Storytel Interim Report Q4, 2023

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
 

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