Cliq Digital AG · XETR:CLIQ
Cliq Digital — Q2 2024 Earnings Presentation
25 slides from Cliq Digital's earnings presentation, Aug 8, 2024
Slide 1: 2Q / 6M 2024 results presentation
2Q / 6M 2024 results presentation 8 August 2024
Slide 2: Disclaimer
Disclaimer This presentation is for information purposes only and does not constitute a public offer to buy or sell or a public call for the purchase or sale of CLIQ Digital AG securities. Neither this presentation nor any other content of this presentation constitute the basis for the conclusion of
Slide 3: 2Q 2024 | another challenging quarter
2Q 2024 | another challenging quarter €68m €24m €6m €1m €78 sales CAC EBITDA before operating average special items cash flow LTV -7% q/q -16% q/q +4% q/q PQ: -€1m -4% q/q updated 2024 and mid-term outlook confirmed 33
Slide 4: L6Y | business development
L6Y | business development in millions of € -55% Customer acquisition costs Sales EBITDA % -11% 77 +36% CAGR 68 64 33 32 30 27 24 14 12 12 9 10 5 6 6* 4 0 2Q 2019 2Q 2020 2Q 2021 2Q 2022 2Q 2023 2Q 2024 €0.20 EPS €0.31 EPS €0.63 EPS €1.07 EPS €1.23 EPS €0.45 EPS* *before special items 44
Slide 5: Operational highlights
Operational highlights CLIC
Slide 6: 2Q 2024 | sales growth disruptors & future drivers
2Q 2024 | sales growth disruptors & future drivers • limited sales • “Fit for Future” • new Commercial channels Director • “Magnificent • Europe & cliq.de Seven” • alternative monetisation • higher churn • lower target CPA models 66
Slide 7: 2Q 2024 | Fit for Future
2Q 2024 | Fit for Future • rationalised & streamlined organisation & related personnel expenses Cost • reduction of external service providers efficiencies • merge tech systems • reassessment of communications, incl. sell-side research coverage • SG&A expenses • improved project management Productiv
Slide 8: Commercial Priorities
2H 2024f | growth plans Generate more predictable and profitable sales per region with more sign-ups from: • performance publishing: building the SEA Commercial framework for faster time-to-market, scalability and new vertical launches for our numerous Priorities streaming services • numerous innova
Slide 9: Content | update
Content | update WatchMojo • worldwide licensing deal for SVOD, AVOD, FVOD and FAST • non-exclusive catalogue of high-quality informational and entertaining video clips Main advantages: § opening new traffic channels, such as video and social § developing new marketing funnels 9
Slide 10: cliq.de | refocus
cliq.de | refocus we turn our learnings into an optimised product proposition with focus on alternative monetisation models 10
Slide 11: cliq.de | refocus: key learnings and future direction
cliq.de | refocus Key learnings Future direction • suboptimal new customer • learn from the past acquisition: • leverage economies of scale by • TVC and DOOH did not deliver utilising a single uniform technical the originally expected platform conversion rates • content ingestion: • CAC too high • m
Slide 12: 2Q/6M 2024 financials
2Q/6M 2024 financials
Slide 13: 2Q 2024 | sales decline decelerating
2Q 2024 | sales decline decelerating in millions of € Customer acquisition costs Sales EBITDA % 83 84 77 -7% 73 68 35 35 32 29 24 12 13 12 5* 6* 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 €1.23 EPS €1.33 EPS €1.07 EPS €0.40 EPS* €0.45 EPS* *before special items 13 13 13
Slide 14: 2Q 2024 | sales breakdowns (in % of total sales)
2Q 2024 | sales breakdowns (in % of total sales) By service By region +6% €77m €77m €68m €68m €64m €64m 59% 59% 68% 94% 88% 97% 34% 36% 21% 9% 4% 6% 6% 3% 2Q 2022 2Q 2023 2Q 2024 2Q 2022 2Q 2023 2Q 2024 Bundled-content Single-content Ad-funded digital marketing services* North America Europe Latin A
Slide 15: 2Q 2024 | income statement
2Q 2024 | income statement • stronger focus on % 2Q 2024* 1Q 2024* Δ profitability than sales in millions of € growth Sales 68.2 73.0 -7% o customer acquisition Cost of sales (ex CAC for the period) -28.2 -28.2 costs (CAC) lowered CAC for the period -27.7 -31.3 Operating expenses -6.7 -8.1 o personn
Slide 16: 2Q 2024 | customer acquisition costs
2Q 2024 | customer acquisition costs 2Q 1Q in millions of € Δ 2024 2024 Total customer acquisition costs -24.5 -29.3 -16% of which capitalised and amortised in the period: Capitalised customer acquisition costs 24.4 29.1 (contract costs) Amortised contract costs -27.6 -31.1 Customer acquisition cost
Slide 17: 2Q 2024 | cash conversion & cash position
2Q 2024 | cash conversion & cash position in millions of € 2Q 2024 1Q 2024 • cash flow from operating EBITDA 5.6* 5.3* activities was up by €2.2m Special items -2.6 -3.5 quarter-on-quarter mainly due to lower total ∆ Contract costs 3.2 2.0 customer acquisition ∆ Other working capital -6.3 -5.8 costs
Slide 18: 6M 2024 | Group to continue share buyback programme
6M 2024 | Group to continue share buyback programme max. 646,871 boosting from 28/02/2024 until 30/06/2024: treasury shareholder • 323,912 shares repurchased shares value • 50% of maximum programme amount & increasing EPS • €11.03 average purchase price • €3.6m invested from 01/07/2024 until 02/08/2
Slide 19: Share buyback programme | monthly breakdown
Share buyback programme | monthly breakdown 28 February – 2 August 2024 €17.74 €17.41 120,000 €18.00 110,452 109,182 110,000 €14.97 €16.00 100,000 €14.00 90,000 82,679 80,000 €9.55 €12.00 70,000 60,682 €10.00 60,000 €7.30 €8.00 50,000 €6.42 €6.06 39,478 40,000 €6.00 30,000 €4.00 20,000 11,233 €2.00
Slide 20: 30/06/2024 | balance sheet
30/06/2024 | balance sheet ASSETS in millions of € 30/06/2024 31/12/2023 EQUITY & LIABILITIES 30/06/2024 31/12/2023 Goodwill 47.5 47.5 Equity 100.8 103.1 (In)tangible & financial assets 16.8 18.1 Deferred tax liabilities 13.0 14.3 Contract costs Bank borrowings - - 44.1 49.2 Deferred tax assets Othe
Slide 21: LTVCB | expected sales from existing customers
LTVCB | expected sales from existing customers €164m €159m €147m €150m €136m €128m +€84m €46m €48m €49m €47m €43m €44m 31/03/2023 30/06/2023 30/09/2023 31/12/2023 31/03/2024 30/06/2024 Contract costs Lifetime Value of Customer Base (LTVCB) 21 21
Slide 22: Outlook
Outlook CLIC
Slide 23: Outlook | updated
Outlook | updated % mid-term 326 ~325 outlook: +31% CAGR in millions of € 260-280 achieve a run rate 276 in 4Q 2026 to realise an annual revenue of 150 more than 135 107 112 80-100 €400 million 63 going forward 54 50 44 34 27 22 16 10-20 6 2019 2020 2021 2022 2023 2024f 2025e Customer acquisition co
Slide 24: Q&A
Q&A Luc Voncken Ben Bos CEO Member of the Management Board
Slide 25: Slide 25