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Storytel Interim Report Q4, 2023


News provided by

Storytel

15 Feb, 2024, 07:50 GMT

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STOCKHOLM, Feb. 15, 2024 /PRNewswire/ -- "Storytel continued its transformation journey and delivered yet another strong quarter to conclude 2023", says Johannes Larcher, CEO, Storytel.

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.

The following files are available for download:

https://mb.cision.com/Public/11546/3928898/8a8e21977b576421.pdf

Year-end report 2023 - Storytel AB publ - Feb 15 2024

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