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) MSEKAdjusted EBITDA increased by 62% to 86 (53) MSEK, equaling a margin of 9.1% (6.1%) EBITDA was -12 (36) MSEKAdjusted Operating profit of -8 (-32) MSEK, and -680 (-50) MSEK including IACsBasic and diluted earnings per share amounted to -9.34 (-1.30) SEKCash flow from operations before changes in working capital amounted to -25 (12) MSEKOperational 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 ratesGroup 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) MSEKBasic and diluted earnings per share amounted to -10.63 (-5.68) SEKCash flow from operations before changes in working capital amounted to 96 (-116) MSEKOperational 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 workforceStorytel 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 revenueStorytel Books and Nextory reached an agreement to distribute Storytel Books’ titles on Nextory’s platform as of 1 February 2024Storytel 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.
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