Financial highlights Q2 2024
- Net revenue 1,744 (1,812) MSEK, a decline of -4 percent
- Organic net revenue decline of -4 percent
- Adjusted EBITDAC of 505 (516) MSEK, a decline of -2 percent, Adj EBITDAC margin of 29 (28) percent
- Capitalization of product development amounted to 152 (192) MSEK, 9 (11) percent in relation to net revenue
- EBIT 253 (275) MSEK, a decline of -8 percent
- Net result of -107 (-54) MSEK
- Free cash flow last 12 months of 737 (969) MSEK
- Total net debt, including cash earnout for next 12 months, of 5,022 (5,130) MSEK
- Adjusted leverage ratio, including cash earnout for next 12 months, pro forma was 2.15x (1.91x)
- Cash position of 895 (874) MSEK and 1,519 (2,262) MSEK of undrawn credit facilities
"Stillfront's net revenue amounted to 1,744 MSEK in the second quarter, in line with the first quarter. Adjusted EBITDAC amounted to 505 MSEK during the quarter, representing an adjusted EBITDAC margin of 29 percent. During the past 18 months, Stillfront has taken several measures to increase efficiency and lower costs across the group. Staff costs were down by -12 percent in the second quarter compared to the same period last year, as we have delivered on our promise to reduce capex spending and address the cost-base of underperforming studios. This, in combination with gross margin improvements and lower user acquisition levels compared to the past two quarters led to the highest adjusted EBITDAC margin in the quarter that Stillfront has had in three years."
Jörgen Larsson, CEO, Stillfront
Key figures
| MSEK | 2024 | 2023 | 2024 | 2023 | Last 12 months | 2023 |
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Jan-Dec | ||
| Bookings | 1,737 | 1,810 | 3,479 | 3,555 | 6,882 | 6,958 |
| Deferred revenue | 7 | 2 | 4 | 15 | 14 | 24 |
| Net revenue | 1,744 | 1,812 | 3,483 | 3,570 | 6,895 | 6,982 |
| EBIT | 253 | 275 | 370 | 489 | 635 | 754 |
| EBITDA | 649 | 695 | 1,148 | 1,315 | 2,246 | 2,413 |
| Items affecting comparability, EBITDA | -8 | -13 | -25 | -32 | -89 | -96 |
| Adjusted EBITDA | 657 | 708 | 1,173 | 1,348 | 2,335 | 2,510 |
| Adjusted EBITDA margin, % | 38 | 39 | 34 | 38 | 34 | 36 |
| Capitalization of product development | 152 | 192 | 310 | 417 | 698 | 805 |
| Adjusted EBITDAC | 505 | 516 | 863 | 931 | 1,637 | 1,705 |
| Adjusted EBITDAC margin, % | 29 | 28 | 25 | 26 | 24 | 24 |
| Profit before tax | -65 | 3 | -68 | 110 | -23 | 156 |
| Net result | -107 | -54 | -117 | 7 | -112 | 12 |
| Number of employees | 1,346 | 1,498 | 1,346 | 1,498 | 1,346 | 1,401 |
| Adjusted leverage ratio, pro forma, x | 1.93 | 1.64 | 1.93 | 1.64 | 1.93 | 1.64 |
| Adjusted leverage ratio incl. NTM cash earnout payments, pro forma, x | 2.15 | 1.91 | 2.15 | 1.91 | 2.15 | 1.84 |
| Earnings per share undiluted, SEK | -0.22 | -0.11 | -0.24 | 0.00 | -0.23 | 0.01 |
| Earnings per share diluted, SEK | -0.22 | -0.11 | -0.24 | 0.00 | -0.23 | 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-q2-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=50048607
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. We develop digital games that are played by almost 50 million people each month. Our diversified portfolio spans well-established franchises like Big Farm, Jawaker and Supremacy, to smaller, niche games across our different genres. We believe gaming can be a force for good and we want to create a gaming universe that is digital, affordable, equal, and sustainable. Our HQ is in Stockholm, Sweden, but our game development is done by teams and studios all over the world. Our main markets are the US, Japan, MENA, Germany, and the UK. Stillfront's 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 and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-07-22 07:00 CEST.
