2024
ANNUAL
REPORT
IMPORTANT NOTICE
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CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
Forward-looking statements
This document, including the FY24 Review set out on pages 11 to 17
(the FY24 Review), 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.
Pro forma financial information
Catapult changed its financial year end from June 30 to March 31,
with a nine-month transitionary FY21 consisting of an interim period
ending 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. Catapult also acquired SBG on
July 1, 2021. The FY24 Review sets out pro forma information solely
for the purpose of illustrating the effects of the acquisitions
(including SBG) and these changes on certain historical financial
results.
The financial information denoted as “Pro forma including
acquisitions” in the FY24 Review is pro forma, does not form part of
Catapult’s FY24 financial results and has not been independently
audited or reviewed. The pro forma financial information which is
“Pro forma including acquisitions” is, as applicable, either a 6-month
period ended September 30, or a 12-month period ended March 31, on
the basis that the Company acquired all relevant acquired entities on
April 1, 2018. All pro forma financial information has been compiled
from management accounts. Because of its hypothetical nature, the
pro forma information may not give a true picture of a relevant
comparison. Subject to law, Catapult assumes no obligation to
update, review or revise the pro forma information.
Defined terms and Calculation Methodologies
In this document, unless otherwise indicated:
• “1H” for April 1, 2021 onwards, is each period starting April 1 and
ending September 30, with the first such period being 1H FY22;
• “2H” for October 1, 2021 onwards, is each period starting October 1
and ending March 31, with the first such period being 2H FY22;
• “FY” for April 1, 2021 onwards, is each period starting April 1 and
ending March 31, with the first such period being FY22;
• “ACV” or “Annualized Contract Value” is the annualized value of all
active subscription contracts in effect using an average exchange
rate to US$ over a 1-month period ending on the ACV Effective
Calculation Date;
• “ACV (CC)” or “ACV constant currency” is ACV calculated on a
“constant currency” basis, which is calculated using an average
exchange rate to US$ over a 1-month period ending on
March 31, 2023;
• “ACV CAGR” is the cumulative annual growth rate in ACV
(including on a “constant currency” basis) over a period A to B,
which is calculated as the annualized growth rate (expressed as a
percentage) of (x) the ACV as at the Effective Calculation Date for
B; divided by (y) the ACV as at the effective calculation date for A.
Therefore, for example, the ACV CAGR for 1H FY22 to 1H FY24 is
calculated as the annualized growth rate (expressed as a
percentage) of (x) the ACV calculated as at September 30, 2023;
divided by (y) the ACV calculated as at September 30, 2021;
• “ACV Churn” is the reduction in ACV from the loss of customers
over a period, which is calculated as the quotient (expressed as a
percentage) of (x) the reduction in ACV from the loss of customers
over the 12-month period prior to the Effective Calculation Date;
divided by (y) the total ACV calculated as at the date that is 12
months prior to that Effective Calculation Date;
• “ACV Effective Calculation Date” for ACV is, unless otherwise
stated March 31, 2024. The ACV Effective Calculation Date for ACV
denoted as “Opening ACV” or “Closing ACV” is ACV calculated as
at, respectively, the start or end of the relevant period. Therefore,
for example, the Opening ACV FY24 Effective Calculation Date is
April 1, 2023 and the Closing ACV FY24 Effective Calculation Date
is March 31, 2024. ACV denoted as “1H” is calculated as at the end
of the relevant period. Therefore, for example, the ACV 1H23
Effective Calculation Date is September 30, 2022, and the ACV
1H24 Effective Calculation Date is September 30, 2023;
• “ACV Growth” or “ACV YoY” is the growth in ACV (including on a
“constant currency” basis), which is calculated as the quotient
(expressed as a percentage) of (x) the ACV calculated as at the
Effective Calculation Date; divided by (y) the ACV calculated as at
the date which is 12 months prior to that Effective Calculation
Date;
• “ACV Retention” is the retained ACV from continuing customers
over a period, which is calculated as (1 - ACV Churn), expressed as a
percentage;
• “Fixed Costs” is the total of General & Administrative (G&A), and
capitalized and non-capitalized Research & Development (R&D)
costs;
• “Free Cash Flow” or “FCF” is cash flows from operating activities
less cash flows used for investing activities, excluding cash used for
acquisitions of, and investments into, businesses and strategic
assets. FCF excludes AASB16 lease payments;
• "Incremental profit” over a period is calculated as the incremental
Management EBITDA over that period;
• "Incremental profit margin” over a period is calculated as the
quotient (expressed as a percentage) of (x) the incremental
Management EBITDA over that period; divided by (y) the
incremental revenue over that period;
• “Lifetime Duration” or “LTD” is the average length of time that
customers have continuously subscribed for Catapult’s products or
services as at the effective calculation date, weighted by each
customer’s ACV as at that date;
• “Management EBITDA” is EBITDA excluding share-based
payments, severance, and purchase consideration; and including
capitalized development expense;
• “Multi-vertical customers” is the number of customers that, as at
the effective calculation date, use a product from more than one of
Catapult’s verticals;
• “pp” means percentage point, which is the arithmetic difference
between two percentages;
• “Recurring Revenue” is SaaS Revenue, plus Media, and plus other
recurring revenue that is not attributable to ACV;
• “SaaS Revenue” or “SaaS (ACV) Revenue” is revenue attributable
to ACV; and
• “Variable Costs” is total non-capitalized COGS, Sales & Marketing
(S&M), and Delivery Costs.
This document should be read in conjunction with the above
definitions and calculation methodologies as they are integral to
understanding the content.
Non-IFRS Information
While Catapult’s results are reported under IFRS, this document also
includes non-IFRS information such as Management EBITDA, EBITDA,
Gross Margin, Contribution Margin, free cash flow, annual recurring
revenue (ARR), annualized contract value (ACV), lifetime duration
(LTD), ACV Retention, and ACV Churn. These measures are provided
to assist in understanding Catapult’s financial performance given
that it is a SaaS business. They have not been independently audited
or reviewed, and should not be considered an indication of, or an
alternative to, IFRS measures.
General
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. All financials are in US$ unless
otherwise indicated.
This document is dated June 28, 2024.
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CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
CONTENTS
➔ F Y 2 4 K E Y H I G H L I G H T S
➔ 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 )
5
36
➔ C H A I R M A N ’ S L E T T E R
➔ C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S
6
49
➔ C E O ’ S L E T T E R
➔ 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
8
106
➔ F Y 2 4 R E V I E W O F O P E R A T I O N S
➔ S H A R E H O L D E R I N F O R M A T I O N
11
111
➔ D I R E C T O R S ’ R E P O R T
➔ C O R P O R A T E D I R E C T O R Y
27
114
➔ 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
35
In this document, 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. All references to $ or dollars in this document are to US dollars unless otherwise stated.
4
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
FY24 KEY HIGHLIGHTS
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FY24 WAS A YEAR OF STRONG PROFITABLE GROWTH
ANNUALIZED
CONTRACT VALUE
$86.8M
(A$132M)
↑ 20% YoY CC
ACV
RETENTION
96.5%
GROSS
MARGIN
81%
↑ from 76% YoY
REVENUE
$100M
(A$152M)
↑ 20% YoY CC
ACV PER PRO
TEAM
↑ 7.2%
CONTRIBUTION
MARGIN
46%
↑ from 34% YoY
FREE CASH
FLOW
$4.6M
(A$7M)
↑ $26.2M YoY
MULTI VERTICAL
PRO TEAMS
↑ 32%
MANAGEMENT
EBITDA
$4.2M
↑ from -$14.2M YoY
IMPORTANT NOTES: ACV, ACV YoY Growth, ACV Retention, ACV per Pro Team (CC, constant currency), Gross Margin, Contribution Margin and Management EBITDA financial information on this
page has not been independently audited or reviewed, and does not form part of Catapult’s FY24 financial results. See page 2 for defined terms and calculation methodologies.
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
CHAIRMAN’S LETTER
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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
March 31, 2024 (FY24).
AN HISTORIC YEAR
FY24 was an historic year for Catapult which
represented a key inflection point for our Company.
We delivered 20% Annualized Contract Value (ACV)
growth on a constant currency (cc) basis year-on-year
(YoY), which was the driving force behind hitting the
milestone of generating US$100 million in revenue for
the first time, also at a growth rate of 20% (cc) YoY.
Pleasingly, this growth was driven by both our core
Performance & Health (P&H) and Tactics & Coaching
(T&C) verticals, highlighting the quality of this result.
As we invested in our cost base in FY22 and FY23 to
position the business to be able to scale for future
growth, in FY24 we maintained an almost unchanged
cost base. In a year where we managed these costs
and still generated 20% revenue growth, this meant
that we experienced a significant turnaround in our
incremental profitability, which we measure as our
Management EBITDA. This demonstrates the
operating leverage that we have built into our
business, and we expect to continue to benefit from
this operating leverage as our business grows in
future.
Growth in revenue and expanding profit margins are
key ingredients to growing cash flow, and hence we
generated US$4.6 million of free cash flow in FY24, an
improvement of more than US$26 million from last
year. We delivered on our commitment to reach cash
flow positivity without any additional equity funding,
and I am extremely pleased for our shareholders that
we have now reached this milestone and that we can
move forward with increased confidence in the
strength of our financial position.
During FY24, Catapult made a net repayment of
US$4.7 million of funds drawn down from our existing
US$20 million debt facility with Western Alliance
Bank. This leaves the Company with an existing debt
balance of US$11 million. Catapult has extended this
facility, which was due to mature in December 2024,
with a new maturity date of May 2027. The extension
of this facility is a great vote of confidence in
Catapult, ensuring we retain the flexibility to manage
our ongoing business needs.
If we were to call out one more number from this
excellent set of results, it would be our customer
retention, which finished FY24 at 96.5%. These are
industry-leading retention rates and numbers of
which a Board or Executive of any global software
business would be extremely proud. They are also a
strong testament to the value proposition of our
products for athletes and teams and how important
we are in helping them make even better decisions
with our comprehensive all-in-one technology.
OUTLOOK
Looking ahead to FY25, our objective is to deliver on
our strategic priorities, with a focus on profitable
growth. In FY25 we expect:
•
ACV growth to remain strong with low churn
•
Continued improvement in cost margins towards
long-term targets
•
Higher free cash flow as our business continues
to scale
L o o k i n g a h e a d t o F Y 2 5 , o u r o b j e c t i v e i s t o
d e l i v e r o n o u r s t r a t e g i c p r i o r i t i e s , w i t h a f o c u s
o n p r o f i t a b l e g r o w t h .
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
FORWARD-LOOKING STATEMENTS: This page (including the pull quote) contains 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. See the important notice on
page 2.
IMPORTANT NOTES: See page 2 for defined terms and calculation methodologies, including non-IFRS measures, pro forma financial information and constant currency (CC) calculations. Non-IFRS
information has not been independently audited or reviewed, and does not form part of Catapult’s FY24 financial results.
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
CHAIRMAN’S LETTER
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UNLEASH POTENTIAL
Despite a razor-sharp focus on profitable growth,
innovation remains in the core of our DNA. In FY25 we
will continue to invest in our platform and develop the
next generation of devices, helping athletes and
teams make even better decisions with our
technology.
THANK YOU
As always, I am grateful for the continued
commitment and guidance of the Board, and the
Executive team, both of which have been stable over
the course of the financial year. I would also like to
extend a heartfelt thank you to our incredible
employees around the world, who have once again
shown how passionate and dedicated they are, as
seen in the excellent results Catapult delivered this
year.
Finally, on behalf of the Board, I would also like to
sincerely thank the athletes, teams, partners, vendors
and shareholders for their ongoing collaboration and
support. FY25 has been an historic year, and I look
forward to seeing even more progress in the months
and years ahead.
Regards,
Dr Adir Shiffman
Executive Chairman
FORWARD-LOOKING STATEMENTS: This page contains 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. See the important notice on page 2.
IMPORTANT NOTES: See page 2 for defined terms and calculation methodologies, including non-IFRS measures, pro forma financial information and constant currency (CC) calculations. Non-IFRS
information has not been independently audited or reviewed, and does not form part of Catapult’s FY24 financial results.
CEO’S LETTER
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
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Dear Shareholders,
As I reflect on the 2024 financial year, I am filled with
pride with what we have achieved at Catapult. We
delivered an excellent set of results; we crossed a
major inflection point in incremental profitability, we
hit the milestones of reaching US$100 million of
revenue (A$152 million) and generating positive free
cash flow, and we did it with a team of passionate
and talented people who live out our core values every
day. FY24 was a banner year, proving once again the
strength of our leadership position in the global sports
performance technology industry.
ACV is our primary metric, and in FY24 this grew by
20% (cc) YoY to US$86.8 million. This growth was
driven by the performance of both our core Software-
as-as-Service (SaaS) verticals, and demonstrates
that our business is in great shape. Our P&H vertical
continues to be an exciting and predictable growth
engine, yet again delivering an excellent growth rate
of 23% (cc) YoY, driven particularly by success in
signing new teams and leagues in soccer across the
Latin America and Europe, Middle East and Africa
regions, and in baseball across North America.
We also delivered strong results from our New Video
Solutions in our T&C vertical, which grew 44% (cc)
YoY, an increase from 27% (cc) YoY in FY23. This
meant that our overall T&C growth rate accelerated
to 15% (cc) YoY, a step up from 11% (cc) YoY in FY23.
It is particularly exciting to see growth in our New
Video Solutions accelerating, while at the same time
making up a larger component of our overall T&C
ACV. We experienced great success in selling our New
Video Solutions to soccer teams which is really
encouraging and demonstrates an early validation of
our investment in Research & Development (R&D) to
drive the adoption of our New Video Solutions.
The effectiveness of our Land and Expand strategy,
which is to sign up a Pro Team with our P&H solution
and cross-sell them onto our T&C solution, can be
clearly seen in FY24. Multi-Vertical Pro Teams - those
with more than one Catapult solution - increased 32%
YoY, a great result. The effectiveness of this strategy
can also be seen in the rise of the average ACV earned
from each Pro Team, which increased more than 7%
(cc) in FY24 and is now approaching US$25,000 per
Pro Team. Cross-sell remains a significant opportunity
for us going forward and these early results are really
encouraging to see.
We are now working with over 4,200 teams, in more
than 100 countries, and across 40 different sports, an
increase of nearly 400 teams from this time last year.
Our customers compete at the highest levels of elite
sport and demand only the best. In FY24, we released
a number of new innovations to help increase the
insights from our technology, including:
•
Vector Core: Athlete Monitoring System solution
designed to extend usage beyond the First Team
•
AI For F1: AI solution to help F1 manage track
limit violations, with race reviews now completed
in seconds versus several hours previously
•
Next Gen Vest: Latest generation of vest with
integrated heart rate monitoring and improved
comfort and wearability
•
Race Control for US Motorsports: Expansion of
our world-class race control solution into
American motorsports including exclusive
support of NASCAR, INDY, and IMSA
•
Sideline Video for NCAA: Live video analysis to be
used in real-time for the first time in American
football with a major deal with the SEC
•
Remote Athlete 2.0: Next generation of remote
athlete solution designed to enable athletes to
collect data away from their team’s training
facility
In FY24 we made some key signings in new
geographies and sports, as well as expanding existing
contract values with our customers. We now have
over 50% of Major League Baseball teams as clients,
including signing the New York Yankees this year. We
expanded into new regions in the Middle East, Asia,
and Latin America, including league-wide deals in
Chile and Costa Rica, the Morocco FA, and the
Kamaishi Seawaves to name a few. Dimayor and the
Pittsburgh Steelers are also great examples of long-
time customers that have recently expanded into
other products on our platform, a direct result of the
investment in R&D that we have made.
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 &
M A N A G I N G
D I R E C T O R
IMPORTANT NOTES: See page 2 for defined terms and calculation methodologies, including non-IFRS measures, pro forma financial information and constant currency (CC) calculations. Non-IFRS
information has not been independently audited or reviewed, and does not form part of Catapult’s FY24 financial results.
CEO’S LETTER
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
9
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I have previously outlined that the Rule of 40 is an
important barometer for measuring our progress as a
SaaS business. The Rule of 40 stipulates that world-
class SaaS businesses will reach 40% when combining
their annual growth rate and profit margin. I am
pleased to outline that we are making great progress
against this benchmark. We were negative on this
benchmark just 18 months ago, as we exited a multi-
year investment phase, but as we scale, our ACV
growth rate and Management EBITDA margin
combined (our measure of profitability) reached 26%
at the end of FY24, a 39-percentage point
improvement. This is a significant achievement and
demonstrates the journey we are on to deliver against
our Rule of 40 focus.
Our performance and our success in FY24 have left us
in an incredibly strong position. But success is best
when it is shared and, as we approach our 10‑year
anniversary of being listed on the Australian
Securities Exchange (ASX) in December this year,
another significant milestone, I am pleased to be able
to share our successes of the last twelve months and
look forward to our continued success in future.
I want to thank our shareholders and customers for
their support of our Company this year. I also want to
thank our Board and Executive for their support and
stewardship, and our employees whose passion and
enthusiasm inspire me every day. We can all be
excited by the outlook for Catapult, and I look
forward to further enhancing and extending our
global leadership position in FY25 and beyond.
Regards,
Will Lopes
Chief Executive Officer & Managing Director
F Y 2 4 w a s a b a n n e r y e a r , p r o v i n g o n c e a g a i n t h e
s t r e n g t h o f o u r l e a d e r s h i p p o s i t i o n i n t h e g l o b a l
s p o r t s p e r f o r m a n c e t e c h n o l o g y i n d u s t r y .
FORWARD-LOOKING STATEMENTS: This page contains 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. See the important notice on page 2.
IMPORTANT NOTES: See page 2 for defined terms and calculation methodologies, including non-IFRS measures, pro forma financial information and constant currency (CC) calculations. Non-IFRS
information has not been independently audited or reviewed, and does not form part of Catapult’s FY24 financial results.
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FY24
REVIEW OF OPERATIONS
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CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
REVIEW OF OPERATIONS
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CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
OUR VISION
UNLEASH THE POTENTIAL OF EVERY TEAM AND ATHLETE ON EARTH
OUR STRATEGY
HELP TEAMS MAKE BETTER DECISIONS THROUGH A COMPREHENSIVE
ALL-IN-ONE TECHNOLOGY
SAVE TIME
DISCOVER INSIGHTS
Help teams make better use of time
with improved workflows
Contextualize data to increase access
to meaningful insights
REVIEW OF OPERATIONS
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CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
WE SET THE STANDARD FOR PROFESSIONAL SPORTS
The successful execution of Catapult’s strategy sees the Company continuing to be the
global performance technology leader in professional sports. Catapult’s global scale
and rapidly expanding customer base became further evident during FY24, and the
Company now works with more than 4,200 teams, across more than 40 different
sports and 100 countries worldwide.
These teams compete at the highest levels, and include some of the most demanding
teams and leagues across the world such as the NFL, Premier League and Formula 1,
with current and past champions across a number of different sports such as
basketball, football, rugby and soccer.
REVIEW OF OPERATIONS
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CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
AND WE CONTINUE TO WELCOME GLOBAL SPORTING ICONS
ATTRACTED BY THE ROLL-OUT OF NEW PRODUCTS AND SOLUTIONS
Athlete Monitoring system
solution that is designed to
extend usage beyond the
First Team.
VECTOR CORE
AI solution to help F1
manage track limit
violations, with race reviews
now completed in seconds
versus several hours.
A1 FOR FORMULA 1
Latest generation of vest
w/ integrated heart rate
monitoring with improved
comfort and wearability.
NEXT GENERATION VEST
Expansion of world class
race control solution into
American motorsports
including NASCAR, INDY,
and IMSA.
RACE CONTROL
Live video analysis to be
used in real-time for the
first time in American
football with a major deal
with SEC.
NCAA SIDELINE VIDEO
Next generation of remote
athlete solution designed to
enable athletes to collect
data away from their
team’s training facility.
REMOTE ATHLETE 2.0
REVIEW OF OPERATIONS
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CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
SOFTWARE-AS-A-SERVICE (SAAS) IS KEY TO OUR GROWTH
NEW VIDEO SOLUTIONS ARE ACCELERATING T&C GROWTH
ACV growth was driven by the Performance & Health (P&H) vertical and the expansion
of New Video Solutions within the Tactics & Coaching (T&C) vertical.
ACV, Catapult’s leading
indicator of future SaaS
revenue, grew 20% YoY (CC),
impacted -US$1.1M by
foreign currency movements.
IMPORTANT NOTES: ACV, ACV Growth (CC, constant currency), and ACV CAGR (CC) financial information in this slide has not been independently audited or reviewed, and does not form part of
Catapult’s FY24 financial results. See page 2 for defined terms and calculation methodologies, including non-IFRS measures, pro forma financial information and constant currency (CC)
calculations. Non-IFRS information has not been independently audited or reviewed, and does not form part of Catapult’s FY24 financial results.
REVIEW OF OPERATIONS
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
15
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ACV PER TEAM EXPANDING WITH CROSS SELLING ACCELERATING
STRONG VALUE PROPOSITION DRIVEN BY BEST-IN-CLASS RETENTION
Catapult’s
ACV per Pro Team has shown
strong growth, increasing by
7.2% and approaching
US$25,000 per Team.
This increase is important in the
context of the ACV
performance of Catapult’s New
Video Solutions as it
demonstrates the Company is
being successful in not only
upselling, but also cross-selling
to its customers.
Catapult’s embeddedness and
value proposition in team
workflows continue to drive
record level ACV retention rates
above 96%, well above best-in-
class SaaS businesses.
IMPORTANT NOTES: ACV, ACV Churn and ACV Retention financial information in this slide has not been independently audited or reviewed, and does not form part of Catapult’s FY24 financial
results. See page 2 for defined terms and calculation methodologies, including non-IFRS measures, pro forma financial information and constant currency (CC) calculations. Non-IFRS information
has not been independently audited or reviewed, and does not form part of Catapult’s FY24 financial results.
REVIEW OF OPERATIONS
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
16
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SAAS REVENUE IS NOW ACCELERATING TOTAL REVENUE GROWTH
KEY INFLECTION POINT TOWARDS ACCELERATING PROFIT MARGIN
Catapult’s SaaS Revenue
is the engine driving
overall growth. It grew
an impressive 24% year
on year and forms the
vast majority of
Recurring Revenue.
A critical inflection point
towards profitability has
been crossed.
OPEX (Variable + Fixed
costs) as a percentage of
revenue is now below
100% and corresponding
with a positive operating
profit margin
(Management EBITDA)
in FY24.
IMPORTANT NOTES: The financial information on this page is provided solely to illustrate how operating margin improves with scale. The information is not, and must not be relied upon as, a
statement or estimate of Catapult’s current financial performance; a forecast of or guidance as to Catapult’s future financial performance, condition or prospects; or an indication of Catapult’s
views regarding any of the foregoing.
The information on this page has not been separately independently audited or reviewed, and does not independently form part of Catapult’s FY24 financial results. See page 2 for defined terms
and calculation methodologies, including non-IFRS measures, pro forma financial information and constant currency (CC) calculations. Non-IFRS information has not been independently audited or
reviewed, and does not form part of Catapult’s FY24 financial results.
1 Variable, Fixed and Other operating cost percentages do not include Non-Cash Employment Costs. R&D includes non-capitalized component.
REVIEW OF OPERATIONS
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POSITIONING US AS A WORLD CLASS VERTICAL SAAS LEADER
AND SIGNIFICANTLY IMPROVING FREE CASH FLOW
The Rule of 40 stipulates
that world class SaaS
businesses will reach
40% when combining
their growth and profit
margin rates.
As Catapult scales, the
Company has already
reached 26% at the end
of FY24, a 39-percentage
point improvement from
1H FY23.
Catapult generated
US$4.6 million of free
cash flow, an
improvement of more
than US$26 million from
FY23.
This delivered on a
commitment to generate
positive free cash flow in
FY24, and in both half
year periods,
demonstrating ongoing
sustainability of cash
generation.
FORWARD-LOOKING STATEMENTS: This page contains 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. See the important notice on page 2.
IMPORTANT NOTES: Rule of 40 is defined as the sum of annual ACV growth percentage on a constant currency basis and Management EBITDA margin (Management EBITDA as a % of Revenue).
See page 2 for defined terms and calculation methodologies, including non-IFRS measures, pro forma financial information and constant currency (CC) calculations. Non-IFRS information has not
been independently audited or reviewed, and does not form part of Catapult’s FY24 financial results.
REPORT OF THE DIRECTORS
AND THE FINANCIAL REPORT
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
UNLEASH POTENTIAL
18
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2024 ANNUAL REPORT
CONTENTS
➔ O P E R A T I N G A N D F I N A N C I A L R E V I E W
➔ 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
20
52
➔ 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
27
53
➔ 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
35
54
➔ 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
36
105
➔ 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
49
106
➔ 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
➔ C O R P O R A T E D I R E C T O R Y
51
114
In this Financial report, the terms ‘Catapult’, the ‘Company’, the ‘Group’, ‘our business’, ‘organization’, ‘we’, ‘us’, ‘our’
and ‘ourselves’ refer to Catapult Group International Ltd and, except where the context otherwise requires, its
subsidiaries. All references to $ or dollars in this Financial report are to US dollars unless otherwise stated.
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2024 ANNUAL REPORT
OPERATING AND FINANCIAL REVIEW
This operating and financial review (the ‘OFR’) is designed to assist shareholders to make an informed assessment
of Catapult’s operations, financial position, business strategies, and prospects for future financial years. The OFR
forms part of the Directors’ Report and supplements, complements, and should be read together with, the financial
report sections of this document that commence on page 49.
While Catapult’s results are reported under IFRS, the OFR also includes non-IFRS information, such as Management
EBITDA, EBITDA, Gross Margin, Contribution Margin, Free Cash Flow (FCF), annual recurring revenue (ARR),
annualized contract value (ACV), lifetime duration (LTD) and ACV Churn. See, in particular, the Key Performance
Metrics section below.
The Board considers that the included non-IFRS metrics are necessary for shareholders to understand Catapult’s
financial performance given that it is a Software-as-a-Service ('SaaS') business. The non-IFRS information has not
been independently audited or reviewed, and should not be considered an indication of, or an alternative to, IFRS
measures.
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, 2024
As at Mar 31, 2023
Change %
ACV(i)
US$86,813k
US$73,439k
18.2%
ACV Churn(ii)
3.5%
3.8%
-7.9%
Lifetime duration (LTD)(iii)
7.0 years
6.0 years
16.7%
Multi-vertical customers(iv)
483
366
32.0%
The numbers in the table above are non-IFRS and unaudited and have been provided for information purposes only. The non-IFRS metrics in the table
above are defined as follows:
(i)
ACV or Annualized Contract Value is the anrfvcnualized value of all active subscription contracts in effect using an average exchange rate to
US$ over a 1-month period ending on the Effective Calculation Date.
(ii)
ACV Churn is the reduction in ACV from the loss of customers over a period, which is calculated as the quotient (expressed as a percentage) of
(x) the reduction in ACV from the loss of customers over the 12-month period prior to the Effective Calculation Date; divided by (y) the total
ACV calculated as at the date that is 12 months prior to the Effective Calculation Date.
(iii)
Lifetime Duration or LTD is the average length of time that customers have continuously subscribed for Catapult’s products or services as at
the Effective Calculation Date, weighted by each customer’s ACV as at that date.
(iv)
Multi-vertical customers is the number of customers that, as at the Effective Calculation Date, use a product from more than one of Catapult’s
verticals.
Effective Calculation Date means, as applicable, either March 31, 2024 or March 31, 2023.
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2024 ANNUAL REPORT
OPERATING AND FINANCIAL REVIEW
SUMMARY OF FINANCIAL RESULTS
US$’000
FY24
FY23
Change
% Change
Revenue
100,004
84,360
15,644
18.5%
Cost of goods sold
18,859
20,534
(1,675)
-8.2%
Gross Profit
81,145
63,826
17,319
27.1%
Gross Margin %
81.1%
75.7%
5.4%
7.2%
Variable Costs (excluding cost of goods sold)
35,344
35,369
(25)
-0.1%
Contribution Profit
45,801
28,457
17,344
60.9%
Contribution Margin %
45.8%
33.7%
12.1%
35.9%
Fixed Costs
41,927
43,868
(1,941)
-4.4%
Operating profit
3,874
(15,411)
19,285
125.1%
Other Income
281
1,186
(905)
-76.3%
Management EBITDA
4,155
(14,225)
18,380
129.2%
Management EBITDA Margin %
4.2%
-16.9%
21.1%
124.2%
Capitalized development
16,284
16,215
69
0.4%
Share-based payments and purchase
consideration
(10,181)
(12,103)
1,922
15.9%
Severance
(884)
(903)
19
2.1%
EBITDA
9,374
(11,015)
20,389
185.1%
EBITDA Margin %
9.4%
-13.1%
22.5%
171.8%
Depreciation & Amortization
(24,211)
(20,596)
(3,615)
-17.6%
Interest, taxes and other
(1,863)
127
(1,990)
-1,566.9%
Net Profit after Tax
(16,700)
(31,484)
14,784
47.0%
EBITDA, Management EBITDA, Variable Costs, Fixed Costs, and Contribution Profit financial information (including growth rates and margins) are
non-IFRS information. 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.
FINANCIAL AND OPERATING PERFORMANCE
➔
Revenue increased to US$100,004k, which was 18.5% growth year on year (FY23: US$84,360k, and 9.5%
growth). This was primarily driven by growth of the Company’s subscription revenue to US$81,884k, a growth
of 21.5% year on year (FY23: US$67,389k, and 15.6% growth).
➔
Variable and Fixed costs declined by US$1,700k and US$1,941k year on year, respectively, representing declines
of 3.0% and 4.4%. These expense reductions, coupled with the revenue increase, were the primary drivers of the
Free Cash Flow generated during the period.
➔
The Company achieved its objective of positive Free Cash Flow for FY24 with a strong final result of US$4,648k,
a US$26,193k improvement from the prior year (FY23: negative Free Cash Flow US$21,545k)
➔
The Company is well positioned with US$11,594k of cash at bank as at March 31, 2024 (FY23: US$16,225k) after
making net repayments of US$4,747k against its existing secured revolving loan facility during the period, which
has reduced the drawn down balance to US$11,000k (FY23: US$15,747k).
➔
The Group finalized an extension to its existing US$20,000k debt facility, with its existing financier, the US-
based Western Alliance Bank, which now has a maturity date of May 31, 2027.
➔
Customer retention remains strong, with ACV Churn falling to 3.5% (FY23: 3.8%).
➔
The Company expanded its long-standing collaboration with the National Rugby League (NRL). For years, the
NRL has leveraged Catapult’s Vector Athlete Monitoring solution and ClearSky Local Positioning System in its
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OPERATING AND FINANCIAL REVIEW
stadiums. The NRL utilises these data and insights to inform in-game athlete performance, along with
enhancing fan engagement by sharing real-time athlete data during high-intensity moments.
➔
For the first time, Catapult commenced working with a professional women’s hockey organization to help
improve various aspects of the athletes’ performance, training, analysis and overall experience. The new league-
wide collaboration empowers all six PWHL teams with Catapult’s cutting-edge video solutions to enhance game
strategies and performance analysis.
➔
The Company is now the official supplier of race control systems to NASCAR. This includes its incident review
and video replay system, RaceWatch ID, to Race Control and Competition officials for NASCAR’s top three
racing series: NASCAR Cup Series, XFinity Series, and Craftsman Truck Series. NASCAR is the largest
motorsport vertical in North America.
➔
The Company extended its Vector Core users beyond first teams down to academy levels.
➔
The Company launched an enhanced Football Pro Video suite with its new Hub product for American Football
clients along with a new scout capabilities solution. The latest update includes new time-saving automation,
improved workflows, smarter presentation tools, and faster calculation capabilities.
➔
The Company launched its Next Gen Vest, a new best-in-class heart rate data vest with improved comfort
wearability.
BUSINESS STRATEGIES AND PROSPECTS
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 three “verticals” of technology solutions across two customer levels.
During the financial year, the principal activities of the entities within the Group and across the verticals were:
➔
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.
PLATFORM
PERFORMANCE &
HEALTH
TACTICS &
COACHING
MEDIA & OTHER
PERFORMANCE &
HEALTH
TACTICS &
COACHING
MANAGEMENT
PROFESSIONAL
SERVICES
MEDIA &
ENGAGEMENT
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OPERATING AND FINANCIAL REVIEW
➔
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.
➔
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 solution products are provided to elite clients on both a subscription and upfront
capital sales basis, with subscription sales forming the vast 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
4,200 teams (FY23: 3,800 teams). Catapult is also a market leader in providing innovative digital and video analytic
software solutions to elite sports teams globally.
With major offices in Australia, the United States and the United Kingdom and over 430 staff in 26 countries (FY23:
460 staff in 28 countries), Catapult is a global technology success story that is committed to advancing the way
data is used in elite sports.
BUSINESS RISK
In executing its growth plans, Catapult is subject to the market, operational and acquisition risks, including those
outlined below:
Pandemic Risks
The COVID-19 crisis caused significant disruption in sports globally. Despite the return to normalcy, a pandemic,
including COVID-19 remains a risk for the Company. A pandemic or resurgence of COVID-19, including through new
variants, 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. A pandemic 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 has significant learnings from the COVID-19 crisis and, in the event of a pandemic or a resurgence of COVID-
19, would continue to assess the impact of that pandemic on the business and consider ways to mitigate any risks to
the Company, including monitoring the impact of Government requirements and health measures on relevant markets,
and supporting customers and employees to provide a safe working environment as well as supporting hybrid and
remote working.
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, inflation, legislation, monetary and
regulatory policies, the increased level of global uncertainty and volatility associated with the conflicts in Ukraine and
the Middle East, the imposition of sanctions and export controls, as well as changes to accounting standards, may
also affect the performance of Catapult. Additionally, while the 2023 US regional banking crisis did not adversely
affect Catapult, further US bank or financial institution closures and continued global banking instability may affect
Catapult’s ability to access cash, cash equivalents, and short and long-term investments, which could have a material
adverse effect on Catapult’s business and financial condition. Such factors, in addition to other macroeconomic
conditions, may adversely affect our customers and suppliers, which could also have a material adverse effect on
Catapult’s business and financial condition. To help mitigate these risks, Catapult maintains a cash management
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2024 ANNUAL REPORT
OPERATING AND FINANCIAL REVIEW
strategy and continues to monitor its partner financial institutions and key markets. Further, detailed financial
oversight allows responsive changes to the business following variations in the economic and financial climate.
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 Catapult’s ability to retain existing customers, as well as Catapult’s ability to attract new customers. If
Catapult cannot compete successfully, Catapult’s business, operating results and financial position could be adversely
impacted. Catapult mitigates these risks by continually striving for product innovation and development, pursuing
strategic partnerships or acquisitions where appropriate, and monitoring competitor and industry activity to provide
products that customers need.
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. Catapult regularly monitors platform
performance to attenuate this risk.
Other factors, such as hacking, denial of service attacks, or natural disasters, may also adversely affect these systems
and cause them to become unavailable. Catapult’s development of business continuity and crisis management plans
is designed to help mitigate these concerns.
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 a 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 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. Despite investing in, and developing,
our in-house technology capabilities, engaging reputable third-party IT service providers, and educating employees on
data security and awareness, 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 unauthorized persons, either maliciously or via administrative or user
error. Such a data breach or other cyber incident could lead to unauthorized 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 Audit and
Risk Committee risk updates, and ongoing external cyber threat assessments to minimize 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 Catapult’s revenue, profitability and growth prospects. The loss of customer data
could have severe impacts on customer service, reputation, and the ability for customers 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.
Catapult continues to manage these risks by searching for replacement components, placing component orders well
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2024 ANNUAL REPORT
OPERATING AND FINANCIAL REVIEW
in advance, placing larger orders to increase stock on hand levels, and allowing the business sufficient time to respond
to shortages and make necessary changes to manufacturers.
As a manufacturer, importer and supplier of products, product liability risk, faulty products and associated recall 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 that
Catapult derives outside the United States of America. Catapult’s financial statements are presented in US dollars.
Adverse movements in foreign currency markets, which are regularly monitored by Catapult, could affect Catapult’s
profitability and financial position.
Development and Commercialization of Intellectual Property
Catapult relies on its ability to develop and commercialize its intellectual property. A failure to protect, develop and
commercialize 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, including regular trademark searches and
strategic protection of the register, 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 Catapult
owns, controls or licenses, whether now or in the future, will give Catapult commercially significant protection of its
intellectual property.
While Catapult regularly monitors unauthorized use of its intellectual property rights, this can be difficult and costly.
Catapult may not be able to detect unauthorized 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. Catapult may be subject to a claim that its current products
infringe the intellectual property rights of a third party. Allegations of this kind, if successful, may result in injunctions
being 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 defense 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
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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. Catapult seeks to alleviate some of these risks by
undertaking customer feedback programs to inform future product development priorities.
Brand and Reputation Damage
The brand and reputation of Catapult and its individual products are important in retaining and increasing the number
of customers that utilize 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 Catapult’s business and its future growth and profitability. Catapult’s policies and
procedures, and the training provided to employees, help to manage these risks.
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 and regularly reviews the level and scope of such cover
to ensure it is appropriate. However, to the extent that a claim is brought against Catapult that is not covered or fully
covered by insurance, such a 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 maintains
financial oversight to enable responsive changes to spending in the event of such a dispute.
Catapult Sports Inc. is the subject of a patent infringement claim filed by Charles Smith Enterprises, LLC (a non-
practising entity) filed before the District Court of Delaware. While the claim involves a current Catapult product, 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 recognized at March 31, 2024 in respect of either matter.
DIRECTORS’ REPORT
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
UNLEASH POTENTIAL
27
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 12-month period ended March 31, 2024 (‘FY24’ or ‘financial year’).
DIRECTOR DETAILS
The following persons were Directors of Catapult Group International Ltd during or since the end of the financial
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.
Directorships of listed companies over the past three
years:
hipages Group Holdings Limited (since July 2023)
MR WILL LOPES
BA
Chief Executive Officer and Managing Director
Appointed September 18, 2023
As the former Chief Revenue Officer of Amazon
subsidiary Audible, Mr Lopes brings world-class
technology and growth experience from one of the
world’s most successful technology businesses.
Will’s successful international career at Audible saw
him lead dramatic revenue growth and a global staff
of hundreds of employees. He personally scaled the
business internationally to help reach millions of
customers
across
40
different
languages,
and
developed
extensive
enterprise
partnerships
to
accelerate this customer growth.
Will’s experience at Audible spanned some 18 years and
he was present through its various corporate
structures, including as a NASDAQ-listed public
company and through its acquisition by Amazon in
2008 as a significant subsidiary.
Will holds a BA (magna cum laude) from Rutgers
University.
Directorships of listed companies over the past three
years:
None
DIRECTORS’ REPORT
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
UNLEASH POTENTIAL
28
MR SHAUN HOLTHOUSE
B.E. (Hon), Mechanical Engineering, GAICD
Founder, Non-Executive Director (previously Chief
Executive Officer (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.
Directorships of listed companies over the past three
years:
None
MR IGOR VAN DE GRIENDT
B.E. Electrical Engineering
Founder, Non-Executive Director
Member of Audit and Risk Committee
Mr Igor van de Griendt has served as Chief Operating
Officer (COO), 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
Research & Development (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.
Directorships of listed companies over the past three
years:
None
DIRECTORS’ REPORT
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
UNLEASH POTENTIAL
29
MR JAMES ORLANDO
BSc, MBA, GAICD
Independent Non-Executive Director (previously
interim Chief Financial Officer (CFO) from March 25,
2019, until January 28, 2020)
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 organization.
Directorships of listed companies over the past three
years:
None
MS MICHELLE GUTHRIE
BA/Law (Hons)
Independent Non-Executive Director
Appointed December 1, 2019
Chair of Nomination and Remuneration Committee
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 organization,
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.
Directorships of listed companies over the past three
years:
StarHub Ltd (since August 2017), BNK Banking
Corporation Limited (July 2021 to July 2023), and Chair
of Mighty Kingdom Ltd (November 2020 to December
2023).
DIRECTORS’ REPORT
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
UNLEASH POTENTIAL
30
MR THOMAS F. BOGAN
BSBA
Independent Non-Executive Director
Appointed April 1, 2021
Chair of SaaS Scaling Committee
Mr Thomas Bogan currently serves as a director of
several software companies. Until January 2022
Thomas served as Vice Chairman of Workday, a
leading provider of enterprise cloud applications for
finance and human resources with an annual revenue
of over $6 billion for its most recently completed fiscal
year.
Thomas joined Workday in 2018 following its US$1.5bn
acquisition of Adaptive Insights, where he served as
CEO. He was also 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, Thomas 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 SaaS Scaling Committee, Thomas
supports the board and management with growth-
oriented SaaS-model innovations.
Directorships of listed companies over the past three
years:
Workday, Inc. (since February 2022) and Aspen
Technology, Inc. (since May 2022).
DIRECTORS’ REPORT
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
UNLEASH POTENTIAL
31
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.
DIRECTORS’ MEETINGS
The number of Directors’ meetings (including meetings of Committees of Directors) held during the financial year, and
the number of meetings attended by each Director, is as follows:
Director’s
Name
Board Meetings
Audit and Risk
Committee
Nomination and
Remuneration
Committee
SaaS Scaling
Committee
A
B
A
B
A
B
A
B
Adir
Shiffman
8
8
-
-
4
4
3
2
Will Lopes*
3
3
-
-
-
-
-
-
Shaun
Holthouse
8
7
-
-
-
-
-
-
Igor van de
Griendt
8
8
4
4
-
-
-
-
James
Orlando
8
8
4
4
4
4
-
-
Michelle
Guthrie
8
8
4
4
4
4
-
-
Thomas
Bogan
8
8
-
-
-
-
3
3
Where:
(i)
Column A is the number of meetings the Director was entitled to attend; and
(ii)
Column B is the number of meetings the Director attended.
*
Will Lopes was appointed Managing Director of the Company on September 18, 2023 and attended Board meetings in that capacity from that
date. Mr Lopes attends Nomination and Remuneration Committee and SaaS Scaling Committee meetings as an invitee. Mr Lopes also attends
Audit and Risk Committee meetings as an invitee from time to time.
PRINCIPAL ACTIVITIES
The principal activities of the Group during the year were the sale of wearables subscriptions, wearable units and
hardware, the rendering of software services and content licensing; all related to sports.
DIVIDENDS
In respect of the current financial year, no dividend has been paid by Catapult Group International Ltd.
DIRECTORS’ REPORT
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
UNLEASH POTENTIAL
32
UNISSUED SHARES UNDER OPTION AND RIGHTS
During the financial year ended March 31, 2024, the Company granted 7,689,522 options as part of the Employee Share
Plan. The options were issued at an average exercise price of A$0.97 (US$0.63) and an average fair value of A$0.34
(US$0.22).
Unissued ordinary shares of the Company under option at the date of this report are as follows:
Date Options
Granted
Expiry Date
Fair Value at
Grant Date
Exercise Price of
Options
Vesting Date
Number under
Options
August 20, 2019
August 31, 2024
A$0.42
(US$0.28)
A$1.26
(US$0.85)
August 31, 2022
450,000
May 31, 2023
May 31, 2026
A$0.34
(US$0.22)
A$0.97
(US$0.63)
May 31, 2024
7,370,862
7,820,862
During the financial year ended March 31, 2024, the Company granted 14,077,240 rights as part of the Employee
Share Plan.
Unissued ordinary shares of the Company under rights at the date of this report are as follows:
Date Rights Granted
Expiry Date
Fair Value at
Grant Date
Exercise Price
of Rights
Vesting Date
Number under
Rights
July 1, 2021
June 30, 2025
A$1.99
A$0.00
June 30, 2024
884,800
September 30, 2021
June 30, 2025
A$1.93
A$0.00
June 30, 2024
32,675
December 31, 2021
June 30, 2025
A$1.55
A$0.00
June 30, 2024
53,513
July 8, 2022
June 30, 2025
A$0.90
A$0.00
June 30, 2024
18,529
July 25, 2022
June 30, 2024
A$0.95
A$0.00
June 30, 2023
733,262
July 25, 2022
June 30, 2026
A$0.95
A$0.00
June 30, 2025
1,177,100
July 31, 2022
June 30, 2026
A$1.00
A$0.00
June 30, 2025
413,600
September 30, 2022
June 30, 2024
A$0.83
A$0.00
June 30, 2023
57,676
November 1, 2022
September 30, 2024
A$0.87
A$0.00
September 30, 2023
82,900
November 1, 2022
September 30, 2026
A$0.87
A$0.00
September 30, 2025
39,540
December 12, 2022
September 30, 2024
A$0.72
A$0.00
September 30, 2023
4,480
March 27, 2023
September 30, 2026
A$0.70
A$0.00
September 30, 2025
50,800
March 31, 2023
December 31, 2024
A$0.67
A$0.00
December 31, 2023
1,170
April 1, 2023
June 30, 2024
A$0.67
A$0.00
June 30, 2023
276,600
April 1, 2023
December 31, 2024
A$0.67
A$0.00
December 31, 2023
1,220
April 1, 2023
June 30, 2026
A$0.67
A$0.00
June 30, 2025
168,300
July 1, 2023
June 30,2025
A$1.00
A$0.00
June 30, 2024
7,999,870
July 1, 2023
June 30,2027
A$1.00
A$0.00
June 30, 2026
2,799,219
August 1, 2023
June 30,2025
A$1.19
A$0.00
June 30, 2024
231,984
October 1, 2023
June 30,2025
A$1.07
A$0.00
June 30, 2024
718,454
October 1, 2023
June 30,2027
A$1.07
A$0.00
June 30, 2026
484,993
November 3, 2023
June 30,2025
A$0.95
A$0.00
June 30, 2024
285,148
January 1, 2024
September 30,2025
A$1.38
A$0.00
September 30,2024
131,972
January 1, 2024
December 31,2025
A$1.38
A$0.00
December 31,2024
45,619
January 1, 2024
December 31, 2027
A$1.38
A$0.00
December 31, 2026
10,670
16,704,094
All options and rights expire on their expiry date. All options and rights are issued in accordance with the Catapult
Sports Employee Share Plan, as approved by shareholders.
DIRECTORS’ REPORT
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
UNLEASH POTENTIAL
33
SHARES ISSUED DURING OR SINCE THE END OF THE YEAR AS A RESULT OF EXERCISE
During the financial year ended March 31, 2024, the Company transferred to employees 6,323,604 treasury shares as
options and performance rights exercised under the Employee Share Plan. The options and rights were exercised at
an average exercise price of A$0.81 (US$0.53) and A$0.00 respectively.
OPERATING AND FINANCIAL REVIEW
The Operating and Financial Review (OFR), which is incorporated by reference into, and forms part of this Directors’
Report, is presented separately on page 20.
REMUNERATION REPORT
The Remuneration Report (audited), which is incorporated by reference into, and forms part of, this Directors’ Report,
is presented separately on page 36.
INDEMNITIES GIVEN AND INSURANCE PREMIUMS PAID TO AUDITORS AND OFFICERS
The Company indemnifies Directors, secretaries and executive officers of the Company and its subsidiaries against
any liability incurred as a result of them being, or acting in their capacity as, an officer of the Company or a subsidiary,
to the maximum extent permitted by law. No payment has been made to indemnify any director, secretary or executive
officer of the Company or its subsidiaries during, or since the end of, the financial year.
The Company also maintains a Directors’ and Officers’ insurance policy which, subject to some exceptions, provides
insurance cover to past, present or future officers of the Company and its subsidiaries, including all Directors of the
Company. The Company paid an insurance premium for the policy during the year. 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.
To the extent permitted by law, the Company has agreed to indemnify Ernst & Young, as part of the terms of its audit
engagement agreement, against claims by third parties arising from the audit (for an unspecified amount). No
payment has been made to indemnify Ernst & Young during, or since the end of, the financial year.
NON-AUDIT SERVICES
During FY24, Ernst & Young, the Company’s auditors, performed no non-audit services for Company (FY23: Nil)
A copy of the Auditor’s Independence Declaration as required under s307C of the Corporations Act 2001, is included
on page 35 of this financial report and forms part of this Directors’ Report.
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.
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 take responsibility on
behalf of the Company for all or part of those proceedings.
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
Other than as set out in the Financial and Operating Performance section of the Operating and Financial Review,
there were no significant changes in the state of affairs of the Company during the year.
DIRECTORS’ REPORT
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
UNLEASH POTENTIAL
34
EVENTS ARISING SINCE THE END OF THE REPORTING PERIOD
The Directors are not aware of any matter or circumstance that has arisen since the end of the financial year that has
not been dealt with in this Directors’ Report or the Financial Report and 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.
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
Executive Chairman
May 29, 2024
IMPORTANT NOTICE
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 Management
EBITDA, EBITDA, Gross Margin, Contribution Margin, Free Cash Flow, annual recurring revenue (ARR), annualized contract value
(ACV), lifetime duration (LTD), ACV Retention and ACV Churn). These measures are provided to assist in understanding Catapult’s
financial performance given that it is a SaaS business. 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.
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
AUDITOR’S INDEPENDENCE DECLARATION
UNLEASH POTENTIAL
35
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
Ernst & Young
8 Exhibition Street
Melbourne VIC 3000 Australia
GPO Box 67 Melbourne VIC 3001
Tel: +61 3 9288 8000
Fax: +61 3 8650 7777
ey.com/au
Auditor’s independence declaration to the directors of Catapult Group
International Ltd
As lead auditor for the audit of the financial report of Catapult Group International Ltd for the financial
year ended 31 March 2024, I declare to the best of my knowledge and belief, there have been:
a.
No contraventions of the auditor independence requirements of the Corporations Act 2001 in
relation to the audit;
b.
No contraventions of any applicable code of professional conduct in relation to the audit; and
c.
No non-audit services provided that contravene any applicable code of professional conduct in
relation to the audit.
This declaration is in respect of Catapult Group International Ltd and the entities it controlled during
the financial year.
Ernst & Young
Ashley Butler
Partner
29 May 2024
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
REMUNERATION REPORT (AUDITED)
UNLEASH POTENTIAL
36
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 emphasizes the Board’s desire to align executive remuneration with shareholder
interests, attract and retain business critical talent, and preserve cash. The plan outcomes remain aligned with
shareholder interests, are reflective of a modern technology company at Catapult's stage of evolution and are
consistent with market practice within the key regions Catapult operates within. As such, FY24 executive remuneration
arrangements comprised the following components:
•
A market competitive remuneration mix consisting of fixed and ‘at risk’ components. The ‘at risk’ components
consist of Short-Term Incentive (STI) and Long-Term Incentive (LTI) under a clearly defined framework;
•
Equity-based STI awards that are based on a combination of executive and company performance, allocated on
an annual basis using a share price with a 12.5% premium over a 30-day average VWAP prior to April 1, allocated
on July 1 for vesting over a 12-month period from the allocation date. With respect to new starters, different grant
dates are applied to the annual assessment; and
•
Equity-based LTI awards that are based on a combination of executive and company performance, allocated on
an annual basis using a share price with a 62% premium over a 30-day average VWAP prior to April 1, allocated
on July 1 for vesting over a 36 month period from allocation. With respect to new starters different grant dates
are applied to the annual assessment.
The Board retains discretion in relation to equity-based awards, including what aspects of corporate and personal
performance are assessed in a performance year, what performance KPIs, hurdles, and outcomes are, when and what
form rewards are made and vest.
Catapult’s target remuneration mix for executive KMP’s in FY24 was as follows:
Remuneration Mix
Base Salary
STI
LTI
Total Target
Remuneration
Will Lopes - CEO
44%
25%
31%
100%
Bob Cruickshank - CFO
38%
31%
31%
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.
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
REMUNERATION REPORT (AUDITED)
UNLEASH POTENTIAL
37
Director Remuneration
The Director Salary Sacrifice Plan continued to operate during FY24 and is designed to align Director remuneration
outcomes with shareholders’ interests. Plan features are disclosed in this report.
Executive KMP Remuneration
Catapult’s remuneration strategy relating specifically to executives during FY24 remained the same as in FY23 and 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) (i) is set by reference to relevant market benchmarks
Fixed
At Risk
Base Salary
Short-Term Incentives
(STI)
Long-Term Incentives
(LTI)
Fixed remuneration is
set based on relevant
market relativities
reflecting
responsibilities,
performance,
qualifications,
experience, and
geographic location
STI performance outcomes are based on
assessments of performance targets
appropriate to the specific position and set
each performance year(ii).
LTI performance outcomes are based on
assessments of performance targets
appropriate to the specific position and
set each performance year(ii).
Remuneration to be delivered as:
Base salary
FY24 allocation of options and performance
rights are based on the most recent
assessment of performance. A 12-month
vesting period is applied.
FY24 allocation of options and
performance rights are based on the most
recent assessment of performance. A 36-
month vesting period is applied.
(i) TTR refers to the total amount of pay that a role will earn for 100% achievement of expected results. It is intended to be
positioned in the 3rd quartile when compared to peer groups comprising of similar companies in terms of industry and financial
performance.
(ii)
Note that the Board retains discretion in relation to equity-based awards, including what aspects of corporate and personal performance are
assessed in a performance year, what performance KPIs, hurdles, and outcomes are, when and what form rewards are made and vest.
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
REMUNERATION REPORT (AUDITED)
UNLEASH POTENTIAL
38
Short-Term Incentive (STI) & Long-Term Incentive (LTI) – FY24
For FY24, executive STI and LTI awards were based on the most recent assessment of performance. The most recent
assessment of performance was for the period April 1, 2022 to March 31, 2023 (FY23). The assessment was made
against the business-critical, financially focussed, company-focussed objectives set for the executives, together with
an assessment of individual performance against agreed goals and objectives. Performance hurdles are set annually
to determine and drive executive performance alignment with long-term shareholder interests. The Board applied
measurable and controllable objectives which align with strategic objectives and enhance shareholder value. To ensure
the awards were aligned with shareholder interests, STI awards were made using a 12.5% premium upon the allocation
share price as at April 1, 2023. LTI awards were made using a 62% premium upon the allocation share price as at
April 1, 2023.
For accounting purposes, an estimate of incentives to be allocated in July 2024 based on the performance period
April 1, 2023 to March 31, 2024 has been recognised as at March 31, 2024. The estimate has been performed in
accordance with Accounting Standards utilising the same methodology as the plan and most recent allocations. Upon
these incentives being allocated in the subsequent period, the estimate of units to be allocated will be revised.
The Executive Chairman’s STI award continued to be based on the annual Company scorecard and payable in cash.
The FY23 Company scorecard for the performance period included an ACV growth metric target (25% weighting), an
EBITDA margin target (25% weighting), and a Free Cash Flow target (50% weighting). The FY23 scorecard achieved
an 88% weighted outcome against the target hurdles, as noted above.
Some additional key financial performance measures are highlighted in the following table:
Item
2024
2023
2022
2021
2020
(12 months)
(12 months)
(12 months)
(9 months)
(12 months)
EPS (US Cents)
(7.0)
(13.4)
(14.8)
(4.6)
(2.7)
Dividends (US cents per
share)
-
-
-
-
-
Revenue (US$’000)
100,004
84,360
77,013
50,042
67,678
Management
EBITDA*(US$’000)
4,155
(14,225)
(13,860)
(973)
4,637
EBITDA (US$’000)
9,374
(11,015)
(14,270)
2,208
8,875
Net loss (US$’000)
(16,700)
(31,484)
(32,187)
(8,841)
(5,161)
Opening share price (A$)
0.665
1.445
1.890
1.125
1.095
Closing share price (A$)
1.550
0.665
1.445
1.890
1.125
*
Management EBITDA is EBITDA excluding share-based payments, severance, purchase consideration, and including capitalized development
expense. Included in each of the 2024, 2023, and 2022 adjustments is the SBG acquisition consideration, which is treated as a share-based
payment expense. Management EBITDA is a non-IFRS measure and is unaudited.
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
REMUNERATION REPORT (AUDITED)
UNLEASH POTENTIAL
39
During FY24, the following STI awards are payable by cash:
Name
Total at Risk Amount
($)
Percentage achieved
during the period
STI achieved
STI not achieved
Adir Shiffman –
Executive Chairman(i)
131,618
130.0%
171,104
-
During FY24, the following STI awards were allocated during the period:
Name
Total at Risk Amount
($)
Percentage achieved
during the period(ii)
STI achieved
STI not achieved
Will Lopes – Chief
Executive Officer and
Managing Director
351,000
88.0%
308,010
42,990
Bob Cruickshank – Chief
Financial Officer(iii)
280,000
100.0%
280,000
-
During FY24, the following LTI awards were allocated during the period:
Name
Total at Risk
Amount ($)
Percentage achieved
during the period(ii)
LTI achieved
LTI not achieved
Will Lopes – Chief
Executive Officer and
Managing Director
450,000
88.0%
396,000
54,000
Bob Cruickshank –
Chief Financial
Officer(iii)
280,000
100.0%
280,000
-
(i) All amounts for Australian-based directors and KMPs translated from Australian Dollars to United States Dollars at an average exchange rate for
the period ended March 31, 2024 of 0.6581.
(ii) STI and LTI achieved in respect of performance, which remains subject to service until June 30, 2024 for STI and June 30, 2026 for LTI for Will Lopes
and Bob Cruickshank.
(iii) For all employees, including KMPs, 100% achievement of performance goals is assumed when awarding STI and LTI awards in the first year of
employment. Amounts are reduced on a pro rata basis, where an employee commences during the financial year.
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
REMUNERATION REPORT (AUDITED)
UNLEASH POTENTIAL
40
Short Term Incentive (STI) - FY24
The FY24 awards were made in accordance with the following STI Plan features:
STI criteria
Description
Participants
KMP and other employees as determined by the Board.
STI $ Value
Individual STI opportunities vary based on remuneration strategy.
Performance Criteria
and Weightings
The KPIs consisted of a mix of financial, customer, product and people related objectives,
with KPIs weighted more towards financial outcomes, together with individual performance
goals and objectives.
STI vehicle
The award was made in the form of Performance Rights for executives and cash for the
Executive Chairman.
Exercise price
Nil
How much can
executives earn?
Executives have a STI opportunity of up to 80% of base salary. The STI opportunity is set
each year and will vary at the Company’s discretion with consideration of Company and
personal performance.
Equity allocation
methodology
Where equity was the vehicle, the number of Performance Rights offered to participants was
determined based on the STI opportunity and using a premium share price based on 30-day
VWAP as at April 1, 2023 plus 12.5% CAGR for the period June 1, 2023 to June 30, 2024 ($0.77
AUD).
STI Vesting Period
A 12-month STI service based vesting period will apply from allocation date to the FY24 equity
awards, with allocations made on July 1, 2023 and vesting on June 30, 2024.
Service restriction
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.
Vesting date
For equity awards, on June 30, 2024, at the end of the vesting period. For cash awards, on
or before June 30, 2024, once the STI outcome has been determined.
Clawback
STI awards will be subject to a Clawback and Malus policy that may apply from time to time.
How is it paid?
STI rights are exchanged for Catapult shares.
How is performance
measured?
The STI performance measures were chosen as they reflect the core drivers of short-term
performance and also provide a framework for delivering sustainable value to the Group, its
shareholders and customers. The performance period used as an input to determine FY24
awards is April 1, 2022 to March 31, 2023.
The Company scorecard includes an ACV growth metric target (25% weighting), an EBITDA
margin target (25% weighting), and a Free Cash Flow target (50% weighting).
Non-financial measures included alignment to Company values and reviewing behaviours
against these values, together with individual performance goals and objectives, of with a
rating applied to each.
The Company scorecard outcome was then multiplied by a percentage based on the
executive’s individual performance, to determine each executive’s individual STI outcome.
The allocation of the STI award is determined after the end of the financial year following a
review of performance of the year against the STI performance measures by the CEO (and,
in the case of the CEO, the Board). The Board approves the final STI award based on the
assessment of performance.
The accounting for the STI award is initiated at the beginning of the performance period.
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
REMUNERATION REPORT (AUDITED)
UNLEASH POTENTIAL
41
Long Term Incentive (LTI) – FY24
The FY24 awards were made in accordance with the following LTI Plan Rules:
LTI criteria
Description
Participants
KMP and other employees as determined by the Board.
LTI $ Value
Individual LTI opportunities vary based on remuneration strategy.
Performance Criteria
and Weightings
The KPIs consisted of a mix of financial, customer, product and people related objectives,
with KPIs weighted more towards financial outcomes, together with individual performance
goals and objectives.
LTI vehicle
The award was made in the form of Performance Rights for executives.
Exercise price
Nil
How much can
executives earn?
Executives have a LTI opportunity of up to 100% of base salary. The LTI opportunity is set
each year and will vary at the Company’s discretion with consideration of Company and
personal performance.
Equity allocation
methodology
The number of Performance Rights offered to participants was determined based on the LTI
opportunity and using a premium share price based on 30-day VWAP as at April 1, 2023 plus
17.5% CAGR for the period June 1, 2023 to June 30, 2026 ($1.11 AUD).
LTI Vesting Period
A 36-month LTI service based vesting period will apply to the FY24 equity awards, with grants
made on July 1, 2023 and vesting on June 30, 2026.
Service restriction
Any LTI 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.
Vesting date
For equity awards, on June 30, 2026, at the end of the vesting period.
Clawback
LTI awards will be subject to a Clawback and Malus policy that may apply from time to time.
How is it paid?
LTI rights are exchanged for Catapult shares.
How is performance
measured?
The LTI performance measures were chosen as they reflect the core drives of long-term
performance and also provide a framework for delivering sustainable value to the Group, its
shareholders and customers. The performance period used as an input to determine FY24
awards is April 1, 2022 to March 31, 2023.
The Company scorecard included an ACV growth metric target (25% weighting), an EBITDA
margin target (25% weighting), and a Free Cash Flow target (50% weighting).
Non-financial measures included alignment to Company values, reviewing behaviours
against these values, together with individual performance goals and objectives, with a
rating applied to each.
The Company scorecard outcome was then multiplied by a percentage based on the
executives individual performance, to determine each executives individual LTI outcome.
The allocation of the LTI award is determined after the end of the financial year following a
review of performance over the year against the LTI performance measures by the CEO (and,
in the case of the CEO, the Board). The Board approves the final LTI award based on the
assessment of performance.
The accounting for the LTI award is initiated at the beginning of the performance period.
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
REMUNERATION REPORT (AUDITED)
UNLEASH POTENTIAL
42
Director Fee Sacrifice Plan
The Salary Sacrifice Offer is designed to encourage Directors to build their Shareholdings in the Company. It is not
intended to be used for the purposes of providing Directors with additional remuneration.
Participation in the Salary Sacrifice Offer by a Director in respect of their annual base fees is voluntary except for the
Board has determined that fees paid to Directors in their role as Chairman of a Board Committee will be satisfied by
the issue of Rights. Therefore, participation in the Salary Sacrifice Offer by a Director for Chairman Committee fees
will be mandatory. The current fee payable for the Chairmen of the SaaS Scaling Committee, Audit & Risk Committee,
and the Nomination & Remuneration Committee is $100,000 AUD, $40,000 AUD, and $20,000 AUD, respectively.
The material terms of the Salary Sacrifice Offer are set out below.
Amount sacrificed
Voluntary Component
Directors may, at their election, sacrifice up to a maximum of 100% of their
total pre-tax base annual fees (inclusive of superannuation).
There is no minimum amount that a Director must sacrifice in respect of the
voluntary component.
Directors may only sacrifice fees in relation to “prospective” fees.
Mandatory Component
Directors must sacrifice 100% of their pre-tax Chairman Committee fees
(inclusive of superannuation).
Number of Rights to be granted
The maximum number of Rights that may be acquired by Directors depends
on:
•
the amount chosen to be sacrificed by a Director;
•
the amount of a Director’s remuneration from time to time;
•
whether a Director is a Chairman of a Board Committee; and
•
the Share price at the time when Rights are granted.
Calculation of the number of
Rights
The number of Rights to be granted will be calculated by reference to a price
(the Reference Price), determined as follows:
•
for each period of July 1 to June 30 within the period of August 2, 2022 to
August 20, 2024, the VWAP over the 30 trading days prior to April 1 of the
year of the relevant July commencement month.
Opting in and out
Each Director may opt-in or opt-out of the Voluntary Component of the
Salary Sacrifice Offer in accordance with the terms of the Salary Sacrifice
Offer (such opt-in period being, the Opt-in Period). The Opt-in Period for
newly appointed Directors may occur at a different time than those for
existing Directors.
The Opt-in Period specified in a Salary Sacrifice Offer must expire no later
than: (i) 60 days after the commencement of the Transition Year or the
Following Year (as applicable); and (ii) for newly appointed Directors, 90 days
after their commencing office.
Timing of allocation of Rights
The timing of the allocation of Rights is as follows:
•
following the closing of the Opt-in Period for each Director or, where the
grant of Rights to a Director is subject to receipt of shareholder approval,
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
REMUNERATION REPORT (AUDITED)
UNLEASH POTENTIAL
43
the date of the Company’s general meeting which approves the allocation
of the Rights to that Director.
Structure of Rights
The structure of the Rights is as follows:
•
Rights have a 12-month vesting period (i.e., will vest at the end of the 12-
month contribution period) subject to meeting a defined service condition;
and
•
Rights convert automatically to restricted or unrestricted Securities (per
the Director’s election) at the vesting date.
Restriction period on Shares
Shares allocated on vesting of Rights will be subject to trading restrictions on
dealing.
The restriction period will be until the earlier of:
•
the restriction period nominated by the Director (which may be up to 15
years from the grant date for the Rights); or
•
the date the participant ceases to hold office as a Director.
Exceptions to trading restrictions
The Board may exercise its discretion to release all or part of the restricted
Shares on a case-by-case basis in exceptional circumstances (for example,
demonstrated financial or personal hardship or other extenuating
circumstances).
Retirement and cessation of
employment
If a Director ceases office, then unvested Rights vest (pro-rated for time up
to the date of cessation of office) and are automatically exercised on the date
of cessation. The remaining unvested Rights immediately lapse on cessation
of office.
Dividends, capital returns and
voting rights
Rights do not carry dividend or voting entitlements. However, as Shares issued
or transferred on the vesting of the Rights have been ‘earned’, participants
will be immediately entitled to any dividends and capital returns paid on the
Shares and to exercise voting rights attached to any Shares allocated.
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
REMUNERATION REPORT (AUDITED)
UNLEASH POTENTIAL
44
The relative proportions of remuneration, earned by Executive Directors and KMP during FY24, that are linked to
performance and those that are fixed are as follows:
Name
Fixed
rem
At risk - STI
At risk - LTI
Fixed rem(i)
STI
LTI
Salary
Sacrifice
Total
Directors
Adir
Shiffman
100%
46%
N/A
197,428
171,104
-
-
368,532
Will Lopes
48%
40%
12%
615,097
509,216
159,200
-
1,283,513
Other Key Management Personnel
Bob
Cruickshank
56%
25%
19%
398,056
179,677
136,557
-
714,290
Hayden
Stockdale(ii)
73%
7%
20%
220,334
20,138
60,510
-
300,982
(i) Fixed rem includes base salary plus other employment benefits including long service leave, health insurance and pension contributions
(ii) Hayden Stockdale ceased to be employed by Catapult effective May 31, 2023 and therefore the remuneration shown is for the period April 1, 2023
to May 31, 2023. The fixed remuneration includes an amount paid under a separation agreement at a value of U$132k.
For FY24, short and long-term incentives were provided exclusively by way of Rights, other than for the Executive
Chairman’s at-risk STI component, which was provided by way of cash. The percentages disclosed reflect the
valuation of remuneration consisting of Rights, based on the value of Rights expensed during the year.
Service agreements
Remuneration and other terms of employment for the Executive Directors and other Key Management Personnel
are formalized in a Service Agreement. The major provisions of agreements with persons occupying such roles as at
March 31, 2024 and which relate to remuneration are set out below:
Name
Position
Base Salary
Term of Agreement
Duration of
Agreement
Notice Period
Adir Shiffman
Executive Chairman
197,428
Contract
-
1 month
Will Lopes
Chief Executive Officer
550,000
Permanent
-
6 months
Bob Cruickshank
Chief Financial Officer
350,000
Permanent
-
6 months
Details of actual remuneration
As a general principle, Australian Accounting Standards require the value of share-based payments to be calculated
at the time of grant and to be expensed over the performance period and applicable service period. This may not
reflect what Executives actually received or became entitled to during the year.
The tables in this section are voluntary disclosures and are not prepared in accordance with Australian Accounting
Standards. They are designed to provide greater transparency for shareholders on the pay and benefits the
Executives actually received, or became entitled to receive, during FY24 while they were an Executive. Executives
receive a significant portion of their variable remuneration in the form of equity. The value they actually receive from
that variable remuneration is tied directly to Catapult’s share price performance and whether the variable
remuneration vests.
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
REMUNERATION REPORT (AUDITED)
UNLEASH POTENTIAL
45
Details of actual remuneration (continued)
The table below details the actual remuneration awarded to KMP’s of Catapult Group International Ltd, received, or
in the case of share-based payments were allocated, during the relevant financial year:
Director and Other Key Management Personnel Remuneration
Year
Short-term employee benefits
Post-
employment
benefits
Long-
term
benefits
Share-based payments
(Option and Performance
Rights)(iv)
Total
Performance-
based
percentage of
remuneration
Cash salary
and fees
Bonus
Other(i)
Pension
Long
service
leave
STI
LTI
Salary
Sacrifice
$
$
$
$
$
$
$
$
$
%
Executive Directors
Adir Shiffman
Executive Chairman
2024
197,428
171,104
-
-
-
-
-
-
368,532
46.43%
2023
205,998
120,859
-
-
-
-
-
-
326,857
36.98%
Will Lopes
Chief Executive
Officer and Managing
Director
2024
550,000
54,135
10,962
275,672 250,140
1,140,909
46.09%
2023
450,000
-
60,103
7,377
-
229,869
295,656
-
1,043,005
50.39%
Non-Executive Directors
Shaun Holthouse
2024
59,355
-
-
6,455
-
-
-
-
65,810
n/a
2023
62,212
-
-
6,454
-
-
-
-
68,666
n/a
James Orlando
2024
48,238
-
-
5,232
-
-
-
46,066
99,536
n/a
2023
62,212
-
-
6,454
-
-
-
27,466
96,132
n/a
Igor van de Griendt
2024
34,651
-
-
3,737
-
-
-
43,873
82,261
n/a
2023
62,212
-
-
6,454
-
-
-
-
68,666
n/a
Michelle Guthrie
2024
59,355
-
-
6,455
-
-
-
13,162
78,972
n/a
2023
46,606
-
-
4,894
-
-
-
13,733
65,233
n/a
Thomas Bogan
2024
-
-
-
-
-
-
-
131,618
131,618
n/a
2023
-
-
-
-
-
-
-
137,332
137,332
n/a
Other Key Management Personnel
Bob Cruickshank(ii)
Chief Financial Officer
2024
350,000
-
35,941
12,115
-
250,635
373,226
-
1,021,917
61.05%
2023
-
-
-
-
-
-
-
-
-
n/a
Hayden Stockdale(ii)
Chief Financial Officer
2024(iii)
43,873
-
163,284
13,177
-
- (96,508)
-
123,826
-77.94%
2023
274,664
-
(2,145)
17,071
2,376
94,301 207,568
-
593,835
50.83%
2024 Total
1,342,900
171,104
253,360
58,133
-
526,307 526,858
234,719
3,113,381
39.32%
2023 Total
1,163,904
120,859
57,958
48,704
2,376
324,170 503,224
178,531
2,399,726
39.52%
The amounts within this table are measured using a non-IFRS measure. The non-IFRS information has not been independently audited or reviewed,
and should not be considered an indication of, or an alternative to, IFRS measures.
All 2024 amounts translated from Australian Dollars to United States Dollars at an average exchange rate for the year ended March 31, 2024 of
0.6581 (FY23: 0.6867)
(i) Other remuneration includes annual leave and company benefits such as health insurance.
(ii) Bob Cruickshank was appointed as Chief Financial Officer of the group effective April 3, 2023, Hayden Stockdale transitioned out of the role as of
May 31, 2023. The Directors have resolved to grant Hayden Stockdale “good leaver” status and accordingly Hayden Stockdale is eligible to receive
all outstanding share awards.
(iii) This is the remuneration for the period April 1, 2023 to May 31, 2023 and includes an amount paid under a separation agreement at a value of
U$132k shown within Other.
(iv) Amounts related to the value of options and performance rights awarded during FY24. These options and rights vest between May 2024 and June
2027 and are subject to continued service. It has been valued based on the allocation price as described under the STI and LTI tables on pages 25
and 26.
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
REMUNERATION REPORT (AUDITED)
UNLEASH POTENTIAL
46
Details of statutory remuneration
Details of the nature and amount of each element of the remuneration of each KMP of Catapult Group International
Ltd are shown in the table below and has been prepared in accordance with the requirement of the Corporations Act
and relevant Australian Accounting Standards and as such the amounts included under the share-based payments
columns, are based on accounting values and do not reflect actual payments received. As continuing employment
conditions and/or performance conditions apply, not all share-based payments may vest.
Director and Other Key Management Personnel Remuneration
Year
Short-term employee benefits
Post-
employment
benefits
Long-
term
benefits
Share-based payments
(Option and Performance
Rights)
Total
Performance-
based
percentage of
remuneration
Cash salary
and fees
Bonus
Other(i)
Pension
Long
service
leave
STI
LTI
Salary
Sacrifice
$
$
$
$
$
$
$
$
$
%
Executive Directors
Adir Shiffman
Executive Chairman
2024
197,428
171,104
-
-
-
-
-
-
368,532
46.43%
2023
205,998
120,859
-
-
-
-
-
-
326,857
36.98%
Will Lopes
Chief Executive
Officer and Managing
Director
2024
550,000
54,135
10,962
509,216
159,200
-
1,283,513
52.08%
2023
450,000
-
60,103
7,377
-
243,035
80,492
-
841,007
38.47%
Non-Executive Directors
Shaun Holthouse
2024
59,355
-
-
6,455
-
-
-
-
65,810
n/a
2023
62,212
-
-
6,454
-
-
-
-
68,666
n/a
James Orlando
2024
48,238
-
-
5,232
-
-
-
59,929
113,399
n/a
2023
62,212
-
-
6,454
-
-
-
26,664
95,330
n/a
Igor van de Griendt
2024
34,651
-
-
3,737
-
-
-
49,817
88,205
n/a
2023
62,212
-
-
6,454
-
-
-
-
68,666
n/a
Michelle Guthrie
2024
59,355
-
-
6,455
-
-
-
18,756
84,566
n/a
2023
46,606
-
-
4,894
-
-
-
36,558
88,058
n/a
Thomas Bogan
2024
-
-
-
-
-
-
-
181,041
181,041
n/a
2023
-
-
-
-
-
-
-
130,740
130,740
n/a
Other Key Management Personnel
Bob Cruickshank(ii)
Chief Financial Officer
2024
350,000
-
35,941
12,115
-
179,677
136,557
-
714,290
44.27%
2023
-
-
-
-
-
-
-
-
-
n/a
Hayden Stockdale(ii)
Chief Financial Officer
2024(iii)
43,873
-
163,284
13,177
-
20,138
60,510
300,982
26.79%
2023
274,664
-
(2,145)
17,071
2,376
101,652
86,969
-
480,587
39.25%
2024 Total
1,342,900
171,104
253,360
58,133
-
709,031
356,267 309,543
3,200,338
38.63%
2023 Total
1,163,904
120,859
57,958
48,704
2,376
344,687
167,461
193,962
2,099,911
30.14%
All 2024 amounts translated from Australian Dollars to United States Dollars at an average exchange rate for the year ended March 31, 2024 of
0.6581 (FY23: 0.6867)
(i) Other remuneration includes annual leave and company benefits such as health insurance.
(ii) Bob Cruickshank was appointed as Chief Financial Officer of the group effective April 3, 2023, Hayden Stockdale transitioned out of the role as of
May 31, 2023. The Directors have resolved to grant Hayden Stockdale “good leaver” status and accordingly Hayden Stockdale is eligible to receive
all outstanding share awards.
(iii) This is the remuneration for the period April 1, 2023 to May 31, 2023 and includes an amount paid under a separation agreement at a value of
U$132k shown within Other.
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
REMUNERATION REPORT (AUDITED)
UNLEASH POTENTIAL
47
Share-based remuneration
All options and performance right refer to interest over ordinary shares of the Company, which are exercisable on a
one-for-one basis under the terms of the agreements.
Options
Role
Opening Balance
Allocated
during the
year
Exercised
during the
year
Forfeited
during the
year
Lapsed during
the year
Closing
Balance
Vested
during the
year
Will Lopes
CEO
1,205,357
2,185,098
-
(1,205,357)
-
2,185,098
-
Bob Cruickshank
CFO
-
546,275
-
-
-
546,275
-
Hayden
Stockdale(i)
CFO
375,000
394,494
-
(375,000)
-
394,494
-
James Orlando
NED
611,112
-
(611,112)
-
-
-
-
Performance
Rights
Role
Opening Balance
Allocated
during the
year
Exercised
during the
year
Forfeited
during the
year
Lapsed during
the year
Closing
Balance
Vested
during the
year
Will Lopes
CEO
699,000
1,029,210
(273,500)
-
-
1,454,710
273,500
Bob Cruickshank
CFO
-
837,625
-
-
-
837,625
-
Hayden
Stockdale(i)
CFO
419,000
-
(112,200)
-
-
306,800
112,200
James Orlando
NED
49,413
101,493
(49,413)
-
-
101,493
32,722
Michelle Lee
Guthrie
NED
62,262
28,998
(62,262)
-
-
28,998
16,361
Thomas Bogan
NED
163,612
289,981
(163,612)
-
-
289,981
163,612
Options vesting schedule
Options
Role
Balance
held at
March 31,
2024
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)
Grant Date
Will Lopes
CEO
2,185,098
May 31, 2024 May 31, 2026
$0.34
$0.22
745,555
480,722
$0.97 May 31, 2023
Bob
Cruickshank
CFO
546,275
May 31, 2024 May 31, 2026
$0.34
$0.22
186,389
120,181
$0.97 May 31, 2023
Hayden
Stockdale(i)
CFO
394,494
May 31, 2024 May 31, 2026
$0.34
$0.22
134,601
86,789
$0.97 May 31, 2023
(i) Bob Cruickshank was appointed as Chief Financial Officer of the group effective April 3, 2023, Hayden Stockdale transitioned out of the role as of
May 31, 2023. The Directors have resolved to grant Hayden Stockdale “good leaver” status and accordingly is eligible to receive all outstanding
share awards. The closing balance of options and performance rights for Hayden Stockdale is as at May 31, 2023.
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
REMUNERATION REPORT (AUDITED)
UNLEASH POTENTIAL
48
Performance rights vesting schedule
Performance Rights
Role
Balance held
at March 31,
2024
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)
Will Lopes
CEO
182,500
June 30, 2024 June 30, 2025
$1.99
$1.49
363,175
271,925
-
243,000
June 30, 2025 June 30, 2026
$1.00
$0.70
243,500
170.100
-
544,020
June 30, 2024 June 30, 2025
$1.40
$1.05
761,628
571,221
-
485,190
June 30, 2026 June 30, 2027
$1.40
$1.05
679,266
509,450
-
Bob Cruickshank
CFO
494,612
June 30, 2024 June 30, 2025
$0.69
$0.46
341,282
227,522
-
343,013
June 30, 2026 June 30, 2027
$0.69
$0.46
236,679
157,786
-
Hayden Stockdale(ii) CFO
136,200
June 30, 2024 June 30, 2025
$1.99
$1.49
271,038
202,938
-
170,600
June 30, 2025 June 30, 2026
$1.00
$0.70
170,600
119,420
-
James Orlando
NED
57,996
June 30, 2024 June 30, 2025
$1.17(i)
$0.78
67,979
45,237
-
43,497
June 30, 2024 June 30, 2025
$1.26(i)
$0.81
54,732
35,233
-
Thomas Bogan
NED
144,990
June 30, 2024 June 30, 2025
$1.17(i)
$0.78
169,493
113,092
-
144,991
June 30, 2024 June 30, 2025
$1.26(i)
$0.81
182,442
117,443
-
Igor van de Griendt
NED
96,660
June 30, 2024 June 30, 2025
$1.26(i)
$0.81
121,627
78,295
-
Michelle Guthrie
NED
28,998
June 30, 2024 June 30, 2025
$1.17(i)
$0.78
33,899
22,618
-
(i) The value per option/right at the grant date for the Non-Executive Directors relating to the Salary Sacrifice Plan are determined based on the
average of the grant date values across the salary sacrifice period.
(ii) Hayden Stockdale ceased to be a KMP as at May 31, 2023.
Details of shareholdings
The movement during the year in the number of ordinary shares held directly, indirectly or beneficially, for each of
the board members and KMPs, including their related parties, is as follows:
Name
Held at
April 1, 2023
Received on exercise
of options/ rights
Purchased or (sold)
during the period
Net change other
Held at
March 31, 2024
Adir Shiffman
6,042,100
-
-
-
6,042,100
Shaun Holthouse
17,675,000
-
-
-
17,675,000
Igor van de Griendt
20,508,000
-
-
-
20,508,000
James Orlando(a)
234,412
660,525
(500,000)
-
394,937
Michelle Guthrie
420,660
62,262
-
-
482,922
Thomas Bogan
574,156
163,612
-
-
737,768
Will Lopes
505,343
273,500
(88,942)
-
689,901
Hayden Stockdale(b)
283,660
112,200
-
(395,860)
-
Bob Cruickshank
-
-
-
-
-
(a) James Orlando holds a relevant interest in 80,000 shares by way of his relationship with Kimberly Ann Foltz.
(b) As at April 1, 2023 Hayden Stockdale holds a relevant interest in 30,000 shares by way of his interest in a private pension fund. Hayden Stockdale
ceased to be employed by Catapult effective May 31, 2023. Hayden Stockdale is no longer classified as a KMP as at the date of this report and
therefore his shareholdings are not disclosed as held by Director or KMP in the table above.
Other transactions and balances with KMP and their related parties
(i)
Details and terms and conditions of other transactions with KMP and their related parties:
Operating expenses
➔
During FY24, the Company spent US$36,923 with Workday Group’s Adaptive Insights Pty Ltd as part of an
ongoing software subscription agreement to utilize Adaptive Insights budgeting and forecasting software
within its finance divisions. Mr Tom Bogan is a director of Workday Group.
➔
During FY23, the Company spent US$30,955 with Workday Group’s Adaptive Insights Pty Ltd to integrate
Adaptive Insights’ budgeting and forecasting software within its finance division, which delivers automation
and efficiency.
(ii)
Amounts recognized at the reporting date in relation to other transactions:
Operating expenses (US$)
Year ended
March 31, 2024
Year ended
March 31, 2023
Professional fees
36,923
30,955
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
CONSOLIDATED STATEMENT OF PROFIT AND
LOSS AND OTHER COMPREHENSIVE INCOME
UNLEASH POTENTIAL
49
2024
2023
Note
US$’000
US$’000
Revenue
7
100,004
84,360
Other income
8
281
1,186
Cost of goods sold
9
(18,859)
(20,534)
Employee benefits expense
20.1
(44,508)
(44,173)
Employee share-based payment expense
20.1
(9,712)
(12,103)
Capital raising and listing expenses
(106)
(116)
Travel, marketing and promotion
(4,528)
(6,132)
Occupancy
(939)
(1,090)
Professional fees
(3,557)
(4,473)
Other expenses
38
(8,702)
(7,940)
Operating profit/(loss) before depreciation and
amortization
9,374
(11,015)
Depreciation and amortization
13, 15
(24,211)
(20,596)
Loss from operations
(14,837)
(31,611)
Finance costs
23
(3,039)
(887)
Finance income
23
55
52
Other financial items
24
1,814
983
Loss before income tax expense
(16,007)
(31,463)
Income tax expense
25
(693)
(21)
Loss after income tax expense for the year
(16,700)
(31,484)
Loss per share
Basic and diluted loss per share (US$ cents per share)
27
(7.0)
(13.4)
Basic and diluted loss per share (A$ cents per share)
27
(10.6)
(19.3)
This statement should be read in conjunction with the notes to the financial statements.
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
CONSOLIDATED STATEMENT OF PROFIT AND
LOSS AND OTHER COMPREHENSIVE INCOME
UNLEASH POTENTIAL
50
2024
2023
US$’000
US$’000
Loss for the year from continuing operations
(16,700)
(31,484)
Other comprehensive loss
Items that may be reclassified subsequently to profit or loss
Foreign currency translation differences for foreign operations, net of
tax
(1,818)
(2,824)
Hyperinflation reserve movement
(625)
(493)
Other comprehensive loss for the year, net of tax
(2,443)
(3,317)
Total comprehensive loss for the year attributable to the owners of
Catapult Group International Ltd and non-controlling interests
(19,143)
(34,801)
Loss for the year is attributable to:
Members of the parent entity
(16,680)
(31,461)
Non-controlling interest
(20)
(23)
(16,700)
(31,484)
Total comprehensive loss for the year is attributable to:
Members of the parent entity
(19,120)
(34,783)
Non-controlling interest
(23)
(18)
(19,143)
(34,801)
This statement should be read in conjunction with the notes to the financial statements.
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
POSITION
CONSOLIDATED STATEMENT OF FINANCIAL
UNLEASH POTENTIAL
51
March 31, 2024
March 31, 2023
Note
US$’000
US$’000
Assets
Current assets
Cash and cash equivalents
10
11,594
16,225
Trade and other receivables
11
16,168
16,092
Inventories
12
994
2,243
Total current assets
28,756
34,560
Non-current assets
Trade and other receivables
11
452
520
Property, plant and equipment
13
27,836
21,209
Goodwill
14
51,312
51,372
Intangible assets
15
49,000
48,764
Deferred tax assets
16
7,391
6,621
Total non-current assets
135,991
128,486
Total assets
164,747
163,046
Liabilities
Current liabilities
Trade and other payables
17
9,823
9,238
Contract liabilities
18
34,471
28,158
Other liabilities
18
4,768
2,568
Employee benefits
20.3
7,626
5,977
Other financial liabilities
22.1
861
1,931
Total current liabilities
57,549
47,872
Non-current liabilities
Contract liabilities
18
3,078
3,289
Other liabilities
18
284
271
Borrowings
19.2
11,000
15,747
Employee benefits
20.3
106
158
Deferred tax liabilities
16
7,730
7,732
Other financial liabilities
22.1
6,578
1,899
Total non-current liabilities
28,776
29,096
Total liabilities
86,325
76,968
Net assets
78,423
86,078
Equity
Share capital
21
204,482
194,836
Share option reserve
16,450
14,781
Foreign currency translation reserve
(6,685)
(4,870)
Other reserves
1,019
1,471
Accumulated losses
(136,668)
(119,993)
Equity attributable to the owners of Catapult Group
International Ltd
78,598
86,225
Non-controlling interest
(175)
(147)
Total equity
78,423
86,078
This statement should be read in conjunction with the notes to the financial statements.
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
IN EQUITY
CONSOLIDATED STATEMENT OF CHANGES
UNLEASH POTENTIAL
52
Share
Capital
Share Option
Reserve
Foreign
Currency
Translation
Reserves
Other
Reserves
Accumulated
Losses
Non-
Controlling
Interests
Total equity
US$’000
US$’000
US$’000
US$’000
US$’000
US$’000
US$’000
Balance as at April 1, 2022
175,523
17,709
(2,041)
7,051
(88,527)
(134)
109,581
Loss after income tax
expense for the year
-
-
-
-
(31,461)
(23)
(31,484)
Other comprehensive loss
for the year, net of tax
-
-
(2,829)
(493)
-
5
(3,317)
Total comprehensive loss
for the year
-
-
(2,829)
(493)
(31,461)
(18)
(34,801)
Transactions with owners in
their capacity as owners:
Share-based payments
4,766
7,337
-
-
-
-
12,103
Treasury shares tax
impact(i)
-
-
-
(805)
-
-
(805)
Deferred consideration on
acquisition(ii)
14,547
(10,265)
-
(4,282)
-
-
-
Acquisition of minority
interest
-
-
-
-
(5)
5
-
Total transactions with
owners
19,313
(2,928)
-
(5,087)
(5)
5
11,298
Balance as at March 31,
2023
194,836
14,781
(4,870)
1,471
(119,993)
(147)
86,078
Share
Capital
Share Option
Reserve
Foreign
Currency
Translation
Reserves
Other
Reserves
Accumulated
Losses
Non-
Controlling
Interests
Total equity
US$’000
US$’000
US$’000
US$’000
US$’000
US$’000
US$’000
Balance as at April 1, 2023
194,836
14,781
(4,870)
1,471
(119,993)
(147)
86,078
Loss after income tax
expense for the year
-
-
-
-
(16,680)
(20)
(16,700)
Other comprehensive loss
for the year, net of tax
-
-
(1,815)
(625)
-
(3)
(2,443)
Total comprehensive loss
for the year
-
-
(1,815)
(625)
(16,680)
(23)
(19,143)
Transactions with owners in
their capacity as owners:
Share-based payments
4,840
2,936
-
-
-
-
7,776
Treasury shares tax
impact(i)
-
-
-
1,243
-
-
1,243
Deferred consideration on
acquisition(ii)
4,806
(1,267)
-
(1,070)
-
-
2,469
Transfer of ownership to
minority interest
-
-
-
-
5
(5)
-
Total transactions with
owners
9,646
1,669
-
173
5
(5)
11,488
Balance as at March 31,
2024
204,482
16,450
(6,685)
1,019
(136,668)
(175)
78,423
(i) A tax benefit of $2,171k (FY23: $928k) was recognized in other reserves for income tax benefits relating to contributions to the Employee Share
Trust in excess of the associated cumulative remuneration expense.
(ii) See Note 36 for further information on the SBG acquisition.
This statement should be read in conjunction with the notes to the financial statements.
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
CONSOLIDATED STATEMENT OF CASH FLOWS
UNLEASH POTENTIAL
53
2024
2023
Note
US$’000
US$’000
Cash flows from operating activities
Cash receipts from customers
110,419
91,785
Cash paid to suppliers and employees
(78,930)
(88,578)
Cash generated from operations
31,489
3,207
Interest received
55
52
Government grants and other income
282
191
Income taxes (paid)/received
(123)
284
Net cash flows from operating activities
29
31,703
3,734
Cash flows from investing activities
Acquisition of subsidiaries net of cash acquired
-
(28)
Payments for property, plant and equipment
(10,486)
(8,954)
Payments for intangibles
(16,569)
(16,297)
Net cash used in investing activities
(27,055)
(25,279)
Cash flows from financing activities
Loans (repayment)/received – net of transaction costs paid
(5,247)
15,636
Repayments of leasing liabilities
(1,881)
(1,972)
Interest paid
(1,825)
(476)
Proceeds from share options
345
-
Net cash (used in)/ from financing activities
(8,608)
13,188
Net decrease in cash and cash equivalents
(3,960)
(8,357)
Cash and cash equivalents at the beginning of the financial year
10
16,225
26,108
Effects of exchange rate changes on cash and cash equivalents
(671)
(1,526)
Cash and cash equivalents at the end of the financial year
10
11,594
16,225
This statement should be read in conjunction with the notes to the financial statements.
UNLEASH POTENTIAL
54
NOTES TO THE FINANCIAL STATEMENTS
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
NOTE 1. NATURE OF OPERATIONS
Catapult Group International Ltd and its controlled entities (the ‘Group’ or the ‘Company’) 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 financial year ended March 31, 2024, were approved by the Board of
Directors and authorized for issue on May 29, 2024.
Going concern
The report has been prepared on the going concern basis of accounting, which contemplates continuity of normal
business and the realization of assets and settlement of liabilities in the ordinary course of business.
As at March 31, 2024, the Group had $78,423k of consolidated net assets (FY23: $86,078k), and for the 12 months
ended that date, derived a loss after tax of $16,700k (FY23: loss of $31,484k) and had net cash inflows from operations
of $31,703k (FY23: $3,734k net cash inflows from operations). The amount of salaries, wages and other costs
capitalized to intangible assets were $16,569k for the period (FY23: $16,297k), which are presented as cash outflows
from investing activities.
The Group had a current asset deficit of $28,793k (FY23: $13,312k). Current liabilities include contract liabilities of
$34,471k (FY23: $28,158k) which are expected to release into revenue within 12 months. Current contract liabilities are
expected to be delivered over the next 12 months; therefore, no actual cash outflows are expected other than those
required to pay costs associated with delivering the service.
The Group has continued to secure sales to many leading sporting organizations across the world for which revenue
and cash inflows will be recognized in future periods. The execution of the Board approved FY25 budget, including sales
plans, is central to the Directors’ application of the going concern principle. Should it be required, Management could
reduce variable and fixed expenditure.
As disclosed at Note 19.2, the Group has a drawn down balance of $11,000k from the debt facility. The Group expects
the $20,000k facility with Western Alliance Bank to be sufficient for all its working capital needs for the ensuing 12
months from the date of this report.
The Group continues to be well positioned with $11,594k of cash and cash equivalents at March 31, 2024.
The Group also periodically reviews its capital management strategy to ensure funding initiatives are in place to
support medium-term growth objectives.
Accordingly, the Directors are of the view that the going concern principle is appropriate.
UNLEASH POTENTIAL
55
NOTES TO THE FINANCIAL STATEMENTS
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
NOTE 3. CHANGES TO REPORTING ACCOUNTING POLICIES
A number of new accounting standards, amendments to standards and interpretations have also been issued and will
be applicable in future periods. While these remain subject to ongoing assessment, no significant impacts on the
financial statements of the Group have been identified to date. These standards have not been applied in the
preparation of these Financial Statements.
3.1 New standards, interpretations and amendments adopted by the Group
The accounting policies adopted in the preparation of the Group’s annual consolidated financial statements are
consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year
ended March 31, 2023, except for the adoption of new standards effective as of April 1, 2023. The Group has not early
adopted any standard, interpretation or amendment that has been issued but is not yet effective. Several
amendments apply for the first time in 2024 but do not have a significant impact on the Group’s annual consolidated
financial statements.
NOTE 4. MATERIAL ACCOUNTING POLICIES
Principles of consolidation
The consolidated financial report has been prepared using the material accounting policies and measurement bases
summarized below.
4.1 Overall considerations
Non-controlling interest in the results and equity of subsidiaries are shown separately in the statement of profit or
loss and other comprehensive income, statement of financial position and statement of changes in equity of the
consolidated entity. Losses incurred by the consolidated entity are attributed to the non-controlling interest in full,
even if that results in a deficit balance.
4.2 Basis of consolidation
The Group financial statements consolidate those of the Parent Company and all of its subsidiaries as of March 31,
2024. 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 financial year-
end reporting date of March 31 and are included in the consolidated financial statements of the Group at this date.
Catapult Sports Technology Beijing Co Ltd (based in China) reports its local financial statements on December 31.
All transactions and balances between Group companies are eliminated on consolidation, including unrealized gains
and losses on transactions between Group companies. Where unrealized 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 recognized
from the date when the control is obtained, or up to the effective date of disposal, as applicable.
Non-controlling interests, presented as part of equity, represent the portion of a subsidiary’s profit or loss and net
assets that are 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.
UNLEASH POTENTIAL
56
NOTES TO THE FINANCIAL STATEMENTS
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
Consideration to the seller, subject to their continued employment, is recognized separately as an expense during the
period the service is provided.
The Group recognizes identifiable assets acquired and liabilities assumed in a business combination regardless of
whether they have been previously recognized 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) the fair value of consideration transferred, (b) the recognized amount of any non-controlling interest in the
acquiree, and (c) the 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 value of the net assets acquired is in excess of the aggregate
consideration transferred, the Group re-assesses whether it has correctly identified all of the assets acquired and all
of the liabilities assumed and reviews the procedures used to measure the amounts to be recognized at the acquisition
date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate
consideration transferred, then the gain is recognized in profit or loss.
4.4 Foreign currency translation
Presentation currency
The presentation currency of the Group is US Dollars, and the functional currency of the parent entity is Australian
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 recognized 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.
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 other 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
recognized in the foreign currency translation reserve in equity. On disposal of a foreign operation the cumulative
translation differences recognized in equity are reclassified to profit or loss and recognized as part of the gain or loss
on disposal.
NOTE 4. MATERIAL ACCOUNTING POLICIES (CONTINUED)
4.3 Business combination (continued)
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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 customer, 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 recognize 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. Recognizing 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 recognized either at a point in time or over time,
when the Group satisfies performance obligations by transferring the promised goods or services to customers.
Subscription – Software as a Service
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 recognized in the
Consolidated Statement of Financial Position as contract assets and included within trade and other receivables.
Unearned revenue at the period end is recognized in the Consolidated Statement of Financial Position as deferred
revenue and included within contract liabilities.
Revenue is recognized 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 provides access to its software under subscription agreements which are referred to as Software as a
Service (SaaS) revenue, and is recognized on a straight-line basis over the contract period. To enable its customers to
access the software platform offered by the Group, customers are provided with hardware devices. The Group has
determined that Catapult’s customers do not have the right to direct the use of Catapult’s hardware devices. Due to
the interdependency between the software services and the hardware devices, the Company considers these revenue
transactions to form part of a single performance obligation. These contracts are therefore accounted for as service
contracts. There are no variable consideration terms within the contracts.
These hardware units enable customers to access the software platform offered by the Group. The transactions
involving hardware and accessories do not convey a distinct good or service. The provision of hardware does not
transfer control to the customer as the Group provides a significant service of integrating the software service to
produce a combined output. The provision of the hardware, accessories and software services is referred to as
Software as a Service (SaaS) revenue, which is recognized on a straight-line basis over the contract period.
The Group’s continual assessment of and review relating to the subscription agreements continues to indicate that
the subscription agreements do not contain a lease component.
NOTE 4. MATERIAL ACCOUNTING POLICIES (CONTINUED)
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(ii)
Rendering of services
The Group is involved in providing software, support and maintenance services. The Group recognizes 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 recognized 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 recognized
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. Included in subscription revenue are additional revenue
items related to the media revenue. Revenue is recognized 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 goods
Capital revenue is the sale of goods to third parties and is recognized 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 once the software account has been
activated. Included in capital revenue are also additional revenue items related to the sale of hardware, training and
installation revenue. Revenue is recognized at a point in time when the Group satisfies performance obligations by
transferring the promised goods or services to customers.
Significant financing component
In assessing the transaction price for the sale of its subscription products, the Group considers the existence of a
significant financing component. From time to time, the Group receives payments from customers for 2-3 years in
advance of the performance obligation being satisfied. Subject to the assessment of a customer’s geographic and
individual credit risk, analysis of specific contract pricing relative to similar customer segments for short-term
contracts, and materiality to the overall sales contract, there may be a significant financing component for these
contracts considering the length of time between the customer’s payment and the satisfaction of the performance
obligation, as well as the prevailing interest rate in the market. As such, where a significant financing component is
identified, the transaction price is discounted using the interest rate implicit in the contract. For the year ending March
31, 2024, there is a significant financing component that the Group recognized as a finance cost when the
consideration is received in advance.
Finance 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 recognized at the time the right to receive payment is established.
NOTE 4. MATERIAL ACCOUNTING POLICIES (CONTINUED)
4.5 Revenue (continued)
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4.6 Operating expenses
Operating expenses are recognized in profit or loss upon utilization 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 capitalized
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 23).
4.8 Goodwill
Goodwill represents the future economic benefits arising from a business combination that are not individually
identified and separately recognized. See Note 4.3 for information on how goodwill is initially determined. Goodwill is
carried at cost less accumulated impairment losses. Refer to Note 14.1 for a description of impairment testing
procedures.
4.9 Other intangible assets
Acquired intangible assets
Acquired computer software licenses are capitalized 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 recognized 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 customized software and hardware IP for athlete
tracking and analytic analysis is recognized as an expense as incurred.
Costs that are directly attributable to a project’s development phase are recognized 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 IP; and
•
The software/hardware IP will generate probable future economic benefits.
•
Development costs not meeting these criteria for capitalization are expensed as incurred.
•
Directly attributable costs include employee costs and costs incurred on software & hardware IP development.
Subsequent measurement
All intangible assets, including capitalized internally developed software and hardware IP, are accounted for using the
cost model whereby capitalized costs are amortized 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.
The following useful lives are applied:
•
Software (licenses and internally developed): 3–9 years, except with regard to identified projects with 2 years
•
Brand names: 2–5 years
•
Customer lists: 7–10 years
•
Hardware IP: 3 years
•
Distributor relationships: 10 years
•
Distributor contracts: 10 years
•
Goodwill: annually assessed by management for impairment.
NOTE 4. MATERIAL ACCOUNTING POLICIES (CONTINUED)
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4.10 Property, plant and equipment
Plant and office equipment and fixtures and fittings are initially recognized 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 depreciation and
impairment losses.
The following useful lives are applied:
•
Plant and office equipment: 2-20 years
•
Subscription & demo units: 4 years
•
Fixture and fittings: life of lease
•
Property improvements: life of lease
•
Right-of-use assets: life of lease
Depreciation is recognized on a straight-line basis to write down the cost less estimated residual value of subscription,
service, demonstration wearable units and plant and office equipment over their useful life. 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 recognized in profit or loss within other income
or other expenses.
4.11 Leased assets
Short–term and low value leases
The Group has elected not to recognize 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 as incurred. In
addition, certain variable lease payments are not permitted to be recognized as lease liabilities and are expensed as
incurred (see Note 22). Associated costs, such as maintenance and insurance, are expensed as incurred.
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). Goodwill is allocated to those group of cash-generating unit (CGU) 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.
CGUs to which goodwill has been allocated (determined by the Group’s management as equivalent, or at a lower level,
to its operating segments) are tested for impairment at least annually. CGUs are tested for impairment whenever
events or changes in circumstances indicate that the carrying amount may not be recoverable.
An impairment loss is recognized for the amount by which the CGU’s carrying amount exceeds its recoverable amount,
which is the higher of fair value less costs of disposal or value-in-use. To determine the value-in-use, management
estimates expected future cash flows from each CGU 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 reorganizations and asset
enhancements. Discount factors are determined individually for each CGU and reflect management’s assessment of
respective risk profiles, such as market and asset-specific risks factors.
Impairment losses for CGUs reduce first the carrying amount of any goodwill allocated to the group of CGUs. Any
remaining impairment loss is charged across the other assets in the CGU to the extent that the charge does not reduce
NOTE 4. MATERIAL ACCOUNTING POLICIES (CONTINUED)
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the value of the assets below their recoverable amount. With the exception of goodwill, all assets are subsequently
reassessed for indications that an impairment loss previously recognized may no longer exist. An impairment charge
is reversed if the CGUs recoverable amount exceeds its carrying amount.
4.13 Financial instruments
Recognition, initial measurement and de-recognition
Financial assets, except trade receivables, are initially recognized at fair value plus, in the case of a financial asset not
at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing
component or for which the Group has applied the practical expedient are measured at the transaction price.
Financial liabilities are initially recognized at fair value minus, in the case of financial liabilities not at fair value through
profit or loss, transaction costs.
Financial assets are de-recognized 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-recognized
when it is extinguished, discharged, cancelled or expires.
Subsequent measurements of financial assets and financial liabilities are described below.
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:
•
Amortized cost;
•
Financial assets at Fair Value Through Profit or Loss (‘FVTPL’);
•
Financial assets reported through Other Comprehensive Income (‘FVOCI’);
The Group recognizes an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value
through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with
the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original
effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit
enhancements that are integral to the contractual terms.
ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit
risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within
the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in
credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the
exposure, irrespective of the timing of the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime
ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss
experience, adjusted for forward-looking factors specific to the debtors and the economic environment. All income
and expenses relating to financial assets that are recognized 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.
Amortized 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 amortized cost using the effective interest rate (EIR)
NOTE 4. MATERIAL ACCOUNTING POLICIES (CONTINUED)
4.12 Impairment testing of goodwill, intangible assets, property, plant and equipment and right-of-use assets
(continued)
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2024 ANNUAL REPORT
method and are subject to 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.
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 amortized 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 recognized in profit or loss. All derivative financial instruments that are not designated and effective as hedging
instruments are accounted for at FVTPL.
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 recognized in profit or loss comprises the sum of deferred tax and current tax not recognized 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.
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 realization, provided they are enacted or substantively enacted by the end of the reporting period.
Deferred tax assets are recognized to the extent that it is probable that they will be able to be utilized 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.
The carrying amount of recognized and unrecognized deferred tax assets, including deferred tax assets derived from
tax losses, are reviewed at each reporting date. Deferred tax assets recognized 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
unrecognized deferred tax assets are recognized to the extent that it is probable that there are future taxable profits
available to recover the asset and convincing other evidence exists to this effect.
The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set
off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income
taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend
NOTE 4. MATERIAL ACCOUNTING POLICIES (CONTINUED)
4.13 Financial instruments (continued)
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either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities
simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to
be settled or recovered.
Changes in deferred tax assets or liabilities are recognized as a component of tax income or expense in profit or loss,
except where they relate to items that are recognized in other comprehensive income (such as the revaluation of land)
or directly in equity, in which case the related deferred tax is also recognized 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.
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.
The tax effect of share-based payment awards granted is recognized in current income tax expense / (benefit), except
to the extent that the total tax deductions are expected to exceed the cumulative remuneration expense. In this
situation, the excess of the associated current or deferred tax is recognized in equity and forms part of the treasury
shares reserve.
Other components of equity include the following:
Foreign currency translation reserve – comprises foreign currency translation differences arising from the translation
of foreign operations whose functional currency is different from the Group’s presentation currency, USD (see Note
4.4).
Share option reserve – comprises the grant date fair value of options issued but not exercised.
Other reserve – comprises of deferred considerations in relation to the SBG acquisition and hyperinflation (see Note
4.23).
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.
Treasury shares – The treasury reserve is used to hold the book value of shares held by the Employee Share Trust for
future issues to participants on exercise of options / restricted stock units. The tax effect of tax deductions for
contributions to the Employee Share Trust in excess of the associated cumulative remuneration expense is recorded
directly in equity and forms part of the treasury shares reserve. Amounts are transferred out of this reserve and into
accumulated losses when the relevant equity rights are converted into shares.
All transactions with owners of the parent are recorded separately within equity.
NOTE 4. MATERIAL ACCOUNTING POLICIES (CONTINUED)
4.15 Income taxes (continued)
NOTE 4. MATERIAL ACCOUNTING POLICIES (CONTINUED)
4.17 Equity, reserves and dividend payments (continued)
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CATAPULT GROUP INTERNATIONAL LTD
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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 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). Grant date is
the date when there is a shared understanding between employees and the Group of the terms and conditions of the
plan.
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 right-of-use make good, product warranties, legal disputes, onerous contracts or other claims are
recognized 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.
No liability is recognized 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 disclosure
is required.
Restructuring provisions (when applicable) will only be recognized 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 recognized 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
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CATAPULT GROUP INTERNATIONAL LTD
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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 recognized 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 recognized 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 recognized 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 and sources of estimation uncertainty
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
Determining when to recognize 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 and other associated hardware items for team sports under a subscription model. Under this model,
the customer has the right to use the hardware units for the period of the subscription, however they must return the
hardware to the Group at the end of the subscription period, and the Group retains ownership and control of the
hardware throughout the subscription period.
All revenue under subscription sales is recognized on a straight-line basis over the term of the subscription period,
reflecting management’s best estimate of the delivery of services over the term of the agreements, and all
subscription hardware items are capitalized and recorded on the Company’s fixed asset register and depreciated over
the expected useful life of the assets.
Recognition of deferred tax assets
The extent to which deferred tax assets can be recognized is based on an assessment of the probability of the Group’s
future taxable income against which the deferred tax assets can be utilized, as described in Note 16. In addition,
significant judgement is required in assessing the impact of any legal or economic limits or uncertainties in various tax
jurisdictions.
The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set
off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income
taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend
either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities
simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to
be settled or recovered.
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.
NOTE 4. MATERIAL ACCOUNTING POLICIES (CONTINUED)
4.20 Provisions, contingent liabilities and contingent assets (continued)
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Impairment
In assessing impairment, management estimates the recoverable amount of each asset or cash-generating unit based
on expected future cash flows and uses a weighted average cost of capital 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 realizable values of inventories, taking into account the most reliable evidence
available at each reporting date. The future realization of these inventories may be affected by future technology or
other market-driven changes that may reduce future selling prices.
Expected credit loss (ECL)
The Group applies the simplified approach to measure Expected Credit losses (ECLs), which uses a lifetime expected
loss allowance for all trade receivables and contract assets. To measure the expected credit losses, trade receivables
and contract assets have been grouped based on shared credit risk characteristics and days past due. The Group has
established a provision matrix that is based on the payment profile of customers and the corresponding historical
credit loss experience, adjusted for current and forward-looking factors specific to the debtors and the economic
environment. Trade receivables and contract assets are written off when there is no reasonable expectation of
recovery. Indicators that there is no reasonable expectation of recovery include, amongst other things, the failure of
a debtor to engage in a repayment plan with Catapult and a failure to make contractual payments for an extended
period of time.
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 Hyperinflation
AASB 129 – Financial Reporting in Hyperinflationary economies, requires that the financial statements of entities
whose functional currency is that of a hyperinflationary economy to be adjusted for the effects of changes in a suitable
general price index and to be expressed in terms of the current unit of measurement at the closing date of the
reporting period. For the purposes of concluding on whether an economy is categorized as high inflation under AASB
129, the standard details a series of factors to consider, including a cumulative inflation rate over three years that is
close to or exceeds 100%. Inflation has increased significantly since early 2018 and the three-year cumulative inflation
rate has exceeded 100%. Since 2018, Argentina has been considered as a hyperinflationary economy.
In accordance with AASB 129, the financial statements of an entity that reports in the currency of a high inflation
economy must be reported in terms of the unit of measure in effect at the date of the financial statements. All
amounts in the statement of financial position that are not indicated in terms of the current unit of measure at the
date of the financial statements must be restated by applying a general price index. All the components of the income
statement must be indicated in terms of the unit of measurement updated at the date of the financial statements,
applying the change in the general price index that has occurred since the date on which the income and expenses
were originally recognized in financial statements.
NOTE 4. MATERIAL ACCOUNTING POLICIES (CONTINUED)
4.22 Significant management judgement and sources of estimation uncertainty (continued)
UNLEASH POTENTIAL
67
NOTES TO THE FINANCIAL STATEMENTS
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
The Argentine Securities Commission established that the series of indexes to be used in the AASB 129 application is
the one established by the Argentine Federation of Professional Councils in Economic Sciences.
4.24 Comparative figures
When required by Accounting Standards, comparative figures have been adjusted to conform to changes in
presentation for the current financial year.
NOTE 4. MATERIAL ACCOUNTING POLICIES (CONTINUED)
4.23 Hyperinflation (continued)
UNLEASH POTENTIAL
68
NOTES TO THE FINANCIAL STATEMENTS
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
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)
Group Ownership Interest
Principal Place of Business /
Principal Activity
2024
2023
Name of the Subsidiary**
%
%
Catapult Sports Pty Ltd(i),(ii),(iii)
Australia – design and sale of wearable
products and software
100
100
Catapult Gameday Pty Ltd
Australia – trading entity for relationships
with Media sector
100
100
Catapult International Pty Ltd(i),(ii)
Australia – holding company
100
100
GPSports Systems Pty Ltd(iii)
Australia – design and sale of wearable
products and software
100
100
Catapult Innovations Pty Ltd
Australia – non trading entity
100
100
Catapult Group US Inc.(iii)
United States of America – holding
company
100
100
Catapult Sports LLC(iii)
United States of America – North American
sales operations
100
100
Catapult Sports Inc. (formerly XOS Technologies,
Inc.)
United States of America – Video Analytics
100
100
Collegiate Images LLC
United States of America – Content
Licensing
100
100
Catapult Sports Limited(iii)
United Kingdom – UK sales operations
100
100
Catapult Sports Godo Kaisha
Japan – Asia sales operations
100
100
Catapult Sports Europe Limited
Ireland – holding company
100
100
Catapult Sports EMEA Ltd(iii) (formerly Kodaplay
Limited)
Ireland – manufacturing, design and sale of
wearable products and software in EMEA
100
100
Catapult Sports SAS
Argentina – South American sales
operations
100
100
Catapult Sports Technology Beijing Co Ltd
China – Asia sales operations
100
100
Science for Sport Limited(iv)
United Kingdom – subscription online sport
learning platform
75
80
SBG Sports Software Ltd*
Isle of Man – holding company
100
100
SBG Sports Software UK Ltd*
United Kingdom – United Kingdom sales
operations
100
100
Catapult Sports GmbH* (formerly SBG Sports
Software GmbH)
Germany – European sales operations
100
100
SBG Sports Software Inc.*
United States of America – North American
sales operations
100
100
Landmark Technology Services Limited*
United Kingdom – United Kingdom sales
operations
100
100
*
Refer to Note 36 for further information.
** Catapult is in the process of dissolving its US wholly owned subsidiaries, Forbes Recruit Evaluation, Inc. and Forbes Recruit Evaluation, LLC.
(i) Catapult Group International Ltd (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’ or ‘Extended 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 35.
(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 $20,000k granted to Catapult Sports Inc
and Collegiate Images LLC.
(iv) 5% equity was issued to the existing minority owner on January 31, 2024 as part of an existing share purchase agreement. Catapult now holds 75%
of the issued share capital in Science for Sport Limited.
UNLEASH POTENTIAL
69
NOTES TO THE FINANCIAL STATEMENTS
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
NOTE 6. SEGMENT INFORMATION
Management identifies its operating segments based on the Group’s product verticals which represent the main
offerings provided by the Group. The Group’s three main operating segments are:
•
Performance & Health: design, development and supply of wearable technology and athlete monitoring software
solutions to sports teams, athletes, & the prosumer market.
•
Tactics & Coaching: design, development and supply of video analysis, editing, and publishing software solutions to
sports teams.
•
Media & Other: provides media licensing, athlete management & professional services to customers.
These operating segments are monitored, and strategic decisions are made on the basis of adjusted segment
operating results by the Chief Operating Decision Maker. The Group identifies the Chief Executive Officer as Chief
Operating Decision Maker.
The revenues and profit generated by each of the Group’s operating segments and segment assets and liabilities are
summarized as follows:
Performance
& Health
Tactics
& Coaching
Media
& Other
Total
US$’000
US$’000
US$’000
US$’000
12 months to March 31, 2024
Revenue – external customers
54,679
31,757
13,568
100,004
Segment EBITDA
6,739
954
1,681
9,374
Segment operating (loss)/profit
(5,483)
(11,366)
149
(16,700)
Segment assets
62,306
82,442
19,999
164,747
Segment liabilities
(41,646)
(37,446)
(7,233)
(86,325)
Performance
& Health
Tactics
& Coaching
Media
& Other
Total
US$’000
US$’000
US$’000
US$’000
12 months to March 31, 2023
Revenue – external customers
42,646
28,183
13,531
84,360
Segment EBITDA
(6,522)
(5,582)
1,089
(11,015)
Segment operating (loss)/profit
(15,147)
(16,392)
55
(31,484)
Segment assets
62,057
79,860
21,129
163,046
Segment liabilities
(34,982)
(33,806)
(8,180)
(76,968)
NOTES TO THE FINANCIAL STATEMENTS
UNLEASH POTENTIAL
70
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
Revenue by Geography
The Group’s revenues from external customers are divided into the following geographical areas:
Performance
& Health
Tactics
& Coaching
Media
& Other
Total
US$’000
US$’000
US$’000
US$’000
12 months to March 31, 2024
Revenue – external customers
Australia
3,923
94
111
4,128
APAC
5,179
371
35
5,585
EMEA
20,163
5,581
463
26,207
United States of America
19,861
24,651
12,940
57,452
Rest of Americas
5,553
1,060
19
6,632
Total
54,679
31,757
13,568
100,004
Performance
& Health
Tactics
& Coaching
Media
& Other
Total
US$’000
US$’000
US$’000
US$’000
12 months to March 31, 2023
Revenue – external customers
Australia
3,706
65
108
3,879
APAC
4,176
230
66
4,472
EMEA
15,008
4,829
603
20,440
United States of America
15,808
22,129
12,716
50,653
Rest of Americas
3,948
930
38
4,916
Total
42,646
28,183
13,531
84,360
All revenue is generated from external customers, and there are no inter-segment revenues.
Revenues from external customers in the Group’s domicile, Australia, as well as its major markets, Europe, Middle East
and Africa (EMEA), Asia-Pacific (APAC) and the Americas, have been identified on the basis of the customer’s
geographical location.
There is no revenue arising from any one customer that amounts to more than 10% of total consolidated revenue.
NOTE 7. REVENUE FROM CONTRACTS WITH CUSTOMERS
Revenue has been generated from the following types of sales transactions:
2024
2023
US$’000
US$’000
Capital revenue(i)
7,666
6,715
Subscription and service(ii),(iii)
92,338
77,645
Total revenue from contracts with customers
100,004
84,360
(i) Capital revenue is goods and services transferred at a point of time
(ii) Subscription and service revenue is transferred over time
(iii) Subscription and service revenue for FY24 includes a significant financing component of $960k (non-cash) (FY23: $289k).
NOTE 6. SEGMENT INFORMATION (CONTINUED)
NOTES TO THE FINANCIAL STATEMENTS
UNLEASH POTENTIAL
71
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
NOTE 8. OTHER INCOME
Other income has been generated from the following sources:
2024
2023
US$’000
US$’000
Government grants and assistance(i), (ii)
-
183
Other income(iii)
281
1,003
Total other income
281
1,186
(i) This primarily relates to the receipt of government grant payments received from governments in response to the COVID-19 pandemic.
Government grants are recognized in the financial statements at their fair values when there is a reasonable assurance that the Consolidated
Entity will comply with the requirements and that the grant will be received.
(ii) During the year-ended March 31, 2023 certain government grants, which the Group had reported as loans in the prior reporting period, were
converted to grant monies.
(iii) This includes other income recognized as a result of the remeasurement of the contingent consideration on the SBG acquisition (further details
included at Note 36 and 37).
Government grants are initially recognized at fair value when there is reasonable assurance that the grants will be
received and the Group will comply with the conditions associated with the grant. Grants of a revenue nature are
recognized in the profit and loss as other income on a systematic basis in the periods in which the related expenses
are recognized.
NOTE 9. COST OF GOODS SOLD
Cost of goods sold for the period includes the following:
2024
2023
US$’000
US$’000
Purchases
5,917
8,050
Royalties
4,885
5,243
Data centre and cloud hosting
3,358
3,106
Freight & Delivery
2,454
2,383
Inventory movements
1,249
747
Other
996
1,005
Total cost of goods sold
18,859
20,534
NOTE 10. CURRENT ASSETS – CASH AND CASH EQUIVALENTS
Cash and cash equivalents include the following components:
2024
2023
US$’000
US$’000
USD
5,181
10,764
AUD
2,242
627
GBP
1,429
1,329
CNY
1,284
1,796
EUR
948
1,344
ARS
360
203
JPY
150
162
Total cash and cash equivalents
11,594
16,225
NOTES TO THE FINANCIAL STATEMENTS
UNLEASH POTENTIAL
72
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
NOTE 11. TRADE AND OTHER RECEIVABLES
Trade and other receivables consist of the following:
The net carrying value of trade receivables is considered a reasonable approximation of fair value.
Trade receivables that do not contain a significant financing component or for which the Group has applied the
practical expedient are measured at the transaction price. Contract assets are recognized over the period in which
performance obligations are completed and represent the Group’s right to consideration to date but not yet invoiced.
All of the Group’s trade and other receivables that have been classified as financial assets have been reviewed at every
reporting period for expected credit losses. Trade receivables are written-off when there is no reasonable expectation
of recovery but are still subject to enforcement activity. Subsequent recoveries of amounts previously written-off are
credited against the same line item. During the year ended March 31, 2024, an amount of US$1,340k (2023: US$451k)
was found to be impaired, and subsequently these bad debts were written off. Furthermore, details on Group’s
impairment policy are mentioned in Note 31.
Set out below is the movement in the allowance for expected credit losses of trade receivables and contract assets:
2024
2023
US$’000
US$’000
Balance at beginning of the year
1,556
1,585
Write-off
(1,340)
(451)
Provision for expected credit losses
454
422
Balance at year end
670
1,556
2024
2023
US$’000
US$’000
Trade receivables, gross
10,767
10,560
Contract assets
1,997
2,865
Allowance for expected credit losses
(670)
(1,556)
Trade receivables and contract assets, net
12,094
11,869
Other receivables
972
1,526
Other non-current financial asset
402
367
Total financial assets
13,468
13,762
Other receivables
469
310
Taxes receivable
616
688
Prepayments
2,017
1,699
Non-current trade and other receivables
50
153
Total non-financial assets
3,152
2,850
Total trade and other receivables
16,620
16,612
Current trade and other receivables
16,168
16,092
Non-current trade and other receivables
452
520
NOTES TO THE FINANCIAL STATEMENTS
UNLEASH POTENTIAL
73
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
NOTE 12. INVENTORIES
2024
2023
US$’000
US$’000
Raw materials and consumables (at cost)
381
348
Finished goods (at lower of cost and net realizable value)
613
1,895
Total inventories at the lower of cost and net realizable value
994
2,243
In FY24, the total cost of US$9,620K associated with inventories was included in the Consolidated Statement of Profit
and Loss and Other Comprehensive Income as an expense (2023: US$11,180k). At March 31, 2024, the provision for
obsolete stock was US$1,041k (2023: US$1,187k).
NOTE 13. NON-CURRENT ASSETS – PROPERTY, PLANT AND EQUIPMENT
Details of the Group’s property, plant and equipment and their carrying amounts are as follows:
Subscription &
Demo Units
Plant & Office
Equipment
Furniture &
Fittings
Leasehold
Improvements
Leased
Assets*
Total
US$’000
US$’000
US$’000
US$’000
US$’000
US$’000
Gross carrying amount
Balance as at April 1,
2023
23,910
8,506
267
1,863
8,234
42,780
Additions
8,753
1,130
41
426
5,406
15,756
Disposals
(5,267)
(25)
-
-
(1,491)
(6,783)
Net exchange
differences
149
(690)
6
(18)
(106)
(659)
Balance as at March 31,
2024
27,545
8,921
314
2,271
12,043
51,094
Depreciation and
impairment
Balance at April 1, 2023
(8,925)
(6,263)
(20)
(1,431)
(4,932)
(21,571)
Depreciation
(4,862)
(1,331)
(7)
(78)
(1,845)
(8,123)
Disposals
4,788
25
-
-
1,318
6,131
Net exchange
differences
(74)
342
-
22
15
305
Balance as at March 31,
2024
(9,073)
(7,227)
(27)
(1,487)
(5,444)
(23,258)
Carrying amount
as at March 31, 2024
18,472
1,694
287
784
6,599
27,836
NOTES TO THE FINANCIAL STATEMENTS
UNLEASH POTENTIAL
74
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
Subscription &
Demo Units
Plant & Office
Equipment
Furniture &
Fittings
Leasehold
Improvements
Leased
Assets*
Total
US$’000
US$’000
US$’000
US$’000
US$’000
US$’000
Gross carrying amount
Balance as at April 1,
2022
17,440
7,256
148
1,704
6,058
32,606
Additions
8,323
1,079
117
257
3,233
13,009
Disposals
-
(88)
-
-
(879)
(967)
Net exchange
differences
(1,853)
259
2
(98)
(178)
(1,868)
Balance as at March 31,
2023
23,910
8,506
267
1,863
8,234
42,780
Depreciation and
impairment
Balance as at April 1,
2022
(6,527)
(4,954)
(17)
(1,402)
(4,100)
(17,000)
Depreciation
(3,147)
(1,214)
(4)
(126)
(1,599)
(6,090)
Disposals
-
61
-
-
612
673
Net exchange
differences
749
(156)
1
97
155
846
Balance as at March 31,
2023
(8,925)
(6,263)
(20)
(1,431)
(4,932)
(21,571)
Carrying amount
as at March 31, 2023
14,985
2,243
247
432
3,302
21,209
*
All assets within the category Leased Assets relate to the leasing of property
All depreciation and amortization charges are included within depreciation and amortization expense.
During the year, the Group conducted a review of the subscription and demo unit register and disposed of aged rental
units that were no longer in use as part of existing subscription contracts. These had a net book value of $479k (FY23:
$Nil).
As at March 31, 2024 there is a contractual commitment to the value of $344k to acquire property, plant and
equipment in relation to an office fit out as part of a new lease agreement, which commenced during February 2024
(2023: $Nil).
The net book value of non-property assets held as leases at March 31, 2024 was US$104k (2023: US$259k) and is
included in Office Equipment.
NOTE 13. NON-CURRENT ASSETS – PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
NOTES TO THE FINANCIAL STATEMENTS
UNLEASH POTENTIAL
75
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
NOTE 14. NON-CURRENT ASSETS – GOODWILL
The movements in the net carrying amount of goodwill are as follows:
2024
2023
US$’000
US$’000
Balance at beginning of the year
51,372
51,806
Foreign exchange effect on goodwill
(60)
(434)
Balance at year end
51,312
51,372
14.1 Impairment Testing
Goodwill allocation
2024
US$’000
2023
US$’000
Performance & Health
3,899
3,949
Tactics & Coaching
31,450
31,451
Media & Engagement
15,505
15,505
Management
376
386
Professional services
82
81
Balance at year end
51,312
51,372
The Group assesses, at each reporting date, whether there is an indication that the CGU or group of CGUs may be
impaired. If any indication exists, or when annual impairment testing for the CGU or group of CGUs is required, the
Group estimates the CGU or group of CGUs recoverable amount. The CGU or group of CGUs recoverable amount is
the higher of the CGU or group of CGUs fair value less costs of disposal and its value in use.
The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that
are largely independent of those from other assets or groups of assets. When the carrying amount of the CGU or
group of CGUs exceeds its recoverable amount, the CGU or group of CGUs is considered impaired and is written down
to its recoverable amount. Impairment losses of continuing operations are recognized in the statement of profit or
loss in expense categories consistent with the function of the impaired asset.
The recoverable amounts 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.
Cash flows
The present value of the expected cash flows of each CGU or Group of CGU’s is determined by applying a suitable
discount rate. In measuring value-in-use, cash flow projections are based on:
•
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; and
•
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
•
Estimated 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.
NOTES TO THE FINANCIAL STATEMENTS
UNLEASH POTENTIAL
76
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
Terminal Growth rates
Discount rates
2024
2023
2024
2023
Performance & Health
2.5%
2.9%
12.1%
11.5%
Tactics & Coaching
2.5%
2.9%
12.1%
11.5%
Media & Engagement
2.5%
2.9%
12.1%
11.1%
Management
2.5%
2.9%
12.1%
11.1%
Professional services
2.5%
2.9%
12.1%
11.1%
Impact of possible changes in key assumptions
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 Group of CGUs above to exceed its
recoverable amount.
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 is 2.5% in FY24. This is
determined based on management’s estimate of the long-term compound annual EBITDA growth rate, consistent
with industry trends and in line with US Federal Reserve long term inflation rate projection.
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 wearables, video and
tactical products.
The growth rates reflect management’s estimates, as publicly published growth rates for this industry segment are
not readily available.
Discount rates
The discount rate is based on the Weighted Average Cost of Capital (WACC) of a typical current market participant
taking into account appropriate adjustments relating to market risk and specific risk factors of the Group and its
CGUs. These specific risk factors are reviewed annually based on publicly available data.
14.2 Brand names
The carrying value of brand names associated with each group of cash generating unit are outlined below:
2024
2023
US$’000
US$’000
Brand acquired on acquisition of SBG(i)
379
548
Balance at year end
379
548
(i) Brand recognized on the acquisition of SBG is being recorded in the Tactics and Coaching CGU.
NOTE 14. NON-CURRENT ASSETS – GOODWILL (CONTINUED)
14.1 Impairment Testing (continued)
NOTES TO THE FINANCIAL STATEMENTS
UNLEASH POTENTIAL
77
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
NOTE 15. NON-CURRENT ASSETS – INTANGIBLE ASSETS
Acquired
Software
Licenses
Hardware
IP
Brand
Name
Distributor
Relationships
Distributor
Contracts
Customer
Relationships
Internally
Developed
Software
Total
US$’000
US$’000
US$’000
US$’000
$US$’000
US$’000
US$’000
US$’000
Gross carrying amount
Balance as at April 1, 2023
1,083
13,266
4,609
285
64
21,445
76,696
117,448
Additions
81
2,974
-
-
-
-
13,545
16,600
Net exchange difference
(26)
(549)
(5)
(7)
(1)
(15)
(215)
(818)
Balance as at March 31, 2024
1,138
15,691
4,604
278
63
21,430
90,026
133,230
Amortization and impairment
Balance as at April 1, 2023
(776)
(8,070)
(4,061)
(250)
(64)
(15,263)
(40,200)
(68,684)
Amortization
(121)
(2,024)
(169)
(28)
-
(1,609)
(12,136)
(16,087)
Net exchange difference
19
179
5
7
1
13
317
541
Balance as at March 31, 2024
(878)
(9,915)
(4,225)
(271)
(63)
(16,859)
(52,019)
(84,230)
Carrying amount
as at March 31, 2024
260
5,776
379
7
-
4,571
38,007
49,000
Acquired
Software
Licenses
Hardware
IP
Brand
Name
Distributor
Relationships
Distributor
Contracts
Customer
Relationships
Internally
Developed
Software
Total
US$’000
US$’000
US$’000
US$’000
$US$’000
US$’000
US$’000
US$’000
Gross carrying amount
Balance as at April 1, 2022
1,158
10,986
4,628
318
72
21,491
65,621
104,274
Additions
36
3,129
-
-
-
14
13,146
16,325
Net exchange difference
(111)
(849)
(19)
(33)
(8)
(60)
(2,071)
(3,151)
Balance as at March 31, 2023
1,083
13,266
4,609
285
64
21,445
76,696
117,448
Amortization and impairment
Balance as at April 1, 2022
(718)
(6,933)
(3,224)
(246)
(72)
(12,492)
(32,251)
(55,936)
Amortization
(126)
(1,715)
(849)
(29)
-
(2,808)
(8,979)
(14,506)
Net exchange difference
68
578
12
25
8
37
1,030
1,758
Balance as at March 31, 2023
(776)
(8,070)
(4,061)
(250)
(64)
(15,263)
(40,200)
(68,684)
Carrying amount
as at March 31, 2023
307
5,196
548
35
-
6,182
36,496
48,764
NOTES TO THE FINANCIAL STATEMENTS
UNLEASH POTENTIAL
78
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
NOTE 16. NON-CURRENT ASSETS – DEFERRED TAX ASSETS AND LIABILITIES
Deferred taxes arising from temporary differences and unused tax losses can be summarized as attributable to the
following:
Deferred Tax
April 1, 2023
Recognized
directly in
equity
Recognized
in Profit &
Loss
Recognized in
Goodwill
March 31,
2024
Assets/(Liabilities)
US$’000
US$’000
US$’000
US$’000
US$’000
Deferred Tax Assets
Professional fees and doubtful
debts
177
-
(154)
-
23
Provision for employee benefits
519
-
(421)
98
Other provisions
1,566
-
(1,218)
-
348
Equity raising costs
279
-
(229)
-
50
Contract liabilities
1,954
-
(1,567)
-
387
Tax losses
4,678
-
3,984
-
8,662
Share-based payments(i)
964
472
(233)
-
1,203
10,137
472
162
-
10,771
Deferred Tax Liabilities
Property, plant & equipment
(1,080)
-
177
-
(903)
Other intangible assets
(2,449)
-
(41)
-
(2,490)
Acquisition intangibles
(7,719)
-
2
-
(7,717)
(11,248)
-
138
-
(11,110)
Deferred tax movement
-
472
300
-
-
Net deferred tax liability
(1,111)
(339)
Reflected in the financial
position as follows:
Deferred tax asset
6,621
7,391
Deferred tax liability
(7,732)
(7,730)
(1,111)
(339)
NOTES TO THE FINANCIAL STATEMENTS
UNLEASH POTENTIAL
79
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
Deferred Tax
April 1, 2022
Recognized
directly in
equity
Recognized
in Profit & Loss
Recognized in
Goodwill
March 31,
2023
Assets/(Liabilities)
US$’000
US$’000
US$’000
US$’000
US$’000
Deferred Tax Assets
Professional fees and doubtful
debts
347
-
(170)
-
177
Provision for employee benefits
518
-
1
-
519
Other provisions
907
-
659
-
1,566
Equity raising costs
409
-
(130)
-
279
Contract liabilities
2,201
-
(247)
-
1,954
Tax losses
4,678
-
-
-
4,678
Share-based payments(i)
1,362
(257)
(141)
-
964
10,421
(257)
(28)
-
10,137
Deferred Tax Liabilities
Property, plant & equipment
(133)
-
(947)
-
(1,080)
Other intangible assets
(2,408)
-
(41)
-
(2,449)
Acquisition intangibles
(7,721)
-
2
-
(7,719)
(10,262)
-
(986)
-
(11,248)
Deferred tax movement
-
(257)
(1,014)
-
-
Net deferred tax
asset/(liability)
159
(1,111)
Reflected in the financial
position as follows:
Deferred tax asset
7,893
6,621
Deferred tax liability
(7,734)
(7,732)
159
(1,111)
(i) The tax effect of share-based payment awards granted is recognized in current income tax expense, except to the extent that the total tax
deductions are expected to exceed the cumulative remuneration expense. In this situation, the excess of the associated current or deferred tax is
recognized in equity and forms part of the other reserves in equity.
Deferred tax assets are recognized for unused tax losses to the extent that it is probable that taxable profit will be
available against which the losses can be utilized. Significant management judgement is required to determine the
amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable
profits, together with future tax planning strategies.
The Group has $88,694k (FY23: $85,567k) of tax losses carried forward. These losses relate to subsidiaries that have
a history of losses and may not be used to offset taxable income elsewhere in the Group. The Group has recognized
deferred tax assets of $8,662k (FY23:$4,678k) on a portion of its US losses, the vast majority of which are available
for a period of twenty years.
If the Group was able to recognise all unrecognised deferred tax assets, profit and equity would have increased by
$24,422k (FY23: $18,800k).
NOTE 16. NON-CURRENT ASSETS – DEFERRED TAX ASSETS AND LIABILITIES (CONTINUED)
NOTES TO THE FINANCIAL STATEMENTS
UNLEASH POTENTIAL
80
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
NOTE 17. CURRENT LIABILITIES – TRADE AND OTHER PAYABLES
Trade and other payables consist of the following:
2024
2023
US$’000
US$’000
Current
Trade and other payables
9,823
9,238
All amounts are short-term. The carrying values of trade and other payables are considered to be a reasonable
approximation of fair value.
NOTE 18. CONTRACT LIABILITIES AND OTHER LIABILITIES
Contract liabilities and other liabilities consist of the following:
2024
2023
US$’000
US$’000
Contract liabilities – current(i)
34,471
28,158
Customer deposits
724
328
Other liabilities
3,535
2,083
Contingent consideration – current(ii)
509
157
Other liabilities – current
4,768
2,568
Total contract and other liabilities – current
39,239
30,726
Contract liabilities – non-current(i)
3,078
3,289
Contingent consideration – non-current(ii)
284
271
Total contract and other liabilities – non-current
3,362
3,560
(i) All amounts recognized relating to contract liabilities are assessed for current versus non‐current classification and are applied to revenue as
recognized in relation to the timing of the customer contract. The Group expects to recognize $34,471k (FY23: $28,158k) of contract liabilities during
the next 12 months following March 31, 2024, with the non-current balance of contract liabilities falling past FY26. The increase in contract liabilities
is due to the higher subscription revenue and the ACV growth recorded in FY24.
(ii) On July 1, 2021, Catapult acquired SBG Sports Software Limited (SBG). Catapult agreed to acquire 100% of the entire issued share capital of the
company for a total consideration of US$45,000k. Please refer to Note 36 for further information.
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
UNLEASH POTENTIAL
81
NOTE 19. FINANCIAL ASSETS AND LIABILITIES
19.1 Categories of financial assets and liabilities
Note 4.13 provides a description of each category of financial assets and financial liabilities and the related accounting
policies. The carrying amounts of financial assets and financial liabilities in each category are as follows:
Loans and receivables
(carried at amortized
cost)
Other assets
(carried at amortized
cost)
Total
March 31, 2024
Note
US$’000
US$’000
US$’000
Financial Assets
Non-current receivables
11
402
-
402
Trade receivables and contract assets,
net
11
12,094
-
12,094
Other receivables
11
972
-
972
Cash and cash equivalents
10
-
11,594
11,594
13,468
11,594
25,062
Other Liabilities
(carried at amortized
cost)
Other Liabilities at
FVTPL
Total
March 31, 2024
Note
US$’000
US$’000
US$’000
Financial Liabilities
Trade and other payables
17
9,823
-
9,823
Other liabilities (current)
18
-
509
509
Other liabilities (non-current)
18
-
284
284
Borrowings
19.2
11,000
-
11,000
Other financial liabilities (current)
22.1
861
-
861
Other financial liabilities (non-current)
22.1
6,578
-
6,578
28,262
793
29,055
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
UNLEASH POTENTIAL
82
Loans and receivables
(carried at amortized
cost)
Other assets
(carried at amortized
cost)
Total
March 31, 2023
Note
US$’000
US$’000
US$’000
Financial Assets
Non-current receivables
11
367
-
367
Trade receivables and contract assets,
net
11
11,869
-
11,869
Other receivables
11
1,526
-
1,526
Cash and cash equivalents
10
-
16,225
16,225
13,762
16,225
29,987
Other Liabilities
(carried at amortized
cost)
Other Liabilities at
FVTPL
Total
March 31, 2023
Note
US$’000
US$’000
US$’000
Financial Liabilities
Trade and other payables
17
9,238
-
9,238
Other liabilities (current)
18
-
157
157
Other liabilities (non-current)
18
-
271
271
Borrowings
19.2
15,747
-
15,747
Other financial liabilities (current)
22.1
1,931
-
1,931
Other financial liabilities (non-current)
22.1
1,899
-
1,899
28,815
428
29,243
NOTE 19. FINANCIAL ASSETS AND LIABILITIES (CONTINUED)
19.1 Categories of financial assets and liabilities (continued)
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
UNLEASH POTENTIAL
83
19.2 Borrowings and other financial liabilities
Borrowings include the following financial liabilities:
2024
2023
US$’000
US$’000
Borrowings (non-current)
11,000
15,747
Total borrowings
11,000
15,747
Bank borrowings are secured by all property of Catapult Sports Inc, the Group’s US Subsidiary. The company entered
into a secured revolving loan facility with Western Alliance Bank in April 2017.
During the year, the existing $20,000k revolving loan facility with Western Alliance Bank was extended and now
matures on May 31, 2027. The loan balance associated with the facility has therefore been classified as a non-current
liability. Bank borrowings are secured by all property of the Company, Catapult Sports Pty Ltd and Catapult Group
US, Inc., except for customary excluded collateral.
At March 31, 2024, the total facility is for $20,000k, of which the Group has a drawn down balance of $11,000k.
Current interest rates on the bank borrowing are variable and average 9.5% (2023: 7.2%). The Company was in
compliance with its financial covenants during the reporting period and as at March 31, 2024.
NOTE 20. CURRENT LIABILITIES – EMPLOYEE REMUNERATION
20.1 Employee benefits expense
Expenses recognized for employee benefits are analyzed below:
2024
2023
US$’000
US$’000
Wages and salaries
37,850
38,499
Share-based payments (equity-settled)(i),(ii)
9,712
12,103
Social security costs
4,477
3,768
Superannuation – defined contribution plans
2,181
1,906
Employee benefit expenses
54,220
56,276
(i) During the year, the Group only incurred expenses arising from equity-settled share-based payments. This amount includes $2,307k (FY23: $6,900k)
for SBG consideration being treated as share-based payments. Refer to Note 36 for more details.
(ii) Includes a share-based payment expense that has been recognized as at March 31, 2024 which is based on an estimate of the STI and LTI awards
for FY25 that have been granted for accounting purposes based on the performance period April 1, 2023 to March 31, 2024. The STI and LTI is only
expected to be allocated by July 2024. The estimate has been performed in accordance with Accounting Standards utilising the same methodology
as the Employee Share Plan and most recent allocations, utilizing a statutory fair value range of A$0.67 - A$1.55 (US$0.45 - US$1.01).
20.2 Share-based employee remuneration
Director Fee Sacrifice Plan
The Salary Sacrifice Offer is designed to encourage Directors to build their Shareholdings in the Company. It is not
intended to be used for the purposes of providing Directors with additional remuneration.
Participation in the Salary Sacrifice Offer by a Director in respect of their annual base fees is voluntary, except the
Board has determined that fees paid to Directors in their role as Chairman of a Board Committee will be satisfied by
the issue of Rights. Therefore, participation in the Salary Sacrifice Offer by a Director for Chairman Committee fees
is mandatory. The current fee payable for the Chairman of each of the SaaS Scaling Committee, Audit & Risk
Committee and the Nomination & Remuneration Committee is A$100,000, A$40,000, and A$20,000, respectively.
NOTE 19. FINANCIAL ASSETS AND LIABILITIES (CONTINUED)
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
UNLEASH POTENTIAL
84
Employee share plan
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.
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”).
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 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 FY24, Catapult subscribed for
15,500,000 shares (FY23: Nil shares) to the Catapult Employee Share Plan Trust. At March 31, 2024 the Employee Plan
NOTE 20. CURRENT LIABILITIES – EMPLOYEE REMUNERATION (CONTINUED)
20.2 Share-based employee remuneration (continued)
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
UNLEASH POTENTIAL
85
Trustee holds 11,840,144 shares (2023: 2,663,748 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 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 the takeover offer or participate in the other transaction in respect of all or part of their Awards
NOTE 20. CURRENT LIABILITIES – EMPLOYEE REMUNERATION (CONTINUED)
20.2 Share-based employee remuneration (continued)
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
UNLEASH POTENTIAL
86
notwithstanding any restriction period has not expired. Further, the Board may, at its discretion, waive unsatisfied
Vesting Conditions in relation to some or all Awards in the event of such a takeover or other transaction.
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 reorganization, 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.
NOTE 20. CURRENT LIABILITIES – EMPLOYEE REMUNERATION (CONTINUED)
20.2 Share-based employee remuneration (continued)
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
UNLEASH POTENTIAL
87
Share options and weighted average exercise prices are as follows for the reporting periods presented:
Options Program
Performance Rights
Number of
Shares
Weighted
average exercise
price (A$)
Number of
Shares
Weighted
average exercise
price (A$)
Outstanding at April 1, 2023
5,177,719
1.2451
9,689,913
-
Allocated
7,689,522
0.9700
14,077,240
-
Forfeited
(3,943,267)
1.2733
(1,364,250)
-
Exercised
(651,112)
0.8094
(5,672,492)
-
Expired
(452,000)
1.4200
(26,317)
-
Outstanding at March 31, 2024
7,820,862
0.9866
16,704,094
-
Exercisable at March 31, 2024
450,000
1.2580
1,157,308
-
Options Program
Performance Rights
Number of
Shares
Weighted
average exercise
price (A$)
Number of
Shares
Weighted
average exercise
price (A$)
Outstanding at April 1, 2022
7,766,278
1.3140
6,001,573
-
Allocated
-
-
9,089,628
-
Forfeited
(2,012,059)
1.3386
(1,316,273)
-
Exercised
-
-
(4,085,015)
-
Expired
(576,500)
1.8465
-
-
Outstanding at March 31, 2023
5,177,719
1.2451
9,689,913
-
Exercisable at March 31, 2023
1,553,112
1.1171
795,645
-
The Group, in valuing its allocated performance rights, has used its share price at the grant date.
The following table list the inputs to the valuation model used for the options allocated during the financial year:
2024
Weighted average fair values at the measurement date
A$0.34
(US$0.22)
Dividend yield
0.0%
Expected volatility
55.6%
Risk---free interest rate
3.5%
Expected life of share options
2 years
Weighted average share price
A$1.00
(US$0.65)
Model used
Black-Scholes
The expected life of the share options is based on historical data and current expectations and is not necessarily
indicative of exercise patterns that may occur. The expected volatility reflects the assumption that the historical
volatility over a period similar to the life of the options is indicative of future trends, which may not necessarily be the
actual outcome.
NOTE 20. CURRENT LIABILITIES – EMPLOYEE REMUNERATION (CONTINUED)
20.2 Share-based employee remuneration (continued)
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
UNLEASH POTENTIAL
88
20.3 Employee benefits
The liabilities recognized for employee benefits consist of the following amounts:
2024
2023
US$’000
US$’000
Wages and salaries
2,889
2,049
Social security costs & payroll taxes
560
411
Defined contribution plans
1,315
890
Accrued leave entitlements
2,862
2,627
Total current employee benefits
7,626
5,977
Non-current
Accrued leave entitlements
106
158
Total non-current employee benefits
106
158
The current portion of these liabilities represents the Group’s obligations to its current employees that are to be settled
during the next 12 months and its accrued annual leave liabilities and current accrued long service leave.
NOTE 21. EQUITY – SHARE CAPITAL
The share capital of Catapult Group International Ltd consists only of fully paid ordinary shares; the shares do not
have a par value. All shares are equally eligible to receive dividends and the repayment of capital and represent one
vote at the shareholders’ meeting of Catapult Group International Ltd.
March 31,
2024
March 31,
2023
March 31, 2024
March 31, 2023
Note
Authorized
Shares
Authorized
Shares
US$’000
US$’000
Shares issued and fully
paid for:
261,107,456
244,057,884
204,482
194,836
Beginning of the year
244,057,884
231,924,764
198,751
185,441
Shares issued to the
Catapult Employee Share
Plan Trust
15,500,000
-
10,907
-
Movement in treasury
shares
-
-
(6,153)
(6,003)
Exercise of performance
options and equity options
-
-
4,840
4,766
Shares issued for
acquisition
1,549,572
12,133,120
4,806
14,547
Total contributed equity
261,107,456
244,057,884
213,151
198,751
Treasury shares
21.1
(11,840,144)
(2,663,748)
(8,669)
(3,915)
Total contributed equity
249,267,312
241,394,136
204,482
194,836
NOTE 20. CURRENT LIABILITIES – EMPLOYEE REMUNERATION (CONTINUED)
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
UNLEASH POTENTIAL
89
During the financial year:
•
1,549,572 shares were issued as part of the share consideration in relation to the SBG acquisition (FY23:
12,133,120)
•
15,500,000 shares were issued to the Employee Share Plan Trust during the period (FY23: Nil).
21.1 Treasury Shares
Treasury shares are shares in Catapult Group International Ltd 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:
2024
2023
Shares
Shares
Opening Balance
2,663,748
6,748,763
Transactions during the year
9,176,396
(4,085,015)
Balance at year end
11,840,144
2,663,748
During the financial year, the following were issued under the Employee Share Plan:
•
5,672,492 performance rights that were exercised at an average exercise price of A$0.00 (FY23: 4,085,015 at an
average exercise price of A$0.00). The amount raised was A$Nil (US$Nil).
•
611,112 options were exercised at an average exercise price of A$0.78. The amount raised was A$476,667
(US$310,796).
•
40,000 options exercised at an average exercise price of A$1.26. The amount raised was A$50,320 (US$33,257).
21.2 Performance rights and options allocated
During the financial year, the following were allocated under the Employee Share Plan:
•
449,390 performance rights that were allocated at an average exercise price of A$0.00 and had a fair value of
A$0.67 (US$0.45)
•
7,689,522 options that were allocated at an average exercise price of A$0.97 and had a fair value of A$0.34
(US$0.22)
•
3,823,250 performance rights that were allocated at an average exercise price of A$0.00 and had a fair value of
A$1.40 (US$1.05)
•
7,878,730 performance rights that were allocated at an average exercise price of A$0.00 and had a fair value of
A$1.00 (US$0.66)
•
231,984 Director Fee Sacrifice Rights that were allocated at an average exercise price of A$0.00 and had a fair
value of A$1.19 (US$0.79)
•
837,625 performance rights that were allocated at an average exercise price of A$0.00 and had a fair value of
A$0.69 (US$0.46)
•
382,852 performance rights that were allocated at an average exercise price of A$0.00 and had a fair value of
A$1.07 (US$0.69)
•
285,148 Director Fee Sacrifice Rights that were allocated at an average exercise price of A$0.00 and had a fair
value of A$0.95 (US$0.61)
•
188,261 performance rights that were allocated at an average exercise price of A$0.00 and had a fair value of
A$1.38 (US$0.94)
NOTE 21. EQUITY – SHARE CAPITAL (CONTINUED)
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
UNLEASH POTENTIAL
90
21.3 Options and performance rights on issue
The following sets out the weighted average exercise price calculations for all outstanding options (however,
excluding the effect of the performance rights as detailed in Note 20.2):
March 31, 2024
Weighted average
exercise price
March 31, 2023 Weighted
average exercise price
Outstanding at the beginning of the year
1.2451
1.3140
Outstanding at the end of the year
0.9866
1.2451
Exercisable at the end of the year
1.2580
1.1171
NOTE 22. OTHER FINANCIAL LIABILITIES – LEASES
22.1 Lease liabilities
The Group’s lease liabilities, which are secured by the related assets held under leases, are classified as follows:
2024
2023
US$’000
US$’000
Lease liabilities (current)
861
1,931
Lease liabilities (non-current)
6,578
1,899
Total lease liabilities
7,439
3,830
Set out below are the carrying amounts of lease liabilities (included under interest-bearing loans and borrowings)
and the movements during the year:
2024
2023
US$’000
US$’000
As at April 1
3,830
2,877
Additions
1,597
3,233
Adjustment to lease liabilities
3,524
(267)
Interest expense
351
146
Lease liability repayment
(1,881)
(1,972)
Exchange differences
18
(187)
Balance as at March 31
7,439
3,830
Lease payments not recognized as a liability
The Group has elected not to recognize a lease liability for short-term leases (leases with an expected term of
12 months or less) or for leases of low-value assets. Payments made under such leases are expensed on a straight-line
basis. In addition, certain variable lease payments are not permitted to be recognized as lease liabilities and are
expensed as incurred.
The expense relating to payments not included in the measurement of a lease liability is as follows:
2024
2023
US$’000
US$’000
Short-term leases
126
368
The Group had total cash outflows for leases of $2,159k in FY24 (FY23: $2,486k).
NOTE 21. EQUITY – SHARE CAPITAL (CONTINUED)
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
UNLEASH POTENTIAL
91
NOTE 23. FINANCE COSTS AND FINANCE INCOME
Finance costs for the year consist of the following:
2024
2023
US$’000
US$’000
Interest expenses for borrowings and other financial liabilities:
Interest expense
(2,079)
(598)
Significant financing component (non-cash)
(960)
(289)
Total finance costs
(3,039)
(887)
2024
2023
US$’000
US$’000
Finance income for the year consists of the following:
Interest income from cash and cash equivalents
55
52
NOTE 24. OTHER FINANCIAL ITEMS
Other financial items consist of the following:
2024
2023
US$’000
US$’000
Other financial items consist of the following:
Gain on exchange differences
1,814
983
NOTE 25. CURRENT LIABILITIES – INCOME TAX
The major components of tax expense and the reconciliation of the expected tax expense based on the domestic
effective tax rate of Catapult Group International Ltd at 30% (2023: 30%) are:
2024
2023
Numerical reconciliation of income tax benefit and tax at the statutory rate
US$’000
US$’000
Loss before income tax expense
(16,007)
(31,463)
Prima facie tax benefit at the Australian tax rate of 30%
(4,802)
(9,439)
Overseas tax rate differential
246
1,145
Tax losses not recognized
311
4,530
Net deferred tax not recognized for share-based payments
654
3,213
Other non-deductible expenses
756
617
Local country taxes
46
71
Recognition of US tax losses
3,984
-
Utilization of previously unrecognized tax losses
(502)
(116)
Actual tax expense
693
21
Made up of:
Current tax
118
151
Deferred tax
575
(130)
Income tax expense
693
21
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
UNLEASH POTENTIAL
92
NOTE 26. AUDITOR’S REMUNERATION
Fees paid and payable to the Group’s auditor during the year consisted of the following:
2024
2023
US$
US$
Assurance Services
Audit and review of the Financial Report – Ernst & Young
349,405
290,220
Other services
Other services – Ernst & Young
-
-
Total auditor’s remuneration
349,405
290,220
NOTE 27. 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 2023 or 2024). 24,524,956 (FY23: 14,867,632) 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 is as follows:
27.1 Basic and diluted loss per share
2024
2023
(US Cents)
(US Cents)
Basic loss and diluted loss per share attributable to the ordinary equity holders of the
Company
(7.0)
(13.4)
27.2 Reconciliation of loss used in calculating loss per share
2024
US$’000
2023
US$’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
(16,680)
(31,461)
27.3 Weighted average number of shares used as the denominator
2024
2023
Shares
‘000
Shares
‘000
Weighted average number of shares used in basic and diluted earnings per share
239,464
234,421
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
UNLEASH POTENTIAL
93
NOTE 28. EQUITY – DIVIDENDS
28.1 Dividends paid and proposed
There is no dividend paid or proposed in the current financial year (FY23: Nil).
28.2 Franking credits
2024
2023
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 year
(2,608)
(2,874)
Impact of foreign exchange rates
70
266
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 year
(2,538)
(2,608)
During the year ended March 31, 2024, the Group made no payments related to income tax, refunds or dividends
paid that would have an impact on the franking credits.
NOTE 29. RECONCILIATION OF LOSS AFTER INCOME TAX TO NET CASH FROM OPERATING ACTIVITIES
2024
2023
US$’000
US$’000
Loss after income tax expense for the year
(16,700)
(31,484)
Adjustments for:
Depreciation and amortization
24,211
20,596
Share-based payments
9,712
12,103
Foreign exchange differences
26
(928)
Net interest and dividends received included in investing and financing
1,825
476
Impairment losses on obsolete stock, receivables and other items
1,663
456
Change in operating assets and liabilities:
(Increase)/decrease in trade and other receivables & contract assets
(8)
1,618
Decrease in inventories
1,249
747
Increase in non-current tax assets
(770)
(4,351)
Increase/(decrease) in trade and other payables
585
(637)
(Decrease)/increase in provision for income tax
(7)
330
(Decrease)/increase in deferred tax liabilities
(2)
5,621
Increase/(decrease) in employee benefits
1,597
(1,151)
Increase in other provisions
8,322
338
Net cash from operating activities
31,703
3,734
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
UNLEASH POTENTIAL
94
NOTE 30. RELATED PARTY TRANSACTIONS
The Group’s related parties include its associates, key management, post-employment benefit plans for the Group’s
employees and others as described below.
2024
2023
US$
US$
Transactions with key management
36,923
30,955
During FY24, the Company spent $36,923 (FY23: $30,955) with Workday Group’s Adaptive Insights Pty Ltd to as part
of an ongoing software subscription agreement to utilize Adaptive Insights budgeting and forecasting software within
its finance divisions.
30.1 Transactions with key management personnel
Key management of the Group are the executive members of Catapult Group International’s Board of Directors and
certain members of Catapult’s executive team.
Unless otherwise stated, none of the transactions incorporate special terms and conditions and no guarantees were
given or received. Outstanding balances are usually settled in cash.
2024
2023
US$
US$
Salaries including bonuses
1,635,746
1,342,721
Post-employment benefits
58,133
48,704
Share-based payments
1,065,298
512,148
Director salary sacrifice
309,543
193,962
Long service leave
-
2,376
Other
131,618
-
Total remuneration
3,200,338
2,099,911
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
UNLEASH POTENTIAL
95
NOTE 31. FINANCIAL INSTRUMENT RISK
31.1 Risk management objectives and policies
The Group is exposed to various risks in relation to financial instruments. The Group’s financial assets and liabilities by
category are summarized in Note 19.1. 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 minimizing 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.
31.2 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) and Chinese Yuan
(CNY)
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
March 31, 2024
US$’000
US$’000
US$’000
US$’000
US$’000
US$’000
Short Term Exposure
Financial assets
3,747
2,452
3,161
432
1,723
736
Financial liabilities
(3,881)
(2,903)
(1,076)
(9)
(44)
(54)
Total exposure
(134)
(451)
2,085
423
1,679
682
AUD
GBP
EUR
JPY
CNY
Other
Currencies
March 31, 2023
US$’000
US$’000
US$’000
US$’000
US$’000
US$’000
Short term exposure
Financial assets
3,056
2,509
3,142
241
2,403
380
Financial liabilities
(2,218)
(2,840)
(611)
(9)
(55)
(23)
Total exposure
838
(331)
2,531
232
2,348
357
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 year ended March 31, 2024 (2023: 10%).
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
UNLEASH POTENTIAL
96
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
CNY
Other
currencies
Total
March 31, 2024
US$’000
US$’000
US$’000
US$’000
US$’000
US$’000
US$’000
Assets
(341)
(223)
(287)
(39)
(157)
(67)
(1,114)
Liabilities
353
264
98
1
4
5
725
March 31, 2023
Assets
(277)
(228)
(286)
(22)
(218)
(34)
(1,065)
Liabilities
202
258
56
1
5
2
524
If the USD had weakened by 10% against the respective currencies, then this would have had the following impact:
AUD
GBP
EUR
JPY
CNY
Other
currencies
Total
March 31, 2024
US$’000
US$’000
US$’000
US$’000
US$’000
US$’000
US$’000
Assets
416
272
351
48
191
82
1,360
Liabilities
(431)
(323)
(120)
(1)
(5)
(6)
(886)
March 31, 2023
Assets
340
279
349
27
267
42
1,304
Liabilities
(246)
(316)
(68)
(1)
(6)
(3)
(640)
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.
31.3 Credit risk analysis
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet
its contractual obligations and arises principally from the Group’s receivables from customers. The Group’s maximum
exposure to credit risk is limited to the carrying amount of the financial assets recognized at the reporting date, as
summarized below:
2024
2023
US$’000
US$’000
Classes of financial assets
Cash and cash equivalents
11,594
16,225
Trade receivables and contract assets, net
12,094
11,869
Other receivables
972
1,526
Other non-current financial assets
402
367
25,062
29,987
Receivables balances are monitored on an ongoing basis. The Group applies the AASB 9 simplified approach to
measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract
assets. To measure the expected credit losses, trade receivables and contract assets have been grouped based on
NOTE 31. FINANCIAL INSTRUMENT RISK (CONTINUED)
31.2 Market risk analysis (continued)
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
UNLEASH POTENTIAL
97
shared credit risk characteristics and the days past due. The historical loss rates are adjusted to reflect current and
forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables.
Also, 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 amounts at March 31, 2024, analyzed by the length of time past due, are:
2024
2023
US$'000
US$’000
Not more than three (3) months
9,455
8,160
More than three (3) months but not more than six (6) months
596
705
More than six (6) months but not more than one (1) year
439
962
More than one (1) year
277
733
Total
10,767
10,560
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 number
of customers in various sports and geographical areas.
As at March 31, 2024, the group had a cash and cash equivalent balance of US$11,594k (FY23: US$16,225k), of which
US$3,937k (FY23: US$7,129k) was deposited with Western Alliance Bank. Western Alliance Bank is a USA-domiciled
regional banking organization and a Federal Deposit Insurance Corporation member.
31.4 Liquidity risk
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 the running of the 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, Catapult Sports Inc, finalized the
execution of extending the US$20,000k debt facility with Western Alliance Bank during March 2024. The multi-year
facility now has a maturity date of May 31, 2027. At March 31, 2024, the Group had drawn down funds of $11,000k
from the debt facility (2023: US$15,747k).
As at March 31, 2024, the Group's non-derivative financial liabilities have contractual maturities (including interest
payments where applicable) as summarized below:
Current
Non-current
Within 6 months
6 - 12
months
5+ years
1-5 years
US$'000
US$'000
US$'000
US$'000
March 31, 2024
US-Dollar loans(i)
523
523
13,265
-
Other financial liabilities
946
774
5,247
497
Trade and other payables
9,823
-
-
-
Contingent consideration
-
509
284
-
11,292
1,806
18,796
497
(i) Interest payments is calculated at 9.5% (being the Wall Street Journal rate + 1.00%) up to the maturity date based on the carrying amount of
borrowings as at March 31, 2024 (FY23: 9.0%).
NOTE 31. FINANCIAL INSTRUMENT RISK (CONTINUED)
31.3 Credit risk analysis (continued)
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
UNLEASH POTENTIAL
98
This compares to the maturity of the Group’s non-derivative financial liabilities in the previous reporting period as
follows:
Current
Non-current
Within 6
months
6-12 months
5+ years
1-5 years
US$'000
US$'000
US$'000
US$'000
March 31, 2023
US-Dollar loans(i)
709
709
16,810
-
Other financial liabilities
1,107
922
1,595
747
Trade and other payables
9,238
-
-
-
Contingent consideration
-
157
271
-
11,054
1,788
18,676
747
NOTE 32. 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.
NOTE 33. CONTINGENT LIABILITIES
The Group has obtained two bank guarantees as security in respect of lease agreements for its premises and credit
card liabilities amounting to US$245k as of March 31, 2024 (2023: US$399k). These amounts, disclosed as contingent
liabilities, remain inaccessible to the Group.
NOTE 31. FINANCIAL INSTRUMENT RISK (CONTINUED)
31.4 Liquidity risk (continued)
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
UNLEASH POTENTIAL
99
NOTE 34. PARENT ENTITY INFORMATION
Information relating to Catapult Group International Ltd (‘the Parent Entity’):
2024
2023
US$'000
US$'000
Statement of financial position
Current assets
1,353
1,387
Total assets
142,036
149,191
Current liabilities
1,054
946
Total liabilities
2,213
1,277
Net assets
139,823
147,914
Issued capital
204,482
194,836
Foreign currency reserve
(21,155)
(18,177)
Other reserves
2,171
1,998
Accumulated losses
(62,124)
(45,524)
Share option reserve
16,450
14,781
Total equity
139,823
147,914
Statement of profit and loss and other comprehensive loss
Loss for the year
(17,135)
(14,990)
Other comprehensive loss
(2,980)
(13,200)
Total comprehensive loss
(20,115)
(28,190)
The parent entity has no capital commitments at the year-end (2023: Nil).
The parent entity entered into the following guarantee on June 26, 2017: A Deed of Cross Guarantee with the effect
that the Group guarantees debts in respect of one of its subsidiaries. Further details of the Deed of Cross Guarantee
and the subsidiaries subject to the deed are disclosed in Note 35.
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
UNLEASH POTENTIAL
100
NOTE 35. DEED OF CROSS GUARANTEE
A consolidated income statement and consolidated balance sheet comprising the Company and controlled entities
which are a party to the Deed of Gross Guarantee (members of the “Closed Group”), after eliminating all transactions
between parties to the Deed of Gross Guarantee, are as follows.
Closed Group
2024
2023
US$'000
US$'000
Summarized income statement and statement of comprehensive income
and accumulated losses
Loss before income tax
(14,403)
(16,678)
Income tax (expense)/benefit
(4,854)
171
Loss after income tax
(19,257)
(16,507)
Accumulated losses at the beginning of the financial year
(62,818)
(46,311)
Accumulated losses at the end of the financial year
(82,075)
(62,818)
Statement of financial position
Current assets
Cash and equivalents
2,848
4,271
Trade and other receivables
30,745
30,523
Inventories
2,384
2,865
Other current assets
307
-
Total current assets
36,284
37,659
Non-current assets
Property, plant and equipment
11,044
7,585
Intangible assets
17,928
15,276
Investments
89,740
91,114
Deferred tax assets
685
4,392
Other non-current assets
32
4
Total non-current assets
119,429
118,371
Total assets
155,713
156,030
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
UNLEASH POTENTIAL
101
2024
2023
US$'000
US$'000
Current liabilities
Trade and other payables
7,163
7,477
Contract liabilities
6,106
5,773
Employee benefits
2,185
1,991
Other current liabilities
14,077
5,486
Other financial liabilities
-
389
Total current liabilities
29,531
21,116
Non-current liabilities
Contract liabilities
840
740
Employee benefits
106
158
Deferred tax liabilities
-
-
Other non-current liabilities
1,695
34
Total non-current liabilities
2,641
932
Total liabilities
32,172
22,048
Net assets
123,541
133,982
Shareholders' equity
Issued capital
204,482
194,836
Share option reserve
16,450
14,781
Foreign currency reserve
(17,486)
(14,815)
Other reserves
2,170
1,998
Accumulated losses
(82,075)
(62,818)
Total Shareholders’ equity
123,541
133,982
The members of the Closed Group comprise Catapult Group International Ltd, Catapult Sports Pty Ltd, and Catapult
International Pty Ltd.
Catapult Group International Ltd (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 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.
NOTE 35. DEED OF CROSS GUARANTEE (CONTINUED)
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
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NOTE 36. ACQUISITION OF SBG SPORTS SOFTWARE LIMITED
On July 1, 2021, Catapult completed the strategic acquisition of leading sports software video solutions provider, SBG
Sports Software Limited (SBG). The Company acquired 100% of the issued share capital in SBG for a total price of
$40,000k-$45,000k, comprising $20,000k in cash, $20,000k in deferred Catapult shares and $5,000k in Catapult
shares which is subject to the achievement of agreed key performance indicators.
Consideration breakdown
Fair value at acquisition
date US$'000
Amount settled in cash
20,000
Amount settled in deferred shares(i)
5,352
Amount settled as contingent consideration(ii)
1,225
Other amounts
Amount settled in deferred shares(iii)
14,732
Amount settled as contingent consideration(iv)
3,691
Total
45,000
(i) To be issued in instalments over the 12-month period commencing on the anniversary of completion
(ii) Subject to achievement of agreed key performance indicators, to be measured at the end of FY23 and FY24
(iii) To be issued in instalments over the 12-month period commencing on the anniversary of completion, for several key employees of SBG (recognized
as share-based payments)
(iv) Subject to achievement of agreed key performance indicators, to be measured at the end of FY23 and FY24, for several key employees of SBG
(recognized as share-based payments)
The valuation of the acquisition was finalized and included in the financial statements for the year-ended March 31,
2022.
Contingent consideration
As part of the purchase agreement with the previous owners of SBG, a contingent consideration component has been
agreed, with $5,000k of Catapult shares available, subject to the achievement of key performance indicators that are
aligned to the performance metrics used for the Executive team’s annual STI award. The $5,000k contingent
consideration is split into two tranches of $2,500k, with the first tranche calculated in June 2023 as $2,200k after
taking into consideration the achievement of key performance indicators for FY23, and the second tranche expected
to be calculated in June 2024 (at the time that Catapult’s Executive STI percentages are calculated). It is currently
estimated that the second tranche will be settled through the issue of $3,250k in Catapult shares. This is due to the
achievement of agreed key performance indicators for FY24.
A portion of the contingent consideration that pertains to several key employees of SBG is being recognized as share-
based payments in the accounts, of which $3,672k has been recognized as at March 31, 2024. The fair value of the
remaining contingent consideration at March 31, 2024 is $793k (FY23: $428k), of which $284k has been recorded in
non-current other liabilities (FY23: $271k).
A calculation has been performed, based on entity’s key performance indicators being achieved, such as the number
of Customers, Annualized Contract Value (ACV), Multi Vertical Customers and Free Cash Flow, which estimates the
earn-out to be a maximum $5,450k.
The contingent consideration has been remeasured at the reporting date March 31, 2024. Refer to Note 37 for further
details.
Deferred share consideration
During the year ended March 31, 2024, Catapult issued 1,549,572 shares with a total value of $4,806k as part of the
deferred share consideration due in respect of the acquisition of SBG Sports Software Limited.
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
UNLEASH POTENTIAL
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NOTE 37. FAIR VALUE
Financial assets and financial liabilities are recognized in the consolidated statement of financial position when the
Group becomes a party to the contractual provisions of the financial instrument and are measured initially at fair
value adjusted by transactions costs, except for those carried at fair value through profit or loss, which are measured
initially at fair value.
The following table presents a reconciliation of recurring fair value measurements for financial liability categorized
within level 3 of the fair value hierarchy:
Financial Liability
Mar 2024
Mar 2023
US$'000
US$'000
Opening balance
428
1,225
Remeasurement recognized in profit and loss
365
(797)
Closing Balance
793
428
Current
509
157
Non-current
284
271
Total
793
428
Fair value hierarchy
All financial instruments for which fair value is recognized or disclosed are categorized within the fair value hierarchy
based on the lowest level input that is significant to the fair value measurement as a whole, as follows:
•
Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities
•
Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is
directly or indirectly observable
•
Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is
unobservable
For assets and liabilities that are recognized at fair value on a recurring basis, the Group determines whether transfers
have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is
significant to the fair value measurement as a whole) at the end of each reporting period.
Contingent consideration in relation to the SBG acquisition was classified as a financial liability measured at fair value
at the date of acquisition and subsequently remeasured at the reporting date with changes in fair value recognized in
profit or loss. The Group has adopted the deterministic payout approach associated with each possible outcome to
determine the fair value of the contingent consideration at the date of acquisition. The significant unobservable inputs
adopted by the Group were based on a combination of the entity’s key performance indicators being achieved, such
as the number of Customers, Annualized Contract Value (ACV) and Multi Vertical Customers with a maximum
outcome of 130% having been assessed. As at March 31, 2024, the group has remeasured the fair value of the
contingent consideration.
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
UNLEASH POTENTIAL
104
NOTE 38. OTHER EXPENSES
The following information relates to the Group’s other expenses:
2024
2023
US$'000
US$’000
Software costs
3,425
3,070
Distributor commissions
835
599
Insurance
679
574
Bad debt expense
531
565
Recruitment costs
56
523
Other expenses
3,176
2,609
Total
8,702
7,940
NOTE 39. EVENTS AFTER THE REPORTING PERIOD
No matter or circumstance has arisen since March 31, 2024, 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.
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
DIRECTORS’ DECLARATION
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In the opinion of the Directors of Catapult Group International Ltd:
➔
the attached financial statements and notes set out on pages 49 to 104 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, 2024 and of its
performance for the financial year 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 35 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 year ended March 31, 2024.
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 29, 2024
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CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
AUDITOR’S REPORT
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
Ernst & Young
8 Exhibition Street
Melbourne VIC 3000 Australia
GPO Box 67 Melbourne VIC 3001
Tel: +61 3 9288 8000
Fax: +61 3 8650 7777
ey.com/au
Independent auditor’s report to the members of Catapult Group
International Ltd
Report on the audit of the consolidated financial report
Opinion
We have audited the consolidated financial report of Catapult Group International Ltd (the Company)
and its subsidiaries (collectively the Group), which comprises the consolidated statement of financial
position as at 31 March 2024, the consolidated statement of comprehensive income, consolidated
statement of changes in equity and consolidated statement of cash flows for the year then ended,
notes to the financial statements, including material accounting policy information, and the directors’
declaration.
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations
Act 2001, including:
a.
Giving a true and fair view of the consolidated financial position of the Group as at 31 March 2024
and of its consolidated financial performance for the year ended on that date; and
b.
Complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under
those standards are further described in the Auditor’s responsibilities for the audit of the financial
report section of our report. We are independent of the Group in accordance with the auditor
independence requirements of the Corporations Act 2001 and the ethical requirements of the
Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional
Accountants (including Independence Standards) (the Code) that are relevant to our audit of the
financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with
the Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the financial report of the current year. These matters were addressed in the context of
our audit of the financial report as a whole, and in forming our opinion thereon, but we do not provide
a separate opinion on these matters. For each matter below, our description of how our audit
addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the
financial report section of our report, including in relation to these matters. Accordingly, our audit
included the performance of procedures designed to respond to our assessment of the risks of
material misstatement of the financial report. The results of our audit procedures, including the
procedures performed to address the matters below, provide the basis for our audit opinion on the
accompanying financial report.
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CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
AUDITOR’S REPORT
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
1. Revenue recognition and contract liabilities
Why significant
How our audit addressed the key audit matter
The Group has the following key revenue streams:
„Subscription and service revenue
Capital revenue.
As disclosed in Note 7 to the consolidated financial
report, the Group’s revenue is primarily generated
from subscription and service revenue from customers
for the provision of access to software services, which
may also contain the provision of associated hardware.
The Group also generates other revenues through the
sale of hardware video equipment which is recognised
as capital revenue.
The Group’s subscription and service revenues are
accounted for as service contracts and the associated
revenue is recognised over time. These contracts may
be longer than 12 months in duration.
Capital revenue is accounted for at a point in time, as
and when the risks and rewards associated with the
goods are transferred to the customer.
Revenue recognition for these key revenue streams
was considered a key audit matter due to the
complexity and judgement contained in both short-
term and long-term contracts involving both Software
as a Service (“SaaS”) and multi element arrangements.
The revenue recognition for such arrangements is
complex and involves management judgement when
identifying performance obligations within the
subscription agreements and allocating revenue to
each obligation identified.
Our audit procedures included the following:
Assessing whether the revenue recognition policy
applied by the Group to the terms and conditions of
the revenue transactions was in accordance with
AASB 15 Revenues from Contracts with Customers.
Assessing whether the Group’s subscription
agreement terms and conditions met the definition
of service contracts to be recognised over time.
Testing the operating effectiveness of controls over
the capture, timing of revenue recognition and
measurement of revenue transactions in relation to
subscription and service revenue.
For a sample of subscription and service revenue
transactions, testing whether the revenue
recognised was appropriate by understanding the
revenue recognised based on the terms of the
subscription agreements with customers and
agreeing this to the associated contract liability
balance recognised at the reporting date where
appropriate.
Assessing whether a significant financing component
was identified on long-term contracts in relation to
subscription and service revenue and considered
whether any adjustment was required for those
identified significant financing components.
Performing data correlation between the initial
subscription and service contract liability to accounts
receivable and cash, and between the contract
liability and revenue. This included performing
testing to supporting cash receipts for a sample of
revenue transactions.
For a sample of capital revenue transactions, we
tested invoices to proof of delivery and receipt of
cash.
Evaluating the adequacy of the revenue recognition
policy disclosures contained in Note 4.5.
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CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
AUDITOR’S REPORT
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
2. Capitalisation of development costs
Why significant
How our audit addressed the key audit matter
As disclosed in Note 15 to the consolidated financial
report, the Group capitalises costs related to the
internal development of software products. The
carrying value of capitalised internally developed
software at 31 March 2024 totalled US$38.0m.
The accounting for capitalised development involves
management judgement, including: considering
technical and commercial feasibility; the Group’s
intention and ability to complete the intangible asset;
future economic benefits to be generated by the asset;
the ability of the Group to measure the costs reliably;
and determining the useful lives for capitalised
development costs.
In addition, determining whether there is any indication
of impairment of the carrying value of capitalised
development costs requires judgement in making
assumptions which are affected by future market or
economic developments.
This was considered a key audit matter given the
significant judgement required in accounting for
internal capitalised development costs, the value of
these assets relative to total assets, the rapid
technological and economic changes in the software
industry, and the specific Australian Accounting
Standards criteria that have to be met to enable costs
incurred to be capitalised.
Our audit procedures included the following:
Assessing the eligibility of the development costs for
capitalisation as an intangible asset in accordance
with AASB 138 Intangible Assets.
Selecting a sample of capitalised development costs
by project and assessed whether the nature of the
projects and costs incurred were supported by
underlying evidence such as employee time sheets,
employee contracts and the appropriate allocation of
costs to the projects.
Enquiring of project managers and developers to
understand development activities undertaken and
the feasibility of completion, including any related
assumptions, and reviewing project plan approvals
and reporting.
Assessing whether the timing of commencement of
amortisation and amortisation rates used were
appropriate.
Considering whether there were any indicators of
impairment, including project milestone assessments
by management.
Evaluating the adequacy of the disclosures in Note
15 to the consolidated financial report.
Information other than the financial report and auditor’s report thereon
The directors are responsible for the other information. The other information comprises the
information included in the Company’s 2024 annual report other than the financial report and our
auditor’s report thereon. We obtained the directors’ report that is to be included in the annual report,
prior to the date of this auditor’s report, and we expect to obtain the remaining sections of the annual
report after the date of this auditor’s report.
Our opinion on the financial report does not cover the other information and we do not and will not
express any form of assurance conclusion thereon, with the exception of the Remuneration Report
and our related assurance opinion.
In connection with our audit of the financial report, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
report or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed on the other information obtained prior to the date of this
auditor’s report, we conclude that there is a material misstatement of this other information, we are
required to report that fact. We have nothing to report in this regard.
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CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
AUDITOR’S REPORT
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
Responsibilities of the directors for the financial report
The directors of the Company are responsible for the preparation of the financial report that gives a
true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001
and for such internal control as the directors determine is necessary to enable the preparation of the
financial report that gives a true and fair view and is free from material misstatement, whether due to
fraud or error.
In preparing the financial report, the directors are responsible for assessing the Group’s ability to
continue as a going concern, disclosing, as applicable, matters relating to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with the Australian Auditing Standards will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of this financial report.
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional
judgment and maintain professional scepticism throughout the audit. We also:
►
Identify and assess the risks of material misstatement of the financial report, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
►
Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Group’s internal control.
►
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the directors.
►
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the Group’s ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required to draw attention in
our auditor’s report to the related disclosures in the financial report or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up
to the date of our auditor’s report. However, future events or conditions may cause the Group to
cease to continue as a going concern.
►
Evaluate the overall presentation, structure and content of the financial report, including the
disclosures, and whether the financial report represents the underlying transactions and events
in a manner that achieves fair presentation.
UNLEASH POTENTIAL
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CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
AUDITOR’S REPORT
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
►
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the financial report. We are
responsible for the direction, supervision and performance of the Group audit. We remain solely
responsible for our audit opinion.
We communicate with the directors regarding, among other matters, the planned scope and timing of
the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
We also provide the directors with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, actions
taken to eliminate threats or safeguards applied.
From the matters communicated to the directors, we determine those matters that were of most
significance in the audit of the financial report of the current year and are therefore the key audit
matters. We describe these matters in our auditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter
should not be communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.
Report on the audit of the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 36 to 48 of the Directors’ Report for the
year ended 31 March 2024.
In our opinion, the Remuneration Report of Catapult Group International Ltd for the year ended 31
March 2024, complies with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the
Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our
responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in
accordance with Australian Auditing Standards.
Ernst & Young
Ashley Butler
Partner
Melbourne
29 May 2024
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
SHAREHOLDER INFORMATION
UNLEASH POTENTIAL
111
Additional information required by the ASX Listing Rules and not disclosed elsewhere in this report is set out below.
1. NUMBER OF HOLDERS OF EACH CLASS OF EQUITY SECURITY
As at June 25, 2024, the number of holders of each class of the Company’s equity securities is as follows:
Equity security class
Number of
holders
Ordinary shares
8,237
Employee options and performance rights
348
2. DISTRIBUTION SCHEDULE IN EACH CLASS OF EQUITY SECURITIES
As at June 25, 2024, the distribution schedule in each class of the Company’s equity securities is as follows:
Ordinary Shares
Category (size of holding)
Total
Holders
Number of
Shares
% of
Shares
1 - 1,000
3,298
1,772,884
0.69
1,001 - 5,000
3,154
7,966,320
3.10
5,001 - 10,000
883
6,598,992
2.57
10,001 - 100,000
828
20,452,901
7.95
100,001 -
74
220,340,163
85.69
8,237
257,131,260
100.00
Employee options and performance rights
Category (size of holding)
Total
Holders
Number of
Units
% of
Units
1 - 1,000
5
3,052
0.01
1,001 - 5,000
77
235,845
1.07
5,001 - 10,000
71
536,145
2.43
10,001 - 100,000
167
4,342,057
19.65
100,001 -
28
16,976,682
76.84
348
22,093,781
100.00
3. UNQUOTED EQUITY SECURITIES
As at June 25, 2024, the number of unquoted equity securities that was on issue was 22,093,781, and the number of
holders was 348.
4. MARKETABLE PARCELS
Based on a closing price of A$1.890 on June 25, 2024, the number of holders holding less than a marketable parcel of
the Group’s main class of securities (being fully paid ordinary shares) was 520.
5. VOTING RIGHTS ATTACHED TO EACH CLASS OF EQUITY SECURITY
At a general meeting, each ordinary shareholder present (whether in person, by proxy, or by representative) is
entitled to one vote on a show of hands and, on a poll, one vote for each fully paid ordinary share held.
Option and performance rights holders do not have voting rights.
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
SHAREHOLDER INFORMATION
UNLEASH POTENTIAL
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6. SUBSTANTIAL SHAREHOLDERS
The Company has received notice of the following substantial shareholders as at June 25, 2024:
Substantial holder
Date of last
notice
Number of
securities in last
notice
%
Charlaja Pty Ltd; Charlaja Pty Ltd < Van De Griendt
Family A/C >; Igor Van De Griendt
Jun 25, 2024
19,808,000
7.59
Manton Robin Pty Ltd; Manton Robin Pty Ltd
< Shaun Holthouse Family A/C >; Shaun Holthouse
Jun 20, 2024
16,675,000
6.39
Quest Asset Partners Pty Ltd
May 11, 2023
22,919,252
9.39
MA Financial Group Limited
Dec 6, 2021
16,401,020
7.07
One Managed Investment Funds Limited
Apr 22, 2021
11,083,762
5.53
BNP Paribas Nominees Pty Limited
Oct 5, 2020
10,106,193
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.
7. 20 LARGEST SHAREHOLDERS
The 20 largest holders of ordinary shares and number of ordinary shares and percentage of capital held by each as
at June 25, 2024 are follows:
Rank
Shareholder
Shares Held
% held
1
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
47,388,927
18.43
2
J P MORGAN NOMINEES AUSTRALIA PTY LIMITED
30,470,399
11.85
3
CHARLAJA PTY LTD
20,166,603
7.84
4
CITICORP NOMINEES PTY LIMITED
19,129,518
7.44
5
MANTON ROBIN PTY LTD
16,675,000
6.49
6
BNP PARIBAS NOMINEES PTY LTD
11,838,844
4.60
7
SOLIUM NOMINEES (AUS) PTY LTD
9,616,659
3.74
8
B B H F PTY LTD
5,609,000
2.18
9
THE GARETH GRIFFITH TRUST
5,515,116
2.14
10
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
5,113,147
1.99
11
SOLIUM NOMINEES (AUSTRALIA) PTY LTD
4,948,251
1.92
12
BNP PARIBAS NOMS PTY LTD
4,883,543
1.90
13
BNP PARIBAS NOMS (NZ) LTD
4,184,576
1.63
14
3RD WAVE INVESTORS PTY LTD
4,000,000
1.56
15
UBS NOMINEES PTY LTD
3,669,287
1.43
16
BNP PARIBAS NOMINEES PTY LTD
2,128,591
0.83
17
PAYNE MEDIA PTY LTD
2,044,516
0.80
18
ANACACIA PTY LTD
2,000,000
0.78
19
BNP PARIBAS NOMINEES PTY LTD
1,288,424
0.50
20
UBS NOMINEES PTY LTD
1,264,313
0.49
201,934,714
78.53
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
SHAREHOLDER INFORMATION
UNLEASH POTENTIAL
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8. RESTRICTED SECURITIES, VOLUNTARY ESCROW SECURITIES
As at June 25, 2024, Catapult had no restricted securities.
The securities subject to voluntary escrow as at that date were as follows:
Class
Escrow End Date
Number of Units
Fully Paid Ordinary
July 3, 2024
2,736,538
Fully Paid Ordinary
October 3, 2024
309,914
Fully Paid Ordinary
January 3, 2025
309,914
Fully Paid Ordinary
April 3, 2025
309,914
Fully Paid Ordinary
July 3, 2025
309,916
3,976,196
9. ON MARKET BUY-BACK
There is no current on-market buyback.
10. SECURITIES ISSUED UNDER THE DIRECTOR SALARY SACRIFICE OFFERS
Details of securities that were issued under the Director Salary Sacrifice Offers, which were approved by
Shareholders for the purposes of ASX Listing Rule 10.14 at the Company’s 2021 and 2022 AGMs, are set out on
page 45.
11. CORPORATE GOVERNANCE STATEMENT
Catapult’s corporate governance statement for the period ended March 31, 2024 will be available at the following
URL: catapult.com/investor/corporate-governance/
CATAPULT GROUP INTERNATIONAL LTD
2024 ANNUAL REPORT
CORPORATE DIRECTORY
UNLEASH POTENTIAL
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REGISTERED OFFICE
Catapult Group International Ltd ABN 53 164 301 197
Level 2, 630 Church Street, Richmond VIC 3121,
Australia
Telephone: +61 (0)3 90958401
COMPANY SECRETARY
Jonathan Garland
General Counsel and Company Secretary
SHARE REGISTRY
Link Market Services Limited
Postal Address
Locked Bag A14
Sydney South NSW 1235
Australian Telephone: 1300 554 474
International Telephone: +61 1300 554 474
Fax: 02 9287 0303
linkmarketservices.com.au
CATAPULT ESP REGISTRY
Shareworks by Morgan Stanley
Solium Capital (Australia) Pty Ltd
Postal Address
Level 26, Chifley Tower, 2 Chifley Square
Sydney, NSW 2000
Australian Telephone: 1 800 768 002
International Telephone: +1 403 515 3909
shareworks.com
INVESTOR RELATIONS
investors@catapult.com
AUDITOR
Ernst & Young
8 Exhibition Street, Melbourne
VIC 3000, Australia
SECURITIES EXCHANGE LISTING
Catapult Group International Ltd’s shares are listed
on the Australian Securities Exchange (ticker: CAT)
WEBSITE
catapult.com
FIND US HERE
instagram.com/catapultsports/
linkedin.com/company/catapultsports
twitter.com/catapultsports
facebook.com/catapultsports/
youtube.com/user/catapultSports
CATAPULT.COM