Investor Presentation • Nov 3, 2022
Investor Presentation
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Q3 / 9M 2022 Results
1
Tobias Hartmann (CEO) Dirk Schmelzer (CFO)
Analyst call, 3 November 2022 | © Scout24 Investor Relations
This document has been issued by Scout24 SE (the "Company" and, together with its direct and indirect subsidiaries, the "Group") and does not constitute or form part of and should not be construed as any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of the Company, nor shall any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision, nor does it constitute a recommendation regarding the securities of the Company or any present or future member of the Group.
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The Q3 2022 figures contained in this document were neither audited in accordance with §317 HGB nor reviewed by an auditor.
Scout24 is well positioned
to navigate changing market conditions
5 Q3 2022 Results | November 2022
We are well positioned to drive sustained growth in a changed market environment
Scout24 'transactional' revenues < 3% of 9M 2022
1) Professional and Private revenues 2) IV24 and BaufiTeam revenues
| (€m) | Q3 2022 |
Q3 2021 |
+/- |
|---|---|---|---|
| Professional Segment Revenue | 74.5 | 66.0 | +13.0% |
| of which Subscriptions | 66.3 | 59.2 | +12.0% |
| thereof Membership | 56.6 | 50.9 | +11.1% |
| thereof Seller Leads | 9.7 | 8.2 | +17.5% |
| Customers (period # average) |
21 234 , |
20 556 , |
+3 3% |
| Resulting ARPU (in €) |
1 040 , |
959 | +8 4% |
| of which PPA | 4.2 | 3.0 | +42.2% |
| of which Other (Mortgage) | 4.0 | 3.8 | +5.6% |
| ooEBITDA Professional Segment | 44.8 | 41.9 | +6.9% |
| ooEBITDA Margin |
60.2% | 63.6% | -3.4pp |
a combination of customer growth, rate card and product upgrades
in a challenging market environment
spurred by ongoing need for greater marketing power
Private segment growth is fuelled by strong subscription business and ongoing strong growth in PPA
| (€m) | Q3 2022 |
Q3 2021 |
+/- |
|---|---|---|---|
| Private Segment Revenue | 31.6 | 23.5 | +34.2% |
| of which Subscriptions | 15.4 | 9.8 | +58.2% |
| Customers (period # average) |
315 734 , |
220 678 , |
+43 1% |
| Resulting (in €) ARPU |
16 3 |
14 7 |
+10 5% |
| of which PPA | 11.6 | 8.6 | +35.8% |
| of which Other (Schufa, RRI) | 4.5 | 5.2 | -13.1% |
| ooEBITDA Private Segment |
16.2 | 10.0 | +61.8% |
| ooEBITDA Margin |
51.3% | 42.6% | +8.8pp |
Further strong customer wins due to great demand in the rent market
Subscriptions revenue fuelled by new pricing schemes
Standalone Schufa
decreases by shifting to TenantPlus
| (€m) | Q3 2022 |
Q3 2021 |
+/- | 9M 2022 |
9M 2021 |
+/- |
|---|---|---|---|---|---|---|
| Revenues | 114.7 | 97.5 | +17.7% | 332.3 | 287.2 | +15.7% |
| Own work capitalised | 7.3 | 7.2 | +1.0% | 21.8 | 19.5 | +11.5% |
| Personnel costs |
-25.1 | -21.7 | +15.9% | -70.7 | -63.0 | +12.2% |
| Marketing costs | -12.3 | -10.0 | +23.4% | -38.7 | -27.8 | +39.4% |
| IT costs | -5.3 | -4.6 | +13.8% | -15.9 | -12.7 | +25.2% |
| Selling costs | -7.7 | -7.0 | +10.1% | -20.8 | -18.3 | +13.6% |
| Other operating costs | -7.7 | -7.0 | +10.4% | -23.3 | -20.2 | +15.5% |
| Total operating effects | 58.1 | 50.2 | +15.7% | 169.5 | 142.0 | +19.3% |
| ooEBITDA | 63.9 | 54.5 | +17.3% | 184.6 | 164.7 | +12.1% |
| margin ooEBITDA |
7% 55 |
9% 55 |
-0 2pp |
6% 55 |
4% 57 |
-1 8pp |
Revenue and ooEBITDA growth rates have converged to a similar level
Closing the gap in ooEBITDA margin comparing 2022 with 2021
Closing in on generating operating leverage on the back of strength of core business and coming out of investment period
| (€m) | Q3 2022 |
Q3 2021 |
+/- | 9M 2022 |
9M 2021 |
+/- |
|---|---|---|---|---|---|---|
| Ordinary operating EBITDA | 63.9 | 54.5 | +17.3% | 184.6 | 164.7 | +12.1% |
| Non-operating effects | -10.2 | -2.4 | +326.9% | -17.8 | -11.3 | +57.1 |
| Reported EBITDA | 53.8 | 52.1 | +3.2% | 166.8 | 153.4 | +8.8% |
| D&A | -8.3 | -14.9 | -44.1% | -31.1 | -42.7 | -27.2% |
| EBIT | 45.4 | 37.2 | +22.2% | 135.7 | 110.6 | +22.7% |
| Financial result | 0.3 | -1.9 | +116.5% | -20.5 | -7.5 | -171.6% |
| Earnings before Tax | 45.7 | 35.3 | +29.4% | 115.2 | 103.1 | +11.7% |
| Taxes on Income | -13.0 | -11.3 | +14.8% | -35.6 | -32.6 | +9.2% |
| Net income | 32.7 | 24.0 | +36.6% | 79.6 | 70.5 | +13.0% |
| Basic EPS in € |
0 42 |
0 29 |
7% +47 |
1 01 |
0 79 |
+28 4% |
| Adjusted EPS in € |
0 51 |
0 39 |
+31 5% |
1 40 |
1 10 |
+27 9% |
| Weighted shares # av |
2 77 |
83 5 |
5% -7 |
78 9 |
89 7 |
-12 0% |
Since April 2020, Scout24 returned ~67% of the net proceeds from the AS24 sale to shareholders via share buybacks
• Capital reductions of in
Narrowing FY 2022 guidance towards the upper end of the range
Filip Lindvall – Director Group Strategy & Investor Relations
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