Storytel Group reports record revenues and EBITDA margin in the third quarter of 2024
“In the third quarter, Storytel Group delivered record-high revenue, adjusted EBITDA, and cash flow as the company continued to execute its profitable growth strategy”, says Bodil Eriksson Torp, CEO, Storytel Group
Highlights
Unless otherwise specified, numbers are for Q3 2024 and are compared to Q3 2023
- Group revenue up 7% to 954 (896) MSEK, and 8% at constant exchange rates (CER)
- Streaming revenue up 5%, and 8% at constant exchange rates (CER)
- Publishing revenue up 13% with an increase in digital sales of 18% and print sales of 6%
- Adjusted Gross profit up 18% to 436 (368) MSEK, equaling a margin of 45.7% (41.1%)
- Adjusted EBITDA increased by 77% to 178 (101) MSEK, equaling a margin of 18.7% (11.3%)
- The Group updates its 2024 guidance on adjusted EBITDA margin to be around 15% (from 13%), on operational cash flow to be at least 10% (from 8%), and on organic revenue growth to be around 8% (from 10%)
- Bodil Eriksson Torp assumed the role of CEO of Storytel Group as of October 1, 2024
Financial summary
| MSEK | Q3 2024 | Q3 2023 | Change | Jan-Sep 2024 | Jan-Sep 2023 | Change |
| Group Revenue¹ | 954 | 896 | 7% | 2,770 | 2,543 | 9% |
| Streaming Revenue² | 852 | 809 | 5% | 2,498 | 2,299 | 9% |
| Publishing Revenue³ | 285 | 252 | 13% | 793 | 716 | 11% |
| Adjusted Gross profit | 436 | 368 | 18% | 1,229 | 1,019 | 21% |
| Gross profit | 434 | 368 | 18% | 1,223 | 1,019 | 20% |
| Adjusted Gross margin % | 45.7 | 41.1 | 4.6p | 44.4 | 40.1 | 4.3p |
| Adjusted Operating profit | 105 | 20 | n.a | 199 | -49 | n.a |
| Operating profit | 87 | 15 | n.a | 110 | -62 | n.a |
| Adjusted EBITDA | 178 | 101 | 77% | 410 | 186 | 121% |
| Adjusted EBITDA margin % | 18.7 | 11.3 | 7.4p | 14.8 | 7.3 | 7.5p |
| EBITDA | 161 | 96 | 67% | 322 | 172 | 87% |
| Basic and diluted earnings per share (SEK) | 0.67 | -0.06 | n.a | 0.72 | -1.29 | n.a |
| Cash flow from operations before changes in working capital | 148 | 79 | 88% | 283 | 121 | 134% |
| Net cash flow | 140 | 14 | n.a | 11 | -250 | n.a |
| Operational cash flow | 146 | 65 | n.a | 306 | 67 | n.a |
| Net Interest-Bearing Debt (NIBD) | 202 | 308 | -35% | 202 | 308 | -35% |
| NIBD/adjusted EBITDA ratio | 0.4 | 1.5 | -73% | 0.4 | 1.5 | -73% |
| ¹ The adjustments from segment level to 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) Adding Costs related to central group overhead functions 4) Adding result from Norway in accordance with the equity method. See Note 5 to the financial statements 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. |