AI assistant
New Work SE — Investor Presentation 2017
May 3, 2017
303_ip_2017-05-03_9a519153-98bd-4c92-80f0-6555d4fb0b80.pdf
Investor Presentation
Open in viewerOpens in your device viewer
XING Q1 2017 Results
Hamburg, May 3, 2017
Executive Summary - yet another strong quarter
Financial KPIs
- Revenue +23%
- EBITDA +15% $\bullet$
- Operating cash flow +52% $\bullet$
Operating KPIs
- 567k net new members
- 27k* net new paying members $\bullet$ .
- Executing mission & vision (NWX, Marketing Campaign & New messenger) $\bullet$
*Change in reporting method in connection with change of payment provider leads to ~10k payer base step increase as of Jan 1, 2017
Strong financial performance Revenue +23%; EBITDA +15%; Operating cash flow +52%
$\boldsymbol{\chi}$
XING crossed 12m platform-member mark in Q1 567k net member adds - yet another growth record
Continuing strong payer growth in B2C segment 27k* net payer adds
*Change in reporting method in connection with change of payment provider leads to ~10k payer base step increase as of Jan 1, 2017
XING takes discussion about the future of work to the next level... New Work Experience Berlin 2017
Further strengthened our positioning "Actually"-campaign driving awareness and growth
Eigentlich wolltest du dein Home zum Office machen. Nicht andersrum.
XINGX
Mach Schluss mit Eigentlich!
Jetzt Jobsuche starten:
xing.com/Stellenmarkt
XING Eigentlich wolltest Du Dich doch vorher Mach Schluss mit Eigentlic um den Job nach dem Studium kümmern.
Driving user engagement New XING messenger successfully launched for web & mobile
* Compared to 12 month average prior to launch
Q1 2017 Financial Results
Fully on track to achieve 2017 goals Q1 2017 P&L: €42.2m revenues; €12.0m EBITDA
| Q1 2017 | Q1 2016 | Q1 2017 vs. Q1 2016 |
Target 2017 |
Status | |
|---|---|---|---|---|---|
| Abs. | Abs. | Rel. | Rel. | ||
| Total revenue 1 | 42.2 | 34.3 | 23% | $~20\%$ | Fully on track |
| Costs | (30.2) | (23.8) | (27%) | ||
| EBITDA | 12.0 | 10.4 | 15% | ~57m | Fully on track |
| Margin | 28% | 30% | $(2\%pts)$ | ||
| D&A | (2.9) | (2.2) | (30%) | ||
| Financial result | (0.1) | (0.0) | 353% | ||
| Kununu US Joint venture | (1.27) | (0.1) | 1119% | ||
| Taxes | (2.6) | (2.7) | (5%) | ||
| Net result | 5.1 | 5.3 | (4% ) | ||
| EPS | 0.91 | 0.95 | (4% ) |
Rounding differences are possible
Q1 2017: EBITDA contribution by segment
| Segment EBITDA |
Q1 17 Margin |
Q1 16 Margin |
Comment | |
|---|---|---|---|---|
| B 2 C | € 10.7 $m$ | 52% | 53% | Yoy % higher marketing |
| B2B E-Recruiting | € 11.9m | 69% | 71% | Yoy % higher marketing & personnel |
| B2B Advertising & Events | $\epsilon$ 0.8m | 23% | 14% | |
| Kununu International | €0.0m | 14% | Neg | |
| Tech, Central Services & Other | (€ 11.5m) | Neg | Neg | Yoy % higher marketing (NWX) |
| Total EBITDA | € 12.0 $m$ | 28% | 30% |
Q1 2017: All core segments growing double-digit
$\mathbf{z}$
Q1 2017: Cost development
Q1 2017: Operating cash flow of € 19.6m
| Q1 2017 | Q1 2016 | Q1 2017 vs. Q1 2016 |
Q4 2016 | Q1 2017 vs. Q4 2016 |
|
|---|---|---|---|---|---|
| Abs. | Abs. | Abs. | Abs. | Abs. | |
| EBITDA | 12.0 | 10.4 | 1.5 | 12.2 | (0.2) |
| Interest / tax / ESOP | (2.0) | (1.4) | (0.7) | (2.7) | 0.6 |
| Change in net working capital | 9.6 | 3.8 | 5.8 | 1.2 | 8.4 |
| Operating cash flow excl. organizer cash | 19.6 | 12.9 | 6.7 | 10.7 | 8.9 |
| Investment - operating | (6.9) | (5.0) | (2.0) | (9.6) | 2.7 |
| Investment $-$ acquisitions & joint venture | (4.0) | (2.7) | (1.3) | 0.0 | (4.0) |
| Investment - financial assets | (30.0) | 0.0 | (30.0) | 0.0 | (30.0) |
| Interests paid & exchange rate differences | (0.0) | (0.0) | (0.0) | 0.0 | (0.0) |
| Free cash flow excl. dividends & organizer cash | (21.3) | 5.2 | (26.5) | 1.1 | (22.4) |
| Regular dividend | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Special dividend | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Free cash flow excl. organizer cash | (21.3) | 5.2 | (26.5) | 1.1 | (22.4) |
| Effects organizer cash | 5.2 | 1.8 | 3.5 | (3.1) | 8.3 |
| Free cash flow incl. organizer cash | (16.1) | 6.9 | (23.0) | (2.0) | (14.1) |
Thank you for your attention.
Backup
$\boldsymbol{\chi}$
$\boldsymbol{\chi}$ Negative invested capital from shareholders' perspective
Consensus, investor information & contact details
XING AG IR stats Market cap: ~€ 1bn / >€ 80m cash / no debt
| Consensus from 10 brokers collected by XING IR |
2017e 2018e |
Average trading volume per day (XETRA) & Market Cap (in $\epsilon$ m) |
|---|---|---|
| Total revenues EBITDA Margin D&A EBIT Margin |
172 201 57 69 33% 35% (12) (14) 56 45 26% 28% |
1.090 1.051 1.01 986 1.042 1.004 1.015 906 1.015 986 960 928 13646 9825 8793 6995 6610 6419 |
| Net income EPS in $\epsilon$ DPS in $\epsilon$ |
37 29 5.15 6.56 2.70 3.20 |
5795 5570 5596 5350 4462 4225 3497 141116 |
| Analyst coverage | Berenberg Bank, Commerzbank, Deutsche Bank, Goldman Sachs, Hauck & Aufhäuser, Jefferies, MM Warburg, Oddo Seydler |
Burda Digital GmbH (DE) 50.26% Deutsche Asset & Wealth Mngt. (DE) 4.95% Oppenheimer (US) 5.04% |
| Shares | 5,620,435 | Union Investment (DE) 4.98% Wasatch Advisors (US) 3.02% 31.75% Rest |
Numbers based on last filing - actual shareholdings can differ
XING share price development since IPO
Investor Relations contact details & social media channels
PATRICK MOELLER
Director Investor Relations
XING AG Dammtorstrasse 30 20354 Hamburg Germany
Tel.: +49 (0)40 419 131-793 $FAX.: +49(0)40419131-44$
(Please use this number to submit "WpHG notifications")
Email.: [email protected]
$\boldsymbol{\chi}$