Stillfront Group Ab · OMXSTO:SF
Stillfront Group Ab — Q1 2024 Earnings Presentation
13 slides from Stillfront Group Ab's earnings presentation, Apr 25, 2024
Slide 1: Stillfront Q1 2024 Interim Report
Stillfront Q1 2024 Interim Report
Slide 2: A promising start to 2024
A promising start to 2024 • Stillfront delivered organic growth for the full quarter in Q1, organic Net revenue -1.0% year-over-year bookings grew by 1 percent • Gross profit grew by 2pp year-over-year to 80 percent • Sustained high UAC driven by strong seasonal push paired with continued successful
Slide 3: Stable net revenue development in Q1
Stable net revenue development in Q1 Net revenue & UAC Net revenue & UAC (LTM) Net revenue bridge 1,812 7,138 7,138 1,758 1,742 1,739 7,022 6,982 6,964 1,758 1,739 1,671 -0% -1% -0% 34% 31% 29% 27% 26% 27% 25% 25% 25% 24% Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q1'23 LTM Q2'23 LTM Q3'23 LTM Q4'23 LTM Q1'24 LT
Slide 4: Continued high marketing spend to fuel future growth and margins
Continued high marketing spend to fuel future growth and margins Adj EBITDAC Adj EBITDAC (LTM) 1,780 1,777 516 1,705 • Adjusted EBITDAC margin 21 1,653 1,648 percent, down from 24 percent same period last year, driven by 415 409 increased UAC 365 358 • Gross margin improvement of 2 percentage points
Slide 5: Positive organic growth in first quarter driven by strong marketing spend
Active portfolio Bookings Bookings by channel Positive organic growth 1,653 1,698 1,661 1,586 1,627 in first quarter driven 13% 13% 13% 13% 14% 24% 26% 28% 29% 29% by strong marketing spend 63% 61% 59% 58% 56% • Bookings in active portfolio grew by 4 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q1'23 Q2'23 Q3'23 Q
Slide 6: Stable performance from key Strategy franchises
Product area: Strategy Bookings & UAC Strategy bookings by channel Stable performance 586 554 542 588 578 1% 1% 2% 1% 2% from key Strategy 25% 27% 34% 35% 38% franchises 25% 23% 27% 32% 28% 73% 72% 64% 64% 61% › Stable bookings performance from key Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q1'23 Q2'23 Q3'23 Q4'
Slide 7: Sunshine Island continues its success
Product area: Sim, RPG & Action Bookings (MSEK) & UAC (%) Sunshine Island bookings per Sunshine Island 467 month (MSEK) 421 400 384 401 16 continues its success 42% 13 14 40% 10 28% 8 25% 24% 4 › Strong sequential increase in bookings Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 and users in Simulation, RPG & Acti
Slide 8: Jawaker continues to perform, Super Free back to growth
Product area: Casual & Mash-up Bookings & UAC Jawaker bookings by quarter Jawaker continues to 667 677 661 638 662 perform, Super Free Stillfront acquisition back to growth 31% 27% 28% 29% 38% › Sequential increase in both user numbers Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 and bookings in Casual & Mashup, d
Slide 9: Stable free cash flow generation
Stable free cash flow generation MSEK Q1 2024 Q1 2023 Free cash flow LTM (MSEK) Cash flow from operations (before NWC) 349 517 1,878 1,811 1,777 Change in net working capital -43 -136 Cash flow from operations (CFFO) 305 381 1,638 1,565 Cash flow from investment activities -160 -248 908 965 836 Cash
Slide 10: New bond framework further improves maturity profile
New bond framework further improves maturity profile Net debt & leverage ratio Maturity profile per 15 April 2024* 874 1,039 776 807 877 1,643 725 517 749 496 528 1.91 1.88 1.95 1.78 1.84 4,404 4,388 4,115 4,115 3,923 2,107 1000 1000 693 Q1'23 LTM Q2'23 LTM Q3'23 LTM Q4'23 LTM Q1'24 LTM H1'24 H2'24
Slide 11: Share repurchase program
Share repurchase program • Stillfront’s cash flow generation and strong balance sheet enable us to launch a share repurchase program • The repurchased shares will be used to cover the equity component of Stillfront’s earnout provisions and the total program corresponds to approx. 15.1 million shares
Slide 12: Continued high activity levels going into the second quarter
Continued high activity levels going into the second quarter • Better market conditions for acquiring new users and scaling new games • Strong winter season for acquiring new users in mobile games enabled high levels of user acquisition investments with attractive returns • User acquisition expected
Slide 13: Stillfront
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