Investor Presentaiton
Cash EBITDA 9M Q3 2019
Illustrative Cash EBITDA 9M 2019 (€m)
FYE, 31-Dec
9M 2018A
9M 2019A
Q3 2018A
Q3 2019A
I
Billings
155
224
51
83
Cost of Sales
(16)
(17)
(6)
(6)
Scaling of customer support and infrastructure cost for
Router & Server plus IFRS 16 impact
% of Billings
10%
8%
11%
8%
1
I
Gross Margin
90%
92%
89%
92%
Sales
(20)
(28)
I
(7)
% of Billings
13%
13%
(10)
12%
Efficient GTM model with highly efficient sales force
Marketing
(12)
(16)
% of Billings
8%
R&D
(15)
(21)
(5)
% of Billings
10%
9%
G&A (1)
(14)
(23)
(5)
% of Billings
Cash EBITDA
9%
10%
10%
7%
14%
(4)
8%
11%
(5)
6%
(7)
8%
(9)
11%
Very low CAC driven by Virality and strong Brand
Customer-centric and scalable product development
Continued Investments in infrastructure and security
78
120
24
46
% Margin
50%
53%
46%
56%
1. G&A includes other income, other expenses and bad debt expenses
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