“The first quarter marked another step up in our financial performance as
Highlights
Numbers for the first quarter 2024 are compared to the first quarter 2023
- Adjusted EBITDA increased by 167% to 104 (39) MSEK, equaling a margin of 11.7% (4.9%)
- Adjusted Gross profit up 22% to 385 (316) MSEK, equaling a margin of 43.2% (39.6%)
- Streaming revenue up 13% to 837 (742) MSEK; and 13% at constant exchange rates (CER)
Storytel implemented an efficiency optimization initiative including a 13% reduction in workforce, which resulted in related Items Affecting Comparability (IACs) of 45 MSEKStorytel Books and Nextory reached an agreement to distribute Storytel Books’ titles on Nextory’s platform as of1 February 2024 Storytel extended the existing revolving credit facility (RCF) until2 April 2025 and reduced the facility to 750 MSEK, at otherwise unchanged termsJohannes Larcher to step down as CEO in the fall of 2024
Financial summary
MSEK | Q1 2024 | Q1 2023 | % | 2023 |
Streaming Revenue[1] | 837 | 742 | 12.8% | 3,242 |
Group Revenue[2] | 892 | 796 | 12.0% | 3,489 |
Adjusted Gross profit | 385 | 316 | 22.1% | 1,389 |
Gross profit | 378 | 316 | 20.0% | 1,247 |
Adjusted Operating profit | 31 | -43 | 173.0% | -50 |
Operating profit | -24 | -48 | 50.8% | -742 |
Adjusted Gross margin | 43.2% | 39.6% | 3.6p | 39.8% |
Adjusted EBITDA | 104 | 39 | 167.2% | 283 |
Adjusted EBITDA margin | 11.7% | 4.9% | 6.8p | 8.1% |
EBITDA | 51 | 34 | 50.1% | 165 |
Basic and diluted earnings per share (SEK) | -0.32 | -0.81 | 60.5% | -10.63 |
Cash flow from operations before changes in working capital | 28 | 18 | 54.3% | 102 |
Operational cash flow | 73 | 1 | - | 125 |
[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 in the interim report for additional details.
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