Financial highlights Q1 2024
- Net revenue 1,739 (1,758) MSEK, a decline of 1 percent
- Organic bookings increase of 1 percent, organic net revenue change of 0 percent
- Adjusted EBITDAC of 358 (415) MSEK, a decline of 14 percent, Adj EBITDAC margin of 21 (24) percent
- Capitalization of product development amounted to 158 (224) MSEK, 9 (13) percent in relation to net revenue
- EBIT 117 (214) MSEK, a decline of 45 percent
- Net result of -10 (61) MSEK
- Free cash flow last 12 months of 828 (846) MSEK
- Total net debt, including cash earnout for next 12 months, of 4,643 (4,672) MSEK
- Adjusted leverage ratio, including cash earnout for next 12 months, pro forma was 1.9x (1.8x)
- Cash position of 877 (776) MSEK and 2,507 (2,726) MSEK of undrawn credit facilities
"Stillfront delivered organic growth for the full quarter in Q1, organic bookings grew by 1 percent. The continued recovery in organic growth was driven by sustained high marketing investments including further successful scaling of Sunshine Island. The stronger market that we saw during the latter parts of 2023 has continued into the new year with better market conditions allowing us to increase our user acquisition investments during the seasonally strong first quarter, which we will benefit from during the remainder of the year. Going into the second and third quarter of the year, we expect user acquisition to come down as a percentage of an increasing net revenue, leading to strengthened margins and cash flow."
Jörgen Larsson, CEO, Stillfront
Key figures
| 2024 | 2023 | Last 12 months | 2023 | |
| MSEK | Jan-Mar | Jan-Mar | Jan-Dec | |
| Bookings | 1,742 | 1,745 | 6,955 | 6,958 |
| Deferred revenue | -2 | 13 | 9 | 24 |
| Net revenue | 1,739 | 1,758 | 6,964 | 6,982 |
| EBIT | 117 | 214 | 657 | 754 |
| EBITDA | 499 | 620 | 2,293 | 2,413 |
| Items affecting comparability, EBITDA | -16 | -20 | -93 | -96 |
| Adjusted EBITDA | 516 | 639 | 2,386 | 2,510 |
| Adjusted EBITDA margin, % | 30 | 36 | 34 | 36 |
| Capitalization of product development | 158 | 224 | 738 | 805 |
| Adjusted EBITDAC | 358 | 415 | 1,648 | 1,705 |
| Adjusted EBITDAC margin, % | 21 | 24 | 24 | 24 |
| Profit before tax | -3 | 107 | 45 | 156 |
| Net result | -10 | 61 | -58 | 12 |
| Number of employees | 1,355 | 1,551 | 1,355 | 1,401 |
| Adjusted leverage ratio, pro forma, x | 1.72 | 1.50 | 1.72 | 1.64 |
| Adjusted leverage ratio incl. NTM cash earnout payments, pro forma, x | 1.95 | 1.78 | 1.95 | 1.84 |
| Earnings per share undiluted, SEK | -0.02 | 0.11 | -0.13 | 0.01 |
| Earnings per share diluted, SEK | -0.02 | 0.11 | -0.13 | 0.01 |
Invitation to webcast
The report will be presented in a live webcast at 10:00 a.m. CEST today. Jörgen Larsson, CEO, and Andreas Uddman, CFO, will present the results and answer questions. The conference will be held in English.
To participate via webcast:
If you wish to participate via webcast, please use the link below.
https://ir.financialhearings.com/stillfront-q1-report-2024
To participate via phone:
If you wish to participate via teleconference, please register on the link below. After registration you will be provided with phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference.
https://conference.financialhearings.com/teleconference/?id=50048606
Forward-looking statements
Some statements herein are forward-looking that reflect Stillfront's current views or expectations of future financial and operational performance. Because these forward-looking statements involve both known and unknown risks and uncertainties, actual results may differ materially from the information set forth in the forward-looking information. Such risks and uncertainties include but are not limited to general business, economic, competitive, technological, and legal uncertainties and/or risks. Forward-looking statements in this report apply only at the time of announcement of the report and are subject to change without notice. Stillfront undertakes no obligation to publicly update or revise any forward-looking statements as a result of new information, future events or otherwise, other than as required by applicable law or stock market regulations.
For additional information, please contact:
Jörgen Larsson, CEO, Stillfront Group
Phone: +46 70 321 18 00
E-mail: jorgen@stillfront.com
About Stillfront
Stillfront is a global games company founded in 2010. We develop digital games for a diverse gaming audience and our broad games portfolio is enjoyed by more than 50 million people every month. Stillfront is focused on realizing synergies by connecting and empowering game teams globally through our Stillops platform. We are a fast-growing company and an active global strategic acquirer. Our professionals thrive in an organization that embodies the spirit of entrepreneurship. Stillfront shares (SF) are listed on Nasdaq Stockholm. For further information, please visit: stillfront.com
This information is information that Stillfront Group AB (publ) 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 2024-04-25 07:00 CEST.
