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.
Adjusted EBITDAC

Adjusted EBITDA less capitalized product development.
Adjusted EBITDAC margin

Adjusted EBITDAC divided by net revenues.
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 Direct costs.
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.
Leverage (from 2023)

Net interest-bearing debt, including short-term cash earnout payments, in relation to the last twelve month’s Adjusted EBITDA pro forma.
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?

In February 2023, Stillfront announced updated financial targets that include: 1) annual organic growth above addressed market, 2) annual adjusted EBITDAC margin of 26-29 percent, and 3) a leverage ratio below 2.0x (including cash earnouts next 12 months). Stillfront may, however, under certain circumstances decide to exceed the net debt/adjusted EBITDA ratio target during short time periods.

Stillfront’s updated financial targets will be followed up annually and are valid until further notice.
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 2021-2023.
When was Stillfront’s initial public offering (IPO)?

Stillfront’s first day of trading on Nasdaq First North was December 8, 2015. The listing price was SEK 39 per share. Adjusted for the share split on 28 December 2020, the listing price was SEK 3.90 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 mostly free-to-play games, which means that players can access the games 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.
How large is Stillfront’s total addressable market (TAM)?

The gaming industry is one of the largest entertainment industries in the world with more than 3 billion gamers globally. Please find more information about the gaming market under Our industry.
What kind of games does Stillfront have?

The active portfolio, generating revenues every day, consists of more than 70 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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