Earnings Presentation FY 2023
tonies SE | April 11, 2024
Disclaimer
This document contains forward-looking statements. Forward-looking statements can typically be identified by the use of words such as "expects", "may", "will", "could", "should", "intends", "plans", "predicts", "envisages" or "anticipates" or other words of similar meaning. These forward-looking statements are based upon current expectations and assumptions regarding anticipated developments and other factors affecting the tonies SE. They are not historical or current facts, nor are they guarantees of future performance.
By their nature, forward-looking statements involve several risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described in this document. These forward-looking statements speak only as of the date of this announcement. Except as required by any applicable mandatory law or regulation, the tonies SE expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this document to reflect any change in the tonies SE's expectations with regard thereto or any change in events, conditions or circumstances on which any such forward-looking statements are based. Neither tonies SE nor any other person accepts any responsibility for the accuracy of the opinions expressed in this document or the underlying assumptions.
This presentation includes key performance indicators (KPI), including adjusted EBITDA margin, contribution margin and free cash flow which are not measures of liquidity or financial performance under International Financial Reporting Standards (IFRS). Adjusted EBITDA is calculated from EBITDA by adjusting for various effects to create a metric for the underlying profitability of the business. EBITDA was historically adjusted for the following non-recurring effects: (i) effects of share-based compensation, (ii) own software development (as this is not currently capitalized), (iii) special projects and bonuses, and (iv) costs and effects related to tonies IPO / business combination. The adjusted EBITDA margin is defined as adjusted EBITDA in percent of revenue. Contribution margin is the contribution profit in percent of revenue. The contribution profit is calculated from the gross profit after licensing costs less various revenue- related costs that are together aggregated as fulfilment (mostly freight and logistics costs, fees for online marketplaces, costs of payments and certain variable sales costs). Contribution profit and contribution margin show how much is available for coverage of fixed costs such as personnel, other expenses and marketing. Free cash flow is defined as the sum of cash flow from operating activities and cash flow from investing activities and represents the Group's cash efficiency and enables an assessment of profitability.
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Who you have on the call today
Tobias Wann | Dr. Jan Middelhoff |
CEO | CFO |
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tonies SE | Earnings Presentation Agenda
Welcome to tonies
Business Update FY 2023
Financial Results FY 2023
Outlook 2024
Q&A
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tonies: We have built the largest interactive audio experience platform for children in the world and it's just the beginning!
Density Toniebox activations | low | high |
Our products enrich the life of ~50m people1
6.8m Tonieboxes and
82m Tonies sold since
Q4 2016
Families in >100
countries have
activated a Toniebox
Note: All figures as per FY 2023 / December 2023 | 1 50m People = "extended family" affected by a Toniebox (assuming ~8 consumers/customers per Toniebox (e.g., the child, family & friends)) | tonies® | 5 |
Business model: We create unparalleled value around a unique product and brand
1 | Global category creator and leader - offering a smart connected audio |
experience device "Toniebox" for children - unparalleled stickiness | |
2 | Largest global platform - proven, highly-profitable business model in |
DACH replicated internationally in US, UK and FR (product-market fit!) | |
3 | Profitable repeat purchases model with subscription like cohorts - |
superior CLV1 through purchases of high-margin Tonies figurines and | |
other products | |
4 | Clear value levers: (1) Internationalization, (2) Gross margin expansion, |
(3) Own content/IP, (4) Product/channel Mix, (5) Operating leverage | |
5 | True love brand offering all blockbuster IP and proprietary own content |
- highly-vocal and attached fanbase (WOM2 effects) |
268 min | >70% active | |
average weekly playtime | of all Tonieboxes ever sold | |
DACH >50% | >100 countries | |
penetration rate | with Tonieboxes activated | |
~20 Tonies | EUR ~290 | |
per Toniebox after 4.5 years | customer lifetime value | |
+20ppts | DACH >16% | |
contribution margin since 2019 | EBITDA margin already | |
NPS >70 | 2 out of top 5 | |
measured daily in US | franchises are our own IP | |
Since our IPO in 2021 we have exceeded all promises made … and we are only getting started!
Note: Company data as of FY 2023 / December 2023 | 1 Customer lifetime value | 2 Word of mouth
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FY 2023 performance at a glance: Another record year!
Revenue:
EUR 361m
YoY: +40%
DACH: EUR 166m (+5%) | 54% |
NA: EUR 140m (+ 114%) | |
share int. | |
ROW: EUR 55m (+59%) | business |
Adj. EBITDA1 /EBITDA margin:
+4.0% / +2.4% | >35% |
YoY: + 6.4pp / +15.9pp | contribution |
margin |
Toniebox platform grows exponentially every year…
Cumulative Tonieboxes sold
(Q4'16-Q4'23 in #)
>70%
of all Tonieboxes
sold still active
- fueling the highly predictable repeat purchases of Tonies
Cumulative Tonies over customer lifetime
Subscription-like
cohorts
~20
Tonies per
Toniebox after 4.5
years
Free cash flow: | '16 | 2017 2018 2019 2020 2021 2022 2023 | Year 1 | Year 2 Year 3 Year 4 Year 5 Year 6 |
EUR -5m | 74m | +1.9m Tonieboxes | +23.4m Tonies | |
YoY: +83m | cash | sold in 2023 | sold in 2023 | |
available2 | ||||
Note: Company data as of FY2023 / December 2023 | | 1 Only adjusted for share-based compensation | 2 At December 31, 2023, including unused credit line of EUR 15m | tonies® 7 |
Business Update
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Growing platform: In Q4, we have proven our ability to deliver commercial excellence yet again
EUR >169m
EUR 67m
Tonieboxes
EUR 95m
Tonies
EUR 7m
~ 1bn
impressions reached with our first ever
nationwide 360 brand campaign
>500k Tonieboxes
sold within 10 days during
Black Friday week
AND MANY MORE
Top 10 Tonies in Q4
Others
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A truly international business: >50% revenue outside of DACH
Revenue (in EURm)
Share of DACH | 361 | ||||||
Share of International | |||||||
258 | 46% | ||||||
188 | 61% | ||||||
135 | |||||||
81% | 54% | ||||||
94% | |||||||
39% | |||||||
19% | |||||||
6% | |||||||
2021 | 2022 | 2023 | |||||
2020 |
FLAGS
REPRESENT
MARKET
LAUNCH1
We replicated our proven, profitable DACH blueprint in 3 selected core markets (UK, US and FR)
It takes 3-4years for a core market to become profitable
In total, we ship to 25 countries, incl. 17 countries catered to by our European Webshop
1 UK officially launched in 2018 with significant scale up in 2020
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Tonies SE published this content on 11 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 April 2024 17:42:01 UTC.