"
Financial Highlights Q3Third quarter 2023 compared to the third quarter 2022
- Streaming revenue up 13% to 842 (742) MSEK, 15% excluding
Russia -
Group net sales increased by 11% to 896 (806) MSEK, 12% excluding
Russia -
Gross profit up 13% to 352 (312) MSEK, equaling a margin of 39.3% (38.7%)
-
EBITDA increased by 55% to 92 (59) MSEK, equaling a margin of 10.3% (7.3%)
-
Operating profit of 15 (-21) MSEK
-
Basic and diluted earnings per share amounted to -0.06
(-0.04) SEK -
Cash flow from operations before changes in working capital amounted to 79 (60) MSEK
-
Operational cash flow amounted to 56 (20) MSEK
January - September 2023 compared to the period January - September 2022
- Streaming revenue grew 11% to 2,383 (2,145) MSEK, 13% excluding
Russia -
Group net sales increased by 9% to 2,543 (2,334) MSEK, 11% excluding
Russia -
Gross profit up 12% to 1,001 (891) MSEK, equaling a margin of 39.3% (38.2%)
-
EBITDA increased to 161.8 (-94.9) MSEK, equaling a margin of 6.4% (-4.1%)
-
Basic and diluted earnings per share amounted to -1.29
(-4.27) SEK -
Cash flow from operations before changes in working capital amounted to 121 (-130) MSEK
-
Operational cash flow amounted to 43 (-151) MSEK
Other Highlights Q3Storytel increases the guidance on full-year 2023 adjusted EBITDA margin to be well above 6.4%, and on operational cash flow (adjusted EBITDA less operational capex) to be at least 80 MSEK. Guidance regarding organic streaming revenue growth remains in line with the previous year and is unchanged at 11% for 2023.-
The partnership with Yettel in
Bulgaria (3+ million addressable users) launched in September and is already showing promising signs from a paybase growth perspective. Storytel's agreement with LG Uplus South Korea (20+ million addressable users), one of South Korea's largest telcos, communicated in September will help unlock new opportunities in one of our expansion markets.
Table 1 Key Performance Indicators
Storytel increases the guidance on full-year 2023 adjusted EBITDA margin to be well above 6.4%, and on operational cash flow (adjusted EBITDA less operational capex) to be at least 80 MSEK. Guidance regarding organic streaming revenue growth remains in line with the previous year and is unchanged at 11% for 2023.-
The partnership with Yettel in
Bulgaria (3+ million addressable users) launched in September and is already showing promising signs from a paybase growth perspective. Storytel's agreement with LG Uplus South Korea (20+ million addressable users), one ofSouth Korea's largest telcos, communicated in September will help unlock new opportunities in one of our expansion markets.
Table 1 Key Performance Indicators
TSEK | Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | YTD 2022 | YTD 2023 | |
Streaming Total | ||||||||
Revenue | 742,426 | 742,283 | 742,081 | 798,881 | 842,407 | 2,145,480 | 2,383,369 | |
Revenue excl | 732,837 | 742,374 | 742,081 | 798,881 | 842,407 | 2,105,955 | 2,383,369 | |
Gross profit | 307,463 | 304,594 | 317,067 | 344,949 | 366,414 | 869,875 | 1,028,431 | |
Gross margin | 41.4% | 41.0% | 42.7% | 43.2% | 43.5% | 40.5% | 43.2% | |
Avg. Paying Subscribers (thousands) | 2,064' | 2,036' | 2,041' | 2,055' | 2,144' | 2,048' | 2,080' | |
ARPU (SEK/month) | 120 | 122 | 121 | 130 | 131 | 116 | 127 | |
Streaming Nordics1 | ||||||||
Revenue | 492,765 | 498,336 | 496,630 | 543,765 | 571,625 | 1,420,710 | 1,612,020 | |
Gross profit | 189,289 | 184,767 | 200,992 | 227,364 | 241,027 | 532,432 | 669,384 | |
Gross margin | 38.4% | 37.1% | 40.5% | 41.8% | 42.2% | 37.5% | 41.5% | |
Avg. Paying Subscribers (thousands) | 1,129' | 1,132' | 1,125' | 1,122' | 1,169' | 1,089' | 1,139' | |
ARPU (SEK/month) | 145 | 147 | 147 | 162 | 163 | 145 | 157 | |
Streaming Non-Nordics | ||||||||
Revenue | 249,662 | 243,947 | 245,451 | 255,117 | 270,782 | 724,770 | 771,350 | |
Revenue excl | 240,073 | 244,038 | 245,451 | 255,117 | 270,782 | 685,245 | 771,350 | |
Gross profit | 118,173 | 119,828 | 116,075 | 117,585 | 125,387 | 337,443 | 359,047 | |
Gross margin | 47.3% | 49.1% | 47.3% | 46.1% | 46.3% | 46.6% | 46.5% | |
Avg. Paying Subscribers (thousands) | 935' | 904' | 916' | 933' | 975' | 959' | 941' | |
ARPU (SEK/month) | 89 | 90 | 89 | 91 | 93 | 84 | 91 | |
Books | ||||||||
Revenue | 147,199 | 193,069 | 130,083 | 128 668 | 139 970 | 453 503 | 398 721 | |
Gross profit | 81,916 | 85,141 | 68,472 | 67 525 | 65 098 | 244 500 | 201 095 | |
Gross margin | 55.6% | 44.1% | 52.6% | 52,5% | 46,5% | 53,9% | 50,4% | |
Group total2 | ||||||||
Revenue | 805,819 | 866,663 | 796,293 | 851,070 | 895,758 | 2,333,719 | 2,543,121 | |
Gross profit | 311,907 | 322,377 | 315,501 | 333,183 | 351,869 | 890,768 | 1,000,553 | |
Gross margin | 38.7% | 37.2% | 39.6% | 39.1% | 39.3% | 38.2% | 39.3% |
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.
This information is such that
For more information, please contact:
Tel: +46 76 535 26 74
Email: mattias.frithiof@storytel.com
Malin Lindborn, Head of Communications,
Tel: +46 735 33 17 70
Email: malin.lindborn@storytel.com
About
The streaming business within the
https://news.cision.com/storytel/r/interim-report-january---september-2023,c3864783
https://mb.cision.com/Main/11546/3864783/2396954.pdf
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