Stillfront Group Ab · OMXSTO:SF
Stillfront Group Ab — Q3 2020 Earnings Presentation
17 slides from Stillfront Group Ab's earnings presentation, 2020
Slide 1: A leading free-to-play powerhouse – Interim report Q3 2020
A leading free-to-play powerhouse Interim report Third quarter 2020
Slide 2: Stillfront at a glance
STILLFRONT AT A GLANCE A leading free-to-play powerhouse of 16 gaming studios creating significant operational synergies 20million 20 million MAUs and 4 million DAUs A diverse and evolving game portfolio Main markets by revenue are US, with two common themes; loyal users Germany, MENA, UK and Canada
Slide 3: Global presence – 16 game studios
GLOBAL PRESENCE 16 GAME STUDIOS Europe 31% North Am 51% Asia 12% Africa 1% South Am 2% Oceania 3% Sales Offices 3
Slide 4: Net revenue, UAC development
NET REVENUE, UAC DEVELOPMENT Net Revenue, MSEK UAC, MSEK UAC, % of Net Revenue 3462 1192 2952 18% 18% 1027 19% 2240 16% 1782 1967 691 20% 517 551 20% 21% 20% 16% 19% 635 216 164 397 438 554 83 107 148 365 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 LTM LTM LTM LTM LTM COMMENTS Net re
Slide 5: Adj. EBIT development
ADJ. EBIT DEVELOPMENT Adj. EBIT, MSEK Adj. EBIT, % of Net Revenue 1272 463 419 1028 37% 39% 41% 732 35% 604 645 213 33% 175 177 33% 31% 34% 34% 32% Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 LTM LTM LTM LTM LTM COMMENTS Adj. EBIT growth of Adj. EBIT in relation to revenue • Record h
Slide 6: Active portfolio: Total
ACTIVE PORTFOLIO: TOTAL MAU (‘000) +285% YoY MPU (‘000) +292% YoY DAU (‘000) +228% YoY Bookings (MSEK) +89% YoY ARPDAU (SEK) -43% YoY UAC (MSEK) +103% YoY 22794 4699 UAC, % of Bookings 19602 846 5000 20,0 811 4500 4145 18,0 1170 4000 16,0 950 3500 14,0 18% 3000 12,0 664 17% 9785 2500 2214 10,0 365 5
Slide 7: Active portfolio: Strategy
ACTIVE PORTFOLIO: STRATEGY MAU (‘000) +11% YoY MPU (‘000) +7% YoY DAU (‘000) -3% YoY Bookings (MSEK) +11% YoY ARPDAU (SEK) +15% YoY UAC (MSEK) +26% YoY UAC, % of Bookings 3349 700 20,0 116 600 2712 2853 2752 600 531 2482 96 100 100 491 496 477 398 93 500 15,0 299 318 19% 310 400 279 7,3 10,0 300 6,2
Slide 8: Active portfolio: Simulation, RPG & Action
ACTIVE PORTFOLIO: SIMULATION, RPG & ACTION MAU (‘000) +32% YoY MPU (‘000) +45% YoY DAU (‘000) +33% YoY Bookings (MSEK) +14% YoY ARPDAU (SEK) -14% YoY UAC (MSEK) +22% YoY 1400 1273 20,0 UAC, % of 322 5364 197 18,0 Bookings 1200 21% 972 1024 16,0 242 257 164 239 3604 153 1000 855 14,0 225 3454 136 771
Slide 9: Active portfolio: Casual & Mash-up
ACTIVE PORTFOLIO: CASUAL & MASH-UP MAU (‘000) MPU (‘000) DAU (‘000) Bookings (MSEK) ARPDAU (SEK) UAC (MSEK) UAC, % of 533 546 3000 2827 20,0 450 14081 2644 Bookings 18,0 13396 2500 16% 383 16,0 2000 14,0 17% 12,0 1500 10,0 8,0 112 1000 711 6,0 105 3327 500 4,0 1,6 1,7 1,6 16% 2,0 72 64 0 0,0 17 Q4'1
Slide 10: Financial highlights Q3
FINANCIAL HIGHLIGHTS Q3 Cash generative business with 207 Revenue growth of 99% paired with MSEK of free cash flow prior to Adj. EBIT margin of 41% acquisitions and financing Strong financial position with a cash position at 1,052 MSEK and an Leverage ratio below the group´s undrawn long-term credit
Slide 11: Income statement Q3 2020
INCOME STATEMENT Q3 2020 MSEK Q3 2020 Q3 2019 Net revenue 1,027 517 99% OWC and Other Revenue 89 60 50% Total revenue 1,117 577 94% Platform Fees -280 -137 104% Gross Margin % 73% 74% 1 pp User Acquisition Cost -164 -83 97% UAC/net revenue % -16% -16% 0 pp Other external expenses -52 -49 6% Personne
Slide 12: Balance sheet Q3 2020
BALANCE SHEET Q3 2020 MSEK Q3 2020 Q2 2020 31 Dec 2019 Intangible non-current assets 8 608 8 897 -3% 3 293 Tangible non-current assets 110 125 -12% 76 Deferred tax assets & current receivables 1 273 720 77% 341 Cash and cash equivalents 1 052 936 12% 342 Total assets 11 043 10 679 3% 4 052 Total Sha
Slide 13: Cash flow Q3 2020
CASH FLOW Q3 2020 MSEK Q3 2020 Q3 2019 Q3 2020 LTM Q3 2019 LTM Cash flow as reported Cash flow from operations 332 114 191% 969 475 104% Cash flow from investment activities -858 -63 1,261% -3,813 -1,213 214% Cash flow from financing activities 648 -0 - 3,538 934 279% Cash flow for the period 122 51
Slide 14: Acquisition of Everguild
ACQUISITION OF EVERGUILD • Rapidly growing independent game studio focusing on the digital Collectible Card Games (CCG) genre • Small agile team with 6 employees at its office in Madrid, Spain • The Horus Heresy: Legions • Licensed CCG based on The Horus Heresy, a subset of the Warhammer 40,000 univ
Slide 15: Updated growth target 2021-2023
UPDATED GROWTH TARGET 2021-2023 GROWTH PROFITABILITY LEVERAGE NET REVENUE ADJ. EBIT MARGIN NET DEBT / ADJ. EBITDA RATIO 10,000 ~35% <1.5x MSEK by 2023 Growth is to be achieved organically The Adjusted EBIT margin may vary Stillfront may under certain as well as through acquisitions quarter to quarte
Slide 16: Summary first nine months 2020 and third quarter 2020
SUMMARY FIRST NINE MONTHS 2020 SUMMARY THIRD QUARTER 2020 1 group Building the leading F2P powerhouse • Further strengthening and leveraging the Stillfront platform for long-term growth Continued strong business momentum in Q3 • Record-high profitability with Adj. EBIT 16 margin of 41 percent Accele
Slide 17: Stillfront Group
STILLFRONT GROUP