Q3 2015 results 20 November 2015 Cxense enables businesses to - - PowerPoint PPT Presentation
Q3 2015 results 20 November 2015 Cxense enables businesses to increase digital revenue CUSTOMER BENEFITS > INCREASE CONVERSION Enables businesses to gather, ..to create more more personalized analyze and use data and engaging user
20 November 2015
2
> INCREASE CONVERSION > INCREASE DIGITAL REVENUE ..to create more more personalized and engaging user experinces Enables businesses to gather, analyze and use data…
CUSTOMER BENEFITS
3
Events = page-views Sessions= Continuous browsing event (less than 30 minutes pause) with one browser Device = Browser with unique history. A user using Opera, Firefox and Chrome on one PC equals 3 devices. Mobile, iPad and so on are devices, as is one PC with several unique logins
# Events interacting with Cxense # Sessions interacting with Cxense # Devices interacting with Cxense
5 10 15 20 25 30 35 40 45 Q3'11 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Billion
2000 4000 6000 8000 10000 12000 14000
Q3'11 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Million 200 400 600 800 1000 1200 1400 Q3'11 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Million
4
Verticals Time Media
Publishers and Broadcasters
Sports Financial services Consumer brands e-commerce and classifieds
Cxense customers Q3’15
5
389 619 887 1 065 1 110 1 500 1 708 3 212 4 174 4 115 4 140 4 152 3 881 3 540 4 818 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15
Group revenue*
USD 1 000
*Figures for period Q2’12 to Q1’13 are restated to exclude the discontinued operations of PPN AG
6
…market leading technologies, offerings and people
Combining Cxense DMP with…
7
Vertical Publisher e-commerce Online media e-commerce/publisher Region
EMEA EMEA Japan North America
Cxense deliveries
analytics)
Management Platform) solutions
analytics)
Management
Management Platform)
personalization)
8
9
Growth effects Change USD 1 000 Q2 2015 Acquired Organic Q3 2015 q/q Revenues 3 540 4 818 36 % SaaS segment 2 954 712 517 4 183 42 % PCAN segment 620 55 675 9 % Inter-segment elimination (34) (5) (39) Gross profit 2 426 655 565 3 646 50 % Gross margin SaaS segment 78 % 83 % Gross margin PCAN segment 24 % 24 % OPEX 5 518 5 779 Non-IFRS OPEX adjustments (901) (523) OPEX adjusted 4 617 1 470 (831) 5 256 14 % EBITDA (3 092) (2 134) EBITDA adjusted (2 191) (815) 1 396 (1 611) 26 %
10
3 530 4 183 553 1 000 2 000 3 000 4 000 5 000
USD 1 000
Q3’14 4 736 18% 34% Q3’15 Accumulated currency effect - add back Reported SaaS segment revenue
currencies masks year-over-year growth
accumulated currency effect is added back
*Cxense presentation currency is USD, but the majority of contracts are denoted in other currencies. When the USD appreciates against all other currencies, as is the case for the period Q3’14 to Q3’15 the value of recurring revenues presented in USD decreases. See Q3’15 report page 4 for currency effect per quarter.
11
closed in Q3’15 at second highest level so far
churn translates to 10% quarterly
876 1 320 1 404 1 476 2 652 1 716 804 964 1 100 1 784 1 032 2 441 (1 084) (212) (308) (1 668) (892) (520) (2 000) (1 500) (1 000) (500)
1 000 1 500 2 000 2 500 3 000 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15
Recurring revenue on contracts closed in qtr. 1) New recurring revenue effect in reported figures Lost recurring revenue (churn)
1 Annualized recurring revenue effect of quarterly performance
12
Quarterly number of new contracts
11 14 11 7 11 21 22 34 31 37 31 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15
Sales efficiency per sales representative*
USD 1 000 240 288 312 300 528 404 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15
1) Sales efficiency: Annualized recurring revenue effect of contracts closed on a yearly basis per sales rep
13
2 954 712 517 4 183 290 800 400 5 633 1 000 2 000 3 000 4 000 5 000
(40)
Q3’15 reported Q2’15 reported revenue SaaS segment revenue "run-rate" estimate Acquired revenue Organic growth
Quarterly SaaS segment revenues – reported vs “run-rate”
USD 1 000
Full effect
churn until 30 October 2105 Full effect
contracts closed until 30 October 2015 Estimated Q4 effect
Media Estimated additional full effect Ramp Media
adjustments + revenue growth dependent earn-out structure (max USD 9m)
discontinued business
up-sell potential
foot-print
The Ramp Media acquisition closed 22 October 2015 Will partly effect in Q4’15 – full effect from Q1’16
14
5 744 4 417 5 056 5 635 1 470 (831) (396) 975 1 000 2 000 3 000 4 000 5 000 6 000
Q2 2015 OPEX adjusted Realized OPEX reduction Maxifier integration Q3 OPEX adjusted Q3 2014 OPEX adjusted Maxifier Q2 run- rate OPEX Estimated OPEX from Ramp Carve
OPEX run-rate Expected full effect from Maxifier integration 50% by end of Q4 and 100% by end of Q1 2016
profitable growth
Maxifier acquisition due to cost synergy realization
Media acquisitions, the OPEX run- rate is lower than OPEX one year ago
SaaS segment: Quarterly OPEX – reported vs “run-rate”
USD 1 000
15
1 884 2 376 492 Existing Aquired Total 45 86 41 Existing Aquired Total
+91% +26%
R&D headcount
FTEs
R&D OPEX
USD 1 000/quarter
16
EBITDA due to transaction costs paid, but accrued in previous quarter
EBITDA
cost for the quarter
Maxifier cash position
Cash flow statement Q3 2015 Q3 2014
Cash flow from operating activities P/(L) before income tax (2 894) (3 009) Adjustments: Income tax payable (104) (66) Share- based payments 156 137 Result from investment in associates 692
566 335 Currency translation effects (864) 17 Change in trade receivables (191) (500) Change in trade payables 380 (650) Change in other accrual and non-current items (732) (1 321) Net cash flow from / (used in) op. activities (2 990) (5 058) Cash flow from investing activities Investment in fixed assets (68) (331) Investment in intangible assets (378)
Investment in subsidiary (1) 193
(254) (326) Cash flow from financing activities Net proceeds from share issues
Proceeds from minority interest
Net inc / (dec) in cash and cash equivalents (3 244) (5 722) (1) Cash effects are net of cash received on sale of subsidiary, and cash held by the subsidiary.
17
payment to be paid in shares)
after end of Q3’15
consideration and general working capital purposes USD 1 000 As at 30 Sep 2015 As at 30 Sep 2014
Total non-current assets 20 845 9 235 Total current assets 5 841 10 441 Total Assets 26 686 19 676 Total Equity 13 940 14 219 Total non-current liabilities 1417 562 Total current liabilities 11 328 4 894 Total equity and liabilities 26 686 19 676
18
19
CxVideo - Patented video metadata capabilities Cxense Cxense CxVideo – Award-Winning MetaPlayer Cxense
1) Source: Cisco Systems
By 2017 video will account for 69% of all consumer internet traffic*
20
Value at signing Value end Q3'15 Value at signing Value end Q3'15 Value at signing Value end Q3'15
Meredith (NORTH-AMERICA)
Commercial Bank of Dubai (EMEA)
DISCO (JAPAN)
+63% +41% +26%
21
CLICK THROUGH RATE ON FRONT PAGE WITH CXENSE RECOMMENDATIONS
CREDIT CARD APPLICATIONS
23
24
25
The Group`s software solutions are sold by a global sales organization organized in five regions: EMEA, North America, Latin America, Japan and APAC. The regional sales
OSLO ZURICH LONDON MADRID NEW YORK MIAMI BUENOS AIRES TOKYO SINGAPORE
Organization of 17 sales people:
MOSCOW BOSTON
26
USD 1 000 Q3 2015 Q3 2014 Revenues consolidated 4 818 4 142 Cost of goods sold 1 173 1 114 Employee benefit expense 3 970 4 188 Depreciation & Amortisation expense 566 335 Other operating expense 1 809 1 722 Total operating expense 7 518 7 359 Net operating income/(loss) (2 700) (3 217) Net financial income/(expense) 523 74 Share of profit from associated companies (692)
(2 869) (3 143) Income tax expense 25 (62) Net income/(loss) for the period (2 894) (3 081)
27
USD 1 000 As at 30 Sep 2015 As at 30 Sep 2014 Non-current assets Goodwill 9 329 3 807 Deferred tax asset 36 10 Intangible assets 7 215 4 778 Office machinery, equipment,etc. 690 561 Investments in associated companies 3 307
268 79 Total non-current assets 20 845 9 235 Current assets Trade receivables 2 712 2 716 Other short-term assets 997 2 201 Cash and cash equivalents 2 131 5 524 Total current assets 5 841 10 441 Assets classified as "held for sale"
26 686 19 676 Total Equity 13 940 14 219 Non-current liabilities Deferred tax liabilities 1 417 562 Total non-current liabilities 1417 562 Non-current liabilities Trade payables 1 524 1 191 Current taxes 123 99 Other short-term liabilities 9 681 3 604 Total current liabilities 11 328 4 894 Liabilities related to assets "held for sale"
26 686 19 676
28
Cash flow statement Q3 2015 Q3 2014
Cash flow from operating activities P/(L) before income tax (inc. disposal group) (2 894) (3 009) Adjustments: Income tax payable (104) (66) Share- based payments 156 137 Result from investment in associates 692
566 335 Currency translation effects (864) 17 Change in trade receivables (191) (500) Change in trade payables 380 (650) Change in other accrual and non-current items (732) (1 321) Net cash flow from / (used in) op. activities (2 990) (5 058) Cash flow from investing activities Investment in fixed assets (68) (331) Investment in intangible assets (378)
Investment in subsidiary (1) 193
(254) (326) Cash flow from financing activities Net proceeds from share issues
Proceeds from minority interest
Net inc / (dec) in cash and cash equivalents (3 244) (5 722) (1) Cash effects are net of cash received on sale of subsidiary, and cash held by the subsidiary.
29
THIS PRESENTATION AND ITS ENCLOSURES AND APPENDICES (HEREINAFTER JOINTLY REFERRED TO AS THE “PRESENTATION”) HAVE BEEN PREPARED BY CXENSE ASA (THE”COMPANY”) EXCLUSIVELY FOR INFORMATION PURPOSES. THIS PRESENTATION HAS NOT BEEN REVIEWED OR REGISTERED WITH ANY PUBLIC AUTHORITY OR STOCK
THE CONTENTS OF THIS PRESENTATION ARE NOT TO BE CONSTRUED AS LEGAL, BUSINESS, INVESTMENT OR TAX ADVICE. EACH RECIPIENT SHOULD CONSULT WITH ITS OWN LEGAL, BUSINESS, INVESTMENT AND TAX ADVISER AS TO LEGAL, BUSINESS, INVESTMENT AND TAX ADVICE. THERE MAY HAVE BEEN CHANGES IN MATTERS, WHICH AFFECT THE COMPANY SUBSEQUENT TO THE DATE OF THIS PRESENTATION. NEITHER THE ISSUE NOR DELIVERY OF THIS PRESENTATION SHALL UNDER ANY CIRCUMSTANCE CREATE ANY IMPLICATION THAT THE INFORMATION CONTAINED HEREIN IS CORRECT AS OF ANY TIME SUBSEQUENT TO THE DATE HEREOF OR THAT THE AFFAIRS OF THE COMPANY HAVE NOT SINCE CHANGED, AND THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION, TO UPDATE OR CORRECT ANY INFORMATION INCLUDED IN THIS PRESENTATION. THIS PRESENTATION INCLUDES AND IS BASED ON, AMONG OTHER THINGS, FORWARD-LOOKING INFORMATION AND STATEMENTS. SUCH FORWARD-LOOKING INFORMATION AND STATEMENTS ARE BASED ON THE CURRENT EXPECTATIONS, ESTIMATES AND PROJECTIONS OF THE COMPANY OR ASSUMPTIONS BASED ON INFORMATION AVAILABLE TO THE COMPANY. SUCH FORWARD-LOOKING INFORMATION AND STATEMENTS REFLECT CURRENT VIEWS WITH RESPECT TO FUTURE EVENTS AND ARE SUBJECT TO RISKS, UNCERTAINTIES AND ASSUMPTIONS. THE COMPANY CANNOT GIVE ANY ASSURANCE AS TO THE CORRECTNESS OF SUCH INFORMATION AND
THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS THAT MAY BE EXPRESSED OR IMPLIED BY STATEMENTS AND INFORMATION IN THIS PRESENTATION, INCLUDING, AMONG OTHERS, RISKS OR UNCERTAINTIES ASSOCIATED WITH THE COMPANY’S BUSINESS, SEGMENTS, DEVELOPMENT, GROWTH MANAGEMENT, FINANCING, MARKET ACCEPTANCE AND RELATIONS WITH CUSTOMERS, AND, MORE GENERALLY, GENERAL ECONOMIC AND BUSINESS CONDITIONS, CHANGES IN DOMESTIC AND FOREIGN LAWS AND REGULATIONS, TAXES, CHANGES IN COMPETITION AND PRICING ENVIRONMENTS, FLUCTUATIONS IN CURRENCY EXCHANGE RATES AND INTEREST RATES AND OTHER FACTORS. SHOULD ONE OR MORE OF THESE RISKS OR UNCERTAINTIES MATERIALISE, OR SHOULD UNDERLYING ASSUMPTIONS PROVE INCORRECT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THIS DOCUMENT. THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION, TO UPDATE OR CORRECT THE INFORMATION INCLUDED IN THIS PRESENTATION. THIS PRESENTATION IS SUBJECT TO NORWEGIAN LAW, AND ANY DISPUTE ARISING IN RESPECT OF THIS PRESENTATION IS SUBJECT TO THE EXCLUSIVE JURISDICTION OF NORWEGIAN COURTS