Investor Presentaiton
Superior margins maintained while significant investments across.
functions support future growth
€m
Q4 20
Q4 19
Δ
FY 20
FY 19
Δ
Billings
128.1
100.6
+27%
460.3
324.9
+42%
Cost of sales
(9.6)
(6.9)
(35.9)
(24.2)
+38%
+48%
% of billings
7.5%
6.9%
7.8%
7.5%
Gross profit
118.6
93.7
% Margin
Sales
+92.5%
(16.7)
+93.1%
+27%
-0.6pp
424.4
92.2%
300.7
92.5%
+41%
-0.3pp
(9.5)
+76%
(58.1)
(37.9)
+53%
% of billings
Marketing
13.0%
9.4%
12.6%
11.7%
(9.3)
(6.6)
(31.1)
(22.8)
% of billings
7.2%
6.6%
+40%
6.8%
7.0%
+37%
R&D
(10.7)
(7.4)
(34.8)
(28.0)
% of billings
8.3%
7.4%
+43%
7.6%
8.6%
+24%
Other¹
G&A
% of billings
(2.7)
(3.6)
(7.1)
(4.0)
(26.0)
(16.4)
5.5%
4.0%
+75%
5.7%
5.0%
+59%
(12.8)
(13.5)
% of billings
2.1%
3.5%
-24%
2.8%
4.2%
-5%
Total Opex
(46.4)
(31.1)
(162.9)
(118.6)
% of billings
36.2%
30.9%
+49%
35.4%
36.5%
+37%
Adj. EBITDA
72.1
62.6
+15%
261.4
182.1
+44%
% Margin
56.3%
62.2%
-5.9pp
56.8%
56.0%
+0.8pp
¹incl. other income/expenses and bad debt expenses of €3.8m in Q4 and €14.6 for FY 2020 (€4.2m in Q4 2019 and €15.5m for FY 2019)
15
Q4/ FY 2020 Preliminary Results (unaudited) - Investor Presentation
.
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 mainly in the areas of AR
and loT
Strengthened corporate functions
Lower bad debt expenses
FY 20 adjusted EBITDA margin slightly ahead
of guidance
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