Quadient – Strong rebound in Q3 2020 driven by improved
organic performance across all solutions, and upgraded 2020 outlook
Quadient – Strong rebound in Q3 2020
driven by improved organic performance across all solutions, and
upgraded 2020 outlook
Improved organic performance
driven by all solutions
- Total sales of €258 million in Q3 2020, down
3.0%1 organically vs. Q3 2019,
confirming the rebound from the lows in April
- Major operations slightly down by 1.8% on an organic
basis, a strong improvement vs. Q2 2020 (-12.0%),
primarily reflecting:
- Double-digit growth in Business Process Automation and
Parcel Locker Solutions activities and improved trend for
Mail-Related Solutions and Customer Experience Management
businesses
- Strong performance in North America with positive
organic growth (+2.3%), fueled by double-digit revenue
increase for each of the growth engines, and a solid increase in
International sales (+4.1%)
- Robust performance of recurring revenue
(-0.8%) and strong improvement in license/hardware sales
trend (-4.3%)
Strong business and operational
execution
- Continued dynamic momentum with new customer
wins (KUB, Frasers), product launches (new Distribute module for
the Impress platform) and industry recognitions (Syntec, PPTI, ISS
ESG)
- Ongoing active cost management to protect
profitability
- Strong liquidity position maintained during Q3
2020
Full-year 2020 upgraded
outlook
Thanks to its business portfolio, Quadient is
uniquely positioned to continue to benefit from the acceleration of
the shift towards digital solutions and e-commerce booming.
Taking into account the improved performance
recorded in Q3 2020, full-year 2020 expected sales and current
EBIT2 are upwardly revised. Q4 2020 sales performance will be
especially driven by continuous growth in Business Process
Automation and Parcel Locker Solutions activities.
Quadient expects for full-year 20203,4:
- Organic sales decline of around 9% compared to
full-year 2019;
- Current EBIT2 in the range of €140 million to
€145 million5;
- Free cash flow6 above
€100 million5.
Paris, 23 November
2020,
Quadient (Euronext Paris: QDT),
a leader in business solutions for meaningful customer connections
through digital and physical channels, today announces its
third-quarter 2020 consolidated sales.
Geoffrey Godet, Chief Executive Officer of
Quadient, stated: “We are very pleased with the strong rebound in
revenue trend recorded in the third quarter of 2020 in all our
solutions and in every geography. As the economy has been
recovering from the impact of the lockdowns, Quadient has taken
full advantage of its truly unified organization and benefitted
from multiple synergies across the board, from commercial
cross-selling to back-office efficiencies and from mutualized
R&D to more integrated supply chains and logistics.
The success of our newly-launched software
solutions provides strong evidence of the valuable synergies
generated by our combined R&D platform to offer our clients
critical multi-channel communications tools supporting small and
medium-sized companies in their efforts to digitize their internal
processes and larger entities, such as government services,
utilities or financial services, in their ability to personalize
their communication flows and improve customer experience.
The value brought by our software solutions
enabled us to record strong double-digit growth in Business Process
Automation, including an impressive growth in YayPay, our newly
acquired US fintech. In the meantime, our Customer Experience
Management software solutions have continued to benefit from new
client gains.
In our smart hardware businesses, we recorded
strong double-digit growth in Parcel Lockers Solutions,
demonstrating the relevance of our smart lockers for retailers,
carriers and property managers in the context of further e-commerce
booming, while our Mail Related Solutions also recorded a much
better performance thanks to a substantial rebound in equipment
sales and supplies.
Against the backdrop of this strong rebound, we
are upgrading our guidance for full-year 2020. Our sales
performance will continue to be supported by strong growth in both
Business Process Automation and Parcel Locker Solutions. We also
continue to successfully adapt our operating expenses to best
optimize our profitability. We keep on prioritizing our growth
investments without giving up on new product launches. And we
maintain a very healthy balance sheet as well as a strong liquidity
position.”
STRONG REBOUND IN Q3 2020
ORGANIC SALES PERFORMANCE
In the third quarter of 2020,
consolidated sales amounted to €258 million,
a contained decline of -7.4% compared to the third quarter of 2019.
Organic change was -3.0% (excluding currency impact and scope
effect related to the divestment of ProShip in February 2020
and the acquisition of YayPay at the end of July 20207), a sharp
improvement versus Q2 2020 (-14.6%).
Quadient’s strategy is to promote recurring
revenues in all solutions, particularly through SaaS8 subscription
and rental sales. In Q3 2020, the Group has experienced a
strong rebound in both recurring revenue (-2.1%) and
license/hardware sales (-5.0% vs. -29.0% in Q2 2020).
Change in Q3 2020
sales
In million euros |
Q3 2020 |
Q3 2019 |
Change |
Change at constant rates |
Organic change |
Major Operations |
229 |
242 |
-5.3% |
-1.7% |
-1.8% |
Customer Experience Management |
31 |
33 |
-8.0% |
-4.1% |
-4.1% |
Business Process Automation |
18 |
15 |
+19.7% |
+22.1% |
+20.0% |
Parcel Locker Solutions |
21 |
18 |
+23.5% |
+28.9% |
+28.9% |
Mail-Related Solutions |
159 |
176 |
-9.8% |
-6.3% |
-6.3% |
Additional Operations |
29 |
36 |
-21.2% |
-20.5% |
-11.8% |
Group total |
258 |
278 |
-7.4% |
-4.2% |
-3.0% |
|
|
|
|
|
|
In million euros |
Q3 2020 |
Q3 2019 |
Change |
Change at constant rates |
Organic change |
Major Operations |
229 |
242 |
-5.3% |
-1.7% |
-1.8% |
North America |
127 |
132 |
-3.5% |
+2.5% |
+2.3% |
Main European countries(a) |
90 |
98 |
-8.3% |
-8.2% |
-8.2% |
International(b) |
12 |
12 |
-1.5% |
+4.1% |
+4.1% |
Additional Operations |
29 |
36 |
-21.2% |
-20.5% |
-11.8% |
Group total |
258 |
278 |
-7.4% |
-4.2% |
-3.0% |
- Austria, Benelux, France, Germany, Ireland, Italy, Switzerland,
United Kingdom.
- International includes the activities of Parcel Lockers
Solutions in Japan and of Customer Experience Management outside of
North America and the Main European countries. The breakdown of
Q3 2019 revenue by segment and activity has been restated
accordingly.
|
Major Operations supported by
improved performance in each solution
In the third quarter of 2020, Major
Operations recorded revenue of €229 million (89% of
total sales), slightly down by 1.8% on an organic basis compared to
the third quarter of 2019, a sharp improvement from Q2 2020
(-12.0%). This reflected a robust performance of recurring revenue
(72% of Major Operations sales), down 0.8% organically compared to
Q3 2019 (vs. -5.3% in Q2 2020), as well as strongly
improved trend for license/hardware sales (-4.3% vs. -27.6% in
Q2 2020).
Sales in North America (56% of
Major Operations sales) posted a strong performance with positive
organic growth in Q3 2020 (+2.3%), a sharp improvement versus
Q2 2020 (-7.7%), driven by strong double-digit revenue
increase for each of the growth engines and improved business trend
in Mail-Related Solutions.
Main European countries posted
much lower organic sales decline in Q3 2020 (-8.2%) compared
to Q2 2020 (-18.1%), benefiting from double-digit growth in
Business Process Automation revenue.
The International segment
posted a solid organic sales increase in Q3 2020 (+4.1%),
returning to positive growth after a decline in Q2 2020
(-4.2%), driven by a strong increase in rental revenue from Parcel
Locker Solutions in Japan.
Customer Experience
Management
In the third quarter of 2020, Customer
Experience Management sales stood at €31 million,
down 4.1% organically compared to the third quarter of 2019 (vs.
-11.0% in Q2 2020). Recurring revenue (74% of Customer
Experience Management sales) continued to show a very good
resilience (‑1.3%), driven by an ongoing strong growth in revenue
from SaaS subscription and increase in maintenance revenue. This
performance was offset by a decline in professional services
revenue, mainly operated on-site and thus still affected by social
distancing measures.
License sales (-11.3%) recorded much improved
trend versus Q2 2020 (-31.1%), driven by several deals in the
United States and the United Kingdom, including in new verticals
(Government and Utilities).
Sales in North America continued to record
strong double-digit growth. Conversely, main European countries
posted a decrease in revenue (mainly in professional services),
despite strong double-digit growth in the United Kingdom.
International sales were lower due to a high comparable base in
Q3 2019.
Business Process
Automation
In the third quarter of 2020, Business
Process Automation sales stood at €18 million, up
+20.0% organically compared to the third quarter of 2019, returning
to double-digit growth level after a 2.5% decline in
Q2 2020.
Recurring revenue recorded strong double-digit
growth (+34.6%), representing 87% of Business Process Automation
sales in Q3 2020, driven by a significant increase in revenue
related to volume-based usage, including a positive catch-up effect
in the property management sector in France, as well as ongoing
strong growth in SaaS revenue, due to an increased customer base
recorded in the prior quarters. In addition, the Group continued
its campaigns to accelerate new customer acquisitions under this
subscription model across all regions. Lastly, sales benefited from
the impressive growth of YayPay, the recently acquired US fintech
specialized in Accounts Receivable automation, with a triple-digit
growth year-on-year.
License sales (-31.4%), which represent a
relatively small portion of Business Process Automation revenue,
were still strongly impacted, even if the traction of bundled
offers with Mail-Related Solutions has resumed during the
quarter.
Parcel Locker
Solutions
In the third quarter of 2020, Parcel
Locker Solutions sales stood at €21 million, up
+28.9% organically compared to the third quarter of 2019 (vs. -1.9%
in Q2 2020).
Recurring revenue, representing 47% of Parcel
Locker Solutions sales in Q3 2020, posted a sustained good
performance (+19.0%) with a continued double-digit growth in
rental-based revenue as well as strong growth in subscription
revenue. In addition, recurring revenue benefited from a sustained
increase in sales related to maintenance and consumption/usage
activity.
Hardware sales (+39.2%), which posted a sharp
improvement versus Q2 2020 (-27.5%), were fueled by strong
dynamics in the US Retail sector due to the rollout of new lockers
as part of the contract with Lowe’s. Sales also benefited from
Quadient’s first customer gains in the property management sector
in the UK, leveraging Parcel Pending’s know-how and product
offer.
Mail-Related
Solutions
In the third quarter of 2020,
Mail-Related Solutions sales stood at
€159 million, down 6.3% organically compared to the third
quarter of 2019, experiencing improved business conditions versus
Q2 2020 (-13.9%).
Recurring revenue (-5.4%), representing 73% of
Mail-Related Solutions sales in Q3 2020, benefited from
improved trend in consumption-related revenue (supplies) as usage
has started to return, and strong resilience of other recurring
revenue, which are secured by multi-year contracts.
Hardware sales (-8.7%) posted a much improved
performance versus Q2 2020 (-25.5%), driven by a continued
recovery in new placements from the lows of April, with all three
segments (small, medium and large accounts) improving but
production mail lagging behind. Business trends improved
sequentially across all regions, especially in North America and
France/Benelux region. Furthermore, backlog remains high in Q3 2020
compared Q3 2019.
Additional
Operations
In the third quarter of 2020, Additional
Operations recorded revenue of €29 million (11% of
total sales), down 11.8% on an organic basis compared to the third
quarter of 2019, a material improvement versus Q2 2020
(-32.5%). This reflected improved revenue from export business
(e.g. OEM contracts with third-party distributors for mail
equipment). Revenue from the Graphics activity continued to
decline. Lastly, the segment benefited from an increase in revenue
from Automated Packing Systems (CVP), with 4 units sold
Q3 2020 (vs. 5 units in Q3 2019), of which 2 units
of higher-end CVP Everest products.
9M 2020
SALES
Change in 9M 2020
sales
In million euros |
9M 2020 |
9M 2019 |
Change |
Change at constant rates |
Organic change |
Major Operations |
666 |
725 |
-8.2% |
-7.6% |
-7.6% |
Customer Experience Management |
92 |
98 |
-6.2% |
-5.1% |
-5.1% |
Business Process Automation |
49 |
45 |
+7.7% |
+8.1% |
+7.5% |
Parcel Locker Solutions |
53 |
46 |
+16.4% |
+16.9% |
+16.9% |
Mail-Related Solutions |
472 |
536 |
-12.0% |
-11.4% |
-11.4% |
Additional Operations |
77 |
110 |
-30.1% |
-28.9% |
-23.6% |
Group total |
743 |
835 |
-11.1% |
-10.4% |
-9.6% |
|
|
|
|
|
|
In million euros |
9M 2020 |
9M 2019 |
Change |
Change at constant rates |
Organic change |
Major Operations |
666 |
725 |
-8.2% |
-7.6% |
-7.6% |
North America |
366 |
382 |
-4.2% |
-3.1% |
-3.1% |
Main European countries(a) |
263 |
307 |
-14.5% |
-14.6% |
-14.6% |
International(b) |
37 |
36 |
+2.6% |
+4.6% |
+4.6% |
Additional Operations |
77 |
110 |
-30.1% |
-28.9% |
-23.6% |
Group total |
743 |
835 |
-11.1% |
-10.4% |
-9.6% |
- Austria, Benelux, France, Germany, Ireland, Italy, Switzerland,
United Kingdom.
- International includes the activities of Parcel Lockers
Solutions in Japan and of Customer Experience Management outside of
North America and the Main European countries. The breakdown of
9M 2019 revenue by segment and activity has been restated
accordingly.
|
In 9M 2020, consolidated
sales stood at €743 million, down 9.6% organically9
compared to 9M 2019 (excluding currency impact and scope
effect related to the divestment of ProShip in February 2020
and the acquisition of YayPay in July 202010).
After an organic sales decline of 12.8% recorded
in the first half of the year, Quadient benefited from improved
business trend during the third quarter (-3.0%), driven by its
growth engines, particularly in North America, and a sequential
recovery of Mail Related Solutions activity since the lows of
April.
Major Operations sales stood at
€666 million in 9M 2020, down 7.6% organically compared
to 9M 2019, supported by the resilience of recurring revenue
(-3.3%).
Customer Experience Management
sales stood at €92 million in 9M 2020, down 5.1%
organically compared to the 9M 2019. Recurring revenue (-2.1%)
benefited from ongoing strong growth in revenue from SaaS
subscriptions and higher maintenance revenue, offset by the impact
of social distancing measures on professional services. License
sales (-13.3%) reflected a stronger upsell activity with existing
account and a slower acquisition of new customers in the social
distancing context.
Business Process Automation
sales amounted to €49 million in 9M 2020, up 7.5%
organically compared to 9M 2019. As for Customer Experience
Management, the activity continued to experience a sustained demand
for digital solutions under SaaS model, positively impacting
recurring revenue (+20.4%). In addition, recurring revenue also
benefited from the impressive growth of Yaypay, which delivered
triple-digit revenue growth compared to the third quarter of 2019.
License sales (-39.6%) were affected by the lower traction of
bundled offers with Mail-Related Solutions as social distancing
measures made more difficult the placement of new hardware
equipment during the period.
Parcel Locker Solutions sales
stood at €53 million in 9M 2020, up 16.9% organically
compared to 9M 2019. Recurring revenue (+29.0%) benefited from
strong double-digit growth in rental-based revenue in Japan as a
result of an increased installed base, sustained subscription sales
in the Property Management sector in the US, as well as higher
revenue related to maintenance and consumption/usage activity. The
increase in hardware sales (+3.9%) reflected strong dynamics in the
US Retail sector in the third quarter, driven by the contract with
Lowe’s, partially offset by lower sales from the property
management and corporate/university sectors due to delays in
installations and new building projects as a result of the social
distancing measures and the economic context.
Mail-Related Solutions sales
amounted to €472 million in 9M 2020, down 11.4%
organically compared to 9M 2019. Recurring revenue (-7.7%)
proved resilient in the period, most of revenue being secured by
multi-year contracts, except for consumables (ink cartridges),
which were impacted by lower usage particularly during the
lockdowns. The decline in hardware sales (-21.3%) reflected the
impact of social distancing measures on new placements, especially
for large deals, although this decline was less marked in North
America. Since the lows of April, Mail-Related Solutions revenue
have been experiencing a progressive recovery, driven in particular
by hardware sales and supplies.
Additional Operations sales
stood at €77 million in 9M 2020, down 23.6% organically
compared to 9M 2019.
FULL-YEAR 2020 UPGRADED
OUTLOOK
Thanks to its business portfolio, Quadient is
uniquely positioned to continue to benefit from the acceleration of
the shift towards digital solutions and e-commerce booming.
Taking into account the improved performance
recorded in Q3 2020, full-year 2020 expected sales and current
EBIT11 are upwardly revised. Q4 2020 sales performance will be
especially driven by continuous growth in Business Process
Automation and Parcel Locker Solutions activities.
Quadient expects for full-year 202012,13:
- Organic sales decline of around 9% compared to full-year 2019
(vs. around 10% previously stated);
- Current EBIT11 in the range of €140 million to
€145 million14 (vs. €135-145 million previously
stated);
- Free cash flow15 above €100 million14 (unchanged).
Q3 2020 BUSINESS
HIGHLIGHTS
Repayment of all borrowings
contracted under US private placements, for a total of USD
115 million
On 4 September 2020, Quadient proceeded to
the repayment of all borrowings contracted under US private
placements, for a total amount of 115 million US dollar. On
top of the mandatory repayment of 30 million US dollar
scheduled for September 2020, Quadient decided the early repayment
of 85 million US dollar of debt, maturing in 2021
(35 million US dollar) and 2022 (50 million US dollar).
This operation is in the straight continuation of the Group’s
policy aiming at managing its balance sheet in a dynamic way and at
optimizing its financing resources. The impact on the Group’s cost
of net debt will be slightly positive over the remaining term of
the early-repaid borrowings.
Major contract in the US retail
sector with Lowe’s
In September 2020, Quadient announced it
signed with Lowe’s, an US-based retail chain specializing in home
improvement, a major contract for the deployment of Parcel Lockers
Solutions in the US retail sector. The nationwide rollout of more
than 1,700 self-service parcel lockers is planned. Lowe’s ranks
amongst the top 10 US retailers with more than
2,200 stores.
Quadient's innovation recognized
by 2020 Parcel and Postal Technology International
Awards
On 15 October 2020, Quadient announced that
CVP Everest automated packaging system has been selected as the
“Sorting and Fulfillment Technology of the Year” by the 2020 Parcel
and Postal Technology International (PPTI) Awards.
Quadient achieves 12th position
in the overall ranking published by Syntec Numérique, EY and
Tech’In France
On 20 October 2020, Quadient announced that
it has placed third in the annual ranking of French software
publishers and developers in the Horizontal French Publishers’
Category, according to the Top 250 Panorama published by software
industry associations Syntec Numérique and Tech’In France and
consultancy firm EY. Quadient achieved the 12th position in the
overall ranking. The Top 250 Panorama lists French software
publishers and developers according to their sales in software
publishing.
Quadient expands Impress
platform with new cloud-based document delivery solution, Quadient®
Impress Distribute
On 26 October 2020, Quadient announced the
launch of Quadient® Impress Distribute, a new cloud-based document
delivery solution removing the distraction and laborious task of
preparing and sending outbound communications. Impress Distribute
allows users to send mail from their desktops –on-site or remotely–
and enables employees to focus instead on higher-value, core tasks,
optimizing the flow of business. Quadient Impress Distribute is now
available in the US, UK and the Netherlands. The scalability and
reliability of Quadient Impress platform is a result of the same
centralized research and development software team who created the
award-winning Quadient Inspire platform within Customer Experience
Management.
Quadient obtains ISS ESG’s
“Prime” recognition for its commitment to Corporate Social
Responsibility
On 29 October 2020, Quadient announced that
it has once again achieved Prime status by ISS ESG in recognition
of its activities related to various environmental, social and
corporate governance indicators. This status is given to companies
with an ESG performance above the sector-specific prime threshold.
Quadient’s 2020 results reflect its commitment and continuous
efforts to Corporate Social Responsibility (CSR).
POST-CLOSING
EVENTS
Knoxville Utilities Board
Improves Customer Experience by Using Quadient Inspire to Redesign
Monthly Bill
On 3 November 2020, Quadient announced that
the Knoxville Utilities Board (KUB) is using Quadient® Inspire for
a complete redesign of its monthly utility bill to make it clearer
and easier to understand for an improved customer experience. KUB
is the largest provider of gas, electric, water and wastewater
services for Knox County, Tennessee and seven adjacent counties.
Although the organization operates in a non-competitive
environment, KUB has a strong commitment and tradition of serving
its 468,000 customers in the most efficient and effective ways
possible.
Frasers Group invests in
Quadient’s high-speed automated packaging
technology
On 19 November 2020, Quadient announced that
that it is to supply retail giant, Frasers Group, with its latest
CVP Everest fit-to-size automated packaging system – capable of
tailor-making 1,100 right-size ecommerce packages per hour. Frasers
Group will use Quadient’s most advanced automated packaging system
to build exact-sized packages for individual ecommerce orders,
single or multiple items, across its premium brands.
CONFERENCE CALL &
WEBCAST
Quadient will host a
conference call and webcast on 23 November 2020 at
6:00 pm Paris time (5:00pm London time). The meeting will be held
in English.
To join the webcast,
click on the following link: Webcast.
To join the conference
call, please use one of the following phone number:
▪ France: +33 (0) 1 7037 7166;
▪ United States: +1 212 999 6659;
▪ United Kingdom: +44 (0) 20 3003
2666;
▪ Switzerland: +41 (0)
43 456 9986.
Password:
Quadient.
A replay of the audio
webcast will be available for a period of one year.
CALENDAR
- 1 December 2020: Education session on the Business
Process Automation activity
(https://invest.quadient.com/en-US/education-sessions);
- 5 January 2021: Education session on the Parcel
Locker Solutions activity (event details will be
communicated later);
- 30 March 2021: Full-year 2020 results and Capital
Markets Day.
***
About Quadient®Quadient is the
driving force behind the world’s most meaningful customer
experiences. By focusing on four key solution areas including
Customer Experience Management, Business Process Automation,
Mail-Related Solutions, and Parcel Locker Solutions, Quadient helps
simplify the connection between people and what matters. Quadient
supports hundreds of thousands of customers worldwide in their
quest to create relevant, personalized connections and achieve
customer experience excellence. Quadient is listed in compartment B
of Euronext Paris (QDT) and is part of the CAC® Mid & Small and
EnterNext® Tech 40 indices.
For more information about Quadient, visit
https://invest.quadient.com/en-US.
Contacts
Laurent Sfaxi+33 (0)1 45 36 61
39l.sfaxi@quadient.comfinancial-communication@quadient.com |
OPRG FinancialIsabelle Laurent / Fabrice Baron+33
(0)1 53 32 61 51 /+33 (0)1 53 32 61
27isabelle.laurent@oprgfinancial.fr
fabrice.baron@oprgfinancial.fr |
Caroline Baude+33 (0)1 45 36 31
82c.baude@quadient.com |
|
APPENDICES
Glossary
- Major solutions: The four major solutions in
which Quadient has already acquired strong legitimacy and which
have the potential to reach a significant size and have significant
growth potential. The Solutions are: Customer Experience
Management, Business Process Automation, Parcel Lockers Solutions
and Mail-related Solutions. These Solutions are sold by both Major
Operations and Additional Operations.
- Customer Experience Management: Solutions
enabling companies to create, manage and provide omnichannel and
personalized solutions on demand and in high volumes;
- Business Process Automation: Range of business
process automation solutions, especially in the field of invoicing
flows (hybrid mail, accounts receivable, accounts payable);
- Parcel Locker Solutions: Automated parcel
lockers system to solve “last-mile” delivery issues in high
density urban areas;
- Mail-Related Solutions: Solutions linked to
mail management, mainly franking machines, folders/inserters and
mailroom shipping software.
- Major Operations: The four major solutions in
the two main geographies, i.e. North America and the main European
countries, as well as the activities of Parcel Locker Solutions in
Japan and of Customer Experience Management in the International
segment.
- Additional Operations: Mail-Related Solutions,
Business Process Automation and Parcel Locker Solutions (excluding
Japan) outside Major Operations, and the Group’s Other Solutions
including graphics, shipping software and the CVP automated packing
system.
- Other Solutions: Graphics, shipping software
and the CVP automated packing system.
- Other Geographies: All countries outside the
two main geographies, i.e. North America and the main European
countries.
1 Q3 2020 sales are compared to Q3 2019
sales, from which is deducted revenue from ProShip for an amount of
€3.6 million and to which is added revenue from YayPay for an
amount of €0.3 million. They are also restated of a
€9.1 million negative currency impact over the period.2
Current operating income before acquisition-related expenses.3
Excluding new drastic unfavorable development related to the
COVID-19 health crisis and unforeseen worsening economic
environment in the last quarter.4 The indications given up to 2022
as part of the “Back to Growth” plan remain suspended.5 Based on
H1 2020 average exchange rates.6 Cash flow after capital
expenditure.7 YayPay has been consolidated since 31 July 20208 SaaS
= Software as a Service9 9M 2020 sales are compared to
9M 2019 sales, from which is deducted revenue from ProShip for
an amount of €7.8 million and to which is added revenue from
YayPay for an amount of €0.3 million. They are also restated of a €
6.0 million negative currency impact over the period.10 YayPay
has been consolidated since 31 July 2020.11 Current operating
income before acquisition-related expenses.12 Excluding new drastic
unfavorable development related to the COVID-19 health crisis and
unforeseen worsening economic environment in the last quarter13 The
indications given up to 2022 as part of the “Back to Growth” plan
remain suspended.14 Based on H1 2020 average exchange rates.15
Cash flow after capital expenditure.