Starbreeze Ab Class A · OMXSTO:STAR_A
Starbreeze Ab Class A — Q1 2022 Earnings Presentation
23 slides from Starbreeze Ab Class A's earnings presentation, March 2022
Slide 1: Presentation 1 January–31 March 2022
PRESENTATION 1 JANUARY–31 MARCH 2022
Slide 2: Today's presenters
Today’s presenters Tobias Sjögren, CEO Mats Juhl, CFO Background: Former CEO of White Wolf Entertainment, previous Background: CFO of Mips AB (publ.), CFO of Tengbomgruppen AB, positions at Paradox Interactive, Stardoll and international video CFO of Sweden Arena Management KB (Friends Arena), Finan
Slide 3: Stepping up to the next level
• HIGHLIGHTS • STARBREEZE & STRATEGY • THE BUSINESS • FINANCIALS Stepping up … … to the next level 4
Slide 4: Highlights
HIGHLIGHTS
Slide 5: Summary Q1
HIGHLIGHTS Summary Q1 • PAYDAY 3, Development according to plan • PAYDAY 2, MAU + 800k in line with previous year • PAYDAY 2, facing high growth numbers in 2021, hence a decrease in Q1 2022 • New IP, we have started the development of a new IP for future game release 6
Slide 6: Summary Q1
HIGHLIGHTS Summary Q1 • Net sales growth -15.7% SEKm Q1 2022 Q1 2021 R12M 2021 • PAYDAY -13.4% Net sales 23,532 27,923 121,299 125,689 Highest MAU during • Adj. EBITDA* decrease SEK -18.0m Q1 2022: 801,974 EBITDA 4,554 22,595 -11,742 6,268 • Profit before tax decrease SEK -19.5m ____________________
Slide 7: Starbreeze & Strategy
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Slide 8: Long-term game developer, with a big community
STARBREEZE & STRATEGY Long-term game developer, with a big community • Owns one of the strongest brands in the games industry – PAYDAY • Focuses on its core business of developing great games for PC and console • Proven track record in developing long-term value for its games • Experienced managemen
Slide 9: Create value beyond the gaming experience
STARBREEZE & STRATEGY Create value beyond the gaming experience The four pillars for success Developing Games as a games, IP and Service beyond A co-creating The place community to be 10
Slide 10: The Business
THE BUSINESS | unaudth
Slide 11: Net Sales and EBITDA
THE BUSINESS Net Sales and EBITDA Net Sales 95% 99% EBITDA* SEKm SEKm FY 2021 125.7m 23.5m Q1 2022 2021 FY: SEK 74.9m 2022 Q1: SEK 4.6m SEKm SEKm 60 25 50 20 40 30 15 20 10 10 5 0 -10 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 0 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 EbitDA PAYDAY 2 Ot
Slide 12: The PAYDAY franchise
THE BUSINESS The PAYDAY franchise Co-op for PC and console PAYDAY franchise in gross sales >300m USD Installed base >36,000,000 DLCS and updates >220 Steam community members >7,900,000 13
Slide 13: PAYDAY – KPI development
THE BUSINESS PAYDAY 2 – KPI development PAYDAY–Peak CCU per month PAYDAY 2– Base game vs DLC split PD2 Steam launch to date1 CCU per month % 70 000 100 4 46 55 53 78 71 67 73 76 96 60 000 80 50 000 60 40 000 54 30 000 40 47 45 20 000 33 20 29 27 22 24 10 000 0 0 2013 2014 2015 2016 2017 2018 2019 20
Slide 14: A big community creates opportunities
THE BUSINESS A big community creates opportunities A key factor in PAYDAY’s success is the involvement of players in the product, which includes maintaining a close dialogue between developers and fans Breakdown of Starbreeze’s revenues “ Since 2018, the company has established the world’s largest g
Slide 15: Strong foundation for a successful launch of PAYDAY 3
THE BUSINESS Strong foundation for a successful launch of PAYDAY 3 A strong franchise built over eight years Launch of PAYDAY 3 Large installed base Strong Reviews Well established Multiple platforms Games as a service Community Simultaneous launch on A game designed around >36,000,000 89/100 PC and
Slide 16: A solid foundation to deliver and grow
THE BUSINESS A solid foundation to deliver and grow Roadmap 2022 2023–2024 2025 and beyond Core focus creates ... into a broadened IP ... to become a GaaS capacity for growth ... portfolio ... leader – building games, IP and beyond. • Secure PD3 development and quality • Launch of PD3 and focus on L
Slide 17: Financials
FINANCIALS
Slide 18: Revenue development – growth in PAYDAY
FINANCIALS Revenue development – growth in PAYDAY 95% 97% 94% 96% 98% 90% 97% 99% • Net sales for Q1 31,3m 32.0m 32.6m 27.9m 32.0m 34.7m 31.0m 23,5m 2022 totaled to SEK 23.5m compared to SEK 27.9m in Q1 SEKm 2021. 60,0 50,0 • PAYDAY negative 40,0 6,4 10,0 2,4 growth of -13.4% Q1 1,7 4,9 3,3 2022, co
Slide 19: Operating expenses
FINANCIALS Operating expenses Cost base development SEKm NOTE Q1-22 Q1-21 2021 A Direct costs for Q1’22 amounted to SEK 14,0m, compared to SEK 11.6m Direct costs A 13,965 11,590 56,302 in Q1’21, and consist of costs related to game production and game development. 10.5 million of direct cost relates
Slide 20: EBITDA development
FINANCIALS EBITDA development SEKm 25 • *Adjusted EBITDA, adjusted for one 22,6 time effect related to PopReach 19,9 licensing agreement in Q2 2021. 20 16,8* • EBITDA in Q1 2022 mainly impacted 15,5 15,6 by lower sales, higher personell cost 15 for LTI, non activated personell 11,7 costs and increas
Slide 21: Balance sheet
FINANCIALS Balance sheet Assets Liabilities As per March 31, 2022 As per March 31, 2021 • Intangible assets amounted to • Non-current liabilities SEK 471m and primarily amounted to SEK 453m, SEKm SEKm consists of IP rights SEK compared to 338m in 2021, 192.9m, capitalized costs for including Current
Slide 22: Cashflow development
FINANCIALS Cashflow development 1.1 Operating activities SEKm Q1-2022 after changes in working capital, 157,4 19,2 SEK 19.2m 128,6 2.2 Investing activities, 112,6 SEK -31,2m - 31,2 - 4,1 3.3 Financing activities, 82,8 SEK -4,1m 69,3 Year-End 2018* Year-End 2019* Year-End 2020* Year-End 2021* 1 2 3 E
Slide 23: Thank you!
THANK YOU! __