Third quarter 2022 highlights
(All comparisons to corresponding period in 2021)
- Revenue of
USD 147 million , up 74% fromUSD 85 million -
Adjusted EBITDA1 of
USD 55 million , up 30% fromUSD 42 million - Adjusted EBITDA1 margin of 37%, down from 50%
-
Gross profit of
USD 80 million , up fromUSD 56 million - Gross margin of 54%, down from 66%
-
A quarterly order intake2 of
USD 155 million brought the order backlog3 toUSD 470 million - Simplified free cash flow1 was
USD 48 million , up fromUSD 35 million , equating to a cash flow conversion rate of 88% (84%)
Reaffirming 2022 and 2023 guidance
- Full-year 2022 revenue expected to be
USD 550-600 million -
Full-year 2023 revenue expected to be
USD 700-800 million
(
"
"Our standardized modular product offering coupled with our unique go-to-market strategy facilitates our rapid growth and high margins. Additionally, in response to rising cost pressures, we have implemented pricing actions that will start to take effect towards the end of this year and into 2023."
"The robust order intake of
Key financials
Highlights | Third quarter | YTD | ||||||
USD million | 2022 | 2021 | ∆ in % | 2022 | 2021 | ∆ in % | ||
Revenue4 | 147.4 | 84.7 | 74.0% | 436.0 | 234.4 | 86.0% | ||
Gross profit | 80.1 | 55.6 | 44.1% | 251.1 | 158.1 | 58.8% | ||
Gross margin | 54.3% | 65.6% | -11.3 pp. | 57.6% | 67.4% | -9.8 pp. | ||
EBIT | 35.5 | -26.3 | n.a. | 135.8 | -42.6 | n.a. | ||
Adjusted EBITDA1 | 54.9 | 42.3 | 29.7% | 178.5 | 117.3 | 52.2% | ||
Adjusted EBITDA margin1 (%) | 37.2% | 50.0% | -12.8 pp. | 40.9% | 50.0% | -9.1 pp. | ||
Adjusted EBIT1 | 51.5 | 39.8 | 29.4% | 168.7 | 110.4 | 52.8% | ||
Adjusted EBIT margin1 (%) | 34.9% | 47.0% | -12.0 pp. | 38.7% | 47.1% | -8.4 pp. | ||
Simplified free cash flow1 | 48.4 | 35.3 | 37.0% | 149.2 | 97.3 | 53.3% | ||
Cash flow conversion1 (%) | 88.2% | 83.5% | 4.7 pp. | 83.6% | 83.0% | 0.6 pp. | ||
Order intake | 155.2 | 140.0 | 10.9% | 477.1 | 422.5 | 12.9% |
Notes: 1) Please refer to APM section for further explanations and details on APM measures on page 28 of the third quarter 2022 financial report. 2) Order intake is defined as value of projects where a distribution partner has received a purchase order or verbal confirmation that a specific installation will be ordered. 3) Order backlog is defined as the total value of order intake not yet shipped and for which revenue has not yet been recognized.4) Revenue and other operating income.
Third quarter 2022 operational results
Reported revenue for the third quarter of 2022 totaled
"As we communicated in August, recent customer contracts secure more favorable grid costs which - along with price increases due to start taking effect towards the end of this year - are expected to lift margins back towards historical levels during 2023. The full impact of the measures will be seen when projects with more favorable cost and pricing levels move from backlog to realized revenue," says Bent Skisaker, CFO. "Additionally, we have further expanded strategic partnerships and implemented procurement measures to ensure a sufficient supply of key components and aluminum for grid parts for the remainder of 2022 and 2023."
Balance sheet and cash flow
Conference call and webcast information
Participants are requested to dial in and register 5 to 10 minutes in advance.
Participants dial-in numbers:
PIN code for all countries: 366151
NO: +47-21-956342
SE: +46-4-0682-0620
DK: +45 78768490
US: +1 646-787-0157
The presentation will be broadcast live at Q3 Results 2022 (autostoresystem.com), and can also be streamed at Autostore Webcast Q3 2022 (royalcast.com).
For further information, please contact:
Hiva Ghiri, VP Investor Relations, +47 958 66 790
hiva.ghiri@autostoresystem.com
Hansine Korslien Lyngøy, VP Communications, +47 482 48 642
hansine.lyngoy@autostoresystem.com
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