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Interim Report Q4, 2023

REG

Financial Highlights Q4

Fourth quarter 2023 compared to the fourth quarter 2022

  • Streaming revenue up 16% to 858 (742) MSEK; or 14% at constant exchange rates (CER)
  • Group revenue increased by 9% to 946 (867) MSEK 
  • Adjusted Gross profit up 20% to 387 (322) MSEK, equaling a margin of 40.9% (37.2%) 
  • Gross profit was down 24% to 246 (322) MSEK
  • Adjusted EBITDA increased by 62% to 86 (53) MSEK, equaling a margin of 9.1% (6.1%) 
  • EBITDA was -12 (36) MSEK
  • Adjusted Operating profit of -8 (-32) MSEK, and -680 (-50) MSEK including IACs
  • Basic and diluted earnings per share amounted to -9.34 (-1.30) SEK
  • Cash flow from operations before changes in working capital amounted to -25 (12) MSEK
  • Operational cash flow amounted to 47 (12) MSEK

January - December 2023 compared to the period January - December 2022

  • Streaming revenue grew 12% to 3,242 (2,888) MSEK; or 9% at constant exchange rates
  • Group revenue increased by 9% to 3,489 (3,200) MSEK, or 10% when excluding Russia 
  • Adjusted EBITDA increased by 169% to 248 (92) MSEK, equaling a margin of 7.1% (2.9%) 
  • EBITDA was 150 (-68) MSEK
  • Basic and diluted earnings per share amounted to -10.63 (-5.68) SEK
  • Cash flow from operations before changes in working capital amounted to 96 (-116) MSEK
  • Operational cash flow amounted to 90 (-139) MSEK

Other Highlights Q4

  • Storytel recognized Items Affecting Comparability (IACs) of 672 MSEK, following the sharpened focus on profitability. Of these IACs, 465 MSEK relate to non-cash impairment charges on goodwill attributed to Audiobooks.com
  • Storytel launched a strategic partnerships with the Dutch telecom operator KPN, which has already been driving meaningful subscriber acquisition in The Netherlands

Highlights after the end of the quarter

  • Storytel announced an efficiency optimization initiative that will be implemented during the first quarter of 2024, including a 13% reduction in workforce
  • Storytel upgraded its mid-term targets to reach group revenues of around 4.5 BSEK in 2026 with a streaming revenue CAGR of 10-12%, an adjusted EBITDA margin of above 15%, and an operational cash flow of above 10% of revenue 
  • In 2024, Storytel expects to deliver group revenue growth around 10% with an adjusted EBITDA margin of above 12% and operational cash flow above 7% of revenue
  • Storytel Books and Nextory reached an agreement to distribute Storytel Books’ titles on Nextory’s platform as of 1 February 2024
  • Storytel extended the existing revolving credit facility (RCF) until 2 April 2025 and reduced the facility to 750 MSEK, at otherwise unchanged terms 

Table 1 Key Performance Indicators
 

TSEK Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 YTD 2022 YTD 2023
Streaming Total
Revenue 742,283 742,081 798,881 842,407 858,209 2,887,763 3,241,579
Revenue excl Russia 742,374 742,081 798,881 842,407 858,209 2,848,329 3,241,579
Adjusted Gross profit 304,594 317,067 344,949 366,414 373,795 1,210,037 1,402,226
Adjusted Gross margin 41.0% 42.7% 43.2% 43.5% 43.6% 41.9% 43.3%
Gross profit 304,594 317,067 344,949 366,414 246,503 1,174,469 1,274,934
Avg. Paying Subscribers (thousands) 2,036’ 2,041’ 2,055’ 2,144’ 2,201’ 2,046’ 2,111’
ARPU (SEK/month) 122 121 130 131 130 118 128
Streaming Nordics1
Revenue 498,336 496,630 543,765 571,625 573,674 1,919,046 2,185,694
Adjusted Gross profit 184,767 200,992 227,364 241,027 243,380 740,789 912,764
Adjusted Gross margin 37.1% 40.5% 41.8% 42.2% 42.4% 38.6% 41.8%
Gross profit 184,767 200,992 227,364 241,027 186,564 717,199 855,947
Avg. Paying Subscribers (thousands) 1,132’ 1,125’ 1,122’ 1,169’ 1,183’ 1,100’ 1,150’
ARPU (SEK/month) 147 147 162 163 162 145 158
Streaming Non-Nordics
Revenue 243,947 245,451 255,117 270,782 284,535 968,717 1,055,885
Revenue excl Russia 244,038 245,451 255,117 270,782 284,535 929,284 1,055,885
Adjusted Gross profit 119,828 116,075 117,585 125,387 130,415 469,248 489,462
Adjusted Gross margin 49.1% 47.3% 46.1% 46.3% 45.8% 48.4% 46.4%
Gross profit 119,828 116,075 117,585 125,387 59,939 457,271 418,986
Avg. Paying Subscribers (thousands) 904’ 916’ 933’ 975’ 1,018’ 946’ 961’
ARPU (SEK/month) 90 89 91 93 93 85 92
Books
Revenue 193,069 130,083 128,668 139,970 170,946 646,572 569,667
Adjusted Gross profit 85,141 68,472 67,525 65,098 94,799 329,641 295,894
Adjusted Gross margin 44.1% 52.6% 52.5% 46.5% 55.5% 51.0% 51.9%
Gross profit 85,141 68,472 67,525 65,098 85,015 329,641 286,110
Group total2
Revenue 866,663 796,293 851,070 895,758 946,099 3,200,382 3,489,220
Adjusted Gross profit 322,377 315,501 333,183 351,869 387,221 1,248,713 1,388,954
Adjusted Gross margin 37.2% 39.6% 39.1% 39.3% 40.9% 39.0% 39.8%
Gross profit 322,377 315,501 333,183 351,869 245,593 1,213,145 1,247,326

1) Streaming revenue includes all of Storytel Norway’s revenue.

2) In the consolidated accounts, Storytel Norway is reported in accordance with the equity method. As a result, the Streaming revenue listed in Table 1 is higher than in the consolidated statement of accounts in order to provide a more accurate figure for average revenue per subscriber. Please see Note 5 for additional details.

FNCA Sweden AB is the Company’s Certified Adviser.

The information was provided, through the agency of the above contact person, at the time stated in this press release, by Cision.

For more information, please contact:
Mattias Frithiof, Head of Investor Relations, Storytel Group
Tel: +46 76 535 26 74
Email: mattias.frithiof@storytel.com

Malin Lindborn, Head of Communications, Storytel Group
Tel: +46 735 33 17 70
Email: malin.lindborn@storytel.com

About Storytel
Storytel is one of the world’s largest audiobook and e-book streaming services and offers more than one million titles on a global scale. Our vision is to make the world a more empathetic and creative place, with great stories to be shared and enjoyed by anyone, anywhere and anytime.

The streaming business within the Storytel Group is conducted under the brands Storytel, Mofibo and Audiobooks.com. The publishing business is managed by Storytel Books, and by the audiobook publisher StorySide. The Storytel Group operates in over 25 markets, with focus on ten core markets: the five Nordic countries, the Netherlands, Turkey, Poland, Bulgaria, and the USA. The headquarters are located in Stockholm, Sweden.

Datum 2024-02-15, kl 08:00
Källa Cision
Bifogade filer
Year-end report 2023 - Storytel AB publ - Feb 15 2024
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