Storytel reports strong result for the first quarter 2024
“The first quarter marked another step up in our financial performance as Storytel delivered a strong result with improved profitability and operational cash flow”, says Johannes Larcher, CEO, Storytel.
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 MSEK
- Storytel Books and Nextory reached an agreement to distribute Storytel Books’ titles on Nextory’s platform as of 1 February 2024
- Storytel extended the existing revolving credit facility (RCF) until 2 April 2025 and reduced the facility to 750 MSEK, at otherwise unchanged terms
- Johannes 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.