
23
24
(8,010)
(256)
27
(389)
(8,628)
(213)
(5,530)
(328)
45
262
(5,551)
389
(8,841)
(5,162)
Earnings per share
Basic and diluted earnings per share (US$ cents per share)
26
(4.6)
(2.7)
This statement should be read in conjunction with the notes to the financial statements.
C A T A P U L TS P O R T S . C O M
49
2 0 2 1 A N N U A L R E P O R T
10.0
C O N S O L I D A T E D S T A T E M E N T
O F P R O F I T A N D L O S S
A N D O T H E R C O M P R E H E N S I V E I N C O M E
Note
2021
2020
(9 months)
(12 months)
US$'000
US$'000
Loss for the period / year from continuing operations
(8,841)
(5,162)
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Foreign currency translation differences for foreign operations, net of tax
1,880
(429)
Other comprehensive income for the period / year, net of tax
1,880
(429)
Total comprehensive loss for the period / year attributable to the
owners of Catapult Group International Ltd
(6,961)
(5,591)
Loss for the period / year attributable to:
-Members of the parent entity
-Non-controlling interests
Total comprehensive loss for the period / year attributable to:
-Members of the parent entity
-Non-controlling interests
(8,799)
(42)
(8,841)
(5,162)
-
(5,162)
(6,919)
(42)
(6,961)
(5,591)
-
(5,591)
This statement should be read in conjunction with the notes to the financial statements.
C A T A P U L TS P O R T S . C O M
50
2 0 2 1 A N N U A L R E P O R T
11.0
C O N S O L I D A T E D S T A T E M E N T
O F F I N A N C I A L P O S I T I O N
Assets
Current assets
Cash and cash equivalents
Trade and other receivables
Inventories
Total current assets
Non-current assets
Trade and other receivables
Property, plant and equipment
Goodwill
Intangible assets
Deferred tax assets
Total non-current assets
Total assets
Liabilities
Current liabilities
Trade and other payables
Contract liabilities
Other liabilities
Employee benefits
Borrowings
Other financial liabilities
Total current liabilities
Non-current liabilities
Contract liabilities
Employee benefits
Deferred tax liabilities
Other financial liabilities
Total non-current liabilities
Total liabilities
Net assets
Equity
Share capital
Share option reserve
Foreign currency translation reserve
Accumulated losses
Equity attributable to owners of Catapult Group International Ltd
Non-controlling interests
Total equity
Note
March 2021
US$’000
June 2020
US$’000
9
10
11
10
12
13
14
15
16
17
17
19.3
21
17
19.3
15
21
20
22,171
13,329
3,884
39,384
306
9,473
41,994
23,183
7,503
82,459
121,843
6,898
17,822
1,312
6,311
1,738
1,907
18,888
22,899
5,023
46,810
336
8,405
41,695
23,611
7,229
81,276
128,086
4,770
21,891
1,324
5,299
5,102
1,368
35,988
39,754
3,091
82
3,148
2,609
8,930
44,918
76,925
130,452
5,260
(2,309)
(56,436)
76,967
(42)
76,925
1,671
41
3,068
2,489
7,269
47,023
81,063
127,981
4,908
(4,189)
(47,637)
81,063
-
81,063
This statement should be read in conjunction with the notes to the financial statements.
C A T A P U L TS P O R T S . C O M
51
2 0 2 1 A N N U A L R E P O R T
12.0
C O N S O L I D A T E D S T A T E M E N T S
O F C H A N G E S I N E Q U I T Y
Share Capital Share Option Reserve
Foreign Currency
Translation
Reserves
Accumulated
Losses
Non-
Controlling
Interests
Total equity
US$'000
US$'000
US$'000
US$'000
US$'000
US$'000
Balance at July 1, 2019
126,810
4,063
(3,760)
(42,475)
Loss after income tax benefit for
the year
Other comprehensive loss for the
year, net of tax
Total comprehensive loss for the
year
Transactions with owners in their
capacity as owners:
Contributions of equity, net of
transaction costs
Share-based payments
Total transactions with owners
-
-
-
-
-
(5,162)
(429)
-
126,810
4,063
(4,189)
(47,637)
-
1,171
1,171
-
845
845
-
-
-
-
-
-
Balance at June 30, 2020
127,981
4,908
(4,189)
(47,637)
-
-
-
-
-
-
-
-
84,638
(5,162)
(429)
79,047
-
2,016
2,016
81,063
Share Capital Share Option Reserve
Foreign Currency
Translation
Reserves
Accumulated
Losses
Non-
Controlling
Interests
Total equity
US$'000
US$'000
US$'000
US$'000
US$'000
US$'000
Balance at July 1, 2020
127,981
4,908
(4,189)
(47,637)
-
81,063
Loss after income tax expense
for the period
Other comprehensive income for
the period, net of tax
Total comprehensive loss for the
period
Transactions with owners in
their capacity as owners:
Contributions of equity, net of
transaction costs
Share-based payments
Total transactions with owners
-
-
-
-
-
(8,799)
(42)
(8,841)
1,880
-
-
1,880
127,981
4,908
(2,309)
(56,436)
(42)
74,102
143
2,328
2,471
-
352
352
-
-
-
-
-
-
-
-
-
143
2,680
2,823
Balance at March 31, 2021
130,452
5,260
(2,309)
(56,436)
(42)
76,925
This statement should be read in conjunction with the notes to the financial statements.
C A T A P U L TS P O R T S . C O M
52
2 0 2 1 A N N U A L R E P O R T
13.0
C O N S O L I D A T E D S T A T E M E N T
O F C A S H F L O W S
Note
2021
2020
(9 months)
(12 months)
US$'000
US$'000
Cash flows from operating activities
Cash receipts from customers
Cash paid to suppliers and employees
Cash generated from operations
Interest received
Government grants and other income
Income taxes paid
Net cash flows from operating activities
28
Cash flows from investing activities
Acquisition of subsidiaries net of cash acquired
Payments for property, plant and equipment
Payments for intangibles
Net cash (used in) investing activities
Cash flows from financing activities
Loans paid
Loans received
Repayments of leasing liabilities
Interest paid
Proceeds from issue of shares
Proceeds from share options
Net cash (used in) / from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the financial period / year
Effects of exchange rate changes on cash and cash equivalents
Cash and cash equivalents at the end of the financial period / year
This statement should be read in conjunction with the notes to the financial statements.
57,724
(44,522)
13,202
27
1,141
(118)
14,252
(431)
(1,738)
(5,823)
(7,992)
(5,077)
1,728
(1,056)
(236)
143
731
(3,767)
2,493
18,888
790
22,171
73,594
(59,092)
14,502
45
965
(226)
15,286
(25)
(2,483)
(6,386)
(8,894)
(154)
5,022
(1,103)
(277)
-
601
4,089
10,481
8,238
169
18,888
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NOTE 1. NATURE OF OPERATIONS
Catapult Group International Ltd and its controlled entities (the ‘Group’) principal activities are the development
and supply of innovative technologies that improve the performance of athletes and sports teams. This includes the
development and sale of performance and health technology solutions, including wearable tracking and analytics, to
elite sporting teams, leagues and associations; the development and sale of tactical and coaching technology
solutions, including digital video and analytics, to elite sporting teams, leagues and associations; the development
and sale of performance and health technology solutions, including wearable tracking and analytics, to prosumer
athletes, sporting teams and associations; the development and sale of an athlete management platform and
analytics to elite sporting teams, leagues and associations; and the development and growth of a subscription online
sport learning platform.
NOTE 2. GENERAL INFORMATION AND BASIS OF PREPARATION
The consolidated general-purpose financial statements of the Group have been prepared in accordance with the
requirements of the Corporations Act 2001, Australian Accounting Standards and other authoritative
pronouncements of the Australian Accounting Standards Board. Compliance with Australian Accounting Standards
results in full compliance with the International Financial Reporting Standards (‘IFRS’) as issued by the International
Accounting Standards Board (IASB). Catapult Group International Ltd is a for-profit entity for the purpose of
preparing the financial statements.
Catapult Group International Ltd is the Group’s Ultimate Parent Company. Catapult Group International Ltd is a
Public Company incorporated and domiciled in Australia and listed on the Australian Securities Exchange. The
address of its registered office and its principal place of business is 75 High Street, Prahran, Victoria, Australia.
The consolidated financial statements for the 9-month period ended March 31, 2021 were approved by the Board of
Directors and authorised for issue on May 26, 2021.
NOTE 3. CHANGES TO ACCOUNTING POLICIES
During the 9-month period the Group has not adopted any new accounting policies.
NOTE 4. SIGNIFICANT ACCOUNTING POLICIES
4.1 Overall considerations
The consolidated financial statements have been prepared using the significant accounting policies and
measurement bases summarised below.
4.2 Basis of consolidation
The Group financial statements consolidate those of the Parent Company and all of its subsidiaries as of March 31,
2021. The Parent controls a subsidiary if it is exposed, or has rights, to variable returns from its involvement with the
subsidiary and could affect those returns through its power over the subsidiary. All subsidiaries have a reporting
date of March 31, with the exception of Catapult Sports Technology Beijing Co Ltd (based in China) which has a
reporting date of December 31.
All transactions and balances between Group companies are eliminated on consolidation, including unrealised gains
and losses on transactions between Group companies. Where unrealised losses on intra-group asset sales are
reversed on consolidation, the underlying asset is also tested for impairment from a group perspective. Amounts
reported in the financial statements of subsidiaries have been adjusted where necessary to ensure consistency with
the accounting policies adopted by the Group.
Profit or loss and other comprehensive income of subsidiaries acquired or disposed of during the year is recognised
from the effective date of acquisition, or up to the effective date of disposal, as applicable.
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Non-controlling interests, presented as part of equity, represent the portion of a subsidiary’s profit or loss and net
assets that is not held by the Group. The Group attributes total comprehensive income or loss of subsidiaries
between the owners of the parent and the non-controlling interests based on their respective ownership interests.
4.3 Business combination
The Group applies the acquisition method in accounting for business combinations. The consideration transferred by
the Group to obtain control of a subsidiary is calculated as the sum of the acquisition-date fair values of assets
transferred, liabilities incurred, and the equity interests issued by the Group, which includes the fair value of any
asset or liability arising from a contingent consideration arrangement. Acquisition costs are expensed as incurred.
The Group recognises identifiable assets acquired and liabilities assumed in a business combination regardless of
whether they have been previously recognised in the acquiree’s financial statements prior to the acquisition. Assets
acquired and liabilities assumed are generally measured at their acquisition-date fair values.
Goodwill is stated after separate recognition of identifiable intangible assets. It is calculated as the excess of the
sum of (a) fair value of consideration transferred, (b) the recognised amount of any non-controlling interest in the
acquiree, and (c) acquisition-date fair value of any existing equity interest in the acquiree, over the acquisition-date
fair values of identifiable net assets. If the fair values of identifiable net assets exceed the sum calculated above, the
excess amount (i.e. gain on a bargain purchase) is recognised in profit or loss immediately.
4.4 Foreign currency translation
Change in presentation currency
As previously advised to the market on July 24, 2020, and consistent with AASB 121 "The effects of change in foreign
exchange rates", the Group changed its presentation currency to the US dollar with effect from July 1, 2020. The
change in reporting currency was made to transparently represent the economic effects of the underlying
transactions, events and conditions that are relevant to the Group. Prior to July 1, 2020, the Group reported its
annual and half year consolidated statement of profit or loss and other comprehensive income, the consolidated
statement of financial position, the consolidated statement of changes in equity and the consolidated statement of
cashflows in AUD.
In accordance with AASB 121, the financial statements for all years and periods presented have been translated into
the new presentation currency. Under this method, the consolidated statement of profit or loss and comprehensive
income and consolidated statement of cashflows for each year and period have been translated into the
presentation currency using the average exchange rates prevailing during each reporting period. All assets and
liabilities have been translated using the exchange rate prevailing at the reporting dates. Shareholders' equity
transactions have been translated using the rates of exchange in effect as of the dates of the various capital
transactions. All resulting exchange differences arising from the translation are included in other comprehensive
income. All comparative information has been restated to reflect the Group's results as if they had been historically
reported in US dollars.
Foreign currency transactions and balances
Foreign currency transactions are translated into the functional currency of the respective Group entity, using the
exchange rates prevailing at the dates of the transactions (spot exchange rate). Foreign exchange gains and losses
resulting from the settlement of such transactions and from the re-measurement of monetary items at year end
exchange rates are recognised in profit or loss.
Non-monetary items are not re-translated at period-end and are measured at historical cost (translated using the
exchange rates at the date of the transaction), except for non-monetary items measured at fair value which are
translated using the exchange rates at the date when fair value was determined.
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Foreign operations
In the Group’s financial statements, all assets, liabilities, and transactions of Group entities with a functional
currency other than the US dollar are translated into the US dollar upon consolidation. The functional currency of
the entities in the Group has remained unchanged during the reporting period.
On consolidation, assets and liabilities have been translated into the US dollar at the closing rate at the reporting
date. Under this method, the consolidated statement of profit or loss and comprehensive income and consolidated
statement of cash flows for each year and period have been translated into the presentational currency using the
average exchange rates prevailing during each reporting period (unless this is not a reasonable approximation of the
cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated
at the dates of the transaction).Exchange differences are charged or credited to other comprehensive income and
recognised in the currency translation reserve in equity. On disposal of a foreign operation the cumulative
translation differences recognised in equity are reclassified to profit or loss and recognised as part of the gain or
loss on disposal.
4.5 Revenue
Revenue arises from the sale of goods and the rendering of services. It is measured by reference to the fair value of
consideration the Group is entitled to, excluding sales taxes, rebates, and trade discounts.
The Group enters into sales transactions involving an outright sale to the client, on a subscription basis or for the
rendering of services. The Group applies the revenue recognition criteria set out below to each separately
identifiable component of the sales transaction in order to reflect the substance of the transaction.
To determine whether to recognise revenue, the Group follows a five-step process:
1. Identifying the contract with a customer
2. Identifying the performance obligations
3. Determining the transaction price
4. Allocating the transaction price to the performance obligations
5. Recognising revenue when/as performance obligation(s) are satisfied
When the Group enters into transactions involving its products and services, the total transaction price for a
contract is allocated amongst the various performance obligations. Revenue is recognised either at a point in time
or over time, when the Group satisfies performance obligations by transferring the promised goods or services to
customers.
Capital
Capital revenue is the sale of good to third parties and is recognised at a point in time when the Group has
transferred to the buyer the significant risks and rewards of ownership, and control of the goods. The timing of the
transfer of risks and rewards/control varies depending on the individual terms of the sales agreement. For sales of
wearable units and sale of hardware in the video analytics business the transfer usually occurs on dispatch of the
goods from Catapult’s premises.
Subscription and services
Subscription revenue comprises the recurring monthly recognition of revenue from wearables subscription sales,
rendering of software services and content licensing. Unbilled revenue at the period end is recognised in the
Consolidated Statement of Financial Position as contract assets and included within trade and other receivables
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and contract assets. Unearned revenue at the period end is recognised in the Consolidated Statement of Financial
Position as deferred revenue and included within contract liabilities.
Revenue is recognised as performance obligations under customer contracts are met. Performance obligations
consist of the provisioning of the software/cloud/SaaS subscription and related maintenance and support services
over the term of the contract.
(i) Wearables subscription sale
The Group generates revenues from subscription sales typically whenever the goods have been dispatched from
Catapult's premises and the software has been activated for the customer. The revenue from the subscription
agreement is recognised on a monthly basis in equal amounts for each month of the subscription agreement. In
determining that the wearable subscription agreement constitutes a lease under AASB 16 the Group considers the
nature and term of the agreement and the useful life of the goods being provided under the subscription agreement.
(ii) Rendering of services
The Group is involved in providing software, support and maintenances services. The Group recognises revenue from
such activities on a monthly basis in equal amounts for each month of the subscription agreement.
(iii) Content licensing
The Group is involved in the provision of licensed video content to customers. Where video content is purchased on a
one-off basis, associated revenue is recognised upon delivery of the licensed content. Where video content is
purchased via a term contract with content available for consumption during the contract term, associated revenue
is recognised on a monthly basis in equal amounts for each month of the content licensing agreement.
(iv) Multiple element contracts
The Group may enter into a contract or multiple contracts with customers that may include multiple performance
obligations. Where multiple contracts are entered into, the Group determines whether it is required to be measured
with another pre-existing contract by determining whether the performance obligations promised are being sold at
their stand-alone selling price (‘SASP’). Where pricing is equal to SASP, the contract is treated as a stand-alone
contract. Where pricing is not equal to SASP, the contract is combined with the pre-existing contract with the
customer as a multiple-performance obligation (multi-PO) arrangement. Where a multi-PO arrangement is entered
into, each performance obligation is allocated a proportional amount of revenue based on the transaction price of
the contract and the relative SASP of each performance obligation.
(v) Prepaid purchase
Prepaid purchases comprise of subscription contracts entered into whereby the customer pays for the subscription
either annually or all in advance. This results in recurring monthly revenue (primarily from wearable/performance
and health sales). Unearned revenue at the year-end is recognised in the Consolidated Statement of Financial
Position as deferred revenue and included within the contract liabilities.
(vi) Interest and dividend income
Interest income and expenses are reported on an accrual basis using the effective interest method. Dividends, other
than those from investments in associates, are recognised at the time the right to receive payment is established.
Other revenue
Other revenue is additional revenue related to the sale of hardware, consisting of media, shipping, training and
installation income. Revenue is recognised either at a point in time or over time, when the Group satisfies
performance obligations by transferring the promised goods or services to customers.
4.6 Operating expenses
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Operating expenses are recognised in profit or loss upon utilisation of the service or at the date of their origin.
4.7 Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are
capitalised during the period of time that is necessary to complete and prepare the asset for its intended use or
sale. Other borrowing costs are expensed in the period in which they are incurred and reported in finance costs (see
Note 22).
4.8 Goodwill
Goodwill represents the future economic benefits arising from a business combination that are not individually
identified and separately recognised. See Note 4.3 for information on how goodwill is initially determined. Goodwill
is carried at cost less accumulated impairment losses. Refer to Note 13.1 for a description of impairment testing
procedures.
4.9 Other intangible assets
Acquired intangible assets
Acquired computer software licences are capitalised on the basis of the costs incurred to acquire and install the
specific software. Brand names and customer lists acquired in a business combination that qualify for separate
recognition are recognised as intangible assets at their fair values (see Note 4.3).
Internally developed software & hardware IP
Expenditure on the research phase of projects to develop new customised software and hardware for athlete
tracking and analytic analysis is recognised as an expense as incurred.
Costs that are directly attributable to a project’s development phase are recognised as intangible assets, provided
they meet the following recognition requirements:
• the development costs can be measured reliably;
• the project is technically and commercially feasible;
• the Group intends to and has sufficient resources to complete the project;
• the Group has the ability to use or sell the software/hardware; and
• the software/hardware will generate probable future economic benefits.
• Development costs not meeting these criteria for capitalisation are expensed as incurred.
• Directly attributable costs include employee costs and costs incurred on software & hardware development.
Subsequent measurement
All intangible assets, including capitalised internally developed software and hardware, are accounted for using the
cost model whereby capitalised costs are amortised on a straight-line basis over their estimated useful lives, as
these assets are considered finite. Residual values and useful lives are reviewed at each reporting date. In addition,
they are subject to impairment testing as described in Note 4.12. During FY21, the Group undertook a review of the
useful lives of its brand name intangible assets and deemed that these assets had a remaining useful life of two
years. The Group has begun amortising these assets and expects the assets to be fully amortised by FY23.
The following useful lives are applied:
• software (licenses and internally developed): 3–5 years, except with regard to identified projects with 2 years
• brand names: 2 years
• customer lists: 7–10 years
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• hardware IP: 3 years
• distributor relationships: 10 years
• distributor contracts: 10 years
• goodwill: annually assessed by management for impairment
4.10 Property, plant and equipment
Plant and office equipment and fixtures and fittings are initially recognised at acquisition cost or manufacturing
cost, including any costs directly attributable to bringing the assets to the location and condition necessary for it to
be capable of operating in the manner intended by the Group’s management. Plant and office equipment as well as
fixtures and fittings are subsequently measured using the cost model, cost less subsequent precaution and
impairment losses.
During the period, the Group undertook a review of the useful lives of its property, plant and equipment and decided
to change its depreciation accounting estimate from diminishing value to straight line to better reflect the value-in-
use of these assets. The following useful lives are applied:
• plant and office equipment - 2-20 years
• fixture and fittings - life of lease
• property improvements - life of lease
• Right of use assets - life of lease
Depreciation is recognised on a straight-line basis to write down the cost less estimated residual value of
subscription, service and demonstration wearable units over their useful life of four years.
In the case of leasehold property, expected useful lives are determined by reference to comparable owned assets or
over the term of the lease, if shorter.
Material residual value estimates and estimates of useful life are updated as required, but at least annually.
Gains or losses arising on the disposal of property, plant and equipment are determined as the difference between
the disposal proceeds and the carrying amount of the assets and are recognised in profit or loss within other income
or other expenses.
4.11 Leased assets
Low value leases
Where the Group is a lessee, payments on low value lease agreements are recognised as an expense on a straight-
line basis over the lease term if they do not meet the criteria to be recognised under AASB 16 Leases.
The Group has elected not to recognise a lease liability for short-term leases (leases with an expected term of 12
months or less) or for leases of low value assets. Payments made under such leases are expensed on a straight-line
basis. In addition, certain variable lease payments are not permitted to be recognised as lease liabilities and are
expensed as incurred (see Note 21). Associated costs, such as maintenance and insurance, are expensed as incurred.
Leases as lessor
The Group generates revenues from subscription sales and the revenue from the subscription agreement is
recognised on a monthly basis in equal amounts for each month of the subscription agreement. When entering into
these subscription agreements, the Group provides hardware to the customer alongside the software, and the
hardware is leased to the customer for the duration of the agreement (typically three to four years). At the end of
the agreement the hardware is returned to Catapult. In determining that the wearable subscription agreement
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constitutes a lease under AASB 16 the Group considers the nature and term of the agreement and the useful life of
the goods being provided under the subscription agreement.
4.12 Impairment testing of goodwill, intangible assets, property, plant and equipment and right of use assets
For impairment assessment purposes, assets are grouped at the lowest levels for which there are largely
independent cash inflows (cash-generating units). As a result, some assets are tested individually for impairment
and some are tested at cash generating unit level. Goodwill is allocated to those cash-generating units that are
expected to benefit from synergies of the related business combination and represent the lowest level within the
Group at which management monitors goodwill.
Cash-generating units to which goodwill has been allocated (determined by the Group’s management as equivalent
to its operating segments) are tested for impairment at least annually. All other individual assets or cash-
generating units are tested for impairment whenever events or changes in circumstances indicate that the carrying
amount may not be recoverable.
An impairment loss is recognised for the amount by which the assets or cash-generating unit’s carrying amount
exceeds its recoverable amount, which is the higher of fair value less costs to sell and value-in-use. To determine the
value-in-use, management estimates expected future cash flows from each cash-generating unit and determines a
suitable discount rate in order to calculate the present value of those cash flows. The data used for impairment
testing procedures are directly linked to the Group’s latest approved budget, adjusted as necessary to exclude the
effects of future reorganisations and asset enhancements. Discount factors are determined individually for each
cash-generating unit and reflect management’s assessment of respective risk profiles, such as market and asset-
specific risks factors.
Impairment losses for cash-generating units reduce first the carrying amount of any goodwill allocated to that cash
generating unit. Any remaining impairment loss is charged across the other assets in the cash-generating unit to the
extent that the charge does not reduce the value of the assets below their fair value. With the exception of goodwill,
all assets are subsequently reassessed for indications that an impairment loss previously recognised may no longer
exist. An impairment charge is reversed if the cash-generating unit’s recoverable amount exceeds its carrying
amount.
4.13 Financial instruments
Recognition, initial measurement and de-recognition
Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual
provisions of the financial instrument and are measured initially at fair value adjusted by transactions costs, except
for those carried at fair value through profit or loss, which are measured initially at fair value. Subsequent
measurement of financial assets and financial liabilities are described below.
Financial assets are de-recognised when the contractual rights to the cash flows from the financial asset expire, or
when the financial asset and all substantial risks and rewards are transferred. A financial liability is de-recognised
when it is extinguished, discharged, cancelled or expires.
Classification and Subsequent Measurement of Financial Assets
For the purpose of subsequent measurement, financial assets other than those designated and effective as hedging
instruments are classified into the following categories upon initial recognition:
• Amortised cost;
• Financial assets at Fair Value Through Profit or Loss (‘FVTPL’);
• Financial assets reported through Other Comprehensive Income (‘FVOCI’);
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All financial assets except for those at FVTPL are subject to review for impairment at least at each reporting date
to identify whether there is any objective evidence that a financial asset or a group of financial assets is impaired.
Different criteria to determine impairment are applied for each category of financial assets, which are described
below.
All income and expenses relating to financial assets that are recognised in profit or loss are presented within finance
costs, finance income or other financial items, except for impairment of trade receivables which is presented within
other expenses.
Amortised cost
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted
in an active market. After initial recognition, these are measured at amortised cost using the effective interest
method, less provision for impairment. Discounting is omitted where the effect of discounting is immaterial. The
Group’s cash and cash equivalents, trade and most other receivables fall into this category of financial instruments.
Individually significant receivables are considered for impairment when they are past due or when other objective
evidence is received that a specific counterparty will default. Receivables that are not considered to be individually
impaired are reviewed for impairment in groups, which are determined by reference to
the industry and region of a counterparty and other shared credit risk characteristics. The impairment loss estimate
is then based on recent historical counterparty default rates for each identified group.
Classification and subsequent measurement of Financial Liabilities
The Group’s financial liabilities include borrowings, trade and other payables and derivative financial instruments.
Financial liabilities are measured subsequently at amortised cost using the effective interest method, except for
financial liabilities held for trading or designated at FVTPL, that are carried subsequently at fair value with gains or
losses recognised in profit or loss. All derivative financial instruments that are not designated and effective as
hedging instruments are accounted for at FVTPL.
Derivative financial instruments and hedge accounting
Derivative financial instruments are accounted for at FVTPL except for derivatives designated as hedging
instruments in cash flow hedge relationships, which requires a specific accounting treatment.
4.14 Inventories
Inventories are stated at the lower of cost and net realisable value. Cost includes all expenses directly attributable
to the manufacturing process as well as suitable portions of related production overheads, based on normal
operating capacity. Costs of ordinarily interchangeable items are assigned using the first in, first out cost formula.
Net realisable value is the estimated selling price in the ordinary course of business less any applicable selling
expenses.
4.15 Income taxes
Tax expense recognised in profit or loss comprises the sum of deferred tax and current tax not recognised in other
comprehensive income or directly in equity.
Current income tax assets and/or liabilities comprise those obligations to, or claims from, the Australian Taxation
Office (‘ATO’) and other fiscal authorities relating to the current or prior reporting periods that are unpaid at the
reporting date.
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Current tax is payable on taxable profit, which differs from profit or loss in the financial statements. Calculation of
current tax is based on tax rates and tax laws that have been enacted or substantively enacted by the end of the
reporting period.
Deferred income taxes are calculated using the liability method on temporary differences between the carrying
amounts of assets and liabilities and their tax bases. However, deferred tax is not provided on the initial recognition
of goodwill or on the initial recognition of an asset or liability unless the related transaction is a business
combination or affects tax or accounting profit. Deferred tax on temporary differences associated with investments
in subsidiaries and joint ventures is not provided if reversal of these temporary differences can be controlled by the
Group and it is probable that reversal will not occur in the foreseeable future.
Deferred tax assets and liabilities are calculated, without discounting, at tax rates that are expected to apply to
their respective period of realisation, provided they are enacted or substantively enacted by the end of the reporting
period.
Deferred tax assets are recognised to the extent that it is probable that they will be able to be utilised against
future taxable income, based on the Group’s forecast of future operating results which is adjusted for significant
non-taxable income and expenses and specific limits to the use of any unused tax loss or credit. Deferred tax
liabilities are always provided for in full.
Deferred tax assets and liabilities are offset only when the Group has a right and intention to set off current tax
assets and liabilities from the same taxation authority.
Changes in deferred tax assets or liabilities are recognised as a component of tax income or expense in profit or loss,
except where they relate to items that are recognised in other comprehensive income (such as the revaluation of
land) or directly in equity, in which case the related deferred tax is also recognised in other comprehensive income or
equity, respectively.
Catapult Group International Ltd and its wholly owned Australian controlled entities have formed a tax
consolidated group. Therefore, these entities are taxed as a single entity and the deferred tax assets and liabilities
of these entities are set off in the consolidated financial statements.
AASB Interpretation 23 requires the assessment of whether the effect of uncertainty over income tax treatments
should be included in the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits
and tax rates. The interpretation outlines the requirements to determine whether any entity considers uncertain tax
treatments separately, the assumptions an entity makes about the examination of tax treatments by taxation
authorities, how an entity determines taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and
tax rates and how an entity considers changes in facts and circumstances.
The Group has adopted Interpretation 23, based on an assessment of whether it is “probable” that a taxation
authority will accept an uncertain tax treatment. There has been no financial reporting impact from the adoption of
Interpretation 23 in this reporting period.
4.16 Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits, together with other short-term, highly
liquid investments that are readily convertible into known amounts of cash and which are subject to an insignificant
risk of changes in value.
4.17 Equity, reserves and dividend payments
Share capital represents the fair value of shares that have been issued. Any transaction costs associated with the
issuing of shares are deducted from share capital, net of any related income tax benefits.
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Other components of equity include the following:
Foreign currency translation reserve – comprises foreign currency translation differences arising on the translation
of financial statements of the Group’s foreign entities into USD (see Note 4.4).
Share option reserve – comprises the grant date fair value of options issued but not exercised.
Retained earnings include all current and prior period retained profits.
Dividend distributions payable to equity shareholders are included in other liabilities when the dividends have been
approved in a general meeting prior to the reporting date.
All transactions with owners of the parent are recorded separately within equity.
4.18 Post-employment benefits and short-term employee benefits
Post-employment Benefit Plans
The Group provides post-employment benefits through defined contribution plans.
Short-term Employee Benefits
Short-term employee benefits are benefits, other than termination benefits, that are expected to be settled wholly
within twelve (12) months after the end of the period in which the employees render the related service. Examples of
such benefits include wages and salaries, non-monetary benefits and accumulating sick leave. Short-term employee
benefits are measured at the undiscounted amounts expected to be paid when the liabilities are settled.
4.19 Share-based employee remuneration
The Group operates equity-settled share-based remuneration plans for its employees. None of the Group’s plans
feature any options for employees to require a cash settlement.
All goods and services received in exchange for the grant of any share-based payment are measured at their fair
values. Where employees are rewarded using share-based payments, the fair values of employees’ services are
determined indirectly by reference to the fair value of the equity instruments granted. This fair value is appraised at
the grant date and excludes the impact of non-market vesting conditions (for example performance conditions).
All share-based remuneration is ultimately recognized as an expense in profit or loss with a corresponding credit to
share option reserve. If vesting periods or other vesting conditions apply, the expense is allocated over the vesting
period, based on the best available estimate of the number of share options expected to vest.
Non-market vesting conditions are included in assumptions about the number of options that are expected to
become exercisable. Estimates are subsequently revised if there is any indication that the number of share options
expected to vest differs from previous estimates. Any cumulative adjustment prior to vesting is recognized in the
current period. No adjustment is made to any expense recognized in prior periods if share options ultimately
exercised are different to that estimated on vesting.
Upon exercise of share options, the proceeds received net of any directly attributable transaction costs are allocated
to share capital.
4.20 Provisions, contingent liabilities and contingent assets
Provisions for product warranties, legal disputes, onerous contracts or other claims are recognised when the Group
has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of economic
resources will be required from the Group and amounts can be estimated reliably. Timing or amount of the outflow
may still be uncertain.
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No liability is recognised if an outflow of economic resources as a result of present obligation is not probable. Such
situations are disclosed as contingent liabilities, unless the outflow of resources is remote in which case no liability is
recognised.
Restructuring provisions (when applicable) will only be recognised if a detailed formal plan for the restructuring has
been developed and implemented, or management has at least announced the plan’s main features to those
affected by it. Provisions are not recognised for future operating losses.
Provisions are measured at the estimated expenditure required to settle the present obligation, based on the most
reliable evidence available at the reporting date, including the risks and uncertainties associated with the present
obligation. Where there are a number of similar obligations, the likelihood that an outflow will be required in
settlement is determined by considering the class of obligations as a whole. Provisions are discounted to their
present values, where the time value of money is material.
Any reimbursement that the Group can be virtually certain to collect from a third party with respect to the
obligation is recognised as a separate asset. However, this asset may not exceed the amount of the related
provision.
4.21 Goods and Services Tax, Sales taxes and Value Added Tax (GST)
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred
is not recoverable from the appropriate tax authority in the relevant tax jurisdiction. In these circumstances the GST
is recognised as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and
payables in the statement of financial position are shown inclusive of GST.
Cash flows are presented in the statement of cash flows on a gross basis, except for the GST components of
investing and financing activities, which are disclosed as operating cash flows.
4.22 Significant management judgement in applying accounting policies
When preparing the financial statements, management undertakes a number of judgements, estimates and
assumptions about the recognition and measurement of assets, liabilities, income and expenses.
Significant management judgement
The following are significant management judgements in applying the accounting policies of the Group that have
the most significant effect on the financial statements.
Recognition of subscription revenue and rental units
Determining when to recognise revenues from subscription agreements requires an understanding of the customer’s
use and the useful life of the products, historical experience and knowledge of the market. The Group provides GPS
tracking units for team sports under both an up-front sales model and a subscription model. Under the subscription
model, the customer has the right to use the GPS tracking units for the period of the subscription, however they
must return the unit to the Group at the end of the subscription period. Management have considered various
factors under AASB 16 Leases as to whether a component of the subscription agreements represents a finance or
operating lease.
These include:
• The GPS tracking units for the majority of subscription contracts have a subscription period no more than 75% of
the useful life of the units.
• Risk in the wear and tear of GPS tracking units remains with the Group.
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As a result, this component of the subscription agreements has been considered an operating lease with the Group
as lessor. As such, those GPS tracking units provided under subscription agreements have been capitalised as ‘rental
units’ under property, plant and equipment and are amortised over their estimated useful life.
All revenue under subscription sales is therefore recognised on a straight-line basis over the term of the subscription
period, reflecting management’s best estimate of the delivery of services and provision of the rental units over the
term of the agreements.
Recognition of deferred tax assets
The extent to which deferred tax assets can be recognised is based on an assessment of the probability of the
Group’s future taxable income against which the deferred tax assets can be utilised, as described in note 15. In
addition, significant judgement is required in assessing the impact of any legal or economic limits or uncertainties in
various tax jurisdictions.
Estimation uncertainty
Information about estimates and assumptions that have the most significant effect on recognition and
measurement of assets, liabilities, income and expenses is provided below. Actual results may be substantially
different.
Impairment
In assessing impairment, management estimates the recoverable amount of each asset or cash-generating unit
based on expected future cash flows and uses an interest rate to discount them. Estimation uncertainty relates to
assumptions about future operating results and the determination of a suitable discount rate (see Note 4.12).
Useful lives of depreciable assets
Management reviews its estimate of the useful lives of depreciable assets at each reporting date, based on the
expected utility of the assets. Uncertainties in these estimates relate to technical obsolescence that may change the
utility of certain software and IT equipment.
Inventories
Management estimates the net realisable values of inventories, taking into account the most reliable evidence
available at each reporting date. The future realisation of these inventories may be affected by future technology or
other market-driven changes that may reduce future selling prices.
Business combinations
Management uses valuation techniques in determining the fair values of the various elements of a business
combination (see Note 4.3). Particularly, the fair value of contingent consideration is dependent on the outcome of
many variables that affect future profitability.
4.23 Going concern
The financial statements have been prepared on the basis that the consolidated entity is a going concern, which
assumes continuity of normal business activities and the realisation of assets and the settlement of liabilities in the
ordinary course of business.
The consolidated group incurred a loss after tax of US$8.841m and had net cashflows from operating activities of
US$14.252m.
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Notwithstanding this, the Directors are of the view that the going concern principle is appropriate due to the
following factors:
• The COVID-19 pandemic began to impact global sport in March 2020, and the impact was at its worst in the first
half of FY21. Early on Catapult management adopted a conservative approach by instituting cost control
measures and managing working capital, ensuring that the business maintained a strong cash position. During
the period ended March 31, 2021 Catapult lifted these cost measures as the negative impact of COVID-19 was
less than anticipated, and management believe that the worst of the pandemic is behind us;
• The business delivered positive free cashflow of US$6.260m in FY21, being the second consecutive year of free
cash generation; and
• The business had cash on hand of US$22.171m at March 31, 2021.
4.24 Change of year-end
With effect from July 1, 2020, the Group changed its financial year-end reporting date from June 30 to March 31. In
transitioning to this change the Group has reported a 2021 financial year of nine months, consisting of an interim
period ended December 31, 2020 and a final period ended March 31, 2021.
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NOTE 5. INTERESTS IN SUBSIDIARIES
Set out below are details of the subsidiaries held directly by the Group:
Parent Entity
Catapult Group International Ltd (i),(iii)
Principal Place of Business /
2021
2020
Group Ownership Interest
Name of the Subsidiary**
Principal Activity
Catapult Sports Pty Ltd (i),(ii),(iii)
Catapult Gameday Pty Ltd
Catapult International Pty Ltd (i),(ii)
GPSports Systems Pty Ltd (iii)
Catapult Innovations Pty Ltd
Catapult Group US Inc. (iii)
Catapult Sports LLC (iii)
XOS Technologies Inc
Collegiate Images LLC
Catapult Sports Limited (iii)
Catapult Sports Godo Kaisha
Australia - design and sale of
wearable products and software
Australia - trading entity for
relationships with Media sector
Australia - holding company
Australia - design and sale of
wearable products and software
Australia - non trading entity
United States of America - holding
company
United States of America - North
American sales operations
United States of America - Video
Analytics
United States of America - Content
Licensing
United Kingdom - European sales
operations
Japan - Asia sales operations
Catapult Sports Europe Limited
Ireland - holding company
Kodaplay Ltd (iii)
Catapult Sports SAS
Catapult Sports Technology Beijing Co
Ltd
Science for Sport Limited
* Refer to Note 35 for further information.
Ireland - manufacturing and selling
for Catapult sub-elite and consumer
products
Argentina - South American sales
operations
China - Asia sales operations
United Kingdom - subscription online
75*
sport learning platform
%
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
%
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
-
** Catapult is in the process of dissolving its US wholly owned subsidiaries, Forbes Recruit Evaluation, Inc. and Forbes Recruit Evaluation, LLC.
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(i) Catapult Group International Limited (the Company) and Catapult Sports Pty Ltd are party to a Deed of Cross
Guarantee dated June 26, 2017. Catapult International Pty Ltd joined the Deed of Cross Guarantee via a Deed of
Assumption dated March 29, 2021. The Company, Catapult Sports Pty Ltd and Catapult International Pty Ltd
together constitute the ‘Closed Group’. The effect of the deed is that the Company has guaranteed to each creditor
to pay any deficiency in the event of the winding up of any of the controlled entities in the Closed Group. All entities
in the Closed Group have also given a similar guarantee in the event that the Company is wound up – refer to Note
34.
(ii) Pursuant to ASIC Corporations (Wholly owned Companies) Instrument 2016/785 Order 98/1418 (as amended)
relief has been granted to Catapult Sports Pty Ltd and Catapult International Pty Ltd from the Corporations Act
2001 requirements for preparation, audit and lodgement of financial reports and directors' reports.
(iii) These entities have provided guarantees to Western Alliance Bank in respect of credit facilities of USD
5,000,000 granted to XOS Technologies Inc and Collegiate Images LLC.
NOTE 6. SEGMENT INFORMATION
For the 9-month period ended March 31, 2021
Management identifies its operating segments based on the Group’s business units which represent the main
products and services provided by the Group. The Group’s three main operating segments are:
• Wearables: design, development and supply of wearable technology and analytic software to athletes and sports
teams.
• Video Analytics: develops and provides innovative digital and video analytic software solutions to elite sports
teams.
• New Products: development of the prosumer product and entry into the prosumer market.
These operating segments are monitored and strategic decisions are made on the basis of adjusted segment
operating results.
The revenues and profit generated by each of the Group’s operating segments and segment assets are summarised
as follows:
9 months to March 31, 2021
Revenue - external customers
Segment EBITDA
Segment Operating profit/(loss)
Segment Assets
Segment Liabilities
Video
New
Wearables
Analytics
Products
Total
US$'000
US$'000
US$'000
US$'000
24,622
6,999
2,311
45,403
24,877
22,640
2,780
50,042
6,451
874
69,953
17,532
(277)
(287)
6,487
2,509
13,173
2,898
121,843
44,918
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12 months to June 30, 2020
Revenue - external customers
Segment EBITDA
Segment Operating profit/(loss)
Segment Assets
Segment Liabilities
Video
New
Wearables
Analytics
Products
Total
US$'000
US$'000
US$'000
US$'000
32,407
9,736
4,361
40,180
21,114
32,006
10,002
2,220
81,091
24,482
3,265
(391)
(1,270)
6,815
1,427
67,678
19,347
5,311
128,086
47,023
The Group's segment operating loss reconciles to the Group's loss before tax as presented in its financial
statements as follows:
Total reporting segment operating EBITDA
Depreciation and amortisation for the segments
Finance segment costs
Finance segment income
Other financial segment (costs)/income
Total reporting segment operating profit
Corporate costs
Other income
Employee benefits expense
Employee share option compensation expense
Capital raising and listing expenses
Travel, marketing and promotion
Occupancy
Professional fees
Other expenses
Total corporate costs
Finance segment expense
Finance segment income
Other financial (expenses)
Group loss before tax
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2021
2020
(9 months) (12 months)
US$'000
US$'000
13,173
19,347
(10,218)
(14,405)
(12)
12
(57)
(20)
26
363
2,898
5,311
509
(5,940)
(1,601)
(138)
(73)
(171)
(1,564)
(1,987)
879
(5,499)
(1,195)
(151)
(278)
(312)
(1,693)
(2,226)
(10,965)
(10,475)
(243)
15
(333)
(8,628)
(308)
19
(98)
(5,551)
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Revenue by Geography
The Group’s revenues from external customers (excludes government grants) and are divided into the following
geographical areas:
Wearables
Video
Analytics
New
Products
2021
2021
2021
Total
2021
US$'000
US$'000
US$'000
US$'000
(9 months)
(9 months)
(9 months)
(9 months)
2,547
2,772
9,514
9,791
24,624
15
46
137
22,442
22,640
366
57
1,605
750
2,778
Wearables
Video
Analytics
New
Products
2020
2020
2020
2,928
2,875
11,256
32,983
50,042
Total
2020
US$'000
US$'000
US$'000
US$'000
(12 months)
(12 months)
(12 months)
(12 months)
3,092
3,756
10,965
14,594
4
31
123
31,848
32,407
32,006
310
67
1,796
1,092
3,265
3,406
3,854
12,884
47,534
67,678
Revenue - external customers
Australia
APAC
EMEA
Americas
Total
Revenue - external customers
Australia
APAC
EMEA
Americas
Total
All revenue is generated from external customers and there are no inter segment revenues.
Revenues from external customers in the Group’s domicile, Australia, as well as its major markets, Europe and the
Middle East (EMEA), Asia-Pacific (APAC) and the Americas, have been identified on the basis of the customer’s
geographical location.
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NOTE 7. REVENUE
Revenue has been generated from the following types of sales transactions:
Capital revenue
Subscription and service
Other revenues
Total revenue
NOTE 8. OTHER INCOME
Other income has been generated from the following sources:
Government grants and assistance*
Other income
Total other income
2021
2020
US$'000
US$'000
9,118
40,489
435
14,797
52,011
870
50,042
67,678
2021
2020
US$'000
US$'000
312
196
508
449
432
881
*Government grants represents the JobKeeper and cash flow boost payments received from the Federal
Government in response to the ongoing novel coronavirus (COVID-19) pandemic. Government grants are recognised
in the financial statements at their fair values when there is a reasonable assurance that the Consolidated Entity
will comply with the requirements and that the grant will be received.
NOTE 9. CURRENT ASSETS - CASH AND CASH EQUIVALENTS
Cash and cash equivalents include the following components:
Cash at bank and in hand
AUD
EUR
GBP
USD
JPY
CNY
ARS
Total cash and cash equivalents
2021
2020
US$'000
US$'000
1,487
6,171
1,645
11,361
171
1,235
101
22,171
1,471
2,171
1,435
12,810
204
710
87
18,888
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The amount of cash and cash equivalents inaccessible to the Group as at March 31, 2021 amounts to US$380,548
(2020: US$369,839) relating to Letter of Credit for rental leases held by the company.
NOTE 10. CURRENT ASSETS - TRADE AND OTHER RECEIVABLES & CONTRACT ASSETS
Trade and other receivables consist of the following:
Trade receivables, gross
Contract assets
Allowance for credit losses
Trade receivables
Taxes receivable
Other receivables
Prepayments
Non-financial assets
Trade and other receivables
Other long-term financial assets
Total trade and other receivables
2021
2020
US$'000
US$'000
9,390
2,648
(1,753)
19,618
1,906
(1,362)
10,285
20,162
210
837
1,997
3,044
13,329
306
240
835
1,662
2,737
22,899
336
13,635
23,235
The net carrying value of trade receivables is considered a reasonable approximation of fair value.
All of the Group's trade and other receivables have been reviewed for indicators of impairment. Trade receivables are
written-off when there is no reasonable expectation of recovery. Impairment losses on trade receivables are presented
as net impairment losses within operating profit. Subsequent recoveries of amounts previously written-off are
credited against the same line item. During the 9-month period ended March 31, 2021, an amount of US$80,999 (2020:
US$459,243) was found to be impaired and subsequently these bad debts were written off.
NOTE 11. CURRENT ASSETS - INVENTORIES
Raw materials and consumables
Finished goods
Total inventories
2021
2020
US$'000
US$'000
533
3,351
3,884
906
4,117
5,023
In 2021, the total cost of US$7,711,763 associated with inventories was included in the Consolidated Statement of
Profit and Loss and Other Comprehensive Income as an expense (2020: US$11,413,993). At March 31, 2021, the
provision for obsolete stock was US$999,177 (2020: US$971,954).
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NOTE 12. NON-CURRENT ASSETS - PROPERTY, PLANT AND EQUIPMENT
Details of the Group's property, plant and equipment and their carrying amount are as follows:
Rental &
Demo Units
Plant &
Office
Equipment
Furniture &
Fittings
Leasehold
Improve-
ments
Leased Assets
Total
US$'000
US$'000
US$'000
US$'000
US$'000 US$'000
6,981
1,227
(187)
-
589
8,610
4,814
932
(551)
-
99
5,294
(3,869)
(853)
187
(357)
(3,300)
(1,023)
551
(62)
126
7
(1)
-
1
133
(8)
(3)
1
(3)
1,527
32
-
-
91
4,347
1,574
-
-
179
17,795
3,772
(739)
-
959
1,650
6,100
21,787
(1,053)
(1,160)
(9,390)
(150)
-
(68)
(1,078)
(3,107)
-
(66)
739
(556)
(4,892)
(3,834)
(13)
(1,271)
(2,304)
(12,314)
3,718
1,460
120
Rental &
Demo Units
US$'000
Plant & Office
Equipment
US$'000
Furniture &
Fittings
US$'000
379
Leasehold
Improve-
ments
US$'000
3,796
9,473
Leased
Assets
US$'000
Total
US$'000
6,265
1,974
(1,278)
-
20
6,981
4,158
498
(12)
80
90
4,814
(2,984)
(1,241)
349
-
7
(3,869)
(2,246)
(1,034)
1
-
(21)
(3,300)
3,112
1,514
204
-
-
(80)
2
126
(5)
(1)
-
-
(2)
(8)
118
1,456
36
-
-
35
1,527
(716)
(335)
-
-
(2)
(1,053)
-
4,348
(1)
4,347
-
(1,187)
-
-
27
(1,160)
12,083
6,856
(1,290)
-
146
17,795
(5,951)
(3,798)
350
-
9
(9,390)
474
3,187
8,405
73
Gross carrying amount
Balance at July 1, 2020
Additions
Disposals
Transfer
Net exchange Differences
Balance at March 31, 2021
Depreciation and
impairment
Balance at July 1, 2020
Depreciation
Disposals
Net exchange Differences
Balance at March 31, 2021
Carrying amount at March
31, 2021
Gross carrying amount
Balance at July 1, 2019
Additions
Disposals
Transfer
Net exchange difference
Balance at June 30, 2020
Depreciation and
impairment
Balance at July 1, 2019
Depreciation
Disposals
Transfer
Net exchange differences
Balance at June 30, 2020
Carrying amount at June 30,
2020
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All depreciation and amortisation charges are included within depreciation and amortisation expense.
During FY21, the Group wrote off rental and demo units with a net book value of US$Nil (2020: US$912,913)
pertaining to the return of devices that had been upgraded to a new device in line with Catapult's subscription
agreements. These devices were transferred from Rental & Demo Units back into inventory upon return, and after
review were deemed to be obsolete and subsequently written-off.
During FY21, the Group also conducted a review of the subscription unit register and disposed of old rental units on
the register that were no longer reconciled to existing subscription contracts. These units had a net book value of
US$Nil (2020: US$40,593).
The net book value of assets held under leases at March 31, 2021 was US$95,526 (2020: US$58,371) and are included
in Office Equipment.
NOTE 13. NON-CURRENT ASSETS - GOODWILL
The movements in the net carrying amount of goodwill are as follows:
Balance at July 1
Foreign exchange effect on goodwill
Balance at period/year end
13.1 Impairment Testing
2021
US$'000
41,695
299
41,994
2020
US$'000
41,766
(71)
41,695
For the purpose of annual impairment testing goodwill is allocated to the cash-generating units which are expected
to benefit from the synergies of the business combinations in which goodwill arises.
Elite Wearables
Sub-Elite Wearables
Video Analytics
Balance at period/year end
2021
2020
US$'000
US$'000
1,789
3,046
37,159
41,994
1,615
2,921
37,159
41,695
The recoverable amounts of the cash-generating units were determined based on value-in-use calculations, covering
the detailed five-year forecast, followed by a terminal growth rate of expected cash flows for the units. Growth
rates are determined by management. The present value of the expected cash flows of each segment is determined
by applying a suitable discount rate.
In measuring value in use cash flow projections are based on:
(a) reasonable and supportable assumptions that represent management’s best estimate of the range of economic
conditions that will exist over the remaining useful life of the asset;
(b) most recent financial budgets/forecasts approved by management, but exclude any estimated future cash
inflows or outflows expected to arise from future restructurings or from improving or enhancing the asset’s
performance; and
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(c) estimates cash flow projections beyond the period covered by the most recent budgets/forecasts by
extrapolating the projections based on the budgets/forecasts using a steady or declining growth rate for
subsequent years.
Elite Wearables
Sub-Elite Wearables
Video Analytics
Impact of possible changes in key assumptions
Terminal Growth rate
Discount Rates
2021
2.9%
2.9%
2.9%
2020
2.9%
2.9%
2.9%
2021
10.7%
10.7%
10.7%
2020
10.7%
10.7%
10.7%
The Directors and management have considered and assessed reasonably possible changes for other key
assumptions and have not identified any instances that could cause the carrying amount of the CGUs above to
exceed its recoverable amount.
13.2 Brand names
The carrying value of brand names associated with each cash generating unit of the Group are outlined below:
Elite Wearables
Video Analytics
Balance at period/year end
2021
2020
US$'000
US$'000
182
3,448
3,630
171
3,598
3,769
During FY21, the Group undertook a review of the useful lives of its brand name intangible assets and deemed that
these assets had a remaining useful life of two years. The Group has begun amortising these assets and expects the
assets to be fully amortised by FY23.
The useful life now applied to existing brand names is two years.
13.3 Growth Rates
Five years of cash flows were included in the discounted cash flow model. The cash flow projections included specific
estimates for five years and a terminal growth rate thereafter. The terminal growth rate was determined based on
management’s estimate of the long-term compound annual EBITDA growth rate, consistent with the assumptions
that a market participant would make.
• Revenue growth was projected taking into account the average growth levels experienced over the past five
years and the estimated sales volume and price growth for the next five years. It was assumed that the sales
price would increase in line with forecast inflation over the next five years.
• Continued investment in core product development to underpin revenue growth particularly in video and tactical
products.
The growth rates reflect management’s estimates, as publicly published growth rates for this industry segment are
not readily available.
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13.4 Discount Rates
The discount rate reflects appropriate adjustments relating to market risk and specific risk factors of the business
unit.
The discount rate was a post-tax measure estimated based on the historical industry average weighted-average
cost of capital.
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NOTE 14. NON-CURRENT ASSETS - INTANGIBLE ASSETS
Acquired
Software
Licences
Hardware IP
Brand Name
Distributor
Relation-
ships
Distributor
Contracts
Customer
Relationships
Internally
Developed
Software
Total
US$'000
US$'000
US$'000
US$'000
US$'000
US$'000
US$'000
US$'000
Gross
carrying
amount
balance at
July 1, 2020
Additions
Net exchange
difference
Balance at
March 31,
2021
Balance at
July 1, 2020
Amortisation
and
impairment
Net exchange
difference
Balance at
March 31,
2021
Carrying
amount
March 31,
2021
780
103
7,762
1,326
74
465
3,769
-
19
292
-
31
66
14,995
-
7
216
43
30,100
4,110
57,764
5,755
1,397
2,036
957
9,553
3,788
323
73
15,254
35,607
65,555
(491)
(3,806)
-
(175)
(66)
(8,330)
(21,285)
(34,153)
(94)
(1,128)
(158)
(49)
(406)
(23)
(20)
-
(1,624)
(4,084)
(7,111)
(7)
(20)
(606)
(1,108)
(634)
(5,340)
(158)
(218)
(73)
(9,974)
(25,975)
(42,372)
323
4,213
3,630
105
-
5,280
9,632
23,183
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Gross carrying
amount
balance at July
1, 2019
Additions
Net exchange
difference
Balance at
June 30, 2020
Balance at July
1, 2019
Amortisation
and
impairment
Net exchange
difference
Balance at
June 30, 2020
Carrying
amount at
June 30, 2020
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Acquired
Software
Licences
Hardware
IP
Brand Name
Distributor
Relationships
Distributor
Contracts
Customer
Relationships
Internally
Developed
Software
Total
US$'000 US$'000
US$'000
US$'000 $US$'000
US$'000 US$'000 US$'000
762
6,795
3,773
32
1,056
(14)
(89)
-
(4)
780
7,762
3,769
298
-
(6)
292
67
-
(1)
66
15,002
25,458
52,155
-
4,831
5,919
(7)
(189)
(310)
14,995
30,100
57,764
(378)
(2,377)
(117)
(1,438)
4
9
(491)
(3,806)
-
-
-
-
(149)
(67)
(6,202)
(14,351)
(23,524)
(28)
2
-
1
(2,130)
(6,981)
(10,694)
2
47
65
(175)
(66)
(8,330)
(21,285)
(34,153)
289
3,956
3,769
117
-
6,665
8,815
23,611
In addition, other operating research costs of US$20,472 (2020: US$42,575) were recognised as other expenses.
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NOTE 15. NON-CURRENT ASSETS - DEFERRED TAX ASSETS
Deferred taxes arising from temporary differences and unused tax losses can be summarised as attributable to the
following:
Deferred Tax
Liabilities/(Assets)
Deferred Tax Assets
Provision for annual leave
Provision for long service leave
Other employee obligations
Professional fees and doubtful debts
Other provisions
Change in tax interpretation (i)
Tax losses
Section 40-880 expenditure
Adoption of AASB 16
July 1,
2020
$'000
167
29
235
254
188
-
6,019
288
49
7,229
Recognised
directly in equity
Recognised in
Profit & Loss
March 31,
2021
$'000
$'000
$'000
-
-
-
-
-
-
-
-
-
-
102
25
22
113
322
1,192
(1,341)
(150)
(11)
274
269
54
257
367
510
1,192
4,678
138
38
7,503
Deferred Tax Liabilities
Other intangible assets
Capitalised R&D
Deferred Tax Movement
(2,889)
(179)
(3,068)
-
-
-
-
-
(131)
51
(80)
194
(3,020)
(128)
(3,148)
-
(i) IFRIC 23 requires that the company assess the ongoing appropriateness of its tax treatments given changes in interpretation of tax law.
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Deferred Tax
Liabilities/(Assets)
Deferred Tax Assets
Provision for annual leave
Provision for long service leave
Other employee obligations
Professional fees and doubtful
debts
Other provisions
Tax losses
Section 40-880 Expenditure
Adoption of AASB 16
Deferred Tax Liabilities
Other intangible assets
Capitalised R&D
Foreign exchange
Deferred Tax Movement
July 1, 2019
$'000
Recognised
directly in
equity
$'000
Recognised in
Profit & Loss
June 30, 2020
$'000
$'000
177
21
258
152
(9)
6,080
638
-
7,317
(2,952)
(872)
(9)
(3,833)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(10)
8
(23)
102
197
(61)
(350)
49
(88)
63
693
9
765
167
29
235
254
188
6,019
288
49
7,229
(2,889)
(179)
-
(3,068)
-
677
-
NOTE 16. CURRENT LIABILITIES - TRADE AND OTHER PAYABLES
Trade and other payables consist of the following:
Current
Trade payables and other payables
2021
2020
US$'000
US$'000
6,898
4,770
All amounts are short-term. The carrying values of trade payables and other payables are considered to be a
reasonable approximation of fair value.
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NOTE 17. CURRENT LIABILITIES - CONTRACT LIABILITIES AND OTHER LIABILITIES
Contract liabilities and other liabilities consist of the following:
Contract liabilities - current
Advances received for future service work
Other liabilities
Other liabilities - current
Contract liabilities
Contract liabilities – non-current
2021
2020
US$'000
US$'000
17,822
21,891
2021
2020
US$'000
US$'000
331
981
1,312
3,091
3,091
273
1,051
1,324
1,671
1,671
All amounts recognised relating to contract liabilities are assessed for current versus non-current classification and
are applied to revenue as recognised in relation to the timing of the client contract. The Group expects to recognise
$17,821,568 (FY20: $21,891,390) of contract liabilities during the next 12 months following March 31, 2021, with the
balance falling into FY22 and FY23.
NOTE 18. FINANCIAL ASSETS AND LIABILITIES
18.1 Categories of financial assets and liabilities
Note 4.13 provides a description of each category of financial assets and financial liabilities and the related
accounting policies. The carrying amounts of financial assets and financial liabilities in each category are as follows:
Notes
Loans and
receivables
(carried at
amortised
cost)
Other
assets
(carried at
amortised
cost)
Total
March 31, 2021
US$'000
US$'000
US$'000
Financial assets
Other long-term financial assets
Trade and other receivables
Cash and cash equivalents
10
10
9
306
10,285
-
10,591
-
-
22,171
22,171
306
10,285
22,171
32,762
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March 31, 2021
Financial liabilities
Trade and other payables
Borrowings
Other financial liabilities
Non-current other financial
liabilities
Other
Liabilities
(carried at
amortised
cost)
Other
Liabilities at
FVTPL
Total
Notes
US$'000
US$'000
US$'000
16
18.2
18.2
18.2
6,898
1,738
1,907
2,609
13,152
Loans and
receivables
(carried at
amortised
cost)
-
-
-
-
-
6,898
1,738
1,907
2,609
13,152
Other assets
Total
(carried at
amortised
cost)
June 30, 2020
Financial Assets
Notes
US$'000
US$'000
US$'000
Other long-term financial assets
Trade and other receivables
Cash and cash equivalents
10
10
9
-
-
18,888
18,888
336
20,162
-
20,498
Other
Liabilities
(carried at
amortised
cost)
Other
Liabilities at
FVTPL
336
20,162
18,888
39,386
Total
June 30, 2020
Financial Liabilities
Trade and other payables
Borrowings
Other financial liabilities
Non-current other financial liabilities
Notes
US$'000
US$'000
US$'000
16
18.2
18.2
18.2
4,770
5,102
1,368
2,489
13,729
-
-
-
-
-
4,770
5,102
1,368
2,489
13,729
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18.2 Borrowings & other financial liabilities
Borrowings include the following financial liabilities:
Financial Liabilities
Borrowings and other financial liabilities
Finance loans
2021
Current
2020
Non-Current
2021
2020
US$'000
US$'000
US$'000
US$'000
3,494
151
3,645
6,382
88
6,470
2,609
-
2,609
2,489
-
2,489
Borrowings and other financial liabilities at amortised cost
Bank borrowings are secured by all property of XOS Technologies Inc. and Collegiate Images LLC, while finance
loans are secured against the computer equipment purchased. The Group's US Subsidiary, XOS Technologies Inc,
entered into a secured loan facility with Western Alliance Bank in April 2017. At March 31, 2021, the total facility is
for USD $6.0 million. Of this amount, US$ Nil was drawn down at March 31, 2021. Current interest rates on the bank
borrowing are variable and average 5.00% (2020: 5.00%) while the finance loans are fixed at 5.50%. The carrying
amount of the other bank borrowings and finance loans are considered to be a reasonable approximation of the fair
value.
NOTE 19. CURRENT LIABILITIES - EMPLOYEE REMUNERATION
19.1 Employee benefits expense
Expenses recognised for employee benefits are analysed below:
Wages and salaries
Social security costs
Share-based payments
Superannuation - Defined Contribution Plans
Employee benefit expenses
19.2 Share-base employee remuneration
2021
2020
US$'000
US$'000
22,927
1,962
1,900
944
27,733
25,463
2,206
1,408
1,177
30,254
Catapult has continued to utilise its established Employee Share Plan (Employee Plan) to assist in the motivation,
retention and reward of executives and employees. The Employee Plan is designed to align the interests of
employees with the interests of Shareholders by providing an opportunity for eligible employees (including any
person who is a full-time or permanent part-time employee or officer, or director of Catapult or any related body
corporate of Catapult) to receive an equity interest in Catapult through the granting of Options, Performance
Rights or other Awards.
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The Shares held by the Employee Plan Trustee are Restricted Securities such that the Employee Plan Trustee is not
able to dispose of them within 24 months of Official Quotation. The key terms of the Employee Plan are set out
below:
Eligibility
Eligibility to participate in the Employee Plan and the number of Options, Performance Rights or other Awards
offered to each individual participant, will be determined by the Board.
Grants
Under the rules of the Employee Plan, Options, Performance Rights and/or other Awards may be offered or granted
to eligible employees of Catapult or any related body corporate of Catapult from time to time, subject to the
discretion of the Board.
Terms and conditions
The Board has the discretion to set the terms and conditions (including conditions in relation to vesting, disposal
restrictions or forfeiture and any applicable exercise price) on which it will offer or grant Options, Performance
Rights or other Awards under the Employee Plan and may set different terms and conditions which apply to
different participants in the Employee Plan. The Board will determine the procedure for offering or granting
Options, Performance Rights and/or other Awards (including the form, terms and content of any offer, invitation or
acceptance procedure) in accordance with the rules of the Employee Plan.
Options and Performance Rights and other Awards will vest and become exercisable to the extent that the
applicable performance, service, or other vesting conditions specified at the time of the grant are satisfied
(collectively the “Vesting Conditions”). Vesting Conditions are more fully described in the Remuneration Report
contained in the Director’s Report above.
Shares issued (including shares issued upon exercise of Options or Performance Rights granted) under the Employee
Plan will rank equally in all respects with the other issued shares.
Subject to satisfaction of Vesting Conditions, a participant may exercise an Option, Performance Right or other
Award by lodging an exercise notice with Catapult and complying with any requirements under the Employee Plan.
A participant will have a vested and indefeasible entitlement to any dividends declared and distributed by Catapult
on any shares which, at the books closing date for determining entitlement to those dividends, are standing to the
account of the participant. A participant may exercise any voting rights attaching to shares registered in the
participant’s name.
Catapult may, in its discretion, issue new shares or cause existing shares to be acquired or transferred to the
participant, or a combination of both alternatives, to satisfy Catapult’s obligations under the Employee Plan. If
Catapult determines to cause the transfer of Shares to a participant, the shares may be acquired in such manner as
Catapult considers appropriate, including from a trustee appointed under the Employee Plan.
Pursuant to the Employee Plan, Catapult has appointed the Employee Plan Trustee to acquire and hold Shares on
behalf of participants and for the purposes of the Employee Plan. Catapult may give directions to the Employee
Plan Trustee as contemplated in the trust deed or if in connection with any Award. During FY21, Catapult subscribed
for 9,432,117 shares to the Catapult Employee Share Plan Trust. At March 31, 2021 the Employee Plan Trustee holds
7,979,640 (2020:659,296) shares on behalf of participants and for the purposes of the Employee Plan.
Options, Performance Rights and other Awards which have not been exercised will be forfeited if the applicable
Vesting Conditions and any other conditions to exercise are not met during the prescribed vesting period or if they
are not exercised before the applicable expiry date. In addition, Options, Performance Rights and other Awards will
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lapse if the participant deals with the Options, Performance Rights or other Awards in breach of the rules of the
Employee Plan or in the opinion of the Directors, a participant has acted fraudulently or with gross misconduct.
Options, Performance Rights and other Awards will not be quoted on the ASX. Catapult will apply for official
quotation of any Shares allotted under the Employee Plan, unless the Board resolves otherwise.
The Board may in its absolute discretion determine that a participant is required to pay an exercise price to exercise
the Options, Performance Rights or other Awards offered or granted to that participant.
Grants of Options, Performance Rights or other Awards under the Employee Plan to a Director may be subject to
the approval of Shareholders, to the extent required under the ASX Listing Rules.
Participants in the Employee Plan must not enter into transactions or arrangements, including by way of derivatives
or similar financial products, which limit the economic risk of holding unvested Awards.
Subject to the rules of the Employee Plan, the Board must not offer Options, Performance Rights or other Awards if
the total of the following exceeds 5% of the number of Shares on issue at the time of the offer:
• the number of Shares which are the subject of the offer of Awards;
• the number of Shares which are the subject of any outstanding offers of Awards;
• the number of Shares issued during the previous 5 years under the Employee Plan, but not including existing
Shares transferred to a participant after having been acquired for that purpose; and
• the number of Shares which would be issued under all outstanding Awards that have been granted but which
have not yet been exercised, terminated or expired, assuming all such Awards were exercised ignoring any
Vesting Conditions, but disregarding any offer made, or Award offered or issued or Share issued by way or as a
result of:
− an offer that does not meet disclosure to investors because of section 708 or section 1012D of the
Corporations Act;
− an offer made pursuant to a disclosure document or product disclosure statement; or
− other offers that are excluded from the disclosure requirements under the Corporations Act.
The Board may impose restrictions on dealing in Shares or Awards which are acquired under the Employee Plan, for
example, by prohibiting them from being sold, transferred, mortgaged, pledged, charged or otherwise disposed of or
encumbered for a period of time.
If the Board determines that for taxation, legal, regulatory or compliance reasons it is not appropriate to issue or
transfer Shares, Catapult may in lieu of and in final satisfaction of Catapult’s obligation to issue or transfer Shares
as required upon the exercise of an Award by a participant, make a cash payment to the participant equivalent to
the fair market value of the Awards.
Where there is a change of control of Catapult, including where any person acquires a relevant interest in more than
50% of the Shares, or where the Board concludes that there has been a change in the control of Catapult, the Board
will determine, in its sole and absolute discretion, the manner in which all unvested and vested Awards will be dealt
with.
Where there is a takeover bid made for all of the Shares or a scheme of arrangement, selective capital reduction or
other transaction is initiated which has a similar effect to a full takeover bid for Shares, then participants are
entitled to accept into the takeover offer or participate in the other transaction in respect of all or part of their
Awards notwithstanding any restriction period has not expired. Further, the Board may in its discretion waive
unsatisfied Vesting Conditions in relation to some or all Awards in the event of such a takeover or other transaction.
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If, prior to the exercise of an Award, Catapult makes a pro-rata bonus issue to Shareholders, and the Award is not
exercised prior to the record date in respect of the bonus issue, the Award will, when exercised, entitle the
participant to one Share plus the number of bonus shares which would have been issued to the participant if the
Award had been exercised prior to the record date.
If Catapult undergoes a capital reorganisation, then the terms of the Awards for the participant will be changed to
the extent necessary to comply with the ASX Listing Rules.
The Employee Plan also contains terms having regard to Australian law for dealing with the administration,
variation and termination of the Employee Plan. Share options and weighted average exercise prices are as follows
for the reporting periods presented:
Options Program
Performance Rights
Weighted
average
exercise price
(A$)
Weighted
average
exercise price
(A$)
Number of
Shares
Number of
Shares
Outstanding at July 1, 2020
8,608,061
1.5054
3,112,305
Granted
Forfeited
Exercised
Expired
4,274,869
1.3000
1,442,304
(3,187,314)
1.3664
(490,786)
(584,800)
(440,733)
1.7205
(1,526,973)
2.1855
-
Outstanding at March 31, 2021
8,670,083
1.4062
2,536,850
Exercisable at March 31, 2021
1,889,258
1.7230
372,815
-
-
-
-
-
-
-
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Options Program
Performance Rights
Weighted
average
exercise price
(A$)
Weighted
average
exercise price
($)
Number of
Shares
1.7583
405,116
1.2291
3,495,006
1.8235
(477,860)
0.6391
(309,957)
3.5781
1.5054
1.7894
-
3,112,305
154,412
-
-
-
-
-
-
-
Number of
Shares
8,714,371
4,801,639
(3,206,949)
(1,381,000)
(320,000)
8,608,061
2,441,291
Outstanding at July 1, 2019
Granted
Forfeited
Exercised
Expired/lapsed
Outstanding at June 30, 2020
Exercisable at June 30, 2020
19.3 Employee benefits
The liabilities recognised for employee benefits consist of the following amounts:
Current
Wages and salaries
Social security costs & payroll taxes
Defined contribution plans
Accrued leave entitlements
Total current employee benefits
Non-current
Accrued leave entitlements
Total current employee benefits
2021
2020
US$'000
US$'000
3,561
629
675
1,446
6,311
3,486
549
244
1,020
5,299
82
82
41
41
The current portion of these liabilities represents the Group’s obligations to its current and former employees that
are expected to be settled during the next 12 months and its accrued annual leave liabilities and current accrued long
service leave.
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NOTE 20. EQUITY - SHARE CAPITAL
The share capital of Catapult Group International Ltd consists only of fully paid ordinary shares; the shares do not
have a par value. All shares are equally eligible to receive dividends and the repayment of capital and represent one
vote at the shareholders’ meeting of Catapult Group International Ltd.
Shares issued and fully paid for:
200,431,654
190,895,116
130,452
127,981
March 31, 2021 June 30, 2020 March 31, 2021 June 30, 2020
Notes
Shares
Shares
US$'000
US$'000
Beginning of the period / year
Shares issued to the Catapult
Employee Share Plan Trust
Shares issued for cash
Exercise of performance
options and equity options
Total contributed equity at
Treasury Shares
20. (a)
190,895,116 190,895,116
127,981
126,810
9,432,117
104,421
-
-
-
-
200,431,654 190,895,116
(7,979,640)
(659,296)
-
143
2,328
130,452
-
-
-
1,171
127,981
-
Total contributed equity
192,452,014 190,235,820
130,452
127,981
During the financial period the Group awarded:
• 243,396 performance rights as part of the Employee Share Plan. The rights were issued at an average price of
AUD$0.00 and a fair value of A$1.42 (US $0.99).
• 1,198,908 performance rights as part of the Employee Share Plan. The rights were issued at an average price
of AUD$0.00 and a fair value of A$1.90 (US $1.38).
• 4,274,869 options as part of the Employee Share Plan. The options were issued at an average exercise price of
AUD$1.30 and a fair value of A$0.75 (US $0.55).
During the 9-month period ended March 31, 2021, the Group issued 104,421 shares as settlement of service rights
awarded. Shares were issued at an average price of A$1.95 per share. The amount raised was A$203,984
(US$143,439).
20(a) Treasury Shares
Treasury shares are shares in Catapult Group International Limited that are held by the Catapult Sports Employee
Share Plan Trust for the purpose of issuing shares under the Catapult Sports Employee Share Plan in respect of
options and performance rights issued under that Plan:
Balance at July 1
Transactions during the period/year
Balance at period/year end
2021
Shares
2020
Shares
659,296
2,350,253
7,320,344
(1,690,957)
7,979,640
659,296
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During the financial period a number of shares were issued under the Employee Share Plan:
• On October 21, 2020, the Group issued 1,432,117 ordinary shares to the Catapult Employee Share Plan Trust.
• On November 17, 2020, the Group issued 8,000,000 ordinary shares to the Catapult Employee Share Plan Trust.
• The number of shares exercised under the option plan was 25,000 at an average exercise price of A$1.72. The
amount raised was A$43,000 (US $31,362).
• The number of shares exercised under the option plan was 300,000 at an average exercise price of A$1.55. The
amount raised was A$465,000 (US $327,557).
• The number of shares exercised under the option plan was 144,800 at an average exercise price of A$2.08. The
amount raised was A$301,184 (US $221,313).
• The number of shares exercised under the option plan was 25,000 at an average exercise price of A$1.83. The
amount raised was A$45,750 (US $35,383).
• The number of shares exercised under the option plan was 90,000 at an average exercise price of A$1.68. The
amount raised was A$151,201 (US $114,947).
• The number of shares exercised under the performance rights/service rights plan was 1,526,973 at an average
exercise price of A$0.00. The amount raised was A$0.00 (US $0.00).
20. (b) Options and performance rights on issue
The following sets out the weighted average exercise price calculations for all outstanding options (however,
excluding the effect of the performance rights as detailed at Note 20.2):
Weighted average
exercise price
Outstanding at the beginning of the period 1.5054
Outstanding at the end of the period 1.4062
Exercisable at the end of the period 1.7230
NOTE 21. CURRENT LIABILITIES - LEASES
21.1 Lease liabilities
The Group has certain computer equipment held under lease arrangements. As of March 31, 2021, the net carrying
amount of the computer equipment held under lease arrangements (included as part of Office Equipment) is
US$95,526 (2020: US$58,371).
The Group’s lease liabilities, which are secured by the related assets held under leases, are classified as follows:
Lease liabilities
- AASB 16 lease liabilities (current)
- AASB 16 lease liabilities (non-current)
- lease liabilities (current)
2021
2020
US$'000
US$'000
1,907
2,609
151
1,368
2,489
88
C A T A P U L TS P O R T S . C O M
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N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Future minimum lease payments at the end of each reporting period under review were as follows:
Minimum lease payments due
March 31, 2021
Lease payments
Finance charges
Net present values
June 30, 2020
Lease payments
Finance charges
Net present values
Within 1 year
1-5 years
After 5 years
Total
US$'000
US$'000
US$'000
US$'000
2,203
(145)
2,058
2,581
(91)
2,490
136
(17)
119
4,920
(253)
4,667
1,589
(134)
1,455
2,510
(134)
2,376
133
(19)
114
4,232
(287)
3,945
Lease payments not recognised as a liability
The Group has elected not to recognise a lease liability for short-term leases (leases with an expected term of 12
months or less) or for leases of low value assets. Payments made under such leases are expensed on a straight-line
basis. In addition, certain variable lease payments are not permitted to be recognised as lease liabilities and are
expensed as incurred.
The expense relating to payments not included in the measurement of a lease liability is as follows:
Short-term leases:
21.2 Leases as lessor
US$’000
70
The Group leases out wearable athlete tracking units and laptops on a subscription basis to its clients. The future
minimum revenues are as follows:
Minimum lease payments due
March 31, 2021
June 30, 2020
Within 1 year
1-5 years After 5 years
Total
US$'000
US$'000
US$'000
US$'000
17,875
17,336
14,489
15,076
-
-
32,364
32,412
Lease revenues during the period amounted to US$19,666,557 (2020: US$22,613,398) representing the minimum
subscription payments for these lease units.
Subscription agreements are in place with a number of clients across a broad range of expiry dates, based on the
commencement of this kind of arrangement in 2012 and contracts typically of 36 months with standard wording
incorporating rolling renewals of these agreements upon expiry of the initial term. The athlete tracking units and
C A T A P U L TS P O R T S . C O M
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their associated equipment are included as The Group’s Rental and Demo Units and are depreciated over their
useful life of 4 years (see Note 12).
NOTE 22. FINANCE COSTS AND FINANCE INCOME
Finance costs for the reporting periods consist of the following:
Interest expenses for borrowings and other financial liabilities at
amortised cost:
Interest expense
(256)
(328)
2021
2020
US$'000
US$'000
Finance income for the reporting periods consists of the following:
Interest income from cash and cash equivalents
27
45
2021
2020
US$'000
US$'000
NOTE 23. OTHER FINANCIAL ITEMS
Other financial items consist of the following:
Other financial items consist of the following:
Gain/(loss) on exchange differences on payables and receivables
(389)
262
2021
2020
US$'000
US$'000
C A T A P U L TS P O R T S . C O M
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N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
NOTE 24. CURRENT LIABILITIES - INCOME TAX
The major components of tax expense and the reconciliation of the expected tax expense based on the domestic
effective tax rate of Catapult Group International Ltd at 30% (2020: 30%) are:
Numerical reconciliation of income tax
benefit and tax at the statutory rate
Loss before income tax (expense)/benefit
Prima facie tax payable at Australia tax
rate of 30%
Overseas tax rate differential
Tax losses not recognised
Current year tax charge for the Australian
tax group
Prior year tax losses utilised in the current
period
Adjustments for prior periods
Other non-deductible expenses
Actual tax (benefit)/expense
Adjustments for prior periods
Current tax
Deferred tax
2021
2020
2021
2020
US$'000
US$'000
US$'000
US$'000
(8,628)
(5,551)
(8,628)
(5,551)
(2,541)
(1,665)
(2,588)
(1,665)
173
1,237
2,108
(2,241)
157
1,367
213
152
2,171
(2,110)
213
(321)
329
-
(891)
134
2,025
(389)
134
261
(784)
(389)
Income tax (benefit)/expense
(2,541)
(1,665)
Accounting policy for income tax
The income tax expense or benefit for the period is the tax payable on that period's taxable income based on the
applicable income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and liabilities
attributable to temporary differences, unused tax losses and the adjustment recognised for prior periods, where
applicable.
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be applied
when the assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantively
enacted, except for:
• When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or
liability in a transaction that is not a business combination and that, at the time of the transaction, affects
neither the accounting nor taxable profits; or
• When the taxable temporary difference is associated with interests in subsidiaries, associates or joint ventures,
and the timing of the reversal can be controlled, and it is probable that the temporary difference will not reverse
in the foreseeable future.
C A T A P U L TS P O R T S . C O M
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Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable
that future taxable amounts will be available to utilise those temporary differences and losses.
The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date.
Deferred tax assets recognised are reduced to the extent that it is no longer probable that future taxable profits will
be available for the carrying amount to be recovered. Previously unrecognised deferred tax assets are recognised to
the extent that it is probable that there are future taxable profits available to recover the asset.
Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax
assets against current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the
same taxable authority on either the same taxable entity or different taxable entities which intend to settle
simultaneously.
NOTE 25. AUDITOR’S REMUNERATION
Assurance Services
Audit and review of the Financial Statements
Overseas Grant Thornton Network firms:
2021
US$
2020
US$
150,109
26,596
176,705
156,159
15,783
171,942
Other services
Taxation compliance and general accounting advice
79,862
18,809
Overseas Grant Thornton Network firms
Taxation compliance and general accounting advice
Other review services
Total auditor’s remuneration
-
15,993
2,887
98,742
-
-
5,634
24,443
275,447
196,385
C A T A P U L TS P O R T S . C O M
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NOTE 26. EARNINGS PER SHARE
Both the basic and diluted earnings per share have been calculated using the loss attributable to shareholders of the
Parent Company (Catapult Group International Ltd) as the numerator (i.e., no adjustments to profit were necessary
in 2019 or 2020). 12,609,704 options and performance rights have not been included in calculating diluted EPS
because their effect
is anti-dilutive.
The reconciliation of the weighted average number of shares for the purpose of diluted earnings per share to the
weighted average number of ordinary shares used in the calculation of basic earnings per share are as follows:
26.1 Basic and diluted loss per share
Basic loss and diluted loss per share attributable to the ordinary equity holders of
the Company
26.2 Reconciliation of loss used in calculating loss per share
2021
2020
(US Cents)
(US Cents)
(4.6)
(2.7)
2021
US$’000
2020
US$’000
Basic and diluted loss per share
Loss attributable to the ordinary equity holders of the company used in
calculating loss per share:
From continuing operations
(8,841)
(5,162)
26.3 Weighted average number of shares used as the denominator
Weighted average number of shares used in basic and diluted earnings per share
192,037
189,757
2021
2020
Shares ‘000
Shares ‘000
C A T A P U L TS P O R T S . C O M
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N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
NOTE 27. EQUITY - DIVIDENDS
Nil paid in the period.
27.1 Dividends paid and proposed
Nil.
27.2 Franking credits
2021
2020
US$'000
US$'000
The amount of the franking credits available for subsequent reporting
periods are:
Balance of franking account at the beginning of the period/year
(2,636)
(2,636)
Impact of foreign exchange rates
Balance of franking account adjusted for deferred debits arising from past
R&D tax offsets received and expected R&D tax offset to be received for
the current period/year
(284)
(2,920)
(2,636)
During the 9-month period ended March 31, 2021, the Group made no payments related to income tax,
refunds or dividends paid that would have an impact to the franking credits.
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NOTE 28. RECONCILIATION OF LOSS AFTER INCOME TAX TO NET CASH FROM/(USED IN) OPERATING
ACTIVITIES
Loss after income tax (expense)/benefit for the year
Adjustments for:
Depreciation and amortisation
Share-based payments
Foreign exchange differences
Net interest and dividends received included in investing and financing
Impairment losses on obsolete stock, receivables and other items
Gain on deferred consideration
Change in operating assets and liabilities:
Decrease in trade and other receivables & contract assets
Increase in inventories
Decrease/(increase) in non-current tax assets
Decrease in trade and other payables
Increase in provision for income tax
Decrease in deferred tax liabilities
Increase in employee benefits
Increase in other provisions
Net cash from/(used in) operating activities
2021
US$'000
(8,841)
2020
US$'000
(5,162)
10,218
1,900
(363)
236
37
-
9,600
1,139
(274)
2,128
(48)
80
1,053
(2,613)
14,252
14,405
1,408
210
277
1,842
(214)
3,569
(836)
(69)
(1,294)
41
(683)
126
1,666
15,286
C A T A P U L TS P O R T S . C O M
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N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
NOTE 29. RELATED PARTY TRANSACTIONS
The Group’s related parties include its associates and joint venture, key management, post-employment benefit
plans for the Group’s employees and others as described below.
Transactions with key management
2021
US$
-
2020
US$
2,099
Calvin Ng is a director of Aura Group Pty Ltd (a subsidiary of Aura Group Services Ltd). During the year Catapult
rented office space from Aura Group Services Ltd in Singapore for a total cost of US$Nil (2020: US$2,099) and had
no amount payable as at March 31, 2021 (2020: US$Nil).
29.1 Transactions with key management personnel
Key management of the Group are the executive members of Catapult Group International’s Board of Directors and
certain members of Catapult’s executive team.
Unless otherwise stated, none of the transactions incorporate special terms and conditions and no guarantees were
given or received. Outstanding balances are usually settled in cash.
Short term employee benefits:
Salaries including bonuses and leave accruals
Social security costs
Total short term employee benefits
Long service leave
Total other long-term benefits
Share based payments
Total remuneration
NOTE 30. FINANCIAL INSTRUMENT RISK
30.1 Risk management objectives an polices
2021
US$
2020
US$
1,584,874
2,024,721
43,959
80,563
1,628,833
2,105,284
285
285
(786)
(786)
773,600
311,612
2,402,718
2,416,110
The Group is exposed to various risks in relation to financial instruments. The Group’s financial assets and liabilities
by category are summarised in Note 18.1. The main types of risks are market risk, credit risk and liquidity risk.
The Group’s risk management is coordinated in close cooperation with the Board of Directors and focuses on
actively securing the Group's short to medium-term cash flows by minimising the exposure to financial markets. The
Group does not actively engage in the trading of financial assets for speculative purposes nor does it write
options. The most significant financial risks to which the Group is exposed are described below.
C A T A P U L TS P O R T S . C O M
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N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
30.2 Market risk analysis
The Group is exposed to currency risk resulting from its operating activities.
Foreign Currency Sensitivity
Exposures to currency exchange rates arise from the Group’s overseas sales and purchases, which are primarily
denominated in Australian dollars (AUD), Pound Sterling (GBP), Euro (EUR), Japanese Yen (JPY).
Foreign currency denominated financial assets and liabilities which expose the Group to currency risk are disclosed
below. The amounts shown are those translated into US$ at the closing rate:
AUD
GBP
EUR
JPY
CNY
Other
currencies
US$'000
US$'000
US$'000
US$'000
US$'000 US$'000
Short term
exposure
March 31, 2021
Financial
assets
Financial
liabilities
Total exposure
Long term
exposure
March 31, 2021
Financial
assets
Financial
liabilities
Total exposure
1,340
871
1,261
(2,273)
(933)
(325)
546
(496)
765
9
(2)
7
120
(56)
64
20
-
20
AUD
GBP
EUR
JPY
AED
Other
currencies
US$'000
US$'000
US$'000
US$'000
US$'000 US$'000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
C A T A P U L TS P O R T S . C O M
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2 0 2 1 A N N U A L R E P O R T
14.0
Short term
exposure
June 30, 2020
Financial
assets
Financial
liabilities
Total exposure
Long term
exposure
June 30, 2020
Financial
assets
Financial
liabilities
Total exposure
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
AUD
GBP
EUR
JPY
CNY
Other
currencies
US$'000
US$'000
US$'000
US$'000 US$'000
US$'000
907
976
1,786
-
89
(1,176)
(269)
(125)
851
(395)
1,391
(2)
(2)
(38)
51
AUD
GBP
EUR
JPY
AED
2
-
2
Other
currencies
US$'000
US$'000
US$'000
US$'000 US$'000 US$'000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
The following table illustrates the sensitivity of profit and equity in regards to the Group’s financial assets and
financial liabilities and the various exchange rates ‘all other things are equal’. It assumes a +/- 10% change of the
various exchange rate for the period ended at March 31, 2021 (2020:10%).
30.3 Market risk analysis
Foreign currency sensitivity
If the USD had strengthened by 10% against the respective currencies then this would have had the following
impact:
Foreign currency risk
AUD
GBP
EUR
JPY
Other
currencies
Total
US$'000
US$'000
US$'000
US$'000
US$'000
US$'000
March 31, 2021
June 30, 2020
(1)
(41)
(163)
(168)
(597)
(299)
(16)
(18)
(127)
(77)
(904)
(603)
C A T A P U L TS P O R T S . C O M
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N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
If the USD had weakened by 10% against the respective currencies, then this would have had the
following impact:
AUD
GBP
EUR
JPY
Other
currencies
Total
March 31, 2021
June 30, 2020
US$'000
1
50
US$'000
200
205
US$'000
730
366
US$'000
20
22
US$'000 US$'000
1,106
737
155
94
Exposures to foreign exchange rates vary during the year depending on the volume of overseas
transactions. Nonetheless, the analysis above is considered to be representative of the Group’s exposure to currency
risk.
30.4 Credit risk analysis
Credit risk is the risk that a counterparty fails to discharge an obligation to the Group. The Group is exposed to this
risk for receivables to customers. The Group's maximum exposure to credit risk is limited to the carrying amount of
the financial assets recognised at the reporting date, as summarised below:
Classes of financial assets
− cash and cash equivalents
− trade receivables
− other long term financial assets
2021
2020
US$'000
US$'000
22,171
10,285
306
32,762
18,888
20,162
336
39,386
The Group continuously monitors defaults of customers and other counterparties, identified either individually or by
group, and incorporates this information into its credit risk controls. Where available at reasonable cost, external
credit ratings and/or reports on customers and other counterparties are obtained and used. The Group’s policy is to
deal only with creditworthy counterparties.
The Group’s management considers that all of the above financial assets that are not impaired or past due for each
of the March 31 reporting dates under review are of good credit quality.
At March 31, 2021, the Group has certain trade receivables that have not been settled by the contractual due date
but are not considered to be impaired. The amounts at March 31, 2021 analysed by the length of time past due, are:
Not more than (3) months
More than three (3) months but not more than six (6) months
More than six (6) months but not more than one (1) year
More than one (1) year
Total
2021
2020
US$'000
US$,000
7,058
454
1,029
848
9,389
17,515
889
777
437
19,618
In respect of trade receivables, the Group is not exposed to any significant credit risk exposure to any single
counterparty or any group of counterparties having similar characteristics. Trade receivables consist of a large
C A T A P U L TS P O R T S . C O M
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N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
number of customers in various sports and geographical areas. Based on historical information about customer
default rates management consider the credit quality of trade receivables that are not past due or impaired to be
good.
The credit risk for cash and cash equivalents is considered negligible, since the counterparties are reputable banks
with high quality external credit ratings.
Liquidity risk is the risk that the Group might be unable to meet its obligations. The Group manages its liquidity
needs by monitoring scheduled debt servicing payments for long-term financial liabilities as well as forecast cash
inflows and outflows due in day-to-day business. Liquidity needs are monitored on a week-to-week basis, as well as
on the basis of a rolling 90-day projection. The Group's US Subsidiary, XOS Technologies Inc, entered into a secured
loan facility with Western Alliance Bank in April 2017. At March 31, 2021, the total facility is for US$6.0 million. Of
this amount, US$ Nil million (2020: US$ $5.0 million) was drawn down at March 31, 2021.
As at March 31, 2021, the Group's non-derivative financial liabilities have contractual maturities (including interest
payments where applicable) as summarised below:
March 31, 2021
US-Dollar loans
Other financial liabilities
Trade and other payables
Within
Current
Non-current
6 months 6 - 12 months
1-5 years
5+ years
US$'000
US$'000
US$'000
US$'000
1,738
845
6,898
9,481
-
982
-
982
-
2,556
-
2,556
-
133
-
133
This compares to the maturity of the Group’s non-derivative financial liabilities in the previous reporting periods as
follows:
June 30, 2020
US-Dollar loans
Other financial liabilities
Trade and other payables
Within
Current
Non-current
6 months 6 - 12 months
1-5 years
5+ years
US$'000
US$'000
US$'000
US$'000
5,102
692
4,770
10,564
-
676
-
676
-
2,376
-
2,376
-
113
-
113
NOTE 31. CAPITAL MANAGEMENT POLICIES AND PROCEDURES
The Group’s objectives when managing capital are to safeguard its ability to continue as a going concern, to provide
returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce
the cost of capital. Consistent with others in the industry, the Group monitors capital on the basis of its gearing
ratio. In order to maintain or adjust its capital structure, the Group considers its issue of new capital, return of
capital to shareholders and dividend policy as well as its plan for acquisition or disposal of assets. The Group was
fully compliant with all bank facility covenants during the financial year.
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NOTE 32. CONTINGENT LIABILITIES
There were no contingent liabilities as at March 31, 2021.
NOTE 33. PARENT ENTITY INFORMATION
Information relating to Catapult Group International Ltd (‘the Parent Entity’):
Statement of financial position
Current assets
Total assets
Current liabilities
Total liabilities
Net assets
Issued capital
Foreign currency reserve
Retained earnings
Share option reserve
Total equity
Statement of profit and loss and other comprehensive income
Loss for the year
Other comprehensive income/(loss)
Total comprehensive income/(loss)
2021
2020
US$'000
US$'000
2,415
1,707
116,489
106,839
787
1,608
114,881
130,452
(4,381)
(16,251)
5,061
384
1,125
105,714
127,981
(14,762)
(12,413)
4,908
114,881
105,714
(3,838)
10,381
6,543
(844)
(1,814)
(2,688)
The Parent Entity has no capital commitments at the period end (2020: $Nil).
The parent entity entered into the following guarantee on the June 26, 2017:
A Deed of Cross Guarantee with the effect that the Group guarantees debts in respect of one of its subsidiaries.
Further details to the Deed Cross Guarantee and the subsidiaries subject to the deed, are disclosed in Note 34.
C A T A P U L TS P O R T S . C O M
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NOTE 34. DEED OF CROSS GUARANTEE
A consolidation income statement and consolidation balance sheet comprising the Company and controlled entity
which are a party to the Deed of Gross Guarantee (members of the “Closed Group”), after eliminating all
transactions between parties to the Deed of Gross Guarantee are as follows.
Summarised income statement and statement of comprehensive income
and accumulated losses
Profit/(Loss) before income tax expense
Income tax benefit/(expense)
Profit after income tax
Accumulated losses at the beginning of the financial year
Accumulated losses at the end of the financial year
Statement of Financial position
Current assets
Cash and equivalents
Trade and other receivables
Inventories
Other current assets
Total current assets
Non-current assets
Property, plant and equipment
Intangible assets
Investments
Deferred tax assets
Other non-current assets
Total non current assets
Total assets
Closed Group
2021
2020
US$'000
US$'000
(4,390)
28
(4,362)
(30,159)
(34,521)
(4,534)
741
(3,793)
(26,366)
(30,159)
9,006
13,152
2,045
1,651
25,854
4,466
9,113
71,030
2,825
11
87,445
113,299
4,621
10,185
2,358
1,233
18,397
4,399
7,273
9,336
2,551
61,469
85,028
103,425
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N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Current liabilities
Trade and other payables
Employee benefits
Other current liabilities
Total current liabilities
Non-current liabilities
Employee benefits
Other non-current liabilities
Total non-current liabilities
Total Liabilities
Net assets
Shareholders' equity
Issued capital
Share option reserve
Foreign currency reserve
Accumulated losses
Total Shareholders’ equity
2,680
2,185
7,630
12,495
82
2,961
3,043
15,538
97,763
1,350
2,279
5,732
9,361
41
2,314
2,355
11,716
91,709
130,452
5,061
(3,229)
(34,521)
97,763
127,981
4,908
(11,021)
(30,159)
91,709
THE MEMBERS OF THE CLOSED GROUP COMPRISE CATAPULT GROUP INTERNATIONAL LIMITED AND
CATAPULT SPORTS PTY LTD.
(i) Catapult Group International Limited (the Company) and Catapult Sports Pty Ltd are party to a Deed of Cross
Guarantee dated June 26, 2017. Catapult International Pty Ltd joined the Deed of Cross Guarantee via a Deed of
Assumption dated March 29, 2021. The Company, Catapult Sports Pty Ltd and Catapult International Pty Ltd
together constitute the ‘Closed Group’. The effect of the deed is that the Company has guaranteed to each creditor
to pay any deficiency in the event of the winding up of any of the controlled entities in the Closed Group. All entities
in the Closed Group have also given a similar guarantee in the event that the Company is wound up. Prior year
comparatives have been restated to include:
(ii) Pursuant to ASIC Corporations (Wholly owned Companies) Instrument 2016/785 Order 98/1418 (as amended)
relief has been granted to Catapult Sports Pty Ltd and Catapult International Pty Ltd from the Corporations Act
2001 requirements for preparation, audit and lodgement of financial reports and directors' reports.
(iii) These entities have provided guarantees to Western Alliance Bank in respect of credit facilities of USD
5,000,000 granted to XOS Technologies Inc and Collegiate Images LLC.
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N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
NOTE 35. ACQUISITION OF SCIENCE FOR SPORT (SFS)
On November 9, 2020, Catapult acquired the subscription online sport learning platform, Science for Sport Limited
(SfS). Catapult has agreed to acquire 75.45% of the entire issued share capital of the company now for a total
consideration of US$450,000. There is also a Put and Call Option whereby Catapult has the option to acquire the
remaining 24.55% of the issued share capital of SfS for US$300,000 in two years’ time.
NOTE 36. EVENTS AFTER THE REPORTING PERIOD
Other than those events described on page 28 of the Directors’ Report, no matter or circumstance has arisen since
31 March 2021 that has significantly affected, or may significantly affect the consolidated entity’s operations, the
results of those operations, or the consolidated entity’s state of affairs in future financial years.
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D I R E C T O R S ’
D E C L A R A T I O N
In the opinion of the Directors of Catapult Group International Ltd:
➔
the attached financial statements and notes set out on pages 49 to 105 are in accordance with the
Corporations Act 2001, including:
−
−
complying with Accounting Standards, the Corporations Regulations 2001 and other mandatory
professional reporting requirements; and
giving a true and fair view of the consolidated entity’s financial position as at March 31, 2021 and of its
performance for the financial period ended on that date; and
there are reasonable grounds to believe that the Company will be able to pay its debts as and when they
become due and payable; and
at the date of this declaration, there are reasonable grounds to believe that the members of the Extended
Closed Group will be able to meet any obligations or liabilities to which they are, or may become, subject by
virtue of the deed of cross guarantee described in note 34 to the financial statements.
➔
➔
The effect of the first bullet is that the financial statements also comply with International Financial Reporting
Standards as issued by the International Accounting Standards Board.
The Directors have been given the declarations required by section 295A of the Corporations Act 2001 from the
Chief Executive Officer and the Chief Financial Officer for the 9-month period ended March 31, 2021.
Signed in accordance with a resolution of Directors made pursuant to section 295(5)(a) of the Corporations Act
2001.
Dr Adir Shiffman
Executive Chairman
May 26, 2021
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A U D I T O R ’ S
R E P O R T
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A U D I T O R ’ S
R E P O R T
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A U D I T O R ’ S
R E P O R T
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S H A R E H O L D I N G S
(AS AT MAY 12, 2021)
Additional information required by the ASX Limited Listing Rules and not disclosed elsewhere in this report is set out
below.
1. CORPORATE GOVERNANCE STATEMENT
Catapult’s corporate governance statement for the period ended 2021 will be available at the following URL:
www.catapultsports.com/investor/corporate-governance/
2. SUBSTANTIAL SHAREHOLDERS
As at May 12, 2021, there are six substantial shareholders of which the Group is aware:
Substantial holder
Charlaja Pty Ltd; Charlaja Pty Ltd < Van De Griendt Family
A/C >; Igor Van De Griendt
Manton Robin Pty Ltd; Manton Robin Pty Ltd
Date of last notice
Number of
securities in
last notice
%
Sep 7, 2020
20,508,000
10.74
< Shaun Holthouse Family A/C >; Shaun Holthouse
Sep 7, 2020
17,675,000
Quest Asset Partners Pty Ltd
ICE Investors Pty Ltd
Mar 27, 2020
15,400,811
Apr 6, 2021
13,573,002
One Managed Investment Funds Limited
Apr 24, 2021
11,083,762
BNP Paribas Nominees Pty Limited
Oct 5, 2020
10,106,193
9.26
8.07
6.77
5.53
5.29
The above table sets out the number and percentage of securities held by substantial shareholders in the Company
as disclosed in their last substantial shareholder’s notice. Note that those shareholders may have acquired or
disposed of securities in the Company since the date of that notice. A substantial shareholder is only required to
disclose acquisitions or disposals where there has been a movement of at least 1% in their shareholding.
3. NUMBER OF HOLDERS OF EACH CLASS OF EQUITY SECURITY
Equity security class
Ordinary shares
Employee options and performance rights
Number of
holders
10,353
222
4. VOTING RIGHTS ATTACHED TO EACH CLASS OF EQUITY SECURITY
At a general meeting, every Shareholder present in person or by proxy, body corporate representative, or attorney
has one vote on a show of hands and one vote for each Share held on a poll.
Votes are cast by a show of hands unless a poll is demanded. A poll may be demanded by the chairperson or at least
five Shareholders entitled to vote on the resolution or Shareholders with at least 5% of the votes that may be cast
on the resolution on a poll.
Option and performance rights holders do not have voting rights.
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5. DISTRIBUTION SCHEDULE IN EACH CLASS OF EQUITY SECURITIES
Ordinary Shares
Range (size of holding)
1-1,000
1,001-5,000
5,001-10,000
10,001-100,000
100,001-9,999,999,999
Employee options and performance rights
Range (size of holding)
1-5,000
5,001-10,000
10,001-100,000
100,001-9,999,999,999
Total Holders
4,186
4,293
1,037
Number of
Shares
2,328,450
11,161,855
7,868,348
786
18,778,384
%
1.16
5.57
3.93
9.37
51
160,294,617
79.97
10,353
200,431,654
100.00
Total Holders
85
34
87
16
Number of
Units
252,843
253,889
2,512,838
%
2.13
2.13
21.11
8,884,461
74.63
222
11,904,031
100.00
6. UNMARKETABLE PARCELS
Number of holders holding less than a marketable parcel of the Group’s main class of securities (in this case, fully
paid ordinary shares) based on the closing market price on May 12, 2021 of $1.97.
Minimum $500 parcel (at May 12, 2021 closing price of $1.97 per share)
Number of
holders
561
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7. 20 LARGEST SHAREHOLDERS (as at 12 May 2021)
The 20 largest holders of ordinary shares and number of ordinary shares and percentage of capital held by each are
follows:
Rank
Substantial holder
Shares Held % held
1
2
3
4
5
6
7
8
9
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
CHARLAJA PTY LTD
MANTON ROBIN PTY LTD
J P MORGAN NOMINEES AUSTRALIA PTY LIMITED
BNP PARIBAS NOMINEES PTY LTD
ONE MANAGED INVESTMENT FUNDS
CERTANE CT PTY LTD
NATIONAL NOMINEES LIMITED
CITICORP NOMINEES PTY LIMITED
10
BNP PARIBAS NOMS PTY LTD
B B H F PTY LTD
SANDHURST TRUSTEES LTD
3RD WAVE INVESTORS PTY LTD
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED - A/C 2
LEHAMLET PTY LTD
SUPER PROPERTIES PTY LTD
RADICAL INVESTMENTS LP
MR MARK CUBAN
20
BNP PARIBAS NOMINEES PTY LTD
11
12
13
14
15
16
17
18
19
34,700,033
17.313
20,490,000
10.223
17,675,000
8.818
14,265,924
12,374,554
7.118
6.174
11,083,762
5.530
7,979,640
3.981
6,773,647
3.380
6,042,986
5,857,670
5,609,000
3.015
2.923
2.798
1,258,105
0.628
1,012,415
0.505
828,729
0.413
781,244
0.390
769,231
0.384
763,800
727,272
652,684
0.381
0.363
0.326
150,617,249
75.148
ROBERTS PIKE FOUNDATION PTY LTD
971,553
0.485
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C O R P O R A T E
D I R E C T O R Y
REGISTERED OFFICE
Catapult Group International Ltd ABN 53 164 301 197
75 High Street, Prahran, VIC 3181, Australia
Telephone: +61 (0)3 90958401
COMPANY SECRETARY
Jonathan Garland
General Counsel and Company Secretary
company.secretary@catapultsports.com
SHAREHOLDER ENQUIRIES:
Share Registry
Boardroom Pty Limited
GPO Box 3993
Sydney NSW 2001
Telephone: 1300 737 760
Fax: +61 (0)2 9279 0664
Email: enquiries@boardroomlimited.com.au,
www.boardroomlimited. com.au
Investor Relations
Investor.relations@catapultsports.com
+61 400 400 380
AUDITOR
Grant Thornton Audit Pty Ltd
Collins Square, Tower 5/727
Collins Street, Melbourne, VIC 3008, Australia
SECURITIES EXCHANGE LISTING
Catapult Group International Ltd’s shares are listed on the Australian Securities Exchange (ticker: CAT)
WEBSITE
www.catapultsports.com
FIND US HERE
instagram.com/catapultsports/
linkedin.com/company/catapultsports
twitter.com/catapultsports
facebook.com/catapultsports/
youtube.com/user/catapultSports
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