Annual organic revenue growth above addressed market (supported by selective and accretive M&A). Stillfront’s addressed market is defined as the global mobile games market excluding China.
Annual adjusted EBITDAC margin in the range 26-29 percent. Stillfront’s Adjusted EBITDAC is defined as profit before interest, tax, depreciation, amortization, less capitalized product development, adjusted for items affecting comparability.
Leverage ratio below 2.0x (including cash earnouts next 12 months). Stillfront’s leverage ratio is defined as net interest-bearing debt, including short-term cash earnout payments, in relation to the last twelve month’s Adjusted EBITDA pro forma. Stillfront may, under certain circumstances, choose to exceed this level during shorter time periods.