Investor Presentaiton
Strong Business Model Drives Superior Margins...
Future growth supported by investments across all functions.
€m
Billings
Q3 20
106.4
Q3 19
Δ
9M 20
9M 19
Δ
82.7
+29%
332.1
224.3
+48%
.
Cost of Sales
(9.4)
(6.3)
(26.3)
(17.3)
+48%
+52%
% of Billings
8.8%
7.6%
7.9%
7.7%
Gross Profit
97.1
76.4
% Margin
+91.2%
+92.4%
+27%
-1.2pp
305.8
92.1%
207.0
92.3%
+48%
-0.2pp
•
Sales
(14.0)
(9.9)
(41.5)
(28.4)
+41%
+46%
Q3 Cost of Sales up as anticipated and reflecting
investments in platform infrastructure fully in line
with financial model
Expansion of solutions sales and continued
investments in R&D (+124 FTEs YTD), mainly in the
areas of AR and loT
% of Billings
Marketing
% of Billings
(7.6)
13.2%
12.0%
12.5%
12.7%
.
(5.5)
(21.8)
(16.2)
Lower bad debt expenses
7.1%
6.6%
+39%
6.6%
7.2%
+35%
•
9M Adj. EBITDA margin up 3.7pp
R&D
(8.9)
(6.6)
(24.2)
(20.5)
% of Billings
8.3%
8.0%
+35%
7.3%
9.2%
+18%
G&A
(6.5)
(4.1)
(19.0)
(12.3)
% of Billings
6.1%
4.9%
+59%
5.7%
5.5%
+54%
Other¹
(2.0)
(4.3)
(10.1)
(10.0)
% of Billings
1.8%
5.2%
-55%
3.0%
4.4%
+1%
Total Opex
(38.9)
(30.4)
(116.5)
(87.5)
% of Billing's
36.5%
36.7%
+28%
35.1%
39.0%
+33%
Adj. EBITDA
58.2
46.0
+26%
189.3
119.6
+58%
% Margin
54.7%
55.6%
-0.9pp
57.0%
53.3%
+3.7pp
1) incl. other income/expenses and bad debt expenses of €2.2m in Q3 and €10.8 for 9M 2020 (€4.6m in Q3 2019 and €11.3m for 9M 2019)
13
Q3 2020 Investor Presentation
TeamViewerView entire presentation