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    SUSE   LU2333210958

SUSE S.A.

(SUSE)
  Report
Real-time Estimate Quote. Real-time Estimate Tradegate - 09/22 02:51:08 pm
37.295 EUR   +3.89%
05:39aSUSE : Receives a Buy rating from Goldman Sachs
MD
09/17SUSE : JP Morgan gives a Neutral rating
MD
09/17SUSE : Gets a Buy rating from Deutsche Bank
MD
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PRESS RELEASE : SUSE S.A.: Quarterly Statement Q2 -3-

07/15/2021 | 01:31am EDT

Revenue is expected to be in the range of USD550-570 million, with an Adjusted EBITDA margin of mid-30s percent. Deferred revenue change is expected to be low teens as a percentage of Adjusted Revenue (net inflow), leading to Adjusted Cash EBITDA in the range of USD245-265 million, representing a margin of approximately 46%. It is also expected that the conversion rate of Adjusted EBITDA to Adjusted unlevered Free Cash Flow will be around the mid-90s as a percentage. In the medium term, ACV in Core is expected to grow mid-to-high teens as an annual percentage, while Emerging is expected to grow in excess of 50% per year. The Adjusted EBITDA margin is expected to be stable from 2021 before gradually increasing toward 40%, and the rate of conversion into Adjusted unlevered Free Cash Flow is expected stay stable or increase slightly from 2021, as a percentage. Note that the full-year guidance was given at the time of the IPO prospectus and was based on budget exchange rates, including 11 months of Rancher forecasts. The average exchange rates assumed were USD 1 equal to GBP 0.773 and USD 1 equal to EUR 0.905 for the fiscal year 2021. Please also note that the IPO guidance was given on the basis of Rancher having not been included for the first month of the 2021 financial year, whereas the numbers in the body of this statement do include Rancher on a pro forma basis. The impact on ACV is USD5.7 million, Adjusted Revenue is USD3.7 million, Adjusted EBITDA is USD1.8 million loss, and Adjusted Cash EBITDA is USD0.9 million, which is relatively small in relation to ranges given in the guidance. Additional Information About SUSE SUSE is a global leader in innovative, reliable and enterprise-grade open source solutions, relied upon by more than 60% of the Fortune 500 to power their mission-critical workloads. We specialize in Enterprise Linux, Kubernetes Management, and Edge solutions, and collaborate with partners and communities to empower our customers to innovate everywhere - from the data center, to the cloud, to the edge and beyond. SUSE puts the "open" back in open source, giving customers the agility to tackle innovation challenges today and the freedom to evolve their strategy and solutions tomorrow. The company is headquartered in Luxembourg and employs nearly 2000 people globally. SUSE is listed in the regulated market (Prime Standard) of the Frankfurt Stock Exchange. For more information, visit www.suse.com. Contacts Investors: Media: Jonathan Atack Harald Kinzler Investor Relations, SUSE Kekst CNC Phone: +44 7741 136019 Phone: +49 172 899 6267 Email: IR@suse.com Email: harald.kinzler@kekstcnc.com Webcast Details Melissa Di Donato (CEO) and Andy Myers (CFO) will host an analyst and investor conference call at 2:00 PM CEST / 1:00 PM BST on July 15, 2021, to discuss the results. The audio webcast can be followed via https://www.webcast-eqs.com/suse20210715. A replay will be available on the Investor Relations website. The accompanying presentation as well as the 2021 Half Year report can be also downloaded from the Investor Relations website. Important Notice Certain statements in this communication may constitute forward-looking statements. These statements are based on assumptions that are believed to be reasonable at the time they are made, and are subject to significant risks and uncertainties, including, but not limited to, those risks and uncertainties described in SUSE's disclosures. You should not rely on these forward-looking statements as predictions of future events and we undertake no obligation to update or revise these statements. Our actual results may differ materially and adversely from any forward-looking statements discussed in these statements due to several factors, including without limitation, risks from macroeconomic developments, external fraud, lack of innovation capabilities, inadequate data security and changes in competition levels. The Company undertakes no obligation, and does not expect to publicly update, or publicly revise, any forward-looking statement, whether as a result of new information, future events or otherwise. All subsequent written and oral forward-looking statements attributable to it or to persons acting on its behalf are expressly qualified in their entirety by the cautionary statements referred to above and contained elsewhere in this communication. Financial Calendar

Date          Event 
Sep 16, 2021  Release of Q3 results / Analyst conference call 
Jan 20, 2022  Release of Q4 results / Analyst conference call 
Mar 24, 2022  Annual General Meeting APPENDIX 1 Reconciliation from IFRS to Adjusted Pro Forma Figures IFRS Revenue to Adjusted Revenue 
USD USD millions                       Q2    Q2    Change H1    H1    Change 
                                     2021  2020  %      2021  2020  % 
 
Revenue - IFRS                       133.2 113.4 17%    259.7 215.7 20% 
 
Adjustments: 
Contract liability haircut amortized 3.6   4.6   -22%   7.5   11.1  -32% 
Pro Forma Rancher ^1                 0.0   7.5   nm     3.7   13.6  nm 
 
Adjusted revenue                     136.8 125.5 9%     270.9 240.4 13% Note: The Pro Forma Rancher adjustment is 1 month in H1 2021, and for the full periods in 2020 Q2 and H1. IFRS Operating Loss to Adjusted EBITDA 
USD USD millions                       Q2      Q2    Change H1      H1    Change 
                                     2021    2020  %      2021    2020  % 
 
Operating loss - IFRS                (130.0) 8.0   nm     (150.8) (2.3) nm 
 
Adjustments: 
Amortization and Depreciation        40.5    32.8  23%    78.8    67.8  16% 
Separately reported items            4.6     0.0   nm     9.2     0.0   nm 
Contract liability haircut amortized 3.6     4.6   -22%   7.5     11.1  -32% 
Non-recurring items                  6.3     6.6   -5%    13.3    14.0  -5% 
Share-based payments                 127.6   2.2   nm     153.6   4.3   nm 
Foreign exchange - unrealized        (4.4)   (0.4) nm     (0.9)   0.9   nm 
 
Adjusted EBITDA - Non Pro Forma      48.2    53.8  -10%   110.7   95.8  16% 
 
Pro-Forma Rancher ^1                 0.0     (4.0) nm     (1.8)   (8.4) nm 
 
Adjusted EBITDA - Pro Forma          48.2    49.8  -3%    108.9   87.4  25% Note: The Pro Forma Rancher adjustment is 1 month in H1 2021, and for the full periods in 2020 Q2 and H1. Adjusted Deferred Revenue to IFRS Deferred Revenue 
USD USD millions                                  Q2    Q2     Change   H1     H1     Change 
                                                2021  2020   %        2021   2020   % 
 
Movement in contract liabilities: Pro Forma     (6.2) (9.4)  -34%     (52.6) (27.7) 90% 
Pro-Forma Rancher ^1                            0     1.6    nm       2.7    4.5    -40% 
Movement in contract liabilities: Non Pro Forma (6.2) (7.8)  -21%     (49.9) (23.2) 115% 
 
Adjustments: 
Contract liability haircut amortized            (3.6) (4.6)  -22%     (7.5)  (11.1) -32% 
Movement in contract liabilities - IFRS         (9.8) (12.4) -21%     (57.4) (34.3) 67% Note: The Pro Forma Rancher adjustment is 1 month in H1 2021, and for the full periods in 2020 Q2 and H1. IFRS Net Cash inflow from Operating Activities to Adjusted uFCF 
USD USD millions                                  Q2      Q2     Change H1      H1     Change 
                                                2021    2020   %      2021    2020   % 
 
Net cash inflow from operating activities       38.8    53.2   -27%   51.8    90.7   -43% 
Interest paid                                   14.8    13.5   10%    28.8    27.2   6% 
Tax paid                                        1.6     2.0    -20%   4.0     3.4    18% 
Cash generated from operations                  55.2    68.7   -20%   84.6    121.3  -30% 
 
Addbacks - non cash items                       (164.4) (42.0) 291%   (236.1) (88.8) 166% 
Movements - other working capital               (25.7)  (16.8) 53%    25.8    (26.1) -199% 
Movement in other pensions                      0.1     (0.9)  -111%  (0.1)   (0.1)  0% 
Movements in provisions                         1.3     0.5    160%   3.1     1.6    94% 
Movements in contract related assets            9.7     6.3    54%    21.8    13.0   68% 
Movements in contract liabilities               (6.2)   (7.8)  -21%   (49.9)  (23.2) 115% 
 
Operating loss per IFRS Statements              (130.0) 8.0    -1725% (150.8) (2.3)  6457% 
Depreciation and Amortization                   40.5    32.8   23%    78.8    67.8   16% 
EBITDA per IFRS Statements                      (89.5)  40.8   -319%  (72.0)  65.5   -210% 
 
Separately reported items                       4.6     0.0    100%   9.2     0.0    100% 
Non-recurring items                             6.3     6.6    -5%    13.3    14.0   -5% 
Share-based payments and ER taxes               127.6   2.2    5700%  153.6   4.3    3472% 
Deferred revenue haircut                        3.6     4.6    -22%   7.5     11.1   -32% 
Foreign Exchange - Unrealized                   (4.4)   (0.4)  1000%  (0.9)   0.9    -200% 
 
Adjusted EBITDA                                 48.2    53.8   -10%   110.7   95.8   16% 
Rancher Pro Forma Adjustment                    0.0     (4.0)  -100%  (1.8)   (8.4)  -79% 
Adjusted EBITDA (SUSE & Rancher Pro Forma)      48.2    49.8   -3%    108.9   87.4   25% 
Movement in contract liabilities                6.2     9.4    -34%   52.6    27.7   90% 
Cash Adjusted EBITDA (SUSE & Rancher Pro Forma) 54.4    59.2   -8%    161.5   115.1  40% 
 
IFRS 15                                         (7.3)   (4.3)  70%    (17.3)  (9.3)  86% 
IFRS 16                                         (1.6)   (3.0)  -47%   (3.6)   (6.3)  -43% 
Change in core working capital                  24.1    19.3   25%    (27.6)  4.7    -686% 
Gross capital expenditure                       (0.4)   (0.3)  33%    (0.8)   (1.0)  -20% 

(MORE TO FOLLOW) Dow Jones Newswires

July 15, 2021 01:30 ET (05:30 GMT)

All news about SUSE S.A.
05:39aSUSE : Receives a Buy rating from Goldman Sachs
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09/17SUSE : JP Morgan gives a Neutral rating
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09/17SUSE : Gets a Buy rating from Deutsche Bank
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09/17SUSE : Goldman Sachs maintains a Buy rating
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09/16SUSE to Seek Acquisitions
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09/16SUSE : Jefferies remains Neutral
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09/16SUSE : Goldman Sachs reiterates its Buy rating
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09/16SUSE : JP Morgan reiterates its Neutral rating
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09/16SUSE S.A. : Quarterly Statement Q3 2021, for the Three Months ended July 31, 2021
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09/16PRESS RELEASE : SUSE S.A.: Quarterly Statement Q3 -4-
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Financials (USD)
Sales 2021 560 M - -
Net income 2021 -178 M - -
Net Debt 2021 583 M - -
P/E ratio 2021 -40,0x
Yield 2021 -
Capitalization 7 300 M 7 311 M -
EV / Sales 2021 14,1x
EV / Sales 2022 11,5x
Nbr of Employees 1 910
Free-Float 22,9%
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Technical analysis trends SUSE S.A.
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 6
Last Close Price 42,08 $
Average target price 46,54 $
Spread / Average Target 10,6%
EPS Revisions
Managers and Directors
Melissa di Donato Chief Executive Officer
Andrew William Myers Chief Financial Officer
Jonas Martin G÷ran Persson Chairman-Supervisory Board
Sheng Liang President-Engineering & Innovation
Thomas A. di Giacomo Chief Technology & Product Officer
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