Yubico

Quarterly summary

Fourth quarter

• Net sales increased by 19.5 percent to SEK 559.9 (468.5) million, corresponding to an increase of 17.8 percent in local currencies
• Subscription sales accounted for 14.0 (11.5) percent of net sales
• Gross profit amounted to SEK 465.7 (387.8) million, corresponding to a gross margin of 83.2 (82.8) percent
• Adjusted EBIT amounted to SEK 88.3 (67.5) million, corresponding to an adjusted EBIT margin of 15.8 (14.4) percent. Items affecting comparability amounted to SEK 6.7 million and consists of a net positive effect from reduced tax cost and additional expenses in the quarter relating to the merger of ACQ and Yubico (see note 4)
• EBIT amounted to SEK 95.1 (67.5) million, corresponding to an EBIT margin of 17.0 (14.4) percent
• Earnings per share after dilution amounted to SEK 0.91 (2.14). The average number of shares has increased by 68 percent compared to the previous year, related to the merger
• Bookings increased by 83.5 percent to SEK 684.1 (372.9) million, corresponding to an increase of 83.2 percent in local currencies
• Subscription bookings accounted for 18.9 (17.2) percent of bookings
• ARR (annual recurring revenue) amounted to SEK 286.5 (204.7) million, an increase of 40.0 percent

January - December

• Net sales increased by 18.1 percent to SEK 1,844.2 (1,561.0) million, corresponding to an increase of 12.5 percent in local currencies
• Subscription sales accounted for 13.8 (9.0) percent of net sales
• Gross profit amounted to SEK 1,577.9 (1,316.3) million, corresponding to a gross margin of 85.6 (84.3) percent
• Adjusted EBIT amounted to SEK 281.7 (215.3) million, corresponding to an adjusted EBIT margin of 15.3 (13.8) percent. Items affecting comparability amounted to SEK -87.2 million and consists of costs relating to the merger of ACQ and Yubico (see note 4)
• EBIT amounted to SEK 194.5 (215.3) million, corresponding to an EBIT margin of 10.5 (13.8) percent
• Earnings per share after dilution amounted to SEK 2.38 (5.00)
• Bookings increased by 16.1 percent to SEK 1,840.0 (1,584.2) million, corresponding to an increase of 10.2 percent in local currencies. Last year includes exceptionally high bookings in the second quarter
• Subscription bookings accounted for 14.9 (15.3) percent of bookings
• The Board of Directors proposes that no dividend shall be paid for the financial year 2023 and that retained earnings shall be carried forward

Significant events during the quarter

• In October a SEK 86 million order was closed with one of Yubico’s long-standing high-tech customers and will be delivered during 2024
• October 10, 2023, the nomination committee for Yubico´s 2024 Annual General Meeting was appointed. See investors.yubico.com for more information

Significant events after the end of the period

• On February 15, 2024, the Board of Directors decided to change the long-term financial targets for growth, from being measured on bookings to being measured on net sales. Updated long-term growth target is: Annual growth in net sales of 25 percent on average

Webcast/teleconference
Yubico will hold a webcast/conference call today, February 16, at 09:00 CET. Mattias Danielsson, CEO of Yubico and Camilla Öberg, CFO of Yubico will present and answer questions. To participate in the conference, click on the following link https://ir.financialhearings.com/yubico-q4-report-2023. Via the webcast, you can ask written questions. If you wish to ask
questions verbally, please register on the following link: https://conference.financialhearings.com/teleconference/?id=5002486.
 
Interim reports
The complete interim report for January - December 2023 will be available on https://investors.yubico.com/en/investors/reports-and-presentations/