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Selskabsmeddelelse

Interim report January–September 2023

Yubico
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Quarterly summary

Quarter

  • Net sales increased by 4.4 percent to SEK 410.7 (393.2) million, corresponding to an increase of 1.8 percent in local currencies
  • Subscription sales accounted for 15.1 (9.0) percent of net sales
  • Gross profit amounted to SEK 359.8 (337.7) million, corresponding to a gross margin of 87.6 (85.9) percent
  • Adjusted EBIT amounted to SEK 19.1 (73.6) million, corresponding to an adjusted EBIT margin of 4.7 (18.7) percent. Items affecting comparability amounted to SEK -93.9 million and consists of costs relating to the merger of ACQ and Yubico (see note 4)
  • EBIT amounted to SEK -74.8 (73.6) million, corresponding to an EBIT margin of -18.2 (18.7) percent
  • Earnings per share after dilution amounted to SEK -1.29 (1.39)
  • Bookings increased by 19.4 percent to SEK 399.6 (334.7) million, corresponding to an increase of 19.8 percent in local currencies
  • Subscription bookings accounted for 14.5 (18.3) percent of bookings
  • ARR (annual recurring revenue) amounted to SEK 255.3 (184.8) million, an increase of 38.2 percent

Year to date

  • Net sales increased by 17.6 percent to SEK 1,284.3 (1,092.5) million, corresponding to an increase of 11.2 percent in local currencies
  • Subscription sales accounted for 13.8 (8.0) percent of net sales
  • Gross profit amounted to SEK 1,112.2 (928.5) million, corresponding to a gross margin of 86.6 (85.0) percent
  • Adjusted EBIT amounted to SEK 193.3 (147.8) million, corresponding to an EBIT margin of 15.1 (13.5) percent. Adjustment of SEK 93.9 million is made due to transaction costs related to the merger of ACQ and Yubico in Q3
  • EBIT amounted to SEK 99.5 (147.8) million, corresponding to an EBIT margin of 7.7 (13.5) percent
  • Earnings per share after dilution amounted to SEK 1.26 (2.86)
  • Bookings decreased by 4.6 percent to SEK 1,155.9 (1,211.3) million, corresponding to a decrease of 10.8 percent in local currencies, relating to exceptionally high bookings in the second quarter of last year
  • Subscription bookings accounted for 12.5 (14.7) percent of bookings

Significant events during the quarter 

  • The merger between ACQ and Yubico was completed September 20 and trading in the shares of Yubico commenced the same day on Nasdaq First North Growth Market. The last day of trading on Nasdaq Stockholm in the name of ACQ was September 19 
  • In the transaction, a total of 49,797,095 ACQ shares was paid as merger consideration, representing approximately 59% of the total number of shares and votes in the combined company. In addition, SEK 3,803 million in cash was paid as merger consideration, see further details in note 4 
  • Mattias Danielsson was appointed CEO of the combined company in connection with the merger transaction 
  • The combined company’s name is Yubico AB and the limits for the share capital and number of shares have been increased as of September 20, based on the decisions on the EGM held in June 
  • An EGM was held September 19, electing Stina Ehrensvärd, Gösta Johannesson, Paul Madera and Ram Shriram as new board members and re-elected Patrik Tigerschiöld (chairman) and Eola Änggård Runsten 
  • The EGM also resolved to implement a long-term incentive program for 2023 based on performance stock units (PSU:s). The maximum number of PSUs that may be awarded is 700,000, equal to a maximum dilution for 0.80 percent of current shareholders

Significant events after the end of the quarter 

  • In October a SEK 86 million order was closed with one of the Company’s long-standing high-tech customers and will be delivered during 2024 
  • October 10, 2023, the nomination committee for Yubico´s 2024 Annual General Meeting was appointed. See investors.yubico.com for more information 

Webcast/teleconference
Yubico will hold a webcast/conference call today, November 10, 2023, at 09:00 CET. Mattias Danielsson, CEO of Yubico and Camilla Öberg, CFO of Yubico will present and answer questions.

To participate in the conference, click on the following link https://ir.financialhearings.com/yubico-q3-report-2023. Via the webcast, you can ask written questions.

If you wish to ask questions verbally, please register on the following link: https://conference.financialhearings.com/teleconference/?id=5001293.

Interim reports
The complete interim report for January to September 2023 will be available on https://investors.yubico.com/en/investors/reports-and-presentations/

For additional information, please contact:

Mattias Danielsson, CEO
+46 (0) 70 287 00 03
mattias@yubico.com

Camilla Öberg, CFO
+46 (0) 73 398 50 01
camilla.oberg@yubico.com

Johan Hähnel, Investor Relations
+46 (0) 70 605 63 34
johan.hahnel@comir.se

This information is information that Yubico is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2023-11-10 07:00 CET.

Certified Adviser

FNCA Sweden AB is the company’s certified adviser.

About Yubico

Yubico (Nasdaq First North Growth Market Stockholm: YUBICO), the inventor of the YubiKey, offers the gold standard for phishing-resistant multi-factor authentication (MFA), stopping account takeovers in their tracks and making secure login easy and available for everyone. Since the company was founded in 2007, it has been a leader in setting global standards for secure access to computers, mobile devices, servers, browsers, and internet accounts. Yubico is a creator and core contributor to the FIDO2, WebAuthn, and FIDO Universal 2nd Factor (U2F) open authentication standards, and is a pioneer in delivering modern, hardware-based passkey authentication security at scale to customers in over 160 countries.

Yubico’s solutions enable passwordless logins using the most secure form of passkey technology. YubiKeys work out-of-the-box across hundreds of consumer and enterprise applications and services, delivering strong security with a fast and easy experience.

As part of its mission to make the internet more secure for everyone, Yubico donates YubiKeys to organizations helping at-risk individuals through the philanthropic initiative, Secure it Forward. The company is headquartered in Stockholm and Santa Clara, CA. For more information on Yubico, visit us at www.yubico.com.

Attachments

Yubico Quarterly Report Q3 2023