STOCKHOLM, Feb. 15, 2024 /PRNewswire/ -- "Storytel continued its transformation journey and delivered yet another strong quarter to conclude 2023", says Johannes Larcher, CEO, Storytel.

Financial Highlights Q4

Fourth quarter 2023 compared to the fourth quarter 2022

Streaming revenue up 16% to 858 (742) MSEK; or 14% at constant exchange rates (CER)
Group revenue increased by 9% to 946 (867) MSEK
Adjusted Gross profit up 20% to 387 (322) MSEK, equaling a margin of 40.9% (37.2%)
Gross profit was down 24% to 246 (322) MSEK
Adjusted EBITDA increased by 62% to 86 (53) MSEK, equaling a margin of 9.1% (6.1%)
EBITDA was -12 (36) MSEK
Adjusted Operating profit of -8 (-32) MSEK, and -680 (-50) MSEK including IACs
Basic and diluted earnings per share amounted to -9.34 (-1.30) SEK
Cash flow from operations before changes in working capital amounted to -25 (12) MSEK
Operational cash flow amounted to 47 (12) MSEK

January - December 2023 compared to the period January - December 2022

Streaming revenue grew 12% to 3,242 (2,888) MSEK; or 9% at constant exchange rates
Group revenue increased by 9% to 3,489 (3,200) MSEK, or 10% when excluding Russia
Adjusted EBITDA increased by 169% to 248 (92) MSEK, equaling a margin of 7.1% (2.9%)
EBITDA was 150 (-68) MSEK
Basic and diluted earnings per share amounted to -10.63 (-5.68) SEK
Cash flow from operations before changes in working capital amounted to 96 (-116) MSEK
Operational cash flow amounted to 90 (-139) MSEK

Other Highlights Q4

Storytel recognized Items Affecting Comparability (IACs) of 672 MSEK, following the sharpened focus on profitability. Of these IACs, 465 MSEK relate to non-cash impairment charges on goodwill attributed to Audiobooks.com
Storytel launched a strategic partnerships with the Dutch telecom operator KPN, which has already been driving meaningful subscriber acquisition in The Netherlands

Highlights after the end of the quarter

Storytel announced an efficiency optimization initiative that will be implemented during the first quarter of 2024, including a 13% reduction in workforce
Storytel upgraded its mid-term targets to reach group revenues of around 4.5 BSEK in 2026 with a streaming revenue CAGR of 10-12%, an adjusted EBITDA margin of above 15%, and an operational cash flow of above 10% of revenue
In 2024, Storytel expects to deliver group revenue growth around 10% with an adjusted EBITDA margin of above 12% and operational cash flow above 7% of revenue
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

Table 1 Key Performance Indicators


     
              TSEK                                      Q4 2022        Q1 2023         Q2 2023          Q3 2023           Q4 2023            YTD 2022             YTD 2023



     
              Streaming Total



     Revenue                                              742,283         742,081          798,881           842,407            858,209            2,887,763             3,241,579



     
              Revenue excl Russia                       742,374         742,081          798,881           842,407            858,209            2,848,329             3,241,579



     Adjusted Gross profit                                304,594         317,067          344,949           366,414            373,795            1,210,037             1,402,226



     Adjusted Gross margin                                 41.0 %         42.7 %          43.2 %           43.5 %            43.6 %              41.9 %               43.3 %



     Gross profit                                         304,594         317,067          344,949           366,414            246,503            1,174,469             1,274,934



     Avg. Paying Subscribers (thousands)           2,036'         2,041'          2,055'           2,144'            2,201'             2,046'               2,111'



     ARPU (SEK/month)                                         122             121              130               131                130                  118                   128




                 Streaming Nordics
           
         (1)



     Revenue                                              498,336         496,630          543,765           571,625            573,674            1,919,046             2,185,694



     Adjusted Gross profit                                184,767         200,992          227,364           241,027            243,380              740,789               912,764



     Adjusted Gross margin                                 37.1 %         40.5 %          41.8 %           42.2 %            42.4 %              38.6 %               41.8 %



     Gross profit                                         184,767         200,992          227,364           241,027            186,564              717,199               855,947



     Avg. Paying Subscribers (thousands)           1,132'         1,125'          1,122'           1,169'            1,183'             1,100'               1,150'



     ARPU (SEK/month)                                         147             147              162               163                162                  145                   158





     
              Streaming Non-Nordics



     Revenue                                              243,947         245,451          255,117           270,782            284,535              968,717             1,055,885



     
              Revenue excl Russia                       244,038         245,451          255,117           270,782            284,535              929,284             1,055,885



     Adjusted Gross profit                                119,828         116,075          117,585           125,387            130,415              469,248               489,462



     Adjusted Gross margin                                 49.1 %         47.3 %          46.1 %           46.3 %            45.8 %              48.4 %               46.4 %



     Gross profit                                         119,828         116,075          117,585           125,387             59,939              457,271               418,986



     Avg. Paying Subscribers (thousands)           904'           916'            933'             975'              1,018'             946'                 961'



     ARPU (SEK/month)                                          90              89               91                93                 93                   85                    92





     
              Books



     Revenue                                              193,069         130,083          128,668           139,970            170,946              646,572               569,667



     Adjusted Gross profit                                 85,141          68,472           67,525            65,098             94,799              329,641               295,894



     Adjusted Gross margin                                 44.1 %         52.6 %          52.5 %           46.5 %            55.5 %              51.0 %               51.9 %



     Gross profit                                          85,141          68,472           67,525            65,098             85,015              329,641               286,110





     
              Group total
              
        (2)



     Revenue                                              866,663         796,293          851,070           895,758            946,099            3,200,382             3,489,220



     Adjusted Gross profit                                322,377         315,501          333,183           351,869            387,221            1,248,713             1,388,954



     Adjusted Gross margin                                 37.2 %         39.6 %          39.1 %           39.3 %            40.9 %              39.0 %               39.8 %



     Gross profit                                         322,377         315,501          333,183           351,869            245,593            1,213,145             1,247,326

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 for additional details.

FNCA Sweden AB is the Company's Certified Adviser.

The information was provided, through the agency of the above contact person, at the time stated in this press release, by Cision.

For more information, please contact:
Mattias Frithiof, Head of Investor Relations, Storytel Group
Tel: +46 76 535 26 74
Email: mattias.frithiof@storytel.com

Malin Lindborn, Head of Communications, Storytel Group
Tel: +46 735 33 17 70
Email: malin.lindborn@storytel.com

About Storytel
Storytel is one of the world's largest audiobook and e-book streaming services and offers more than one million titles on a global scale. Our vision is to make the world a more empathetic and creative place, with great stories to be shared and enjoyed by anyone, anywhere and anytime.

The streaming business within the Storytel Group is conducted under the brands Storytel, Mofibo and Audiobooks.com. The publishing business is managed by Storytel Books, and by the audiobook publisher StorySide. The Storytel Group operates in over 25 markets, with focus on ten core markets: the five Nordic countries, the Netherlands, Turkey, Poland, Bulgaria, and the USA. The headquarters are located in Stockholm, Sweden.

The following files are available for download:


     
     https://mb.cision.com/Public/11546/3928898/8a8e21977b576421.pdf Year-end report 2023 - Storytel AB publ -
                                                                          Feb 15 2024

View original content:https://www.prnewswire.co.uk/news-releases/storytel-interim-report-q4-2023-302062763.html

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