Storytel delivers bottom line profitability in the second quarter 2024
“This quarter demonstrates again the results of our profitable growth strategy execution, by having delivered the best financial performance in the history of the company”, says Johannes Larcher, CEO, Storytel
Highlights
Unless otherwise specified, numbers are for Q2 2024 and are compared to Q2 2023
- Group revenue up 9% to 924 (851) MSEK, and 8% at constant exchange rates (CER)
- Streaming revenue up 8% and Publishing revenue up 16%
- Adjusted Gross profit up 22% to 409 (334) MSEK, equaling a margin of 44.2% (39.2%)
- Adjusted EBITDA increased by 178% to 128 (46) MSEK, equaling a margin of 13.8% (5.4%)
- Exceeded 2.3 million paid subscribers on Storytel, Mofibo and Audiobooks.com
- Internal share of content streamed reached record levels
- After the period, on July 23, Storytel announced the appointment of Bodil Ericsson Torp as new CEO of Storytel Group, effective October 1, 2024
Financial summary
| MSEK | Q2 2024 | Q2 2023 | Change | Jan-Jun 2024 | Jan-Jun 2023 | Change |
| Group Revenue[1] | 924 | 851 | 9% | 1,816 | 1,647 | 10% |
| Streaming Revenue[2] | 834 | 774 | 8% | 1,646 | 1,489 | 11% |
| Publishing Revenue[3] | 263 | 227 | 16% | 508 | 464 | 9% |
| Adjusted Gross profit | 409 | 334 | 22% | 794 | 651 | 22% |
| Gross profit | 411 | 334 | 23% | 789 | 651 | 21% |
| Adjusted Operating profit | 62 | -25 | n.a. | 94 | -68 | n.a. |
| Operating profit | 47 | -29 | n.a. | 23 | -77 | n.a. |
| Adjusted Gross margin | 44.2% | 39.2% | 5.0p | 43.7% | 39.5% | 4.2p |
| Adjusted EBITDA | 128 | 46 | 178% | 232 | 85 | 173% |
| Adjusted EBITDA margin | 13.8% | 5.4% | 8.4p | 12.8% | 5.1% | 7.6p |
| EBITDA | 110 | 42 | 165% | 161 | 76 | 113% |
| Basic and diluted earnings per share (SEK) | 0.38 | -0.41 | 193% | 0.06 | -1.23 | 105% |
| Cash flow from operations before changes in working capital | 106 | 24 | 337% | 134 | 42 | 219% |
| Net cash flow | -32 | -26 | 23% | -129 | -265 | -51% |
| Operational cash flow | 87 | 1 | n.a. | 160 | 2 | n.a. |
| Net Interest-Bearing Debt (NIBD) | 335 | 368 | -9% | 335 | 368 | -9% |
| NIBD/adjusted EBITDA ratio | 0.8 | 1.9 | -58% | 0.8 | 1.9 | -58% |
[1] The adjustments on group level are 1) Removing Storytel Norway at 50%, 2) Removing internal publishing revenue from Net Sales and adding internal publishing revenue as cost reduction within Cost of Sales, 3) Costs related to central group overhead functions 4) Adding result from Norway in accordance with the equity method. Please see Note 5 for additional details.
[2] Streaming revenue includes 50% of Storytel Norway’s revenue in line with Storytels ownership.
[3] Publishing revenue includes both external and group-internal revenue.