Q2 2024 Acast AB (publ) Earnings Call Transcript
Key Points
- Acast AB (ACASF) reported a 24% increase in group sales, reaching SEK478 million for Q2 2024, with an organic growth rate of 22% after adjusting for currency changes.
- The company maintained a steady gross margin of 39%, reflecting a 3 percentage-point increase compared to the previous year.
- Acast AB (ACASF) achieved a significant improvement in EBITDA, with a loss of negative SEK11 million, corresponding to a negative 2% EBITDA margin, marking a 9 percentage-point improvement year-over-year.
- The company has a strong cash position, holding SEK712 million by the end of Q2 2024, indicating a robust financial standing.
- Acast AB (ACASF) continues to lead in integrated marketing campaigns, attracting multichannel creators and winning industry awards for its innovative work.
- Acast AB (ACASF) experienced a 15% decline in listens due to changes in measurement from the iOS 17 update.
- The company reported an EBITDA loss of negative SEK11 million, indicating that it is still not profitable.
- There was a slight softness in CPMs (cost per thousand impressions) in Q2 compared to Q1, impacting revenue growth.
- The macroeconomic climate in the UK posed challenges, affecting growth in that region compared to other European markets.
- Operating expenses increased by SEK21 million or 11%, driven by investments in North America, FX impacts, and costs related to share price movements.
Good morning and welcome to Acast earning call for the Q2 of 2024. As usual, we have our CEO, Ross Adams; and CFO, Emily Velott, that will present the results and the developments for the quarter. You're welcome to submit questions throughout the session using the form below and we'll make sure to answer them in the Q&A session that will be held after the presentation.
I would like to kick off the call by handing over to our CEO, Ross Adams.
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Hi, and thank you for everyone for dialing in. My name is Ross Adams. I'm the CEO, originally based out of London, where I am actually today, but now living in New York, where I've been for the past two years. We'll take you through the Q2 numbers and recent events, and our CFO, Emmy Vollat, is also on and will take you through our financials.
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