Highlights
“With a strong Group EBITDA margin of 7.3%, and a positive cash flow, we remain committed to and confident about delivering streaming revenue growth for 2022 within the previously communicated target range of 30–34% as well as our improved full-year Group EBITDA margin target in the range of 2.5–3%” says Johannes Larcher, CEO, Storytel.
Financial highlights
- Streaming revenue up 27% from Q3 2021 to 742 (583) MSEK, 29% excluding Russia
- Group net sales increased by 18% from Q3 2021 to 806 (681) MSEK
- Gross profit of 312 (280) MSEK, equaling a 38.7% margin (41.1%)
- EBITDA of 59 (-6) MSEK equaling a 7.3% (-0.9%) margin
- Basic and diluted earnings per share amounted to -0.04 (-0.77) SEK
- FY EBITDA margin target range improved to 2.5–3.5% (from -3–0%) excluding IAC
Other highlights
- Positive cash flow driven by the strategic shift and focus on profitable growth
- Johannes Larcher appointed CEO – joining from HBO Max
- An Extra General Meeting was held on September 22 at which Jared Grusd, Lina Brouneus and Lutz Finger were elected new members of the Board, replacing Rustan Panday, Jonas Sjögren and Richard Stern
- Launched service in France and secured partnerships with leading publishers
Table 1: Key Performance Indicators
| TSEK | Q3 2021 | Q4 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 |
| Streaming Total1 | Forecast | |||||
| Revenue | 583,084 | 605,128 | 698,599 | 704,454 | 742,426 | 735,000-745,000 |
| Revenue excl Russia | 565,949 | 584,495 | 679,654 | 693,464 | 732,837 | |
| Gross Profit | 233,287 | 220,003 | 283,868 | 278,554 | 307,463 | |
| Gross margin | 40.0% | 36.4% | 40.6% | 39.5% | 41.4% | |
| Avg. Paying Subscribers | 1,724,000 | 1,784,600 | 2,051,000 | 2,031,000 | 2,064,000 | |
| ARPU (SEK/month) | 113 | 113 | 114 | 116 | 120 | |
| Streaming Nordics1 | ||||||
| Revenue | 447,199 | 459,018 | 458,555 | 469,390 | 492,765 | 495,000-498,000 |
| Gross Profit | 179,074 | 171,791 | 165,788 | 177,354 | 189,289 | |
| Gross margin | 40.0% | 37.4% | 36.2% | 37.8% | 38.4% | |
| Avg. Paying Subscribers | 1,024,000 | 1,047,900 | 1,061,000 | 1,078,000 | 1,129,000 | |
| ARPU (SEK/month) | 146 | 146 | 144 | 145 | 145 | |
| Streaming Non-Nordics | ||||||
| Revenue | 135,885 | 146,110 | 240,044 | 235,064 | 249,662 | 240,000-247,000 |
| Revenue excl Russia | 118,750 | 125,477 | 221,099 | 224,074 | 240,073 | |
| Gross Profit | 54,213 | 48,212 | 118,080 | 101,190 | 118,173 | |
| Gross margin | 39.9% | 33.0% | 49.2% | 43.0% | 47.3% | |
| Avg. Paying Subscribers | 700,000 | 736,700 | 990,000 | 953,000 | 935,000 | |
| ARPU (SEK/month) | 65 | 66 | 81 | 82 | 89 | |
| Books | ||||||
| Revenue | 180,116 | 204,316 | 149,305 | 156,999 | 147,199 | |
| Gross Profit | 119,054 | 128,737 | 84,399 | 78,185 | 81,916 | |
| Gross margin | 66.1% | 63.0% | 56.5% | 49.8% | 55.6% | |
| Group total2 | ||||||
| Revenue | 680,855 | 740,805 | 747,170 | 780,730 | 805,819 | |
| Gross Profit | 279,882 | 281,977 | 288,498 | 290,363 | 311,907 | |
| Gross margin | 41.1% | 38.1% | 38.6% | 37.2% | 38.7% |
1 Storytel Norway is included in the figures @ 100%.
2 In the consolidated accounts, 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.
The full report can be found as an attachment.
For more information, please contact:
Andreas Lindblom, Head of Investor Relations
Tel: +46 72 506 14 22
Email: andreas.lindblom@storytel.com
Dan Panas, Head of Global Communications & PR
Tel: +46 70 186 52 90
Email: dan.panas@storytel.com
FNCA Sweden AB is the company’s certified adviser.
This information is such that Storytel AB (publ) is obliged to disclose in accordance with the EU Market Abuse Regulation (EU nr 596/2014). The information was provided, through the agency of the above contact persons, at the time stated in this press release, by Cision.
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. The headquarters is located in Stockholm, Sweden.