Stillfront’s Interim Report July – September 2024
Financial highlights Q3 2024
- Net revenue of 1,595 (1,671) MSEK, declined 5 percent
- Organic net revenue declined 1 percent
- Organic gross profit increased 2 percent
- Adjusted EBITDAC of 385 (409) MSEK, declined 6 percent, Adj EBITDAC margin was 24 (25) percent
- Capitalization of product development amounted to 150 (184) MSEK, 9 (11) percent in relation to net revenue
- EBIT of 139 (135) MSEK, increased 3 percent
- Net result was 18 (-5) MSEK
- Free cash flow for the quarter amounted to 298 (200), and for the last 12 months to 835 (941) MSEK
- Total net debt, including cash earnout for the next 12 months, amounted to 4,745 (4,905) MSEK
- Adjusted leverage ratio, including cash earnout for the next 12 months, pro forma was 2.08x (1.88x)
- Cash position was 857 (1,039) MSEK and 1,783 (2,563) MSEK of undrawn credit facilities
“On an organic basis, bookings were flat year-over-year, while net revenues decreased by 1 percent. Gross profit, a key earnings metric, increased organically by 2 percent year-over-year and amounted to 1,269 MSEK. This corresponds to a gross margin of 80 percent, which is an increase of 2 percentage points compared to the same period last year. Stillfront’s strategy is to focus on our largest franchises, where we currently have significant organic growth. The remaining portfolio has a negative effect on growth but continues to contribute with healthy margins and a strong cash flow. Stillfront continues to generate a strong cash flow and free cash flow for the third quarter amounted to 298 MSEK. Our solid cash flow generation enabled us to buy back shares for 80 MSEK as well as amortize 223 MSEK of our external debt.”
Alexis Bonte, Interim CEO, Stillfront
Key figures
| MSEK | 2024 | 2023 | 2024 | 2023 | Last 12 months | 2023 |
| Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Jan-Dec | ||
| Bookings | 1,592 | 1,664 | 5,071 | 5,219 | 6,810 | 6,958 |
| Deferred revenue | 2 | 7 | 7 | 22 | 9 | 24 |
| Net revenue | 1,595 | 1,671 | 5,077 | 5,241 | 6,819 | 6,982 |
| EBIT | 139 | 135 | 509 | 624 | 639 | 754 |
| EBITDA | 517 | 566 | 1,665 | 1,882 | 2,197 | 2,413 |
| Items affecting comparability, EBITDA | -18 | -27 | -42 | -59 | -79 | -96 |
| Adjusted EBITDA | 535 | 593 | 1,707 | 1,941 | 2,276 | 2,510 |
| Adjusted EBITDA margin, % | 34 | 36 | 34 | 37 | 33 | 36 |
| Capitalization of product development | 150 | 184 | 460 | 601 | 664 | 805 |
| Adjusted EBITDAC | 385 | 409 | 1,248 | 1,341 | 1,612 | 1,705 |
| Adjusted EBITDAC margin, % | 24 | 25 | 25 | 26 | 24 | 24 |
| Profit before tax | 32 | 11 | -37 | 121 | -2 | 156 |
| Net result | 18 | -5 | -99 | 2 | -89 | 12 |
| Number of employees | 1,320 | 1,437 | 1,320 | 1,437 | 1,320 | 1,401 |
| Adjusted leverage ratio, pro forma, x | 1.87 | 1.68 | 1.87 | 1.68 | 1.87 | 1.64 |
| Adjusted leverage ratio incl. NTM cash earnout payments, pro forma, x | 2.08 | 1.88 | 2.08 | 1.88 | 2.08 | 1.84 |
| Earnings per share undiluted, SEK | 0.03 | -0.01 | -0.21 | -0.01 | -0.19 | 0.01 |
| Earnings per share diluted, SEK | 0.03 | -0.01 | -0.21 | -0.01 | -0.19 | 0.01 |
Invitation to webcast
The report will be presented in a live webcast at 10:00 a.m. CEST today. Alexis Bonte, Interim CEO, and Andreas Uddman, CFO, will present the results and answer questions. The conference will be held in English.
To participate via webcast:
If you wish to participate via webcast, please use the link below.
https://ir.financialhearings.com/stillfront-q3-report-2024
To participate via phone:
If you wish to participate via teleconference, please register on the link below. After registration you will be provided with phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference.
https://conference.financialhearings.com/teleconference/?id=50048608
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.