Q3 2024 Acast AB (publ) Earnings Call Transcript
Key Points
- Acast AB (STU:0PN) reported a 12% revenue growth in Q3 2024, with organic growth at 14%, driven primarily by North America.
- The company achieved a record gross margin of 40%, a 5% increase from the previous year, due to a favorable product mix and efficient yield management.
- Acast AB (STU:0PN) generated an EBITDA profit of SEK 16 million, reflecting a 3% margin and a 9% point margin improvement year-on-year.
- The company has successfully expanded its podcast portfolio to over 135,000 podcasts, generating more than 1 billion listens per quarter.
- Acast AB (STU:0PN) continues to innovate with AI-driven ad targeting solutions, enhancing revenue opportunities for both advertisers and podcast creators.
- The total number of listens decreased by 15% year-on-year, attributed to the impact of iOS 17.
- The UK market experienced moderate growth due to tougher market conditions, affecting overall European performance.
- There was a noted weakness in CPMs during Q3, although sell-through rates increased.
- Operating cash flow was negative SEK 4 million in Q3, impacted by working capital changes.
- The company faces competitive pressures in the North American market, which could affect future gross margins.
Hi and welcome to Acast Earnings call for the third quarter of 2024. Today we have our CEO Ross Adams and CFO Emily Vot who will present the results and development for the quarter. You're welcome to submit questions during the session using the form below and we will make sure to answer them in the Q&A session that will be held after the presentation.
I would now like to kick off the call by handing over to our CEO Ross Adams.
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Hi and thank you to everyone for listening in. My name is Ross Adams and I'm the CEO of Acast now based out of New York, where I've been living the past two years and actually where we both are today, I'll take you through our Q3 development and recent events and our CFO Emily Vat who is also on the call will take you through our financial performance in more detail. And for those of you who are new to Acast, we are the market leading independent global infrastructure platform for podcasts are uniquely positioned at the centre of the
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