Storytel Ab Class B · OMXSTO:STORY_B
Storytel Ab Class B — Q1 2024 Earnings Presentation
18 slides from Storytel Ab Class B's earnings presentation, May 7, 2024
Slide 1: Interim report First quarter 2024
Interim report First quarter 2024 May 7, 2024 PRESENTATION TITLE
Slide 2: Today's presenters
Today’s presenters Johannes Larcher Peter Messner CEO CFO Interim report first quarter 2024
Slide 3: CEO quote on first quarter performance
“The first quarter marked another step up in our financial performance as Storytel delivered a strong result with improved profitability and operational cash flow” Interim report first quarter 2024
Slide 4: Operational Highlights in Q1 2024
Operational Highlights in Q1 2024 ● Highest level of adjusted EBITDA ever driven by strong operational performance ● Profitability improvements were the result of continued, disciplined strategy execution ○ Improved content cost economics due to higher share of in-house publishers ○ Increases in mark
Slide 5: Financial Highlights Q1 2024
Financial Highlights Q1 2024 Group Revenue up 12% Group Gross Profit Margin up 3.6pp Comments MSEK Adjusted Margin (excl IAC) Q1 2024 compared with Q1 2023 ● Group net sales increased by 12% to 892 (796) MSEK ● Adjusted Gross Profit margin up 3.6pp to 43.2% (39.6%) ● Adjusted EBITDA of 104 (39) MSEK,
Slide 6: Streaming Development Q1 2024
Streaming Development Q1 2024 Comments Streaming Revenue up 13% Increase in Average Paybase, 000’ Q1 2024 compared with Q1 2023 ● Streaming revenue increased by 13% to 837 (742) MSEK, ○ 13% in both the Nordics and Non-Nordics ● Average number of subscribers increased by 215,000 ○ Of which 63,000 in
Slide 7: Efficiency optimization initiative and 2024 guidance
Efficiency optimization initiative and 2024 guidance FY23 Q1 24 2024 FY ● Reduction of ~80 FTEs, or 13% of workforce Result Result Guidance ● Implemented in Q1 2024 ● Will reach full run-rate in H2 2024 ● Related 45 MSEK of IACs recognized in Q1 Group revenue growth 9.0% 12.0% ~10% ● Continued focus o
Slide 8: Q1 Segments performance
Q1 Segments performance Comments Q1 2024 compared with Q1 2023 Revenue split, Q1 2024 Streaming, Nordics (100% = 968 MSEK) ● Reported revenue growth of 13% ● Adjusted Gross margin of 45.2% (40.5%) ● ARPU increased by 7% to 157 (147) SEK ● Avg. paying subscribers increased by 63,000 Streaming, Non-No
Slide 9: Continuous improved EBITDA margin
Continuous improved EBITDA margin Comments Q1 2024 compared with Q1 2023 Table is adjusted for IACs ● Net sales for the quarter grew by 12% to MSEK Q1-24 Q1-23 Change, % Q4-23 892 (796) MSEK Net sales 891.9 796.3 12 946.1 COGS -506.8 -480.8 5 -558.5 ● Adjusted Gross profit up by 22% to 385 Gross profi
Slide 10: Balance sheet
Balance sheet Comments ● Intangible assets increased by 37 MSEK vs MSEK Q1-24 Q4-23 Q3-23 Q2-23 Q1-23 Q4-23 as a net result of investments, Intangible assets 1,939 1,902 2,643 2,669 2,584 amortization, fx effects, and the IAC write Tangible assets 17 18 20 23 27 downs Right-of-use assets 70 84 98 110
Slide 11: Improved profitability and cash flows
Improved profitability and cash flows MSEK Q1-24 Q4-23 Q3-23 Q2-23 Q1-23 Comments EBITDA (incl. IAC) 50.9 -7.3 96.4 41.7 33.9 ● Profit before tax impacted by IACs Depreciation and amortisation -74.5 -672.6 -81.4 -71.0 -82.0 Net financial items 8.7 -45.9 -14.3 11.4 -16.2 ● Cash flow from operating activit
Slide 12: Operational cash flow
Operational cash flow Comments MSEK Q1-24 Q4-23 Q3-23 Q2-23 Q1-23 ● 167% Y/Y improvement in EBITDA in line EBITDA excluding IAC 104.2 97.6 101.0 45.8 39.0 with strategic shift Operational Capex* -31.1 -39.2 -35.9 -44.7 -38.3 ● Continuous investments in content and in product & technology Operational
Slide 13: Balanced Profitable Growth Across Our Regions
Balanced Profitable Growth Across Our Regions 10 Core Growth Markets 15 Markets Netherlands, Nordics USA Turkey, Poland, Expansion and Bulgaria Preserve Strategic Generate Substantial Growth Role Profitability & Cash Flow Potential Growth ~10% ~7.5% ~20% ±0% Ambition Interim report first quarter 2024
Slide 14: Storytel in 2026: Mid-term financial targets
Storytel in 2026: Mid-term financial targets 10-12% >10% ~4.5 BSEK >15% Streaming Operational Cash Group Revenue EBITDA Margin Revenue CAGR Flow* * Operational Cash Flow: Adjusted EBITDA less operational capex, in % of revenue
Slide 15: Key Takeaways
Key Takeaways Updated Near Term Guidance for 2024 Strong improvements of operational and financial performance through disciplined Group revenue growth of around 10% execution of our strategy Showcasing profitability and cash generation through healthy subscriber growth, higher Full year adj. EBITDA m
Slide 16: Q&A
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Slide 17: OLD SLIDES
OLD SLIDES PRESENTATION TITLE
Slide 18: Exceeding full year 2023 financial targets
Exceeding full year 2023 financial targets Organic streaming revenue growth with CER Original Updated FY23 Result FY Guidance FY Guidance 12.5% 10.8% 11.3% 7.0% >11% >11% 12.5% Q1 2023 Q1-Q2 2023 Q1-Q3 2023 Q1-Q4 2023 Adjusted EBITDA margin 6.4% 7.1% >2.9% >6.4% 7.1% 3.8% 4.3% Q1 2023 Q1-Q2 2023 Q1-Q