XING AG Q3/2013 conference call presentation

944 views

Published on

0 Comments
1 Like
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total views
944
On SlideShare
0
From Embeds
0
Number of Embeds
10
Actions
Shares
0
Downloads
4
Comments
0
Likes
1
Embeds 0
No embeds

No notes for slide

XING AG Q3/2013 conference call presentation

  1. 1. XING – #1 Professional Social Network In German Speaking Europe Q3 results November 6, 2013
  2. 2. Executive Summary Strongest member growth in the last 18 months Continuing accelerating of top-line growth 2 major product launches  New XING Talentmanager (XTM 2.0)  The New Premium Well on track to meet full year objectives 2
  3. 3. Strongest member growth during last 18 months Lot of scope still available for further growth in D-A-CH Member base [millions] & net adds [thousands] ~20m 6.72 184 196 205 211 214 5.28 Mobile traffic growing nicely. 38% of total traffic is mobile already. June '12 Q3/12 Rounding differences are possible Q4/12 Q1/13 Q2/13 Q3/13 Sep '13 Addressable market in D-A-CH 3
  4. 4. Paying subscriber base growing Paying member base & net adds in D-A-CH [thousands] 829 805 4 15 3 767 13 4 New pricing effective since June 2013  3-month membership: €9.95 p.m. (+€2)  12-month membership: €7.95 p.m. (+€1) June '12 Q3/12 Rounding differences are possible Q4/12 Q1/13 Q2/13 Q3/13 Sep '13 Worldwide 4
  5. 5. Top-line growth acceleration continues in Q3/13 Revenues in €m Operating cash flow EBITDA in €m 18% in €m 12% (Q2:15%) (Q1:11%) (7%) 21.6 18.3 5.5 Q3/12 Q3/13 6.2 Q3/12 Q3/13 4.7 4.4 Q3/12 Q3/13 5
  6. 6. Introduction of XTM 2.0 New frontend & new features - launched Sep 2013 6
  7. 7. Introduction of XTM 2.0 Showcase with Deutsche Telekom AG  DTAG is using XTM since launch in September 2012  XTM creates value  Time to hire down by >70%  Cost per hire down by >80% Marc Stefan Brodbeck Vice President Recruiting & Talent Acquisition Deutsche Telekom AG „We can no longer imagine working without the XTM. I would‘t want to stop using it. And in particularly in the German speaking countries you just can‘t ignore XING.“ 7
  8. 8. Launch of “Das Neue Premium” Strong communication of online benefits Profile Visitors (Statistics) Premium HUB Offline Benefits 8
  9. 9. Launch of “Das Neue Premium” First new Offline-benefits have been rolled out in Q4 Mobility Education Content /News THE NEW PREMIUM Convenience/ Enjoyment Sports Support Services Partner Offers  Free Office Space at „Design Office“ locations  Free access too all books on Blinkist (12 months) More to come during Q4/13 & Q1/14 9
  10. 10. Launch of “Das Neue Premium” >80% positive customer feedback How do you like the New Premium? 1 = like it very much >80% positive survey feedback 44% 2 33% 3 12% based on 1,000 responses 4 5 = don't like it at all 5% 6%
  11. 11. Q3/2013 figures The professional network www.xing.com
  12. 12. Executive summary – Financials Accelerating member growth w/ 214k net adds Accelerating revenue growth w/ 18% yoy EBITDA increasing to €6.2m Operating Cash-Flow amounts to € 4.4m Fully on track to meet full year objectives and long-term plan 12
  13. 13. Q3/13: €21.6m revenues, €6.2m EBITDA Q2/13 Q2/13 Q3/13 vs. Q2/13 Q3/12 Q3/13 vs. Q3/12 Abs. Abs. % Abs. % 21.6 20.9 3% 18.3 18% (15.4) (15.0) (2%) (12.8) (20%) EBITDA 6.2 5.9 6% 5.5 12% Margin 29% 28% 1%pt 30% (1%pt) Depreciation (incl. PPA) (2.1) (1.9) (7%) (2.1) 3% 0.0 0.0 38% 0.1 (44%) (1.5) (1.3) (16%) (1.3) (16%) 2.7 2.7 1% 2.2 23% Total revenue1 Costs Financial result Taxes Net result (1) Including other operating income Member growth accelerating against seasonality 13
  14. 14. E-Recruiting and Events with continuing strong growth Premium Club e-Recruiting Events in €m in €m in €m 43% 7% 12.7 32% 13.7 6.2 4.3 0.9 Q3/12 Q3/13 Q3/12 Q3/13 1.3 Q3/12 Q3/13 Overall revenue growth accelerating to 18% in Q3/13 (15% in Q2 & 11% in Q1) 14
  15. 15. Personnel main investment area to further drive company growth Personnel Marketing Other expenses in €m in % of total revenue in €m in % of total revenue in €m in % of total revenue 55% 9% 8.6 7.7 32% 8.3 5.0 5.2 22% 24% 24% Q3/12 Q2/13 Q3/13 4.0 42% 41% 39% 1.2 1.4 1.8 6% Q3/12 Q2/13 Q3/13 Investment in product/technology organization & sales/marketing 10 new FTEs in Q3/13 41 new FTEs since Sep ’12, thereof 27 from kununu 7% 8% Q3/12 Q2/13 Q3/13 Online display & social media adv. Search engine marketing (SEM) Offline marketing expenditure (conferences & events, print, sponsoring) Affiliate marketing External services, legal, audit & consulting Payment processing, server hosting Rent & other costs YoY cost development reflects first-time consolidation of kununu 15
  16. 16. Q3/2013: Operating cash flow: €4.4m Q3/13 Q2/13 Q3/13 vs. Q2/13 Q3/12 Q3/13 vs. Q2/12 Abs. Abs. Abs. Abs. Abs. 6.2 5.9 0.3 5.5 0.7 (0.9) (1.2) 0.3 (0.9) (0.1) (0.9) 2.3 (3.2) 0.1 (1.0) 4.4 6.9 (2.5) 4.7 (0.3) (2.9) (2.7) (0.1) (1.6) (1.3) 0 (0.1) 0.1 0.0 0 0.4 1.7 (1.3) 0.1 0.2 1.9 5.9 (4.0) 3.3 (1.4) Regular dividends 0.0 (3.1) 3.1 0.0 0 Free cash flow excl. event organizer cash & incl. dividends 1.9 2.8 (0.9) 3.3 (1.4) Effects organizer cash 1.6 0.0 1.6 1.8 (0.2) Free cash flow incl. organizer cash & dividends 3.5 2.8 0.7 5.2 (1.6) EBITDA Interest/tax/ESOP Net working capital Operating cash flow excl. organizer cash Investment – operating Investment – acquisitions Financing incl. transaction of own shares Free cash flow excl. organizer cash & dividends Cash-Flow from net working capital negative due to xo fluctuations in Q3 16
  17. 17. Thank you for your kind attention! The professional network www.xing.com
  18. 18. Negative invested capital from shareholders’ perspective in €m [Excl. event organizer cash and NWC] As of Sep 2013 Abs. Assets 107.1 Operating assets 26.9 Acquisitions / international Operating assets €26.9m Deferred income (€30.2m) Liabilities (€15.1m) Invested capital w/o cash (€18.4m) 16.3 TAX A/R Cash Equity/Liabilities 1.3 62.6 107.1 Equity 58.3 Deferred income 30.2 Liabilities 15.1 Tax liabilities 3.5 Other 0.0 18
  19. 19. Investor information & contact The professional network www.xing.com
  20. 20. XING AG IR stats Market cap: ~€440m / >€60m cash / no debt Consensus (Analyst estimates as of November, 2013) Consensus from 9 brokers 2013e 2014e Total revenues 82.7 93.2 102.1 EBITDA 23.9 29.9 35.5 Margin 29% 32% 35% Depreciation -8.4 -8.6 -8.5 EBIT 15.5 21.3 Average trading volume per day (XETRA) 2015e 27.0 Margin 19% 23% 10.9 15.0 1.98 2.72 0.70 0.87 12 12 10 1.33 9 7 7 7 3.48 DPS in € 15 19.3 EPS in € 20 26% Net income [in thousand] 21 Analyst coverage 6 4 Oct-12 Berenberg Bank, Commerzbank, Close Brothers, Deutsche Bank, Hauck & Aufhäuser, JP Morgan Cazenove, MM Warburg, Montega Shares Dec - 12 3 Feb-13 Jun-13 Aug-13 TecDax ranking end of Oct 2013 2,922,244 Deutsche Asset & Wealth Management 358,800 6.42% Ennismore 277,848 4.97% 282,421 5.05% 37,832 0.68% 1,712,992 30.63% Treasury Shares Market Cap. 27 Turnover 30 Oct-13 52.26% Schroders 5,592,137 Burda Digital GmbH Apr-13 Sonstige Numbers based on last filing – actual shareholdings can differ 20
  21. 21. XING share price development since IPO in Dec 06 as of November 5, 2013 350% 300% 250% 200% 150% 100% 50% 0% XING AG TecDAX SDAX DAX +162% +61% +27% +40% 21
  22. 22. Investor Relations Contact details & social media channels http://twitter.com/xing_ir http://www.slideshare.net/patmoeller http://www.youtube.com/XINGcom Patrick Moeller Director Investor Relations XING AG Dammtorstraße 29-32 20354 Hamburg Germany http://blog.xing.com Tel.: +49 (0)40 419 131-793 Fax.: +49 (0)40 419 131-44 (Please use this number to submit “WpHG notifications”) skype:patrickmoeller?add Email.: patrick.moeller@xing.com IR website: http://corporate.xing.com/english/investor-relations/ 22

×