Glossary & FAQ

Glossary

ARPDAU

Average revenue per daily active user. Calculated as Bookings in the quarter divided by days in the quarter divided by average daily active users in the quarter.
Bookings

Revenue before changes in deferred revenue, including deposits from paying users, in-game advertising revenue and other game-related revenue.
Cash conversion ratio

Free cash flow for the last twelve months divided by EBITDA for the last twelve months.
DAU

Average daily active users. Calculated as the average daily active users each month of the quarter, divided by months in the quarter.
EBITDA

Operating profit before depreciation and amortization. Adjusted EBITDA is EBITDA adjusted for items affecting comparability.
EBITDA margin

EBITDA as a percentage of Net revenue. Adjusted EBITDA margin is EBITDA margin adjusted for items affecting comparability.
EBIT

Profit before financial items and tax. Adjusted EBIT is EBIT excluding items affecting comparability and amortization of PPA, purchase price allocation-items
EBIT margin

EBIT as a percentage of Net revenue. Adjusted EBIT margin is EBIT margin excluding items affecting comparability and amortization of PPA, purchase price allocation-items.
Free cash flow

Cash flow from operations minus acquisitions of intangible assets and repayment of lease liabilities.
Gross profit margin

Gross profit as a percentage of Net revenue, where Gross profit is defined as Net revenue minus Platform fees.
Items affecting comparability, IAC

Significant income statement items that are not included in the Group´s normal recurring operations and which distort the comparison between the periods.
Interest Coverage Ratio

Adjusted EBITDA Pro forma divided by net financial items excluding revaluation of provision for earnouts for the past twelve months.
Adjusted Leverage ratio

Net interest-bearing debt excluding earnout payments in relation to the last twelve months Adjusted EBITDA Pro forma.
MAU

Average monthly active users. Calculated as monthly active users each month of the quarter, divided by months in the quarter.
MPU

Average monthly paying users. Calculated as monthly paying users each month of the quarter, divided by months in the quarter.
Net Debt

Interest bearing liabilities minus cash and cash equivalents. Provisions for earnouts is not considered interest bearing in this context.
Organic growth

Change in consolidated net revenues, excluding the translation impact of changed currency exchange rates and acquisitions. Net revenues in acquired operations are considered as acquired growth during twelve months from the acquisition date.
Shareholders’ equity/share

Shareholders’ equity attributable to the parent company shareholders divided by the number of shares at the end of the period.
UAC

User acquisition cost.

FAQ

What is Stillfront’s ticker symbol and ISIN code?

Our stock ticker symbol is SF and ISIN code SE0015346135.
What exchange does Stillfront stock trade on?

Stillfront’s shares are traded on Nasdaq Stockholm.
What financial targets does Stillfront have?

Stillfront has set the current financial targets for the period 2021-2023:

Growth – Stillfront’s target is to reach a net revenue of 10,000 MSEK by 2023. Growth will be achieved organically as well as through acquisitions.

Profitability – Stillfront’s target is to reach an Adjusted EBIT margin in the region of 35 percent. The Adjusted EBIT margin may vary quarter to quarter depending on mainly the level of user acquisition and product development.

Leverage – The net debt/Adjusted EBITDA ratio should not exceed 1.5x. Stillfront may however, under certain circumstances, choose to exceed this level during short time periods.
What is Stillfront’s dividend policy?

To support value creation, Stillfront aims to invest its profits and cash flows in organic growth initiatives and acquisitions and therefore, does not expect to pay dividends or buy back shares during 2020-2022.
When was Stillfront’s initial public offering (IPO)?

Stillfront’s first day of trading was December 8, 2015. The listing price was SEK 39 per share.
What is “Bookings” and why does Stillfront report it?

Bookings is defined as Revenue before changes in deferred revenue, including deposits from paying users, in-game advertising revenue and other game-related revenue.

Stillfront previously reported Deposits but started reporting Bookings from Q1 2020 to better reflect the growing share of revenue generated from in-game advertising.
Why does Stillfront report “Deferred revenues”?

Stillfont’s games are essentially free-to-play games, which means that players can access the base platform for free. Players then have the choice to buy in-game currency (IGC), which can be used in the game to enhance the gaming experience. Such a transaction is referred to as a Deposit. Revenue is recognized by Stillfront when the player uses the IGC to acquire a virtual good in the game.

The share of the Deposit which has not been used in-game during the period is classified as Deferred revenue (i.e. advance payments from players). If a player does not use the IGC for an in-game transaction during a specific period of time, the player becomes classified as inactive and the value of the player’s remaining IGC is recognized as revenue. The length of the period is determined on a game-by-game basis.
Which are Stillfront’s largest markets?

Stillfront’s largest markets by revenue are US, Germany, MENA, UK and Canada.

In Q2, Stillfront’s revenues where spread as below:
• North America 48%
• Europe 33%
• Asia 13%
• Oceania 3%
• South America 2%
• Africa 1%
How large is Stillfront’s total addressable market (TAM)?

The gaming industry is today the largest entertainment industry in the world with 2.7 billion gamers globally. In 2020, the gaming industry is expected to generate revenues of around USD 159.3 billion, growing year-on-year by +9.3%, and the total market is expected to exceed USD 200 billion at the end of 2023, according to Newzoo.

Mobile gaming is the most popular form of gaming. Mobile games are expected to reach 2.6 billion players and generate revenues of USD 77.2 billion in 2020, representing almost half of the global games market in term of revenues. The mobile games market is expected to grow by 13.3% year-on-year in 2020 and will continue to grow faster than the total games market up to 2023, according to Newzoo.
What kind of games does Stillfront have?

The active portfolio, generating revenues every day, consists of some 40 games divided into three categories: Strategy; Simulation, RPG & Action; and Casual & Mash-up. Most of our titles are long lifecycle games with a loyal player base and stable revenues.

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