Quarterly Highlights:
§ Total Group sales increase by 49% to €30.1 million
§ European gross revenue up 11%
§ EBITDA grows to €5.3 million (+142% against PY)
§ 18% EBITDA margin (PY: 11%)
§ €0.50 EPS (PY: €0.18)
§ €4.7 million free cash flow generated (PY: €0.1 million)
In the first quarter 2021 (01/01-31/03/2021), CLIQ Digital generated gross revenue of €30.1 million (PY: €20.2 million). This corresponds to an increase of 49% compared to the first quarter of the prior year. CLIQ grew its market share across all regions and reported increasing member numbers. Notably, European sales grew by 11% on the back of increased own media buying activities across Europe and sales growth in North America remained high at 102% year-on-year. Near the end of the quarter, the All-in-One portals worldwide saw an upgrade in the sports content and the introduction of the games category. In addition, the flagship store in Germany was significantly upgraded with Hollywood blockbusters.
CLIQ Digital’s EBITDA grew by 142% to €5.3 million (PY: €2.2 million). One of CLIQ’s pivotal KPIs for revenue growth is marketing spend, which increased to €9.1 million (+17%, PY: €7.8 million). All in all, the 1Q 2021 EBITDA margin (in per cent of gross revenue) was 18% compared to 11% in last year’s first quarter.
Net result came in 129% higher than in prior year’s first quarter and totalled €3.5 million (PY: €1.5 million). On the back of the acquisition of the remaining shares (20%) in Hype Ventures B.V., which was announced on 28 April 2021 and is effective as of 1 January 2021, the fully diluted EPS was €0.50 in the first quarter 2021 (cf. €0.18 in 1Q 2020).
in millions of € | 1Q | 1Q | Change |
Gross revenue | 20.2 | 30.1 | +49% |
Net revenue | 14.9 | 23.1 | +55% |
Marketing spend | 7.8 | 9.1 | +17% |
EBITDA | 2.2 | 5.3 | +142% |
EBIT | 2.0 | 5.1 | +152% |
Net result | 1.5 | 3.5 | +129% |
EPS (in €) | 0.18 | 0.50* | +176% |
* fully diluted
As at quarter-end closing, the CLIQ-Factor was 1.56x (PY: 1.61x). The CLIQ-Factor is used as a key indicator for measuring the profitability of the new members and represents the ratio of the net revenue divided by the member acquisition cost.
The Customer Base Value (CBV) came in at €36.5 million (PY: €29.0 million) at the end of the first quarter of 2021. The CBV is based upon the number of members multiplied by each individual remaining lifetime net value (adjusted for payment service provider cost).
Balance sheet & Cash flow:
The business development in the first three months resulted in a free cash flow of €4.7 million. This resulted in a cash position of €5.6 million as at 31/03/2021.
ASSETS | EQUITY & LIABILITIES | |||||
in millions of € | 31/12/ 2020 | 31/03/2021 | 31/12/ 2020 | 31/03/2021 | ||
(In)tangible fixed assets | 50.8 | 51.0 | Equity | 55.6 | 59.5 | |
Other non-current assets | 4.4 | 4.9 | Non-current liabilities | 4.7 | 6.2 | |
Trade receivables | 9.1 | 10.5 | Bank borrowings | 3.8* | - | |
Other current assets | 7.8 | 8.7 | Trade payables | 2.0 | 3.9 | |
Cash and cash equivalents | 4.9 | 5.6 | Other current liabilities | 10.9 | 11.1 | |
Total assets | 77.0 | 80.7 | Total liabilities | 77.0 | 80.7 | |
* bank borrowings include an amount of €0.2 million capitalised finance expenses. Actual bank borrowings amounted to €4.0 million
in millions of € | FY 2020 | 1Q 2021 |
Cash flow from operating activities | 14.8 | 5.2 |
Cash flow from investment activities | -0.7 | -0.2 |
Cash flow from financing activities | -3.6 | -0.4 |
Free cash flow | 10.5 | 4.7 |
Statement from Ben Bos, member of the Management Board:
“2021 kicked off just as we had expected. We significantly upgraded our content offering with games, Hollywood blockbusters and a great sports relaunch. We onboarded amazing new people to drive our business further and faster. And we just signed a minorities’ buyout, which will give us about a third more earnings per share and considerably more flexibility. All in all, the year has started in a perfect way to realise our 2021 goals!”
Earnings call details:
Management Board member, Ben Bos, will present CLIQ Digital's 1Q 2021 financial results during an earnings conference call (audio only) today at 2.00 p.m. CEST, which will be conducted in English.
To attend the call, participants are required to register by clicking on the link below and will then receive personalised dial-in details:
https://us02web.zoom.us/webinar/register/WN_4I51umLtTPC9_9xgQHQJVQ
Management will answer questions submitted via email to investors@cliqdigital.com no later than 60 minutes prior to the call. A recording of the webcast will be available following the call at https://cliqdigital.ag/investors/financials.
Please note:
The 1Q 2021 financials are unaudited and not subject to review. To provide a better overview in the tables, decimal places have been partly omitted. Therefore, rounding differences can occur. In case of doubt, the English version shall prevail.