xing ag q3/2013 conference call presentation

Download XING AG Q3/2013 conference call presentation

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  • XING #1 Professional Social Network In German Speaking Europe Q3 results November 6, 2013
  • 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
  • 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
  • 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
  • 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
  • Introduction of XTM 2.0 New frontend & new features - launched Sep 2013 6
  • 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 wouldt want to stop using it. And in particularly in the German speaking countries you just cant ignore XING. 7
  • Launch of Das Neue Premium Strong communication of online benefits Profile Visitors (Statistics) Premium HUB Offline Benefits 8
  • 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
  • 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%
  • Q3/2013 figures The professional network www.xing.com
  • 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
  • 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
  • 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
  • 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
  • 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
  • Thank you for your kind attention! The professional network www.xing.com
  • 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
  • Investor information & contact The professional network www.xing.com
  • 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 & Aufhuser, 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
  • 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
  • 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 Dammtorstrae 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