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4T23 E 2023
DISCLAIMER
Esta apresentação pode conter declarações e
informações que expressam expectativas,
crenças e previsões da administração da
Track&Field sobre eventos ou resultados
futuros. Tais declarações e informações são
unicamente previsões e não garantias do
desempenho futuro; estão sujeitas a riscos,
incertezas e fatores relativos às operações e ao
ambiente de negócios da companhia. Embora
a Track&Field acredite que as expectativas e
premissas contidas nas declarações sejam
razoáveis e baseadas em dados atualmente
disponíveis à sua administração, advertimos os
investidores de que declarações prospectivas
envolvem riscos pois se referem a eventos
futuros, portanto dependem de circunstâncias
que podem ou não ocorrer, além dos riscos
apresentados nos documentos de divulgação,
sujeitos a mudança sem aviso prévio.
Administração
da
Mensagem T&F
MENSAGEM DA
ADMINISTRAÇÃO
T&F
Aberturas Sell Out Receita Líquida EBITDA Ajustado Lucro Líq. Ajust Digitalização
novas lojas
milhões +31,7% 26,0% +25,8% 20,7%
pick up in store...
no 4T23,
+20,1% +16,4% R$221,9 mm vs. 4T22 Margem vs. 4T22 Margem
...representando
totalizando vs. 4T22 em SSS 72,6%
+19,8%
359
das vendas do
vs. 4T22 R$49,5 mm R$37,2 mm e-commerce
CONSOLIDADO CONSOLIDADO
lojas na rede +25,0%
Lojas reformadas +14,5% 22,3% +4,9% 16,8%
229 lojas
c/ vitrine infinita
vs. 4T22 Margem vs. 4T22 Margem
no 4T23
DESTAQUES
DO TRIMESTRE
T&F
Aberturas Sell Out Receita Líquida EBITDA Ajustado Lucro Líq. Ajust Dívida Zero
e nenhuma antecipação
R$163,6 mm R$131,2 mm
32 novas lojas R$1,2 Ex-TFSports Ex-TFSports
de recebíveis
Equivalentes de caixa
com a entrada em 17 novas
cidades
bilhão +31,0% 25,3% +30,4% 20,3% R$151,7 milhões
+19,4% +14,4% R$683,7 mm vs. 2022 Margem vs. 2022 Margem em 31/12/2023
DESTAQUES
DE 2023
T&F
4T22 4T23 2022 2023 Omnicanalidade: continuamos focados no roll-out da segunda onda,
especificamente em expansão da vitrine infinita, presente em 229 lojas ao
final do 4T23, e na captação de novos sellers para o tfmall. No 4T23, 3 novos
E-commerce Lojas Próprias Franquias sellers foram conectados ao nosso marketplace.
RECEITA LÍQUIDA
Faturamento Líquido | R$ milhões
Destaque para canal de royalties, que reportou crescimento de 34,1% -
+20,5%
683,7 atingindo uma representatividade de 16,9% da receita líquida total. Isso se deu
567,4
+19,8% como reflexo do crescimento do sell-in nos meses anteriores, fato que resultou
27,3% 27,3%
Por último, vale mencionar o crescimento de 11,6% na receita de TFSports,
refletindo a aceleração dos eventos, em linha com a estratégia da Companhia.
Verejo - Rede própria Mercadoria para Franquias Royalties TFSports Outros
LUCRO BRUTO
R$127,8 milhões no 4T23
326,8
350,0
75,0%
300,0
200,0
primeiro semestre.
60,0%
58,8% 57,6% 57,6% 57,7% 100,0
55,0%
50,0
No ano, por sua vez, observamos margem bruta estável vs. 2022, com
50,0% 0,0
Margem Bruta
DESPESAS OPERACIONAIS
34,9% das vendas líquidas em 2023
Despesas operacionais ajustadas representaram 35,2% das vendas liquidas, vs.
35,4% observado no 4T22 (-0,2 p.p. YoY). No acumulado do ano, também
observamos uma queda no patamar de representatividade das despesas
operacionais (-0,4 p.p. YoY, atingindo 34,9%), mais uma vez evidenciando o
41,6% comprometimento da Companhia com a redução de seus custos como
proporção da receita líquida.
40,3%
Excluindo TFSports, que acelerou as iniciativas de estruturação do negócio e
captação de usuários para a plataforma, a Companhia reportou uma
38,7%
alavancagem operacional ainda mais significativa, com as despesas
representando 34,7% da receita líquida no trimestre (-1,1 p.p. YoY) e 34,6% no
ano (-1,7 p.p. YoY).
160,0
155,8 181,0%
161,0%
121,0%
101,0%
80,0
49,5 no 4T23.
60,0
43,2
61,0%
40,0
22,2%
20,0
21,0%
+20,8%
Lucro Líquido atingiu R$35,3 milhões no 4T23, +1,7% vs. 4T22. Isso
120,8 representa uma margem líquida de 15,9% YoY (-2,8 p.p. vs o mesmo período
do ano anterior).
120,0
141,0%
100,0
100,0
121,0%
81,0% Margem líquida ajustada, por sua vez, alcançou 16,8% no 4T23, uma
queda de 2,3 p.p. vs. o reportado no mesmo período do ano anterior devido
60,0
+4,9%
61,0%
ao (i) contínuo aumento na depreciação, em decorrência dos investimentos
40,0
35,5 37,2 realizados ao longo do ano de 2023 e, assim como no trimestre passado, (ii)
41,0%
0,0 1,0%
Na visão ex-TFSports, temos que o lucro líquido ajustado do 4T23 atingiu
4T22 4T23 2022 2023 R$44,2 milhões, +25,8% vs o 4T22, expressando um ganho de margem de
0,9 p.p., alcançando uma margem de 20,7%.
331 359
Franquia
298
262
NÚMERO DE LOJAS 2023
231
199
173 287 313
155 257
139 223
106 122 196
81 165
97 118 142
64 78
48 38
4
44 43 42 44 42 37 31 34 35 39 41 44 46
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Inauguração de 17
novas lojas no 4T23,
sendo 16 franquias e 1 Das novas franquias Realizamos a
loja própria (além do inauguradas durante reforma de 21 lojas
repasse de 1 franquia o ano, 27,3% foram ao longo do ano
para loja própria), de realizadas por de 2023.
forma que encerramos franqueados novos
Desse total, tem-se
o ano com 359 lojas na enquanto 72,7% com
que reformamos
rede. franqueados já
14 franquias e 7
existentes dentro da
lojas próprias.
Em 2023, ingressamos nossa base.
em 17 novas cidades.
DESTAQUES
DO PERÍODO
20 corridas 6 etapas 167 experiências 465 eventos
e e e e
~40,4 mil corredores ~1,1 mil jogadores ~10,6 mil inscritos ~10,0 mil inscritos
no 4T23 no 4T23 no 4T23 no 4T23
Eventos Trainers
352 eventos
e
~6,4 mil inscritos
no 4T23
CONTATO RI
ri@tf.com.br
www.tfco.com.br/ri
4Q23 AND 2023
RESULTS PRESENTATION
DISCLAIMER
This presentation may contain statements and
information expressing Track&Field’s management
expectations, beliefs and forecasts about future
events or results. Such statements and information
are forward-looking statements only and not
guarantees of future performance, subject to risks,
uncertainties and factors regarding the Company’s
operations and business environment. Although
Track&Field believes that the expectations and
assumptions contained in the statements are
reasonable and based on data currently available to
its management, we caution investors that forward-
looking statements involve risks because they relate
to future events and therefore depend on
circumstances that may or may not occur, in
addition to the risks presented in the disclosure
documents, subject to change without notice.
Management
from
Message T&F
MESSAGE FROM
MANAGEMENT
T&F
Store Opening Sell Out Net Revenue Adjusted EBITDA Adj. Net Income Digitalization
QUARTER
HIGHLIGHTS
T&F
Store Opening Sell Out Net Revenue Adjusted EBITDA Adj. Net Income Zero Debt
and no advances on
R$163.6 mm R$131.2 mm
32 new stores R$1.2 Ex-TFSports Ex-TFSports
receivables
Cash Equivalents
with the entry into 17 new
cities
billion +31.0% 25.3% +30.4% 20.3% R$151.7 million
R$683.7 mm vs. 2022 Margin vs. 2022 Margin as of 12/31/2023
+19.4% +14.4%
Renovations vs. 2022 em SSS NPS
+20.5%
vs. 2022 R$155.8 mm R$120.8 mm
21 renovations +34.9%
CONSOLIDATED CONSOLIDATED
81.7 points
in 2023
(14 franchises e 7 Company Renovated stores +23.5% 22.8% +20.8% 17.7% net promoter score
operated) vs. 2022 Margin vs. 2022 Margin
2023
HIGHLIGHTS
T&F
1,194.1 It is worth noting that the annual performance was impacted by the results
19.5 observed in renovated stores, both company operated and franchises, which saw
1,000.2 an increase in their sales by 34.9%.
23.6 425.1
As mentioned earlier, in 4Q23, we achieved extremely positive month-to-month
results, with a notably emphasis on the sell-out growth observed in November,
361.2
due to the Black Friday, and in December due to the holiday season, accumulating
+20.1% a 21.2% growth in the bimester.
390.4 In terms of channel, we highlight the growth of e-commerce (+28.3% YoY in terms
324.9 of captured sales and +34.0% in terms of invoced sales), once again surpassing
7.8 749.5
5.9 142.9 physical channels and gaining share in the Company’s business mix.
615.4
127.0
Social Selling: representativeness of social selling reached 40.0% of sell out in the
192.1 239.6
quarter.
4Q22 4Q23 2022 2023 Omnichannel: we remain focused on the roll-out of the second wave, specifically
expanding the infinite shelf modality, present in 229 stores by the end of 4Q23,
E-commerce Company-operated stores Franchises and onboarding new sellers to tfmall. In 4Q23, 3 new sellers were connected to our
marketplace.
NET REVENUE
Net Revenue | R$ million
+20.5%
683.7 Net revenue primarily benefited by royalties' revenue, which reported a growth
567.4
of 34.1% - reaching 16.9% of total net revenue. This was a reflection of the
+19.8%
growth in sell-in during previous months, a factor that resulted in better sell-out
185.3 221.9 for franchisees during 4Q23 and, consequently, improved royalties for us.
Highlight for the goods for franchises channel (+20.0% YoY), sell-in, which
4Q22 4Q23 2022 2023 reached 27.3% of the total net revenue in 4Q23, reflecting franchisees'
expectations for Black Friday and Christmas even stronger than observed in
Composition of Net Revenue 2022.
27.3% 27.3% Lastly, it's worth mentioning the 11.6% growth in TFSports revenue, reflecting
the acceleration of events, in line with the Company's strategy.
Retail - Own network Goods for Franchises Royalties TFSports Others
GROSS PROFIT
R$ 127.8 million in 4Q23
The gross profit for 4Q23 reported a growth of 17.4% YoY, reaching the
90.0%
+20.7% 450.0
nominal value of R$127.8 million, reflecting the growth observed in the sell-
394.2 out during the period.
400.0
85.0%
326.8 The gross margin reached the level of 57.6% in the quarter, a figure below
350.0
80.0%
300.0
the margin observed in 4Q22 by 1.2 p.p. (58.8%). This was primarily due to (i)
the acceleration of events throughout the end of the year to bring more
75.0%
250.0
200.0
60.0%
58.8% 57.6% 57.6% 57.7% 100.0
50.0
50.0% 0.0
over-year growth in gross profit of 20.7%, reaching R$ 394.4 million.
4Q22 4Q23 2022 2023
Gross Margin
OPERATIng EXPENSES
34.9% of net sales in 2023
161.0%
126.2 In turn, the adjusted EBITDA totaled R$49.5 million in 4Q23, reflecting a
140.0
141.0%
120.0
100.0
+14.5%
101.0%
80.0
This occurred due to a lower gross margin compared to the previous
quarter, along with the maintenance of the level of expenses on net
81.0%
49.5
60.0
43.2
61.0%
22.2%
20.0
0.0 1.0%
+20.8%
120.8 The net profit reached R$35.3 million in 4Q23, a 1.7% growth compared to
4Q22. This represents a net margin of 15.9% YoY (-2.8 p.p. vs. the same period
120.0
141.0%
121.0%
The adjusted net margin, in turn, reached 16.8% in 4Q23, a decrease of 2.3
81.0%
+4.9%
60.0
p.p. compared to the reported figure in the same period of the previous year.
This was due to (i) the ongoing increase in depreciation resulting from
61.0%
40.0
35.5 37.2
41.0%
investments made throughout 2023 and, like the previous quarter, (ii) a
higher impact of income tax on net sales in 4Q23 compared to 4Q22.
20.0
19.1% 16.8% 17.6% 17.7% 21.0%
Excluding TFSports, we have that the adjusted net profit for 4Q23 reached
0.0 1.0%
R$44.2 million, +25.8% vs o 4Q22, reflecting a margin gain of 0.9 p.p., and
4Q22 4Q23 2022 2023 reaching a margin of 20.7%.
Franchises
231
262
298
331 359
199
173 287 313
155 257
139 223
106 122 196
165
81 118 142
78 97
64
48 38
4
44 43 42 44 42 37 31 34 35 39 41 44 46
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Opening of 17 stores in
4Q23, including: 16 new
franchises and 1
Of the new We performed 21
company operated
franchises store renovations
store (in addition to the
inaugurated during throughout 2023.
transfer of 1 franchise to
the year, 27.3% were
a company operated Out of this total,
established by new
store), allowing us to we renovated 14
franchisees, while
reach a total of 359 franchises and 7
72.7% were with
stores within our company
existing franchisees
network in the end of operated stores.
within our base.
the year.
In 2023, we entered 17
new cities.
Note: E-commerce considered as 01 company-operated store.
TFSports 4Q23
T&F
+ than 1,000 68.5 thousand R$8.1 mm
+ than 588 + than 6 Events held on 4Q23 registered for the Net income in 4Q23
platform’s events in 4Q23
thousand users thousand +11.6%
as of 12/31/23 registered trainers on +127.5% +56.9%
vs. 4Q22
12/31/23 vs. 4Q22 vs. 4Q22
+52.0% +70.7%
YoY YoY + than 3,300 247.2 thousand R$36.1 thousand
events held on 2023 registered for the Net income in 2023
platform’s events in 2023
HIGHLIGHTS
OF THE PERIOD
20 street races 6 stages 167 experiences 465 events
and and and and
~40.4 thousand runners ~1.1 thousand players ~10.6 thousand registered ~10.0 thousand registered
on 4Q23 on 4Q23 on 4Q23 on 4Q23
Trainers Events
352 events
and
~6.4 thousand registered
on 4Q23
IR CONTACTS
ri@tf.com.br
www.tfco.com.br/ri