Sage Full Year Results
2020
20 November 2020
#SageResults
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Safe Harbour
The following presentation is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicated ("relevant persons"). Any person who is not a relevant person should not act or rely on this presentation or any of its contents. Information in the following presentation relating to the price at which relevant investments have been bought or sold in the past or the yield on such investments cannot be relied upon as a guide to the future performance of such investments.
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This presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities in The Sage Group plc (the "Company") or any company which is a subsidiary of the
Company - The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law, and therefore persons in such jurisdictions into which this presentation is released, published or distributed should inform themselves about, and observe, such restrictions.
- Certain statements contained in this presentation constitute forward-looking statements. All statements other than statements of historical facts included in this presentation, including, without limitation, those regarding the Company's financial condition, business strategy, plans and objectives, are forward-looking statements. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "anticipates", "expects", "intends", "may", "will", or "should" or, in each case, their negative or other variations or comparable terminology. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate
in the future. Such risks, uncertainties and other factors include, among others: Inherent difficulty in predicting customer behaviour; customers may not respond as we expected to our sales and marketing activities; the competitive environment; our ability to adapt to technological change; business interruption or failure of our systems architecture and communication systems; problems with implementing upgrades to our applications and supporting information technology infrastructure; any failure to properly use and protect personal customer information and data; our ability to manage and maintain third party business partnerships; increased regulation of our businesses; any failure to process transactions effectively; any failure to adequately protect against potential fraudulent activities; any significant quality problems or delays; the global macro-economic environment; our inability to attract, retain and develop talented people; our ability to repurchase shares; our inability to adequately protect our intellectual property rights; disruptions, expenses and risks associated with any acquisitions and divestitures; amortisation of acquired intangible assets and impairment charges; our use of debt to finance acquisitions or other activities; and the cost of, and potential adverse results in, litigation involving intellectual property, competition authority, shareholder and other matters. These forward-looking statements speak only as at the date of this presentation. Except as required by the Financial Conduct Authority, or by law, the Company expressly excludes any obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future events, or otherwise. Nothing in the foregoing is intended to or shall exclude any liability for, or remedy in respect of, fraudulent misrepresentation.
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Rounding
As a result of rounding throughout this document, it is possible that tables may not cast and change percentages may not calculate precisely. - Terminology
Unless stated otherwise all references to revenue are organic. - Materiality
Only figures over £1m are considered to be material for the purposes of this presentation.
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Sage Group plc Full Year Results 2020 | 2 |
Steve Hare, CEO
Overview
Financial review
Strategic progress & outlook Q&A
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Sage Group plc Full Year Results 2020 | 3 |
Our purpose
Our purpose is to transform the way people think and work, so their organisations can thrive.
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Sage Group plc Full Year Results 2020 | 4 |
Key messages
Business | Strategic | Confidence |
performance | execution | |
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Sage Group plc Full Year Results 2020 | 5 |
Jonathan Howell, CFO
Overview
Financial review
Strategic progress & outlook Q&A
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Sage Group plc Full Year Results 2020 | 6 |
Significant progress since FY18
FY18 | FY20 | ||
Subscription | 45% | 65% |
penetration |
Sage Business Cloud | 31% | 61% |
penetration |
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Sage Group plc Full Year Results 2020 | 7 |
FY20 Financial highlights
High quality | On-target | Strong cash | Resilient |
recurring | |||
margin | conversion | balance sheet | |
revenue growth | |||
8.5% | 22.1% | 123% | £1.2bn1 |
1 Cash and available liquidity as at 30 September 2020
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Sage Group plc Full Year Results 2020 | 8 |
P&L summary
FY20 | FY19 | Change | |
£m | £m | % | |
Total Organic Revenue | £1,768m | £1,705m | +3.7% |
Recurring revenue | £1,592m | £1,468m | +8.5% |
Organic operating profit | £391m | £406m | -3.7% |
Organic operating profit margin % | 22.1% | 23.8% | -1.7 ppts |
Underlying operating profit | £411m | £441m | -6.7% |
Underlying operating profit margin % | 21.6% | 23.2% | -1.6 ppts |
Underlying basic EPS | 27.43p | 27.88p | -1.6% |
Dividend per share | 17.25p | 16.91p | +2.0% |
Annualised Recurring Revenue (ARR) | £1,611m | £1,538m | +4.8% |
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Sage Group plc Full Year Results 2020 | 9 |
Phasing of growth
Recurring revenue
Year-on-year growth
Sequential growth
ARR
Year-on-year growth
Sequential growth
Organic operating profit
H1 20 | H2 20 | |
£m | £m | |
£787m | £805m | |
+10% | +7% | |
+5% | +2% | |
£1,590m | £1,611m | |
+10% | +5% | |
+4% | +1% | |
£206m | £185m | |
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Sage Group plc Full Year Results 2020 10
Revenue categories
£1,768m +3.7%
Software | |||||||||
£947m | £1,141m | +21% | |||||||
subscription | £1,592m | ||||||||
+8.5% | |||||||||
Recurring | |||||||||
Other recurring | £521m | revenue | |||||||
£451m | -13% | ||||||||
Other (SSRS and | £237m | ||||||||
£176m | -26% | ||||||||
processing) | |||||||||
FY19 | FY20 |
Recurring
revenue
penetration
90%
Software
subscription penetration
65%
Renewal by value
99%
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Sage Group plc Full Year Results 2020 11
Portfolio view of recurring revenue
Cloud native | £172m |
Cloud connected | £480m |
To be migrated | £634m |
Non-Sage | |||
£182m | |||
Business Cloud | |||
FY19 |
£1,592m | +8.5% | |||
£222m | +29% | |||
Sage | ||||
£636m | +33% | Business Cloud | ||
+10% | penetration | |||
61% | ||||
Future Sage | ||||
Business | ||||
Cloud | ||||
£557m | -12% | opportunity | ||
£177m -2%
FY20
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Sage Group plc Full Year Results 2020 12
Regional overview
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Sage Group plc Full Year Results 2020 13
North America
FY20 performance
Sage Intacct
- Recurring revenue growth of 26%
- Strength from both new customer acquisition and existing customers
US (excluding Sage Intacct)
- 7% recurring revenue growth
- Cloud connected growth driven by both migrations and new customer acquisition
Canada
- 8% recurring revenue growth
- Sage 50 cloud connected solutions driving growth
71% | 61% | |||
Software | ||||
subscription | ||||
penetration | ||||
FY19: 56% | ||||
Sage Business Cloud | ||||
penetration | ||||
FY19: 66% | ||||
Organic Revenue by Category | FY20 | FY19 | Growth | |
Organic total revenue | £692m | £641m | +8% | |
Organic recurring revenue | £634m | £572m | +11% | |
Sub-region view - recurring revenue | FY20 | FY19 | Growth | |
US (excluding Sage Intacct) | £397m | £372m | +7% | |
Canada | £93m | £86m | +8% | |
Sage Intacct | £144m | £114m | +26% | |
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Sage Group plc Full Year Results 2020 14
Northern Europe
FY20 performance
Recurring revenue growth of 9%
- Sage Business Cloud penetration now at 82%
- Reflecting continued success in cloud connected accounting and payroll solutions
- Cloud native growth driven by Sage Accounting and Sage People, supported by Auto Entry and CakeHR
- Sage Intacct in the UK has grown rapidly since launch in November 2019
82% | 85% | ||||
Software | |||||
subscription | |||||
penetration | |||||
FY19: 70% | |||||
Sage Business Cloud | |||||
penetration | |||||
FY19: 67% | |||||
Organic Revenue by Category | FY20 | FY19 | Growth | ||
Organic total revenue | £395m | £371m | +6% | ||
Organic recurring revenue | £377m | £345m | +9% | ||
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Sage Group plc Full Year Results 2020 15
Central and Southern Europe
FY20 performance
France
- 4% recurring revenue growth
- Growth driven by strong performance in cloud connected solutions
- Accelerating growth in cloud native solutions Central Europe
- 6% recurring revenue growth
Iberia
- 3% recurring revenue growth
- Growth in cloud connected accounting solutions
40% | 55% | |||
Software | ||||
subscription | ||||
penetration | ||||
FY19: 46% | ||||
Sage Business Cloud | ||||
penetration | ||||
FY19: 27% | ||||
Organic Revenue by Category | FY20 | FY19 | Growth | |
Organic total revenue | £544m | £556m | -2% | |
Organic recurring revenue | £467m | £448m | +4% | |
Sub-region view - recurring revenue | FY20 | FY19 | Growth | |
France | £246m | £237m | +4% | |
Central Europe | £97m | £91m | +6% | |
Iberia | £124m | £120m | +3% | |
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Sage Group plc Full Year Results 2020 16
International
FY20 performance
11% recurring revenue growth
- Continued strong performance in local products and Sage Accounting in Africa & Middle East
- Growth in cloud native solutions, principally Sage Intacct and Sage People in Australia
14% | 62% | ||
Software | |||
subscription | |||
penetration | |||
FY19: 53% | |||
Sage Business Cloud | |||
penetration | |||
FY19: 11% | |||
Organic Revenue by Category | FY20 | FY19 | Growth |
Organic total revenue | £137m | £137m | - |
Organic recurring revenue | £114m | £103m | +11% |
Sub-region view - recurring revenue | FY20 | FY19 | Growth |
Africa & Middle East | £101m | £90m | +12% |
Australia & Asia | £13m | £13m | +3% |
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Sage Group plc Full Year Results 2020 17
Strong cash flow and financial position
Cash and liquidity | Free cashflow | Underlying cash | ||
conversion | ||||
£1.2bn | £382m | 123% |
Net debt | Net debt leverage | |
£151m 0.3x
See appendix for definitions
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Sage Group plc Full Year Results 2020 18
Capital allocation
To become a great SaaS company for customers and colleagues alike
1 | 2 | 3 | 4 |
Organic | M&A and portfolio | Maintain the ordinary | Additional |
investment | rationalisation | dividend in real terms | returns |
Strong and stable financial position
Broad range of 1.0x - 2.0x net debt to EBITDA over the medium term Comfortable with our current position given uncertain environment
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Sage Group plc Full Year Results 2020 19
Summary
High quality | On target | Strong cash | Resilient |
recurring | |||
margin | conversion | balance sheet | |
revenue growth | |||
8.5% | 22.1% | 123% | £1.2bn1 |
1 Cash and available liquidity as at 30 September 2020
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Sage Group plc Full Year Results 2020 20
Steve Hare, CEO
Overview
Financial review
Strategic progress & outlook
Q&A
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Sage Group plc Full Year Results 2020 21
Our Purpose, Vision and Strategy
Purpose
To transform the way people think and work so their organizations can thrive
Vision
To become a great SaaS company for customers and colleagues alike
Strategic Lenses
Customer Success | Colleague Success | Innovation |
Values and Behaviours
We do the right thing
Start with our customer | Together we succeed | Innovate to win |
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Sage Group plc Full Year Results 2020 22
Focus and simplification
Revenue mix (as reported)
Cloud native | 8% | 13% | |
Cloud connected | 13% | ||
37% | |||
To be migrated | 60% | ||
38% | |||
Non-Sage | 19% | ||
Business Cloud | 12% | ||
FY18 | FY20 |
- We have delivered on our 2018 priority to shift the business mix
- Cloud connected has been driven by migrations
- Cloud native has been driven by new customer acquisition
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Sage Group plc Full Year Results 2020 23
Strategic progress scorecard
We have delivered on our 2018 priorities, and are clear on our future focus
Delivery on our 2018 priorities
Investment and focus on small and medium customer needs
Culture, values and behaviours
R&D investment, global products, AI focus
Strategic lenses
Customer success
Colleague success
Innovation
Future focus
Customer experience, Start with the customer
Colleague experience including Diversity & Inclusion
Enrich Sage Business Cloud
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Sage Group plc Full Year Results 2020 24
Sage Business Cloud portfolio
Cloud Connected | Cloud Native | |||
People & Payroll | ||||
Accounting & Financials | ||||
Sage X3 | ||||
Sage Intacct | Sage People | |||
Sage 200 Cloud |
MEDIUM
Sage 50 Cloud | CakeHR |
Sage Accounting | |
Sage 50 Payroll | Sage Payroll |
SMALL |
Sage Service Fabric
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Sage Group plc Full Year Results 2020 25
Sage Business Cloud vision
Enabling digital connections
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Sage Group plc Full Year Results 2020 26
Customer context
Only 17% of small businesses were planning to invest in digital technology pre-COVID
73% have invested in digital technology in the last six months
DPR Motorsport
67% of small businesses now want to invest more in technology
Roobba Furniture
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Sage Group plc Full Year Results 2020 27
Strategic priorities for FY21 and beyond
Sage Business Cloud | Winning in our | Embedding SaaS | |||
powered by Cloud Native | target markets | capability & culture | |||
• Leverage our cloud portfolio | • Defend and grow Northern | • People (talent) and process | |||
• | Supporting customers in | Europe small | • Culture - customer centric, | ||
digital transformation | • Develop North America | inclusive and fast-paced | |||
• | New customer acquisition | medium | |||
and migration | • Grow Sage Business Cloud | ||||
in all regions |
Additional investment in sales & marketing and product development in FY21 to drive growth
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Sage Group plc Full Year Results 2020 28
Outlook
Against the uncertain economic backdrop, for FY21 we currently expect:
• Organic recurring revenue growth in the region of 3-5%, weighted towards the second half
• Other revenue (SSRS and processing) to continue to decline in line with strategy
• Organic operating margin up to three percentage points below last year, depending on level of additional investment
Looking beyond FY21, we expect margins to trend upwards over time, as our investment drives recurring revenue growth and operating efficiencies
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Sage Group plc Full Year Results 2020 29
Key messages
Business | Strategic | Confidence |
performance | execution | |
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Sage Group plc Full Year Results 2020 30
Q&A
#SageResults
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Sage Group plc Full Year Results 2020 31
Appendix
Strategic KPIs
ARR | Subscription | Sage Business | Renewal |
penetration | Cloud penetration | by value | |
4.8% | 65% | 61% | 99% |
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Sage Group plc Full Year Results 2020 32
Appendix
Building ARR
Opening ARR1 | 100% | £1.54bn |
Churn
Migration, upsell & cross-sell
Existing customers
Renewal by value | 99% | £1.52bn |
Reactivations
New customer acquisition
New customers
Closing ARR | 105% | £1.61bn |
1. As at the end of the comparative period (30 September 2019)
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Sage Group plc Full Year Results 2020 33
Appendix
Balance sheet strength
Net debt | Cash and | Cash and cash | Undrawn |
leverage ratio | available liquidity | equivalents | facilities |
0.3x | £1.2bn | £848m | £398m |
Debt facilities:
- Syndicated multi-currency Revolving Credit Facility of £692m, expiring in February 2025, with £294m (FY19: £45m) drawn as at 30 September 2020
- Syndicated Term Loan of £200m, expiring in September 2022 and fully drawn
- US private placement loan notes totalling £387m (FY19: £497m), with a range of maturities between January 2022 and May 2025
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Sage Group plc Full Year Results 2020 34
Appendix
Cashflow reconciliation
Underlying operating profit | £411m |
Depreciation and | £56m |
amortisation | |
Share-based payments | £29m |
Net changes in working capital | £45m |
Net capital expenditure | (£36m) |
Underlying cash flow from operating | £505m |
activities | |
Underlying cash flow from operating | £505m |
activities | |
Non-recurring items | (£4m) |
Net interest paid | (£26m) |
Income tax paid | (£93m) |
Foreign exchange movements | - |
Free cash flow | £382m |
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Sage Group plc Full Year Results 2020 35
Appendix
Bridge to assets held for sale and disposals
ARR | Recurring revenue | Total revenue | Operating profit | ||||||
£m | FY20 | Growth | FY20 | Growth | FY20 | Growth | FY20 | Growth | |
Organic | 1,611 | +4.8% | 1,592 | +8.5% | 1,768 | +3.7% | 391 | 22.1% | |
Central & Southern Europe1 | 41 | 41 | 46 | 8 | |||||
International2 | 41 | 41 | 52 | 7 | |||||
Organic (incl. assets held for sale) | 1,693 | +4.5% | 1,674 | +8.2% | 1,866 | +3.3% | 406 | 21.8% | |
Disposals in FY203 | 20 | 37 | 5 | ||||||
Underlying | 1,694 | +6.8% | 1,903 | - | 411 | 21.6% | |||
- Includes Sage's businesses in Poland and Switzerland
- Includes Sage's businesses in Asia and Australia (excluding global products) and South African payroll outsourcing
- Includes Sage Pay and Sage's Brazilian business
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Sage Group plc Full Year Results 2020 36
Glossary
Measure/Description
Underlying (revenue and profit) measures
Underlying measures are adjusted to exclude items which would distort the understanding of the performance for the year or comparability between periods:
- Recurring items include purchase price adjustments including amortisation of acquired intangible assets and adjustments made to reduce deferred income arising on acquisitions, acquisition-related items, FX on intercompany balances and fair value adjustments; and
- Non-recurringitems that management judge to be one-off or non-operational such as gains and losses on the disposal of assets, impairment charges and reversals, and restructuring related costs.
All prior period underlying measures (revenue and profit) are retranslated at the current year exchange rates to neutralise the effect of currency fluctuations.
Organic (revenue and profit) measures
In addition to the adjustments made for Underlying measures, Organic measures:
- Exclude the contribution from discontinued operations, disposals and assets held for sale of standalone businesses in the current and prior period; and
- Exclude the contribution from acquired businesses until the year following the year of acquisition; and
- Adjust the comparative period to present prior period acquired businesses as if they had been part of the Group throughout the prior period.
Acquisitions and disposals where the revenue and contribution impact would be immaterial are not adjusted.
Underlying cash flow from operating activities
Underlying Cash Flow from Operating Activities is Underlying Operating Profit adjusted for non-cash items, net capex (excluding business combinations and similar items) and changes in working capital.
Underlying cash conversion
Underlying Cash Flow from Operating Activities divided by Underlying (as reported) Operating Profit.
EBITDA
EBITDA is Underlying Operating Profit excluding depreciation, amortisation and share based payments.
Annualised recurring revenue
Annualised recurring revenue ("ARR") is the normalised organic recurring revenue in the last month of the reporting period, adjusted consistently period to period, multiplied by twelve. Adjustments to normalise reported recurring revenue include those components that management has assessed should be excluded in order to ensure the measure reflects that part of the contracted revenue base which (subject to ongoing use and renewal) can reasonably be expected to repeat in future periods (such as non-refundable contract sign-up fees).
Renewal Rate by Value
The ARR from renewals, migrations, upsell and cross-sell of active customers at the start of the year, divided by the opening ARR for the year.
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Sage Group plc Full Year Results 2020 37
Glossary
Measure/Description
Free cash flow
Free Cash Flow is Cash Flow from Operating Activities minus non-recurring cash items, interest paid, tax paid and adjusted for profit and loss foreign exchange movements.
% Subscription Penetration
Organic software subscription revenue as a percentage of organic total revenue.
% Sage Business Cloud Penetration
Organic recurring revenue from the Sage Business Cloud (native and connected cloud) as a percentage of the organic recurring revenue of the Future Sage Business Cloud Opportunity.
Return on Capital Employed
ROCE is calculated as:
- Underlying Operating Profit; minus
- Amortisation of acquired intangibles; the result being divided by
- The average (of the opening and closing balance for the period) total net assets excluding net debt, provisions for non-recurring costs and tax assets or liabilities (i.e. capital employed)
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Sage Group plc Full Year Results 2020 38
Glossary - Revenue types
Measure/Description
Revenue Type | Description |
Recurring revenue | Recurring revenue is revenue earned from customers for the provision of a good or service over a contractual term, with the customer being unable to |
Subscription contracts | continue to benefit from the full functionality of the good or service without ongoing payments. |
Maintenance and support contracts | |
Subscription revenue is recurring revenue earned from customers for the provision of a good or service over a contractual term. In the event that the customer | |
stops paying, they lose the legal right to use the software and the Group has the ability to restrict the use of the product or service. | |
Subscription revenue and maintenance and support revenue are usually recognised on a straight-line basis over the term of the contract as control is | |
transferred to the customer (including non-specified upgrades, when included). An exception is revenue from term licences embedded within a subscription | |
contract for software with significant standalone functionality which are expected to recur upon renewal of the subscription offering. Revenue for these term | |
licences is recognised when control is transferred at inception of each subscription contract period. | |
Other revenue | Perpetual software licences with significant standalone functionality and specified upgrades revenue are recognised when the control relating to the licence |
Perpetual software licences | has been transferred. This is when the goods have left the warehouse to be shipped to the customer or when electronic delivery has taken place. |
Upgrades to perpetual licences | |
Professional services | Other product revenue (which includes hardware and stationery) is recognised as the products are shipped to the customer. |
Training | |
Hardware and stationery | Other services revenue (which includes the sale of professional services and training) is recognised when delivered, or by reference to the stage of completion |
of the transaction at the end of the reporting period. This assessment is made by comparing the proportion of contract costs incurred to date to the total | |
Payment processing services | |
expected costs to completion. | |
Payroll processing services | |
Processing revenue is revenue earned from customers for the processing of payments or where Sage colleagues process our customers' payroll. Processing | |
revenue is recognised at the point that the service is rendered on a per transaction basis. | |
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Sage Group plc Full Year Results 2020 39
Thank you
© 2020 The Sage Group plc or its licensors. Sage, Sage logos, Sage product and service names mentioned herein are the
trademarks of The Sage Group plc or its licensors. All other trademarks are the property of their respective owners.
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Sage Group plc published this content on 20 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 November 2020 08:30:04 UTC