Earnings Release • Nov 17, 2021
Earnings Release
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17 NOVEMBER 2021
AUTO1 Group is focused on building the leading used car business across Europe. We are a business led by founders with an entrepreneurial spirit, longstanding industry experience, the proven ability to scale, and a lasting commitment to our mission.
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| PAGE 5 | AUTO1 Group Increases Revenue by 64% Year-on-Year to Record EUR 1,260 Million, Gross Profit Rises to EUR 116 Million |
|---|---|
| PAGE 6 | Autohero Deliveries Increase Almost Fivefold Year-On-Year to 11,275 |
| PAGE 7 | With More than 160,000 Units We Purchased More Cars Than Ever |
AUTO1 delivered an outstanding performance across the board during Q3 2021. The improved online market penetration and our unique business model are continuously elevating our revenue and gross profit to new heights. After hitting more than EUR 1 billion in revenue already in the second quarter of 2021, the group now achieved a new all-time high of EUR 1.26 billion in consolidated revenue in Q3 2021, representing a 64% growth relative to Q3 2020. While this was our strongest revenue performance to date, we also expanded our gross profit significantly, generating more than EUR 100 million for the first time in a quarter. As a result of the expanding Autohero and Merchant businesses, we were able to generate EUR 116 million in gross profit during the past quarter, growing 17% quarter-on-quarter and 34% year-on-year, further paving the way to being Europe's largest and most profitable car dealer.
Autohero achieved another very strong quarter with the number of units delivered increasing almost fivefold in Q3, growing deliveries to 11,275 units from 2,429 units year-on-year and up 34% from Q2 2021 (8,415 units). Subsequently, Autohero's revenue increased by 413% year-on-year to EUR 160 million in Q3 2021. As a result of our continued focus on improving the gross profit in this segment, we were able to grow Autohero's gross profit by over six times during the past year, to EUR 4.1 million in Q3 2021 compared to EUR 0.7 million in the third quarter of 2020. Customers love their experience with our retail brand Autohero, which offers car buyers an easy, hassle-free way to purchase their dream cars online and have them delivered to their doorsteps. As the first fully digital car buying offering for consumers in Europe, we are truly revolutionizing the used car trade with Autohero.
AUTO1's sourcing network, consisting of wirkaufendeinauto.de and its 11 European sister brands, continues to provide us with unique access to a great variety of used cars. In the past four quarters, starting with the transition of Autohero to a central segment of the Company, AUTO1 has quadrupled its retail sourcing to 16,000 units purchased at the end of Q3. At the same time, the average purchase price of all sourced units has increased by over 34%, demonstrating the power of the platform to source the units for which we have demand. With increasing demand for retail units, we have successfully shown our ability to source exactly those units that we need for our own Autohero brand. We have further been able to successfully execute our sourcing program in a demanding market for retail cars, aided by our unique pricing algorithms and single database, which enables us to constantly adjust our prices to reflect the demand in the market.
One year after launching Autohero, our branding delivers great results and we see a record level of website visits and of course deliveries, driving the growth of our Retail segment further. Autohero's brand awareness1 increased significantly across Europe during Q3 2021. In Germany, our first mass marketing market, we are already at 24% brand awareness. Applying the experiences from Germany has allowed us to build awareness in France even faster. With three quarters of mass marketing, brand awareness is already 14%, 4 percentage points ahead of Germany at the same stage. Simultaneously, we saw the traffic on all of our Autohero websites accelerate sharply. In Germany alone, we attracted 3.9 million website visits, increasing by 70% quarter-on-quarter, underlining customers' strong interest in this leading car shopping experience.
YouGov, end of Q3 2021, age group 18-64 years; for both men and women if not indicated otherwise. Quarterly brand awareness figures refer to the brand awareness in the last month of the respective quarter.
Since September 2021, we have signed production facilities in Germany with a capacity of more than 50,000 units per year, executing well on our plan. In the course of next year, we expect to increase the capacity to 150-200K units and to over 500K in the mid-term across Europe. Insourcing our production will have a positive GPU effect as we optimise and streamline all production processes, making us more agile and responsive to changes in our operations.
*Full capacity at maximum utilization
AUTO1 Group's Merchant business continued to expand its market share in Q3 2021 thanks to its all-digital, pan-European transaction platform. In Q3 2021, the Merchant segment generated EUR 1.1 billion revenue, 49% higher than in the same quarter last year, while the average selling price increased to EUR 7,575 from EUR 7,081 in Q2 2021. Simultaneously, the Merchant GPU increased from EUR 717 in Q2 2021 to EUR 772 in Q3 2021, representing a gross profit margin of 10.2%. This yielded an absolute gross profit of EUR 112 million, 30% higher than in Q3 2020.
| Group KPIs | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | Q1 2021 | Q2 2021 | Q3 2021 | Change Q3 YoY |
|---|---|---|---|---|---|---|---|---|
| Units Sold (#) | 154,338 | 66,223 | 119,550 | 117,320 | 130,537 | 142,715 | 156,530 | 30.9% |
| Segment KPIs Revenue (in million EUR) |
877.4 | 403.8 | 769.4 | 779.1 | 899.5 | 1,065.1 | 1,260.2 | 63.8% |
| ASP (EUR) | 5,685 | 6,097 | 6,436 | 6,641 | 6,891 | 7,463 | 8,051 | 25.1% |
| Gross profit (in million EUR) | 89.1 | 27.4 | 86.7 | 82.8 | 86.4 | 99.3 | 116.3 | 34.1% Veränderung |
| Merchant KPIs GPU (EUR) |
577 | 414 | 725 | 706 | 662 | 696 | 743 | Q2 YoY 2.5% |
| Adjusted EBITDA (in million EUR) | 1.2 | -10.2 | 16.0 | -22.1 | -14.3 | -22.9 | -24.7 | -254.4% |
| Inventory (in million EUR) | 250.1 | 78.0 | 132.9 | 209.4 | 251.2 | 280.9 | 383.7 | 188.6% |
| Merchant KPIs | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | Q1 2021 | Q2 2021 | Q3 2021 | Change Q3 YoY |
|---|---|---|---|---|---|---|---|---|
| Units Sold (#) | 151,975 | 65,049 | 117,121 | 113,133 | 122,722 | 134,300 | 145,255 | 24.0% |
| thereof C2B | 141,003 | 57,157 | 100,221 | 98,267 | 106,140 | 116,367 | 126,647 | 26.4% |
| thereof Remarketing | 10,972 | 7,892 | 16,900 | 14,866 | 16,582 | 17,933 | 18,608 | 10.1% |
| Revenue (in million EUR) | 843.8 | 388.6 | 738.2 | 726.5 | 803.1 | 951.0 | 1,100.3 | 49.1% |
| thereof C2B | 766.8 | 342.6 | 629.7 | 609.5 | 671.8 | 799.0 | 933.1 | 48.2% |
| thereof Remarketing | 77.0 | 46.0 | 108.5 | 117.0 | 131.3 | 152.0 | 167.2 | 54.1% |
| ASP (EUR) | 5,552 | 5,973 | 6,303 | 6,422 | 6,544 | 7,081 | 7,575 | 20.2% |
| thereof C2B | 5,438 | 5,993 | 6,283 | 6,203 | 6,329 | 6,866 | 7,368 | 17.3% |
| thereof Remarketing | 7,017 | 5,829 | 6,421 | 7,868 | 7,918 | 8,474 | 8,990 | 40.0% |
| Gross profit (in million EUR) | 88.4 | 27.1 | 86.0 | 81.6 | 84.4 | 96.2 | 112.2 | 30.5% |
| GPU (EUR) | 582 | 416 | 734 | 721 | 688 | 717 | 772 | 5.2% |
| Retail KPIs | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | Q1 2021 | Q2 2021 | Q3 2021 | Change Q3 YoY |
|---|---|---|---|---|---|---|---|---|
| Units Sold (#) | 2,363 | 1,174 | 2,429 | 4,187 | 7,815 | 8,415 | 11,275 | 364.2% |
| Segment KPIs Revenue (in million EUR) |
33.6 | 15.2 | 31.2 | 52.7 | 96.5 | 114.1 | 159.8 | 412.2% |
| ASP (EUR) | 14,218 | 12,944 | 12,828 | 12,575 | 12,342 | 13,565 | 14,174 | 10.5% |
| Gross profit (in million EUR) | 0.7 | 0.3 | 0.7 | 1.2 | 2.0 | 3.1 | 4.1 | 533.8% Veränderung |
| Merchant KPIs GPU (EUR) |
293 | 288 | 268 | 290 | 255 | 363 | 365 | Q2 YoY 36.3% |
Differences may exist due to rounding.
Q3 2021 was another record quarter for the AUTO1 Group. Never before has the company purchased more vehicles, achieved higher revenue or higher gross profit in one quarter. Relative to the comparable quarter a year earlier, the number of vehicles sold increased by 36,980 to 156,530 in Q3 2021. Meanwhile, the average selling price rose by EUR 1,615 year-on-year to attain EUR 8,051 in Q3 2021. This was largely due to the rapid growth of the Autohero business. The Group revenue increased by 64% year-on-year to KEUR 1,260,163 in Q3 2021, which is the highest quarterly revenue ever achieved and even exceeded the previous record revenue from Q2 2021 of KEUR 1,065,166 by significant 18%. Both the continued rapid growth of the Retail segment and the stable growth of the Merchant segment contributed to this development.
Gross profit amounted to KEUR 116,311 in Q3 2021, which corresponds to an increase of KEUR 29,649 compared to the same period of the previous year. Thus, gross profit achieved a new milestone by exceeding EUR 100 million in one quarter for the first time. Gross profit per vehicle was EUR 18 higher than in Q3 2020 and amounted to EUR 743. The gross margin was 9.2%, 2.1 percentage points below the prior-year's quarter. This was mainly due to the higher share of the Autohero business in the Group's gross margin.
In Q3 2021, the AUTO1 Group recorded an adjusted EBITDA of KEUR -24,715, which corresponded to a decline of KEUR 40,716 compared to Q3 2020 (KEUR 16,001) and an adjusted EBITDA margin of -2.0%. The positive adjusted EBITDA of the prior-year's quarter mainly resulted from a cost reduction in marketing, logistics, and personnel expenses, a consequence of the COVID-19 pandemic. In Q3 2021, the main drivers behind the negative adjusted EBITDA were higher expenses related to marketing to increase the brand awareness of Autohero and also due to the increased number of employees as part of the Group's growth strategy. The Group's net loss in the third quarter of 2021 amounted to KEUR 34,871.
In the Merchant segment, both the C2B and remarketing channel developed very positively in the third quarter of 2021. Total revenue increased by KEUR 362,137 or by 49% to KEUR 1,100,349 in Q3 2021 compared to Q3 2020, exceeding for the first time EUR 1 billion revenue in a quarter. The number of vehicles sold increased by 24% year-on-year, from 117,121 units to 145,255 units in Q3 2021. The average selling price amounted to EUR 7,575 and was significantly higher than the average selling price of KEUR 6,303 recorded in Q3 2020.
The number of vehicles sold by the C2B channel increased by 26% year-on-year, from 100,221 units to a total of 126,647 units in Q3 2021. The C2B vehicles sold accounted for 87.2% of the total sales in the Merchant segment, which underlines the strength of our core business. Revenue in the C2B division increased by KEUR 303,367 from KEUR 629,700 in Q3 2020 to KEUR 933,067 in Q3 2021.
Aside from the C2B channel, the remarketing channel also saw significant year-on-year growth despite the challenging market conditions, related to the global supply constraints in the market for new cars. The units sold increased by 10% year-on-year to 18,608 units in Q3 2021, generating total revenue of KEUR 167,282 in Q3 2021, up from KEUR 108,512 in Q3 2020.
As a result of the strong performance of the C2B and remarketing channel, total gross profit in the Merchant segment amounted to KEUR 112,193, which corresponds to an increase of KEUR 26,182 compared to Q3 2020. Gross profit per vehicle in Q3 2021 also increased by 5% yearon-year to EUR 772, partially due to the strong demand for used cars. At the same time, the gross profit margin in the Merchant segment decreased slightly compared to Q3 2020 by 1.5 percentage points to 10.2%, primarily due to the increase in used car prices, a consequence of the supply bottlenecks in the market for new cars.
Autohero continued its rapid growth in Q3 2021. The number of vehicles sold through our Retail segment more than quadrupled year-on-year to reach 11,275 units in Q3 2021. Additionally, the average selling price amounted to EUR 14,174, which was significantly higher than the average selling price of EUR 12,828 in Q3 2020. As a result, Autohero's revenue grew by KEUR 128,655 to KEUR 159,814 in Q3 2021 and thus, Autohero's revenues accounted for 12.7% of the Group's total revenue in Q3 2021, up from a revenue share of 4.1% in Q3 2020. On the back of the strong revenue growth, Autohero's gross profit increased more than sixfold from KEUR 651 in Q3 2020 to KEUR 4,118 in Q3 2021. The gross profit per vehicle and the gross profit margin also increased by EUR 97 and by 0.5 percentage points respectively in Q3 2021, relative to the comparable quarter a year earlier. These growth rates and profitability improvements confirm the success of our marketing investments in Autohero's brand awareness and are a testimony of the attractiveness of purchasing cars fully online.
| KEUR | 1 Jul. 2021 - 30 Sep. 2021 |
1 Jul. 2020 - 30 Sep. 2020 |
1 Jan. 2021 - 30 Sep. 2021 |
1 Jan. 2020 - 30 Sep. 2020 |
|---|---|---|---|---|
| Net revenue | 1,260,163 | 769,372 | 3,224,813 | 2,050,518 |
| thereof Merchant | 1,100,349 | 738,212 | 2,854,397 | 1,970,566 |
| thereof Retail | 159,814 | 31,160 | 370,416 | 79,952 |
| Cost of materials | (1,143,852) | (682,710) | (2,922,835) | (1,847,390) |
| Gross profit | 116,311 | 86,662 | 301,978 | 203,128 |
| Other operating income | 3,030 | 1,719 | 14,126 | 9,899 |
| Employee costs | (56,881) | (21,030) | (164,509) | (99,441) |
| Other operating expenses | (88,929) | (36,238) | (228,844) | (114,091) |
| thereof Marketing expenses | (57,477) | (18,919) | (136,467) | (49,454) |
| thereof Other expenses | (31,452) | (17,319) | (92,377) | (64,637) |
| Earnings before interest, tax, depreciation and amortization (EBITDA) |
(26,469) | 31,113 | (77,249) | (505) |
| Separately disclosed items (SDI) | (1,754) | 15,112 | (15,324) | (7,476) |
| Adjusted EBITDA* | (24,715) | 16,001 | (61,925) | 6,970 |
| Depreciation, amortization and impairment | (6,477) | (6,099) | (19,746) | (24,249) |
| Earnings before interest and tax (EBIT) | (32,946) | 25,014 | (96,995) | (24,754) |
| Financial result | (1,251) | (44,612) | (218,372) | (57,962) |
| Earnings before tax (EBT) | (34,197) | (19,598) | (315,367) | (82,716) |
| Separately disclosed items (SDI) | - | - | (210,931) | (5,628) |
| Adjusted EBT** | (32,443) | (34,710) | (89,112) | (69,612) |
| Income taxes | (674) | (282) | (1,904) | (560) |
| Net loss for the period | (34,871) | (19,880) | (317,271) | (83,276) |
| Adjusted Net loss** | (33,117) | (34,992) | (91,016) | (70,172) |
* Adjusted for separately disclosed items including non-operating effects, which comprise share-based payments, correction of payables and other non-operating expenses.
** Adjusted for separately disclosed items including non-operating effects, which comprise share-based payments, correction of payables and other non-operating expenses and valuation effects resulting from the early repayment of the convertible bond shortly after the IPO.
| KEUR | 30 Sep. 2021 | 31 Dec. 2020 |
|---|---|---|
| Fixed assets | 68,831 | 52,457 |
| Trade and other receivables (non-current) | 20,760 | - |
| Other financial and non-financial assets (non-current) | 7,324 | 6,463 |
| Non-current assets | 96,915 | 58,920 |
| Inventories | 383,697 | 209,435 |
| Trade and other receivables (current) | 79,708 | 24,802 |
| Other financial and non-financial assets (current) | 78,096 | 70,133 |
| Liquid assets | 766,786 | 157,251 |
| thereof Money market funds and instruments (current) | 529,574 | - |
| thereof Cash and cash equivalents | 237,212 | 157,251 |
| Current assets | 1,308,287 | 461,621 |
| Total assets | 1,405,202 | 520,541 |
Fixed assets increased by KEUR 16,374 to KEUR 68,831 compared to the end of 2020, mainly due to investments in our unique Autohero glass truck fleet and our production centers for used cars.
The non-current receivables from trade and other receivables are related to the new installment purchase option that is being offered to Autohero customers in Germany since the beginning of 2021 and in Austria more recently. At the end of the reporting period, non-current receivables from installment purchases amounted to KEUR 20,760.
Compared to the end of 2020, inventories increased by KEUR 174,262 to KEUR 383,697, reflecting our market-leading position as a buyer of used cars in Europe. The increase in inventories was mainly the result of building up Autohero's inventory, which allows us to offer a large selection of used cars for our Autohero customers.
Due to the higher revenues in the first nine months of 2021, current trade receivables and other receivables rose by KEUR 54,906 to KEUR 79,708.
Other current financial and non-financial assets are mainly related to VAT receivables and prepaid expenses, which increased by KEUR 7,963 compared to the year-end.
Furthermore, the increase in liquid assets, which consisted of money market funds and instruments as well as cash and cash equivalents, determined the development of current assets in the first nine months of 2021. In order to minimize the effect of negative interest rates, part of the proceeds of the IPO were invested in liquid financial assets, resulting in an increase in short-term money market funds and instruments of KEUR 529,574.
| KEUR | 30 Sep. 2021 | 31 Dec. 2020 |
|---|---|---|
| Total equity | 976,156 | 4,465 |
| Financial liabilities (non-current) | 115,000 | 323,470 |
| Provisions, Other financial and non-financial liabilities (non-current) | 35,350 | 33,190 |
| Non-current liabilities | 356,660 | |
| Financial liabilities (current) | - | 101 |
| Trade and other payables | 142,620 | 86,128 |
| Provisions, Other financial and non-financial liabilities (current) | 136,076 | 73,187 |
| Current liabilities | 278,696 | 159,416 |
| Total liabilities | 429,046 | 516,076 |
| Total equity and liabilities | 1,405,202 | 520,541 |
As a result of the successful IPO at the beginning of February, our equity position substantially improved from KEUR 4,465 at the end of 2020 to KEUR 976,156 in September 2021.
In the first nine months of 2021, long-term financial liabilities declined massively. This was mainly due to the early repayment, shortly after the IPO, of the unconverted portion of the convertible bond, including accrued interest, which led to a reduction in long-term debt of KEUR 232,349. Around the same period, we entered into an Asset-Backed-Securitisation (ABS) in Q1 2021, ensuring long-term costefficient financing of the inventory. In Q3 2021, we drew an additional KEUR 95,000 from this facility.
Current liabilities compared to year-end increased by KEUR 119,280 to KEUR 278,696 in the first nine months of 2021. This was due to the increase in trade payables and other current liabilities, which mainly resulted from contract liabilities for deliveries in connection with the increase in trade receivables.
| KEUR | 1 Jul. 2021 - 30 Sep. 2021 |
1 Jul. 2020 - 30 Sep. 2020 |
1 Jan. 2021 - 30 Sep. 2021 |
1 Jan. 2020 - 30 Sep. 2020 |
|---|---|---|---|---|
| Net loss | (34,871) | (19,880) | (317,271) | (83,276) |
| Cash flow from operating activities | (104,059) | (25,401) | (221,985) | 133,263 |
| Payments for tangible and intangible assets | (5,921) | (577) | (15,800) | (1,389) |
| Payments for liquid financial assets | 20,182 | – | (529,674) | – |
| Cash flow from investing activities | 14,261 | (577) | (545,474) | (1,389) |
| Cash flow from financing activities | 87,584 | (21,880) | 847,420 | 62,845 |
| Cash and cash equivalents at the beginning of | ||||
| the period | 239,426 | 300,175 | 157,251 | 57,599 |
| Cash and cash equivalents at the end of the period | 237,212 | 252,318 | 237,212 | 252,318 |
In the third quarter of 2021, the cash flow used in operating activities amounted to KEUR -104,059 (Q3 2020: -25,401), resulting primarily from the significant expansion of our inventory and the net loss in Q3 2021. Our inventory increased by KEUR 102,817 in Q3 2021, which we re-financed by drawing KEUR 95,000 under our rated non-recourse inventory ABS programme.
Investing activities generated KEUR 14,261 cash flows during the third quarter of 2021 (Q3 2020: KEUR -577), mainly due to the sales of money market funds and instruments in the amount of KEUR 20,182.
Following the issuance of KEUR 95,000 senior notes under the new rated non-recourse inventory ABS facility in September 2021, the financing activities of the AUTO1 Group led to a total net cash inflow of KEUR 87,584 in the third quarter of 2021 (Q3 2020: KEUR -21,880).
Our total available liquid assets (defined as cash, cash equivalents, and money market funds and instruments) decreased by KEUR 22,496 from KEUR 789,282 to KEUR 766,786 in this quarter.
As our business continues to exceed our own expectations, we are confident to grow even more strongly than we had previously expected. While we are just at the beginning of building the largest and most profitable car dealer in Europe, we increased our full-year revenue guidance to EUR 4.5-4.6 billion (previously: EUR 4.0-4.4 billion). In addition, we also increased our gross profit target to EUR 415-425 million (previously: EUR 380-410 million). Merchant guidance in units is substantiated to ~560,000 units (previously: 554,000-580,000 units) and the number of units delivered by Autohero is expected to be at 40,000-42,000 (previously: 38,000-43,000 units), or a combined total of ~600,000 cars (previously: 592,000-623,000 units). Following the strong revenue and gross profit performance, AUTO1 Group expects an improvement of the adjusted EBITDA margin for the full year to -2.5% (previously: -2.5% to -3.0%), despite significant investment in Autohero branding. This marks the enormously successful nine months we achieved to date, seizing the massive potential of the AUTO1 business model while strengthening our platform further.
| PAGE 22 | Glossary |
|---|---|
| PAGE 23 | Financial Calendar |
Contact PAGE 23
Abbreviation for "Asset-Backed-Securitization" facility of EUR 485 million, which the AUTO1 Group took out at the beginning of the year in order to secure long-term cost-effective financing of the inventory.
EBITDA adjusted for separately disclosed items including nonoperating effects, which comprise (i) share-based payments, (ii) expenses for strategic projects, (iii) capital restructuring, (iv) correction of payables and (v) other non-operating expenses.
Abbreviation for "Average Selling Price", defined as revenue for the period divided by the number of cars sold.
The Company, together with its consolidated subsidiaries.
Retail sales channel of the AUTO1 Group to sell used cars to private customers.
Abbreviation for the purchase channel of the AUTO1 Group, which stands for the procurement of used cars from private individuals via "we buy your car" and corresponding brands in all purchase countries.
The single European currency adopted by certain participating member states of the European Union, including Germany.
Gross profit per unit, defined as gross profit divided by units sold in a respective period.
Defined as Revenue less cost of materials.
Wholesale sales channel of the AUTO1 Group to sell used cars to dealers.
Name for the purchase channel of the AUTO1 Group, which stands for the procurement of used cars from the dealer side.
See Autohero.
| 23 March | Announcement of Q4 and Full Year 2021 and Earnings Call | ||
|---|---|---|---|
| 8 April | Publication of Annual Report 2021 | ||
| 11 May Publication of Q1 2022 Report and Earnings Call |
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| Annual General Meeting 9 June |
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| Publication of Trading Update (Q2 2022) and Earnings Call 3 August |
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| 14 September Publication of Half-Year Financial Statements (Half-year 2022) |
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| 2 November | Publication of Quarterly Financial Statements (Q3 2021) and Earnings Call |
Philip Reicherstorfer +49 30 2016 38 213 [email protected]
Bergmannstraße 72, 10961 Berlin
+49 30 2016 38 1901 [email protected]
Certain statements in this communication may constitute forward looking statements. These statements are based on assumptions that are believed to be reasonable at the time they are made, and are subject to significant risks and uncertainties. Our actual results may differ materially and adversely from any forward-looking statements discussed in this communication. You should not rely on forward-looking statements as predictions of future events. We do not undertake any obligation to update or revise these statements and do not accept any liability regarding the achievement of forward looking statements.
Bergmannstraße 72, 10961 Berlin, Germany +4930201638360 [email protected]
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