FINANCIAL HIGHLIGHTS Q3
- Net revenue of 1,787 (1,311) MSEK, an increase of 36 percent
- Net revenue increased by 1.4 percent organically
- EBIT of 250 (243) MSEK, an increase of 3 percent
- Adj EBIT of 518 (433) MSEK, an increase of 20 percent. Adj EBIT margin of 29 (33) percent
- Items affecting comparability impacting EBIT amounted to -8 (-20) MSEK, mainly driven by costs for share-based compensation programs. Amortization of PPA-items amounted to -260 (-170) MSEK
- EBITDA of 660 (499) MSEK, an increase of 32 percent
- Adj EBITDA of 668 (519) MSEK, an increase of 29 percent. Adj EBITDA margin of 37 (40) percent
- Net result of 83 (129) MSEK
- Net debt of 3,860 (2,654) MSEK and adjusted leverage ratio, pro forma of 1.5x (1.2x)
- Free cash flow last 12 months of 983 (991) MSEK
- Cash position of 1,350 (1,171) MSEK and 2,216 (3,449) MSEK of undrawn credit facilities
“Stillfront’s positive development continued in the third quarter. The year-over-year growth increased to 36 percent, driven by stable performance from our acquired studios, a positive FX effect as a result of the strong US dollar and continued organic growth from our studios. We increased our adjusted EBITDA by 29 percent to 668 MSEK while adjusted EBIT grew by 20 percent to 518 MSEK. Given the challenging market conditions, we are pleased with our above-market growth pace that is a result of successful in-game events and campaigns, strong performance from our strategy games and contribution from several new game launches during the past 12 months. As we enter the last months of the year, we expect that we will continue to build on the positive organic growth trend from the past two quarters and that our organic growth rate will accelerate further during the fourth quarter. We expect to continue to deliver above-market organic growth also in the fourth quarter but due to the recent softer mobile games market, we no longer expect to reach our previous guidance of mid-single digit organic growth for the full year 2022. Looking ahead, the global games market will grow for many years to come and we remain confident in our market position and strategy.”
Jörgen Larsson, CEO, Stillfront Group
KEY FIGURES
| 2022 | 2021 | 2022 | 2021 | Last 12 months |
2021 | |
| MSEK | Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Jan-Dec | |
| Bookings | 1,772 | 1,304 | 5,254 | 3,994 | 6,699 | 5,440 |
| Deferred revenue | 16 | 7 | 23 | 19 | 20 | 16 |
| Net revenue | 1,787 | 1,311 | 5,277 | 4,013 | 6,719 | 5,455 |
| EBIT | 250 | 243 | 780 | 785 | 1,029 | 1,034 |
| Adjusted EBIT | 518 | 433 | 1,520 | 1,342 | 1,980 | 1,802 |
| Adjusted EBIT margin, % | 29 | 33 | 29 | 33 | 29 | 33 |
| EBITDA | 660 | 499 | 1,890 | 1,488 | 2,422 | 2,020 |
| Adjusted EBITDA | 668 | 519 | 1,923 | 1,568 | 2,479 | 2,124 |
| Adjusted EBITDA margin, % | 37 | 40 | 36 | 39 | 37 | 39 |
| Items affecting comparability | -8 | -20 | -33 | -80 | -57 | -104 |
| Profit before tax | 163 | 187 | 539 | 613 | 719 | 793 |
| Net result | 83 | 129 | 344 | 427 | 513 | 596 |
| Number of Employees | 1,612 | 1,256 | 1,612 | 1,256 | 1,612 | 1,381 |
| Adjusted Leverage Ratio, pro forma, x | 1.5 | 1.2 | 1.5 | 1.2 | 1.5 | 1.6 |
INVITATION TO WEBCAST
The report will be presented in a live webcast at 10:00 a.m. CEST today. Jörgen Larsson, 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://ir.financialhearings.com/stillfront-q3-2022
To participate via phone, please call:
SE: +46850516386
UK +442031984884
US: +14123176300
Pin code: 2841856#
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.