FINANCIAL HIGHLIGHTS Q2
- Net revenue of 1,811 (1,382) MSEK, an increase of 31 percent
- Bookings and net revenue increased organically by 1 percent
- EBIT of 258 (289) MSEK, a decrease of 11 percent
- Adj EBIT of 500 (477) MSEK, an increase of 5 percent. Adj EBIT margin of 28 (35) percent
- Items affecting comparability impacting EBIT amounted to -7 (-25) MSEK, mainly driven by costs for share-based compensation programs. Amortization of PPA-items amounted to -236 (-163) MSEK
- EBITDA of 632 (526) MSEK, an increase of 20 percent
- Adj EBITDA of 639 (551) MSEK, an increase of 16 percent. Adj EBITDA margin of 35 (40) percent
- Net result of 117 (149) MSEK
- Net debt of 3,571 (3,587) MSEK and adjusted leverage ratio, pro forma of 1.4x (1.6x)
- Free cash flow last 12 months of 1,016 (865) MSEK
- Cash position of 1,470 (850) MSEK and 2,305 (2,605) MSEK of undrawn credit facilities
“Stillfront’s positive momentum accelerated in the second quarter of 2022. Net revenues grew by 31 percent to 1,811 MSEK and free cash flow for the last twelve months grew by 18 percent to 1,016 MSEK. The organic growth amounted to 1 percent in the quarter, which is an improvement by 8 percentage points compared to the first quarter. The return to organic growth is driven by a combination of successful new game launches and strong live ops across the portfolio. We took additional steps during the quarter to further strengthen our user acquisition and data platform capabilities through Stillops, which enables us to work seamlessly across the group, continue to expand our market reach globally and create significant synergies between our studios. In contrast to the lower growth rates reported from third-party data providers during the first half of the year, we continue to see a high demand for our games and strong returns on our user acquisition spend, and we expect a solid organic growth acceleration during the second half of the year. We reiterate our guidance of mid-single digit organic growth for the full-year 2022.”
Jörgen Larsson
KEY FIGURES
| 2022 | 2021 | 2022 | 2021 | Last 12 months |
2021 | |
| MSEK | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Jan-Dec | |
| Bookings | 1,805 | 1,377 | 3,482 | 2,690 | 6,231 | 5,440 |
| Deferred revenue | 6 | 5 | 8 | 12 | 12 | 16 |
| Net revenue | 1,811 | 1,382 | 3,489 | 2,702 | 6,243 | 5,455 |
| EBIT | 258 | 289 | 530 | 542 | 1,022 | 1,034 |
| Adjusted EBIT | 500 | 477 | 1,002 | 909 | 1,895 | 1,802 |
| Adjusted EBIT margin, % | 28 | 35 | 29 | 34 | 30 | 33 |
| EBITDA | 632 | 526 | 1,229 | 989 | 2,261 | 2,020 |
| Adjusted EBITDA | 639 | 551 | 1,255 | 1,049 | 2,330 | 2,124 |
| Adjusted EBITDA margin, % | 35 | 40 | 36 | 39 | 37 | 39 |
| Items affecting comparability | -7 | -25 | -25 | -60 | -69 | -104 |
| Profit before tax | 176 | 217 | 376 | 426 | 742 | 793 |
| Net result | 117 | 149 | 261 | 298 | 559 | 596 |
| Number of Employees | 1,580 | 1,230 | 1,580 | 1,230 | 1,580 | 1,381 |
| Adjusted Leverage Ratio, pro forma, x | 1.4 | 1.6 | 1.4 | 1.6 | 1.4 | 1.6 |
INVITATION TO WEBCAST
The report will be presented in a live webcast at 11:00 a.m. CEST today. Jörgen Larsson, President & CEO, and Andreas Uddman, CFO, will present the results and answer questions. The conference will be held in English.
To participate via webcast, please visit:
https://tv.streamfabriken.com/stillfront-q2-2022
To participate via phone, please call:
SE: +46 8 505 583 73
UK: +44 33 330 092 73
US: +1 64 672 249 57
FORWARD-LOOKING STATEMENTS
Some statements herein are forward-looking that reflect Stillfront’s current views or expectations of future financial and operational performance. Because these forward-looking statements involve both known and unknown risks and uncertainties, actual results may differ materially from the information set forth in the forward-looking information. Such risks and uncertainties include but are not limited to general business, economic, competitive, technological, and legal uncertainties and/or risks. Forward-looking statements in this report apply only at the time of announcement of the report and are subject to change without notice. Stillfront undertakes no obligation to publicly update or revise any forward-looking statements as a result of new information, future events or otherwise, other than as required by applicable law or stock market regulations.