최종 결과
본 발표에는 영국 시장 남용 규정("MAR")에 규정된 내부 정보가 포함되어 있습니다.
오디오붐 그룹 PLC
("오디오붐", "그룹" 또는 "회사")
31년 2023월 XNUMX일로 종료되는 회계연도의 최종 감사 결과
Audioboom (AIM: BOOM), the leading global podcast company, is pleased to announce its final audited results for the year ended 31 December 2023.
재무 및 운영 하이라이트
· 2023 revenue of US$65 million (2022: US$74.9 million)
· Annual adjusted EBITDA(1) loss of US$0.4 million (2022: US$3.6 million adjusted EBITDA profit)
· Average 2023 global monthly downloads of 121.9 million, up 4% on 2022 (117.1 million)
· Average 2023 monthly brand advertiser count of 7,727 up 47% on 2022 (5,257)
· 2023 eCPM (revenue per 1,000 downloads) of US$45 (2022: US$52.88)
· Group cash at year end of US$3.7 million (31 December 2022: US$8.1 million), with a further US$1.8 million available via an undrawn overdraft
· The Company anticipates record revenue in 2024 and a return to adjusted EBITDA profitability
· Q1 2024 trading update (announced today) details further revenue growth, adjusted EBITDA profitability and record Q1 eCPM and brand count
Key commercial developments
· 당사의 글로벌 광고 시장인 Showcase는 지속적으로 강력한 성장을 이어가고 있습니다. 2023년 쇼케이스 수익은 35년보다 2022% 이상 증가했으며 현재 그룹 수익에 23% 이상 기여하고 있습니다(15년 2022%에서 증가).
· 새로 출범한 브랜드 광고 사업부의 긍정적인 발전, 미국 상위 8개 광고 대행사 중 15개사와의 새로운 초기 단계 상업 파트너십을 통해 고객 기반 확대
· 다음을 포함한 새로운 1등급 콘텐츠 파트너십을 통해 크리에이터 네트워크 확장 Matt & Shane's Secret Podcast, The Why Files, The Broski Report, Heart Starts Pounding, Your Mom & Dad, Girls Next Level, Myths & Legends, 및 Out of the Pods
· Reduction of more than US$2 million of annual minimum guarantee obligations beginning 1 January 2024 through the successful re-structuring of creator partnerships, with further reductions to our minimum guarantee exposure expected throughout 2024
· 2023년 XNUMX월에 사용 가능한 광고 노출수 XNUMX억 회를 달성하여 고객에게 제공되는 광고 인벤토리가 크게 확장되었습니다. Audioboom은 이제 에피소드 다운로드당 XNUMX개 이상의 광고 슬롯을 생성하여 회사가 최대한의 광고주 수요를 포착할 수 있는 위치에 있습니다.
· 광고 예약 시간을 60% 이상 줄이고 Audioboom의 브랜드 예산 성공률을 최적화하는 제작자를 위한 새로운 독점 도구인 AdVet의 성공적인 출시
Post year-end highlights
· 2024년 38.6월에 Audioboom 플랫폼을 통해 팟캐스트를 소비하는 고유 청취자가 XNUMX만 명 이상으로 기록적인 청중 도달 범위를 달성했습니다.
· 2024년 XNUMX월 당사의 글로벌 광고 시장인 쇼케이스에서 발생한 기록적인 수익은 핵심 광고 기술 구축에 있어 회사의 지속적인 발전을 반영합니다.
· 1.1년 2024월 고객에게 제공되는 노출수는 10억 회 이상으로 광고 인벤토리 수준을 기록했습니다. 이는 이전에 발표된 2023년 1월 기록(XNUMX억 회)보다 XNUMX% 증가한 수치입니다.
· Audioboom은 잠재고객 도달범위 측면에서 2024년 XNUMX월 Triton Digital 팟캐스트 순위에 올랐으며 현재 세계 최대 팟캐스트 시장인 미국에서 XNUMX번째로 큰 게시자가 되었습니다.
· Audioboom achieved a record level of podcasts in the January 2024 Triton Digital podcast ranker, with the Company publishing 14 of the top 100 US shows
· 다음을 포함하여 Audioboom Creator Network의 최상위 팟캐스트와의 성공적인 계약 갱신 The Tim Dillon Show, True Crime Obsessed, I Think Not, Crime Weekly, 및 실제 귀신 이야기. These podcasts contribute more than 90 million downloads to the network on an annual basis
· 다음을 포함한 새로운 쇼의 서명을 통해 Audioboom Creator Network를 더욱 확장합니다. Pretty X Unfiltered, 소더, BDA with Katherine Schwarzenegger, 옴니버스, Do We Know Them?, 및 George Conway Explains It All To Sarah Longwell. These shows are expected to deliver more than 4 million downloads to the network each month
· Reduction of a further US$3 million of annual minimum guarantee obligations through the successful re-structuring of creator partnerships
· Molly Harvey를 브랜드 판매 부사장(전 SiriusXM 및 CBS Radio)으로, Shaun Wilson을 영국 판매 부사장(전 Spotify 및 Sony Entertainment)으로 고용하여 Audioboom의 경영진을 확장했습니다. 이러한 역할은 Audioboom의 브랜드 판매 사업 확장에 중점을 둘 것입니다.
· The Company has currently contracted revenue of more than US$55.0 million for 2024, through advance advertising bookings
1Earnings before interest, tax, depreciation, amortisation, share based payments, non-cash foreign exchange movements, material one-off items, and onerous contract provisions and losses incurred
문의
오디오붐 그룹 PLC | |
스튜어트 라스트, CEO 브래드 클라크(Brad Clarke) 최고재무책임자(CFO)
| 전화 : + 44 (0) 20 3714 4285
|
Cavendish Capital Markets Ltd(지정 고문 및 Broker) | |
Jonny Franklin-Adams/Abigail Kelly/Rory Sale(기업 금융) 해리엇 워드(ECM)
| 전화 : + 44 (0) 20 7220 0500 |
오디오붐 소개
Audioboom은 팟캐스팅 분야의 글로벌 리더입니다. 우리 프로그램은 전 세계 135천만 명의 고유 청취자가 매달 38억 번 이상 다운로드하고 있습니다. Audioboom은 Triton Digital에 의해 미국에서 XNUMX번째로 큰 팟캐스트 게시자로 선정되었습니다.
Audioboom의 광고 기술 및 수익화 플랫폼은 다음과 같은 확장 가능한 콘텐츠 비즈니스를 뒷받침합니다.
최고 등급 팟캐스트의 프리미엄 네트워크를 위한 상업, 유통, 마케팅 및 제작 서비스입니다. 주요 파트너로는 Formula 1 공식 팟캐스트 'F1: Beyond the Grid'와 'F1 Nation', 'Casefile True Crime'(미국), 'True Crime Obsessed'(미국), 'The Tim Dillon Show'(미국), 'FXNUMX Nation' 등이 있습니다. No Such Thing As A Fish'(영국) 및 'The Cycling Podcast'(영국).
Audioboom은 북미, 유럽, 아시아 및 호주 전역에서 글로벌 파트너십을 통해 국제적으로 운영됩니다. 이 플랫폼은 Apple Podcasts, YouTube, Spotify, Pandora, Amazon Music, Google Podcasts, iHeartRadio, Facebook 및 Twitter는 물론 파트너의 자체 웹사이트와 모바일 앱을 통해 콘텐츠를 배포합니다.
자세한 내용은 audioboom.com을 방문하십시오.
회장 성명
I am pleased to introduce these annual results which reflect upon the Company's resilience and on-going operational improvements during a challenging 2023, and which highlight the return to growth achieved in the final quarter of the year that has carried on into the start of 2024.
Whilst it is naturally disappointing to report lower annual revenue and an adjusted EBITDA loss for the period, the resilience of the business model in a soft advertising market, constrained by macro economic headwinds, was illustrated by further growth across certain KPIs and operational areas of focus. This growth has once again led to increased market share and reinforced the Company's position as one of the world's largest independent podcast companies in an industry that continues its rapid maturity into mainstream media.
The Board is confident that the business is fully primed for further growth across 2024, with record annual revenues forecast, together with a return to sustained EBITDA profitability.
In his CEO Review, Stuart Last provides further detail around the Company's strategy and focus, component parts of the business, operational and financial performance, the start to 2024 and the outlook for the future.
I would like to take this opportunity to thank the entire Audioboom team for their continuing professionalism and commitment, and also to thank our shareholders and partners for their loyalty and vision in supporting Audioboom as it continues to grow.
Michael Tobin OBE
의장
12 4월 2024
최고 경영자의 검토
개요
2023 will be defined as a year of operational improvements and enhancements to the Audioboom business model which were recognised in Q4 through a return to year-on-year top-line growth, a return to adjusted EBITDA positivity, and a return to cash generation. Our full-year financial performance was down on the prior year, impacted by further deterioration of the advertising market that first began in mid-2022 and continued throughout the summer of 2023 with our customers continuing to reduce their marketing budgets.
Early in the year we identified key areas of the business where enhancements would increase our resilience to the weaker market and enable the near-term capture of maximum revenue despite worsening conditions, as well as structural improvements that would position us to optimise our monetisation once headwinds eased in the medium to long-term. Key improvements, which I examine in more detail later in this report, include the launch of a new brand advertising revenue unit, a drive to accelerate ad inventory generation, bolstering of our Showcase global marketplace, and the restructuring of creator contracts on more favourable terms.
We continued to progress our mission to power podcasting for creators in 2023 - launching new technology, tools and services for our podcast partners. We consolidated our position as the leading global independent podcast publisher, as well as the leading global pure-play podcast publisher.
We are confident the momentum we saw in the final quarter of 2023 will continue, delivering further growth and record revenue performance in 2024. The advancements we made to the business will drive this progress, and I believe there is further upside potential as the advertising market looks to makes its initial steps in recovery. Sentiment within the advertising community has been positive in the early part of the year - and we are encouraged by the more than US$55m of advertising revenue booked for the year at this point. I am pleased to provide a more detailed update on 2024 later in this report.
전략
Audioboom powers podcasting. Our platform connects the world's best podcast content with advertisers, and then distributes it to audiences globally. We are an indispensable component in podcasting's 3-sided marketplace of audience, advertiser and creator. Each is important to the successful growth of the medium individually - but they require Audioboom at the centre to connect them all, to ensure they operate effectively and to extract maximum value for all.
The Audioboom platform is efficient and scalable. Today it handles more than 8,000 content channels, 8,000+ advertisers, and receives more than 130 million episode downloads monthly by a unique audience of more than 38 million.
Our growth strategy continues to focus on the expansion of the Audioboom Creator Network where we platform the world's leading podcasts. We develop technology and commercial productions to optimise the value of that content.
Audioboom has developed three clearly differentiated advertising products to support this content growth:
- Premium Advertising, in which leading podcast hosts endorse products and brands to their engaged audience natively within their shows. These ads drive actions in the form of attributable product sales or awareness. This advertising product is highly effective - the combination of trusted influencers, engaged audiences, and third-party attribution data - and enables campaigns to be sold at a premium price point. Our Premium ad product - sold exclusively by our in-house sales teams in the UK and the US - is a key driver of revenue for the business, contributing more than 55% to our top-line in 2023.
- Showcase is our automated tech-driven marketplace which launched in 2021 and is focused on optimising revenue by monetising back catalogue content and unfilled premium inventory via Dynamic Ad Insertion (DAI). Our ad tech consolidates the large supply of advertising inventory we create and exposes it to a portfolio of demand channels which include international monetisation partners, a self-serve campaign booking platform, and a programmatic ecosystem of more than 40 established demand-side platforms (DSPs) used by the biggest advertising buyers in the world. 2023 was a very successful year for Showcase - 7 billion advertising impressions were made available in the marketplace (up from 4 billion in 2022), it delivered more than 35% revenue growth, and contributed 23% of the Group's revenue (vs 15% in the prior year).
- Sonic is our brand platform focused on providing tools and services directly to podcast advertisers. The platform enables brands to execute high-value advertising campaigns across the world's biggest podcasts, and provides partners with market-leading insights and ROI data. Sonic has been a key pillar of Audioboom for the past 4 years, and now contributes 22% to Group revenue.
운영 검토
핵심 성과 지표
1. Average monthly brand advertiser count of 7,727 in 2023, up 47% on 2022 (5,257)
Brand advertiser count measures Audioboom's active customers across our advertising products. Key drivers of this KPI growth include: expansion of Showcase marketplace; addition of new content genres to widen brand appeal; development of relationships with new brands and agencies; overall market growth and expansion of brands advertising in podcasts.
2. e-CPM (revenue per 1,000 downloads) in 2023 of US$45 (2022: US$$52.88)
e-CPM is a measure of the value we extract from every 1,000 downloads on the platform, and how we optimise the supply of available advertising inventory. Growth drivers for this KPI include: increasing fill rates; increasing pricing; increased use of AdRip inventory creation tool; contracting of back-fill inventory in new and renewal partnership agreements. e-CPM was negatively impacted during 2023 by continued deterioration of the advertising market, but corrected course in Q4 where the e-CPM reached US$58.82.
3. Average monthly downloads in 2023 up 4% to 121.9 million (117.1 million in 2022)
Global monthly downloads is an industry standard metric. It is a measure for the scale of our platform, and enables accurate comparisons to be drawn with our competitors. This data point is measured using the Interactive Advertising Bureau's most recent Podcast Measurement Standard and is verified by Triton Digital - a leader in audio measurement. In September 2023, Apple's iOS17 update removed automatic downloading of back-catalogue content, negatively impacting downloads across the industry by an average of 32%. This change in consumption data will provide long-term revenue upside opportunities due to the increased return-on-investment brands advertising in podcasting will see through more accurate audience data.
운영 개선
Brand Advertising Unit Launch
Podcasting's growth between 2015 and 2022 was strongly fuelled by direct response or performance marketing advertisers. These brands are characterised as smaller, direct-to-consumer businesses, in growth mode who are disrupting their sectors. Utilising trusted, influential podcast hosts with loyal, engaged fan-bases to endorse their product enables these brands to deliver strong ROI (return on investment), with product sales measured through promotional codes, vanity URLs and attribution technology. Early in the advertising market downturn it became clear that these brands were deeply impacted by the macro environment, with most cutting back their marketing budgets and many exiting the podcast space completely.
Audioboom identified the need to expand its customer base beyond these direct response advertisers, and launched a new sales unit focused on building partnerships with brand advertisers. Brand advertisers are more established businesses, often operating globally. Their advertising strategy is geared towards generating awareness of their brand rather than being a direct sales channel, and they are more resilient to economic changes.
Initial traction from the brand awareness unit can be seen in early-stage partnerships at 8 of the top 15 digital ad agencies in the US, and I expect continued customer development through this initiative in 2024.
Audioboom Creator Network
Audioboom successfully expanded its creator network in 2023, achieving record monthly consumption (global downloads KPI) and set a new record audience reach of more than 38 million unique monthly listeners. As a result of this growth Audioboom recorded its highest positions on both Edison Research and Triton Digital's podcast publisher rankers during the year.
The network development environment remains very competitive with the majority of top tier creator partnerships being brokered by the Hollywood talent agencies (UTA, WME, CAA) and requiring guaranteed financial packages to secure commercial rights to these podcasts. Audioboom has focused on utilising the value of its core services, including marketing, distribution, technology and production, to ensure financial commitments to creators are kept at a minimal level while remaining competitive.
Across 2023 we formed exclusive new partnerships with top tier podcasts including Matt & Shane's Secret Podcast, The Why Files, The Broski Report, Heart Starts Pounding, Your Mom & Dad, Girls Next Level, Myths & Legends, 및 Out of the Pods.
Inventory Exploitation
Beginning in early 2023, the Company began an initiative designed to maximise the value of our content through heightened extraction of advertising inventory, in order to combat the weakening ad market. This piece of work involved the restructuring of contracts with creators, further roll-out of our proprietary AdRip inventory creation tool, a re-education process for our 8,000 creators, and the focused development of our ad tech marketplace. In 2022 we created 5.3 available advertising impressions from each download - or to put it another way, each podcast episode averaged 5.3 ad breaks. By December 2023 we had increased this number to 8 - a significant 51% increase in the level of inventory our platform creates. In October 2023 we achieved the milestone of making 1 billion advertising impressions available for buyers.
Audioboom Studios
In early 2023, we restructured our production arm, refocusing it as a production-as-a-service unit in order to align its function with our wider creator-first business. Previously, Audioboom Studios had focused on developing original content in the US and the UK. This development and production process involved upfront investment, marketing costs, and a significant lag-time before revenue could be realised. Additionally between 2020 and 2022, as a result of the Covid-19 pandemic, more than 2 million new podcasts were launched making competition for listeners more challenging and raising the costs of audience acquisition.
In its new production-as-a-service form, Audioboom Studios is able to meaningfully support the work of our creators. It is often a differentiator in our partnerships with top tier talent, enabling us to secure new podcasts to the network, develop more equitable relationships, and operate contracts on more favourable terms to the Company. In 2023 Audioboom Studios deepened its flagship production partnership with Formula 1, and will produce the official F1 podcasts until 2026.
Contract Restructuring
As previously noted, acquiring top tier podcasts for the network requires a commitment to provide the creator with a minimum revenue guarantee. During the advertising market downturn, lower sales resulted in Audioboom needing to utilise its share of ad revenue to satisfy a small number of podcaster minimum guarantees. This impacted the Company's gross margin on those shows. In order to reduce this risk should the weaker market persist, as well as improve our gross margin, a number of podcaster contracts were restructured during the year and we have removed more than US$5 million of minimum guarantee obligations for 2024.
Additionally, we increased the Audioboom share of revenue in new podcaster deals signed in 2023. This has led to an improvement in our total contracted revenue share across the Company to 24% - up from 20% in 2022.
These key changes have dramatically improved the operational health of the business, ensuring that we continue to grow and setting us up to capture maximum value from our platform. This work has already positively impacted our performance, returning us to year-on-year revenue growth in Q4, delivering the strongest revenue quarter since early 2022, returning us to adjusted EBITDA positivity, and generating positive cash once again. These initiatives will deliver further benefits in 2024 where we are focused on a record annual performance.
시장개요
Podcasting continues on its path of structural growth despite negative headlines in 2023 that focused on unsuccessful acquisitions and investments in the space from large media companies. This structural industry growth is driven by increases in audience numbers and audience engagement levels. People love podcasting and that is highlighted in key data points1;
· The number of podcast listeners in the US increased by 47% between 2019 and 2023
· Podcast listeners increased the time they spend listening to podcasts during that time-frame by 50%
· This results in total consumption of podcasts increasing by 120% over the past 4 years.
This significant jump in consumption - and therefore revenue opportunity including sales of advertising inventory - is set to play out with a quadrupling of podcasting's Total Addressable Market (TAM) between now and 20302. In 2023, the global podcast industry TAM was $4 billion. By 2030 this is set to rise to $16 billion, providing generational opportunity for businesses such as Audioboom who are primed to capture a share of this value.
Audioboom's position amongst the world's leading podcast businesses is highlighted by three trusted measurement services - Triton Digital's Podcast Reports, Podtrac's Podcast Ranker, and Edison's Top Podcast Networks chart:
· In Edison Research's list of largest podcast networks, Audioboom ranks as 5th for 2023, only beaten by Spotify, SiriusXM, Amazon and iHeartMedia. Edison's list is the only ranker that measures all podcast companies.
· In Triton Digital's US ranker Audioboom is currently the fourth largest publisher in terms of unique audience reach
· Audioboom would rank as the second largest podcast publisher if the Company opted-in to Podtrac's industry ranker, on both metrics - US unique audience and global monthly downloads.
On each measurement service Audioboom ranks as the highest independent podcast publisher, as well as the highest ranking pure-play podcast publisher.
2023 saw a very low level of M&A and investment activity across the industry. There were no notable acquisitions in the space, with the only noteworthy transaction involving the public listing of Podcast One in September 2023, now trading on Nasdaq.
We are confident that the structural growth of the medium and the sharp increase of the Total Addressable Market will lead to M&A activity reigniting during the next 12 months. Audioboom's business model, structure and performance continues to provide strong optionality on our future path. Our global scale and ownership of technology and commercial services will make us an attractive proposition for major media or technology businesses looking to fast-track a leadership position in podcasting. Alternatively, our business model sees us set for continued growth and a strong future as the leading independent player in the space. As always, the Board will continue to strive to deliver maximum shareholder value.
1Source: Edison Research Infinite Dial study 2024
2Source: Grand View Research, Podcast Market Size, Share, Trends & Growth Report 2030
재무 검토
Total revenue for 2023 of US$65 million (2022: US$74.9 million) reflected a softer advertising market during the year and the loss of the Morbid podcast in May 2022. Faced with these challenges, the Company implemented many operational improvements and enhancements during the year and in Q4 2023 delivered revenue growth versus both Q3 2023 and Q4 2022, as well as delivering an adjusted EBITDA profit in Q4 2023. The impacts of a softer advertising market were seen specifically in the second and third quarters and it was testament to the Audioboom team that, despite these challenges, Q4 represented the highest revenue quarter since Q2 2022 at the start of the advertising market downturn.
In 2023, the Company recognised an adjusted EBITDA (earnings before interest, tax, depreciation, amortisation, share based payments, non-cash foreign exchange movements and before exceptional items, including the provision for, and losses on, two onerous contracts) loss of US$0.4 million (2022: adjusted EBITDA profit of US$3.6 million). Cash reduced year-on-year to US$3.7 million, however, Q4 saw a return to quarter-on-quarter cash generation, increasing from US$3.4 million at the end of Q3.
In 2023, as in the prior year, the vast majority of Group revenue (97%) was generated in the United States - which is the largest and most developed market for podcasting. There was exceptional growth once again in Showcase revenue, which was up 35% year on year, and Sonic Integrated Marketing increased its Group revenue contribution to 22%.
Group gross margin, excluding the impact of onerous contracts (described below), was 17% (2022: 19%). During the advertising market downturn, lower sales revenue resulted in the Company needing to utilise its share of advertising revenue to satisfy a small number of podcaster minimum guarantees which in turn impacted the gross margin recognised. This, combined with the increased revenue contribution of Sonic Integrated Marketing, which recognised a 16% gross margin, led to the lower gross margin in 2023.
The Company continued to control overheads very well during the year and we continue to align staff globally to ensure that every employee contributes to the growth of the business. Despite inflationary pressures across the business, the Company was able to report opex (excluding interest, tax, depreciation, amortisation, share based payments, non-cash foreign exchange movements and material one-off items) of US$10.4 million, slightly lower than in 2022 (US$10.6 million). We continue to monitor the cost base closely and align it to the Company's operational demands and this will continue into 2024 as we focus on areas that we believe can drive further revenue growth. The average headcount for 2023 was 39 and this is not expected to materially increase during 2024.
The total loss before tax for the year was US$16.8 million versus the prior year loss of US$0.4 million, mainly due to the US$7.4 million provision for the future estimated net loss of two onerous contracts and the US$5.1 million loss incurred on the two contracts in 2023. The ad rates that have been commanded, and the future ad rates that are likely to be commanded, are lower than those modelled when these contracts were signed, due to advertising markets being more challenging for longer than anticipated. In light of revenue growth being lower than projected at the previous reporting date, it is now assumed that it is unavoidable that the contracts will generate a net loss through to their conclusions in January and July 2025 respectively and as such have been recognised as onerous.
The Company saw a cash outflow from operating activities of US$4.5 million (2022: cash inflow of US$3.2 million), mainly due to softer ad market conditions and servicing of all partner minimum guarantee obligations. The Company continues to operate an extremely efficient working capital cycle which is now well established in terms of processes built and refined over the last six years. Debtor collections continue to be strong and, over the last four years, collections have averaged 95% of revenue recognised in the year. In 2023, debtor days of 81 are reported, 13 higher than the 68 reported in 2022, with the increase being due to the return to revenue growth in the final quarter of 2023. We continue to remain below our ongoing debtor day target of 90 days. The Company continues to incur very minimal bad debt write offs (US$0.1 million in 2023 and US$0.2 million in 2022) and average payable days increased to 68 in 2023 from 54 in 2022, again due to the return to revenue growth in Q4 which led to an increase in year-end partner payments that have been satisfied in Q1 2024.
The Company ended 2023 with cash of US$3.7 million. In addition, the Company had access to a US$1.9 million undrawn overdraft with HSBC. Therefore, the Company had access to circa US$5.6 million going into 2024, with the Company being fully funded for its current growth trajectory.
Outlook
2024 is set to be a record year for Audioboom, and - as I highlight in our Q1 2024 Trading Update, released today - we are perfectly positioned to achieve these goals after positive trading in the first 3 months of 2024 in which we delivered revenue of US$17.1 million (up 11% on Q1 2023: US$15.4 million) and adjusted EBITDA profit of US$0.1 million. I expect the revenue growth rate to accelerate through upcoming quarters, and EBITDA profit to grow accordingly.
I am buoyed by the US$55 million of advertising that we currently have booked for the year. This compares with the US$50 million booked at the same stage last year but, in relative terms, we are even further ahead, as in 2023 approximately US$7 million of advertising campaigns were cancelled between April and September due to ad market deterioration.
In 2024 our main investment will be into our sales operation, specifically the growth of our brand awareness team tasked with bringing a new group of blue-chip customers to Audiobooom. We recently announced the hiring of 2 key executives - Shaun Wilson, formerly of Sony Entertainment and Spotify, in the role of Head of UK Sales and Molly Harvey, formerly of SiriusXM and CBS Radio in the role of Vice President of Brand Sales.
Operationally 2024 has started well. In January we hit a new record user number with 38.6 million unique listeners downloading content from Audioboom. Our creator network continues to grow with recently announced new signings including Pretty X Unfiltered, 소더, BDA with Katherine Schwarzenegger, 옴니버스, Do We Know Them? 및 George Conway Explains It All To Sarah Longwell expected to add more than 4 million downloads to the network each month. Our pipeline of new business remains strong, and we expect to convert this opportunity to new podcaster partnerships throughout the year.
We continue to focus on the core operational improvements we initiated last year. Alongside the growth of our brand advertising unit and expansion of our creator network, the upward momentum of Showcase, the further exploitation of advertising inventory levels, and the continued growth of our Sonic brand platform, we are forecasting record revenue in 2024.
Record revenue, combined with the improved podcaster revenue shares and removal of more than US$5 million of minimum guarantee obligations through contract restructuring, is expected to take us back to a position of EBITDA profitability for the full year and as a Board, look to the future with confidence.
We are committed to delivering these financial goals despite still operating in a weakened advertising market. Any meaningful recovery in the ad market would bring further upside.
Audioboom is building the world's leading podcasting business, and I am pleased with the start we have made in 2024. I look forward to the future with renewed confidence and would like to thank our creators, clients, customers and partners, as well as our incredibly talented Audioboom team and our supportive shareholders.
스튜어트 라스트
최고 경영자(CEO)
12 4월 2024
AUDIOBOOM GROUP PLC
종합 소득에 대한 통합 명세서
31년 2023월 XNUMX일 마감
노트 | Majority of business | 번거로운 계약 | 2023 US$'000 | 2022 US$'000 | |
|
|
|
|
| |
지속적인 운영 | |||||
수익 | 2 | 58,788 | 6,242 | 65,030 | 74,879 |
매출원가 | (48,775) | (11,329) | (60,104) | (60,667) | |
Cost of sales - contract provision | 19 | - | (7,499) | (7,499) | - |
| ----------------- | ----------------- | ----------------- | ----------------- | |
총(손실)/이익 | 10,013 | (12,586) | (2,573) | 14,212 | |
Other income - forgiven loan liability | - | 374 | |||
관리비 | (14,078) | (14,909) | |||
| ----------------- | ----------------- | |||
Adjusted EBITDA (loss) / profit - Non-GAAP | (396) | 3,591 | |||
- 주식 기반 지급 | 17 | (2,807) | (4,358) | ||
- 감가 상각 | (33) | (47) | |||
- 감가상각비 - 리스 | 14 | (239) | (250) | ||
- Operating foreign exchange (loss) / gain | (497) | 1,141 | |||
- Contract settlement | - | (400) | |||
- Onerous contracts net loss | 19 | (5,087) | - | ||
- Onerous contracts provision | 19 | (7,499) | - | ||
- 구조조정 비용 | (93) | - | |||
---------------- | ---------------- | ||||
운영 손실 | 3 | (16,651) | (323) | ||
금융 수입 | 16 | (106) | |||
금융 비용 | 6 | (119) | (106) | ||
---------------- | ---------------- | ||||
세전 손실 | (16,754) | (429) | |||
계속영업에 대한 과세 | 7 | (2,672) | (328) | ||
---------------- | ---------------- | ||||
Loss for the financial period attributable to equity holders of the parent | (19,426) | (757) | |||
---------------- | ---------------- | ||||
기타 포괄적 손실 | |||||
외화환산차이 | 1,076 | (2,233) | |||
---------------- | ---------------- | ||||
해당 기간의 총포괄손실 | (18,350) | (2,990) | |||
| ======== | ======== | |||
| |||||
주당 손실 | |||||
지속적인 운영에서 | |||||
기본 및 희석 EPS | 8 | (118.8) 센트 | (4.7) 센트 | ||
============ | ============ |
All results for both periods are derived from continuing operations.
AUDIOBOOM GROUP PLC
재무 상태에 대한 통합 명세서
31년 2023월 XNUMX일 현재
| 31 년 2023 월 XNUMX 일 기준 | 31 년 2022 월 XNUMX 일 기준 | |||
노트 |
| US$'000 |
| US$'000 | |
| |||||
자산 |
| ||||
| |||||
비유동 자산 |
| ||||
재산, 식물 및 장비 | 9 | 30 | 59 | ||
사용권 자산 | 14 | 1,117 | 329 | ||
이연 법인세 자산 | 7 | 1,581 | 3,609 | ||
--------------- | --------------- | ||||
2,728 | 3,997 | ||||
유동 자산 |
| ||||
| |||||
매출 채권 및 기타 채권 | 11 | 16,328 | 16,013 | ||
현금 및 현금성 자산 | 3,726 | 8,067 | |||
이연 법인세 자산 | 7 | 395 | 805 | ||
--------------- | --------------- | ||||
20,449 | 24,885 | ||||
| ------------------- | ------------------- | |||
TOTAL 자산 | 23,177 | 28,882 | |||
| ------------------- | ------------------- | |||
유동 부채 | |||||
매입 채무 및 기타 채무 | 12 | (12,399) | (10,614) | ||
Provision | - | - | (400) | ||
부담스러운 계약 조항 | 19 | (5,046) | - | ||
임대 책임 | 14 | (68) | (278) | ||
------------------- | ------------------- | ||||
순유동자산 | 2,936 | 13,593 | |||
------------------- | ------------------- | ||||
비유동 부채 | |||||
임대 책임 | 14 | (1,042) | (80) | ||
부담스러운 계약 조항 | 19 | (2,453) | - | ||
------------------- | ------------------- | ||||
순자산 | 2,169 | 17,510 | |||
========= | ========= | ||||
주식 |
| ||||
| |||||
주식 자본 | 13 | - | - | ||
프리미엄 공유 | 13 | 63,104 | 62,902 | ||
Issue cost reserve | (2,048) | (2,048) | |||
외환 번역 준비금 | (1,426) | (2,502) | |||
역취득준비금 | (3,380) | (3,380) | |||
이익 잉여금 | (54,081) | (37,462) | |||
---------------- | ---------------- | ||||
총 자본 | 2,169 | 17,510 | |||
======== | ======== | ||||
첨부된 회계 정책과 주석은 이 재무제표의 필수적인 부분을 구성합니다.
These financial statements for Audioboom Group plc (Jersey company registration number 85292), which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Consolidated Statement of Cash Flow, the Consolidated Statement of Changes in Equity and related notes 1 to 22 were approved and authorised for issue by the Board of Directors on 12 April 2024 and were signed on its behalf by:
브래드 클라크
최고 재무담당자(CFO)
AUDIOBOOM GROUP PLC
연결 현금 흐름표
31년 2023월 XNUMX일 마감
| 2023 | 2022 | |
US$'000 | US$'000 | ||
|
|
| |
지속적인 운영 손실 | (19,426) | (757) | |
---------------- | ---------------- | ||
해당 기간 동안의 손실 | (19,426) | (757) | |
| |||
다음에 대한 조정 : | |||
세금 | 2,672 | 328 | |
이자 지급 | 119 | 106 | |
받은이자 | (16) | - | |
고정 자산 감가 상각 | 33 | 47 | |
사용권 자산의 감가상각 | 239 | - | |
공유 기반 지불 | 2,807 | 4,358 | |
(증가) 매출채권 및 기타수취채권의 감소 | (316) | 2,134 | |
거래 및 기타 채무의 증가/(감소) | 1,387 | (1,154) | |
임대부채 감소 | - | (269) | |
부담스러운 계약 제공 증가 | 7,499 | - | |
외환 이익 / (손실) | 831 | (1,557) | |
---------------- | ---------------- | ||
현금흐름(사용) / 영업활동으로 인한 현금흐름 | (4,171) | 3,236 | |
투자 활동 | |||
부동산, 플랜트 및 장비 구매 | (7) | (29) | |
---------------- | ---------------- | ||
투자 활동에 사용 된 순 현금 | (7) | (29) | |
---------------- | ---------------- | ||
금융 활동 | |||
원칙적인 임대료 | (365) | - | |
보통주 발행 대금 | 202 | 1,891 | |
---------------- | ---------------- | ||
금융 활동으로 생성 된 순 현금 | (163) | 1,891 | |
| ======== | ======== | |
| |||
현금 및 현금성 자산의 순증가/(감소) |
| (4,341) | 5,098 |
---------------- | ---------------- | ||
기간 초기 현금 및 현금성 자산 | 8,067 | 2,969 | |
---------------- | ---------------- | ||
기말의 현금 및 현금성 자산 | 3,726 | 8,067 | |
======== | ======== |
The Group had no borrowings at the end of either financial period and therefore no reconciliation of net debt has been provided.
AUDIOBOOM GROUP PLC
연결자본변동표
31년 2023월 XNUMX일 마감
| 주식 자본 | 프리미엄 공유 | Issue cost reserve | 역취득준비금 | 외환 번역 준비금 | 이익 잉여금 | 총 자본 | |
| US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | |
------------------- | ------------------- | ------------------- | ------------------- | ------------------- | ------------------- | ------------------- | ||
31년 2021월 XNUMX일 | - | 61,011 | (2,048) | (3,380) | (270) | (41,063) | 14,250 | |
| ------------------- | ------------------- | ------------------- | ------------------- | ------------------- | ------------------- | ------------------- | |
해당 기간 동안의 손실 | - | - | - | - | - | (757) | (757) | |
주식의 발행 | - | 1,891 | - | - | - | - | 1,891 | |
주식결제형 주식기준보상 |
- | - | - | - | - | 4,358 | 4,358 | |
Foreign exchange loss on translation of overseas subsidiaries | - | - | - | - | (2,232) | - | (2,232) | |
------------------- | ------------------- | ------------------- | ------------------- | ------------------- | ------------------- | ------------------- | ||
31년 2022월 XNUMX일 | - | 62,902 | (2,048) | (3,380) | (2,502) | (37,462) | 17,510 | |
| ------------------- | ------------------- | ------------------- | ------------------- | ------------------- | ------------------- | ------------------- | |
해당 기간 동안의 손실 | - | - | - | - | - | (19,426) | (19,426) | |
주식의 발행 | - | 202 | - | - | - | - | 202 | |
주식결제형 주식기준보상 |
- | - | - | - | - | 2,807 | 2,807 | |
Foreign exchange loss on translation of overseas subsidiaries | - | - | - | - | 1,076 | - | 1,076 | |
------------------- | ------------------- | ------------------- | ------------------- | ------------------- | ------------------- | ------------------- | ||
31년 2023월 XNUMX일 | - | 63,104 | (2,048) | (3,380) | (1,426) | (54,081) | 2,169 | |
| ------------------- | ------------------- | ------------------- | ------------------- | ------------------- | ------------------- | ------------------- |
프리미엄 공유
Share premium represents the consideration paid for shares in excess of par value (nil), less directly attributable costs.
Issue cost reserve
The issue cost reserve arose from expenses incurred on share issues.
역취득준비금
The reverse acquisition reserve relates to the reverse acquisition of Audioboom Limited by Audioboom Group plc on 20 May 2014.
외환 번역 준비금
외환환산적립금은 해외사업장의 재무제표 환산으로 인해 발생하는 외환차이를 기록하는 데 사용됩니다.
이익 잉여금
Includes all current and prior period retained profits and losses and equity settled share-based payment charges.
AUDIOBOOM GROUP PLC
재무제표에 대한 주석
31년 2023월 XNUMX일 마감
1. 회계 정책
일반정보 및 준비근거
Audioboom Group plc is incorporated in Jersey under the Companies (Jersey) Law 1991. The Company's shares are traded on AIM, the market of that name, operated by the London Stock Exchange. The Company is required under rule 19 of the AIM Rules for Companies to provide shareholders with audited consolidated financial statements.
The Group prepares its consolidated financial statements in accordance with International Financial Reporting Standards and International Accounting Standards as issued by the International Accounting Standards Board (IASB) and Interpretations (collectively IFRSs). The financial statements have been prepared on the historical cost basis. The consolidated financial statements have been prepared in accordance with and in compliance with the Companies (Jersey) Law 1991, an amendment to which (Amendment No. 4 s. 105(11) - 2009) means separate parent company financial statements are not required.
These results are audited, however the financial information set out in this announcement does not constitute the Group's statutory accounts for the period ended 31 December 2023, but is derived from the 2023 Annual Report & Accounts. The auditors have reported on those accounts; their report was unqualified.
The preparation of financial statements in accordance with IFRS requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Although these estimates are based on management's best knowledge of current events and actions, actual results may ultimately differ from those estimates.
New and amended IFRS Accounting Standards that are effective for the current year
In the current year, the Group has applied a number of amendments to IFRS Accounting Standards issued by the International Accounting Standards Board (IASB) that are mandatorily effective for an accounting period that begins on or after 1 January 2023. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements.
· IAS 1: Classifications of Liabilities as Current or Non-Current (effective for periods commencing on or after 1 January 2023);
· IAS 1 and IFRS Practice Statement 2: Disclosure of Accounting Policies (effective for periods commencing on or after 1 January 2023);
· IAS 8: Definition of Accounting Estimates (effective for periods commencing on or after 1 January 2023); and
· IAS 12: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (effective for periods commencing on or after 1 January 2023).
New and revised IFRS Accounting Standards in issue but not yet effective
1년 2024월 XNUMX일 이후 시작되는 그룹 회계연도에 의무적이고 그룹이 조기 채택하지 않기로 결정한 특정 표준, 개정 및 해석이 발표되었습니다.
· IFRS 7 and IAS 7: Supplier Finance Arrangements (effective for periods commencing on or after 1 January 2024);
· IAS 1: Non-current liabilities with covenants (effective for periods commencing on or after 1 January 2024).
None of the above listed changes are anticipated to have a material impact on the Group's financial statements.
AUDIOBOOM GROUP PLC
재무제표에 대한 주석
31년 2023월 XNUMX일 마감
회계 정책(계속)
주요 회계정책
관심가는
The financial statements have been prepared on the going concern basis, which assumes that the Group will have sufficient funds to continue in operational existence for at least twelve months from the date of approval of the financial statements. The Group ended the year with access to US$3.7 million of cash and a US$1.8 million HSBC overdraft remaining available to draw down. The overdraft is subject to an annual renewal process and has a renewal date of 30 June 2024. At the date of this report, there is no indication that the HSBC overdraft will not be renewed, but should the HSBC overdraft not be renewed, then the Board believes that it would be able to obtain alternative financing options that can be called upon, if required. The Board's forecasts for the Group, including due consideration of the business forecasting a return to positive adjusted EBITDA in 2024, projected increase in revenues and cash utilisation of the Group and taking account of reasonably possible adverse changes in trading performance, including changes outside of expected trading performance, indicate that the Group will have sufficient cash and financing facilities available to continue in operational existence for the next 12 months from the date of approval of the financial statements and beyond. This includes considering those partner contracts that have minimum guarantees attached to them and assessing whether there will be any adverse effect should there be prolonged adverse trading performance. Based on the Board's forecasts, the Group considers that it will not require additional funding for the foreseeable future for the purposes of meeting its liabilities as and when they fall due. The Board believes that the Group is well placed to manage its business risks, and longer-term strategic objectives, successfully.
Management has carried out sensitivity analyses of the Group's cash flow models to assess the impact of a range of possible outcomes, including lower than anticipated revenues, and the mitigations that the Group has available to it, including a reduction in overhead costs, active working capital management and the availability of finance from HSBC. Accordingly, the Directors are satisfied that the Group will continue to be able to meet its ongoing liabilities as and when they fall due in reasonably foreseeable circumstances.
Therefore, the Directors consider the going concern basis of preparation of these financial statements appropriate.
수익
Revenue represents amounts receivable for services provided in the normal course of business, and excludes intra-group sales, Value Added Tax and trade discounts.
Revenue is recognised when the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity, the costs incurred or to be incurred can be measured reliably, and when the criteria for each of the Group's different activities has been met. Revenue comprises:
l Sale of advertising: the value of goods and services is recognised on broadcast of the podcast
l Sale of subscriptions: the value of goods and services is recognised across the period of subscription
The Directors have considered the requirements of IFRS 15 in respect of multiple performance obligations within one contract and have not identified any such instances. There are no contracts which incorporate variable or contingent consideration.
The Group entities, Audioboom Limited and Sonic Influencer Marketing, are both considered to be the principal entity in terms of revenue recognition. The entities set or communicate the advertising pricing that is required to advertise on represented podcast content, contracts directly with the brand or agency to secure the advertising and confirms the date at which that advertising will be allocated. The entities are also responsible for invoicing and collecting payment from customers who have booked advertising slots and furthermore bear inventory risk associated with advertising slots acquired but not sold.
Content partner minimum revenue guarantees
In order to attract and retain leading podcast partners, the Group offers certain partners minimum revenue guarantees ("MG") over the life of the agreement between the parties. The MG offers guaranteed revenue over the life of the agreement in the form of monthly payments and/or an upfront advance payment, which is then recouped over the life of the agreement, thus reducing future expected payments proportionally. The MGs provided secure the right of access to future content and therefore the expenditure in relation to these guarantees is recognised over the term of the contract, as this is the period over which the content providers' obligations are discharged to the Group and accordingly the basis
AUDIOBOOM GROUP PLC
재무제표에 대한 주석(계속)
31년 2022월 XNUMX일 마감
회계 정책(계속)
on which the Group consumes the benefit of these obligations. In accordance with IFRS 9, no liability is recognised at the date of the contract as the MG relates to future performance obligations of the content provider.
Should a contract be considered onerous (i.e., it is expected to give rise to an unavoidable loss) then that loss is provided for at the reporting date if the contract and conditions associated with it were in place at the year end.
Should a multi-year contract generate a revenue share that is lower than the MG in the initial stages of the contract but is expected to generate revenue share that is higher than the MG over the entire length of the contract, the payments made will be held as an asset on the balance sheet.
외화 보유
For the purpose of the consolidated financial statements, the results and financial position of each Group company are expressed in US Dollars, which is the presentational currency of the consolidated financial statements. The majority of trade in the Company is recognised in Audioboom Limited, whose functional currency is sterling, along with the Audioboom Group plc entity. These entities are consolidated at a Group level in US Dollars, along with Audioboom Inc and Austin Advertising Inc, whose functional currency is US Dollars.
In preparing the financial statements of the individual companies, transactions in currencies other than the entity's functional currency (foreign currencies) are recorded at the rates of exchange prevailing on the dates of the transactions. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the balance sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.
Exchange differences arising on the settlement of monetary items, and on the retranslation of monetary items, are included in profit or loss for the period.
For the purpose of presenting consolidated financial statements, the assets and liabilities of the Group's foreign operations are translated at exchange rates prevailing on the balance sheet date. Income and expense items are translated at the average monthly rate of exchange ruling at the date of the transaction, unless exchange rates fluctuate significantly during that month, in which case the exchange rates at the date of the transactions are used.
재산, 식물 및 장비
Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses, if any.
Depreciation is calculated under the straight-line method to write off the depreciable amount of the assets over their estimated useful lives. Depreciation of an asset does not cease when the asset becomes idle or is retired from active use unless the asset is fully depreciated. The principal annual rates used for this purpose are between three and five years.
The depreciation method, useful lives and residual values are reviewed, and adjusted if appropriate, at the end of each reporting period to ensure that the amounts, method and years of depreciation are consistent with previous estimates and the expected pattern of consumption of the future economic benefits embodied in the items of the property, plant and equipment.
Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate, only when the cost is incurred, and it is probable that the future economic benefits associated with the asset will flow to the Group and the cost of the asset can be measured reliably. The carrying amount of parts that are replaced is derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred. Costs also comprise the initial estimate of dismantling and removing the asset and restoring the site on which it is located for which the Group are obligated to incur when the asset is acquired, if applicable.
임대
Leases of property for periods longer than one year are capitalised at the fair value of the leased property (disclosed as a right of use asset on the face of the statement of financial position) with the corresponding rental obligations, net of finance charges, included in current and non-current liabilities. The fair value of the lease asset and corresponding liability is calculated as the present value of the minimum value of lease payments for which the Group will become liable, discounted at a rate considered appropriate.
AUDIOBOOM GROUP PLC
재무제표에 대한 주석(계속)
31년 2023월 XNUMX일 마감
회계 정책(계속)
Lease rental payments are split between a reduction in the lease liability and finance cost, with depreciation charges of the right of use asset over its useful economic life recognised as an expense in the Group's income statement. Payments made under operating leases, where the risks and rewards are not transferred to the Group, are recognised as an expense in the income statement.
현금 및 현금성 자산
Cash and cash equivalents comprise cash on hand and demand deposits and other short-term, highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.
통합 근거
The consolidated financial statements consolidate the financial statements of Audioboom Group plc and all its subsidiary undertakings up to 31 December 2023, with comparative information presented for the year ended 31 December 2022. No profit and loss account is presented for Audioboom Group plc as permitted by Companies (Jersey) Law 1991.
Subsidiaries are all entities over which the Group has the power to control the financial and operating policies and is exposed to or has rights over variable returns from its involvements with the investee and has the power to affect returns. Audioboom Group plc obtains and exercises control through more than half of the voting rights for all its subsidiaries. All subsidiaries have a reporting date of 31 December and are consolidated from the acquisition date, which is the date from which control passes to Audioboom Group plc.
The results of associate undertakings are consolidated under the equity method of accounting. The Group applies uniform accounting policies and all intra-group transactions, balances, income and expenses are eliminated on consolidation.
공유 기반 지불
종업원에게 주식선택권을 부여하는 경우 부여일의 주식선택권의 공정가치는 가득기간에 걸쳐 정액기준으로 포괄손익계산서에 반영됩니다. 비시장가득조건은 각 재무상태표일에 가득될 것으로 예상되는 선택권의 수를 조정함으로써 최종적으로 가득되는 선택권의 수에 기초하여 가득기간 동안 인식되는 누적 금액을 고려합니다. 시장 가득 조건은 부여된 옵션의 공정 가치에 반영됩니다. 누적 비용은 시장 가득 조건을 달성하지 못한 경우 조정되지 않습니다.
영장
Warrants issued to Directors, employees and third-party suppliers are measured at the fair value of the service provided with reference to comparable cash settled transactions or, where the value of the services provided is uncertain, with reference to an appropriate valuation methodology. Warrants are ascribed a value at the date of grant, with this value recognised as an expense in the statement of comprehensive income over the relevant vesting period.
당기과세와 이연과세
Current tax is the expected tax payable on taxable income for the period, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustments to tax payable in respect of previous periods.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profits ('temporary differences') and is accounted for using the balance sheet liability method.
Deferred tax liabilities are generally recognised for all taxable temporary differences.
Deferred tax assets are generally recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Where there are deductible temporary differences arising in subsidiaries, deferred tax assets are recognised only where it is probable that they will reverse in the foreseeable future and taxable profits will be available against which the temporary differences can be utilised.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient tax profits will be available to allow all or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited to the statement of income.
AUDIOBOOM GROUP PLC
재무제표에 대한 주석(계속)
31년 2023월 XNUMX일 마감
회계 정책(계속)
금융 상품
금융 자산
Trade receivables and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as loans and receivable financial assets, using the effective interest method less impairment. Interest is recognised by applying the effective interest method, except for short-term receivables when the recognition of interest would be immaterial.
금융 부채
All financial liabilities are initially measured at fair value plus directly attributable transaction costs and subsequently measured at amortised cost using the effective interest method, other than those categorised as fair value through profit or loss. Financial liabilities are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date.
지분 상품
자본으로 분류된 금융상품은 원가로 측정하며 이후에 재측정하지 않습니다.
중요한 회계 판단 및 추정 불확실성의 주요 영역
Minimum guarantees
The Group offers contracts of between one and three years to secure advertising representation of third party podcast partners. The contracts can include commitments to pay Minimum Guarantee (MGs) revenue shares over the contractual period to the third party. Should the revenue share generated not be above the MG contractual amount, the Group will need to true up the revenue share payments to the MG level. The Group continually assesses its exposure to onerous contracts by assessing contractual MGs (see note 18 for further detail on MGs contracted at the year end). There is an element of uncertainty with all contracts signed as they are based on future expected revenue generation and if the future performance does not meet expectations, it may result in a material cash outflow and the recognition of expected losses in the financial period in which the contract is considered to become onerous.
부담스러운 계약 조항
The Group continually assesses its exposure to onerous contracts by assessing contractual minimum guarantees versus future revenue and growth expectations. Should future revenue and growth expectations be lower than previously anticipated which take a partner contract into a loss-making scenario, a provision will be created using a range of growth scenarios to estimate the total estimated net loss of the contract. A weighted average of the different growth scenarios will be used as the performance of future advertising markets and the specific show under review can only be estimated at the balance sheet date. A weighted average cost of capital discount factor has been applied to future revenues to discount the provision to current value. The revenue, net loss and projected net loss of the contract are disaggregated within the consolidated statement of comprehensive income so that the specific impact of onerous contracts and provisions recognised in relation to them is clear to users of the financial statements. No other overheads or costs will be included in the provision assessment because the main cost of the contract is the revenue share owed to the partner. The onerous contract provision calculations are estimates and actual outcomes may be materially different to the value of provision estimated.
공유 기반 보상
The Group issues equity settled share based payments to certain Directors and employees, which have included grants of options in the current period. Equity settled share based payments are measured at fair value at the date of grant, with the charge being recognised within the statement of comprehensive income over the period of service to which the grant relates.
The fair value of share options is measured using a Black-Scholes framework. The Directors have used judgement in the calculation of the fair values of the share based compensation which has been granted during the period, and different assumptions in the model would change the financial result of the business. Certain share options include performance criteria and the charge will vary depending on whether that criteria is met, therefore it is an estimate and is uncertain.
AUDIOBOOM GROUP PLC
재무제표에 대한 주석(계속)
31년 2023월 XNUMX일 마감
회계 정책(계속)
영장
The Group has issued warrants to certain Directors and third parties. Warrants are measured at the fair value of the service provided with reference to comparable cash settled transactions or appropriate valuation methodologies at the date of grant, with the charge being recognised within the statement of comprehensive income over the period of service to which the grant relates.
IFRS 16: Leases
The Group recognises lease liabilities at the present value of future cash flows. The determination of present value involves judgements and estimates, in particular in relation to the discount factor to be applied to those cash flows. In determining an appropriate discount factor the Directors considered a range of factors including the Group's cost of capital together with the interest rate charged on the Group's external debt facilities. Having considered these factors the Directors have assessed that 8% is an appropriate discount factor to determine the value of the Group's lease liabilities.
대손충당금
The Group creates a specific bad debt provision for all debtors which are over 365 days old and reviews all debtors on a continual basis, providing for any under 365 days which are not deemed to be recoverable. The Group utilises the expected credit loss model to calculate an appropriate bad debt provision, which incorporates an assessment of historical losses in deriving a provision to be recognised against the likelihood of future bad debt. Such an assessment requires the application of judgement, and bad debts may materially exceed the amount provided for at the reporting date.
이연법인세자산의 인식과 측정
The Group recognises deferred tax assets in relation to unutilised tax losses which can be utilised to offset tax arising on future taxable profits. Utilisation of these tax losses is dependent on the timing and extent of future taxable profits of the Group. Therefore the recognition and measurement of deferred tax assets is based on the judgement of the Directors as to this profitability and represents an area of material estimation uncertainty. Refer to note 7.
AUDIOBOOM GROUP PLC
재무제표에 대한 주석(계속)
31년 2023월 XNUMX일 마감
2. | 수익 |
| 2023 | 2022 | |
| US$'000 | US$'000 | |||
|
|
| |||
Subscription - recognised over time | 432 | 479 | |||
Advertising - recognised at point in time | 64,598 | 74,400 | |||
-------------- | -------------- | ||||
65,030 | 74,879 | ||||
======= | ======= |
The Directors consider the Group to operate within one operating segment, content related revenue, and consequently expenditure and balance sheet analysis is not presented between subscription and advertising services.
지리 정보
The Group's operations are principally located in the UK and the USA. The main assets of the Group, cash and cash equivalents, are held in the UK and the USA.
지리적 위치에 따른 외부 고객으로부터의 그룹 수익은 아래에 자세히 설명되어 있습니다.
| 2023 | 2022 | |||
| US$'000 | US$'000 | |||
|
|
| |||
영국 | 1,772 | 3,327 | |||
USA | 63,258 | 71,552 | |||
-------------- | -------------- | ||||
65,030 | 74,879 | ||||
======= | ======= |
The Group invoiced three customers who each represented more than 10% of the reported revenue and in aggregate 37% of the total invoiced. The three customers are advertising agencies and represent a number of brands, thus reducing the customer concentration.
The Group currently has two material geographic revenue regions, however, as the Group's controlling operations are primarily based in the UK, there is no separation of income, expenditure and sections of the balance sheet for the purposes of segmental reporting.
3. | 영업 이익 |
| 2023 | 2022 | |
| US$'000 | US$'000 | |||
Operating profit for the period has been arrived at after charging the following: | |||||
유형자산의 감가상각 | 33 | 47 | |||
Operating foreign exchange (loss) / gain | (497) | 1,141 | |||
Staff costs (refer to note 5 for detail) | 8,725 | 11,039 | |||
======= | ======= |
AUDIOBOOM GROUP PLC
재무제표에 대한 주석(계속)
31년 2023월 XNUMX일 마감
4. | 감사인 보수 |
| 2023 | 2022 | |
| US$'000 | US$'000 | |||
감사 서비스 | |||||
Fees for the audit of the consolidated annual financial statements and the audit of the Company's subsidiaries pursuant to legislation | 109 | 98 | |||
-------------- | -------------- | ||||
109 | 98 | ||||
======= | ======= |
5. | 직원 비용 |
| 2023 | 2022 | |
| 번호 | 번호 | |||
Average number of production, editorial and sales staff | 27 | 34 | |||
Average number of management and administrative staff | 12 | 11 | |||
-------------- | --------------- | ||||
39 | 45 | ||||
======= | ======= | ||||
| US$'000 | US$'000 | |||
임금 및 급여 | 4,986 | 5,469 | |||
사회 보장 비용 | 496 | 794 | |||
Pension costs (defined contribution scheme) | 436 | 418 | |||
공유 기반 지불 | 2,807 | 4,358 | |||
-------------- | --------------- | ||||
8,725 | 11,039 | ||||
======= | ======= |
Details of Directors' remuneration are set out in the Remuneration Committee Report in the Annual Report.
6. | 재정 비용 |
| 2023 | 2022 | |
| US$'000 | US$'000 | |||
Depreciation - lease interest (see note 14) | 100 | 87 | |||
Overdraft arrangement fee | 19 | 19 | |||
------------ | ------------- | ||||
119 | 106 | ||||
======= | ======= |
The Company has a US$1.8 million overdraft facility with HSBC and this was not utilised as at the date of this report.
AUDIOBOOM GROUP PLC
재무제표에 대한 주석(계속)
31년 2023월 XNUMX일 마감
7. 과세
세금 조정
The taxation charge on the loss for the period differs from the amount computed by applying the corporation tax rate to the loss before tax for the following reasons:
2023 | 2022 | ||||
US$'000 | US$'000 | ||||
세전 일반 활동 손실 | (16,754) | (429) | |||
---------------- | ---------------- | ||||
영국 법인세율 23.5%(2022년: 19.00%)의 세금 | (3,937) | (82) | |||
세금 목적으로 공제되지 않는 비용 | 2 | 7 | |||
Foreign taxes at different rates | (8) | - | |||
이연법인세의 움직임 | 2,670 | - | |||
이월된 세금 결손금 활용 | (69) | (385) | |||
경감되지 않은 세금 손실 | 3,368 | - | |||
주식기준보상의 효과 | 646 | 788 | |||
---------------- | ---------------- | ||||
해당 기간의 세금 부과 및 유효 세율 | 2,672 | 328 | |||
========= | ========= | ||||
2023 | 2022 | ||||
US$'000 | US$'000 | ||||
현재 세금 | |||||
Foreign tax charge on profits in the year | 2 | 33 | |||
이연 세금 | 2,670 | 295 | |||
---------------- | ---------------- | ||||
Tax charge recognised in the consolidated statement of 수입 | 2,672 | 328 | |||
========= | ========= | ||||
The Group has carried forward UK losses amounting to US$40.8 million as of 31 December 2023 (2022: US$26.7 million). The gross amount of losses upon which the deferred tax asset has been recognised amounts to US$7.9 million (2022: US$17.9 million). This is based on expected utilisation of future taxable profits as estimated by the Directors. The deferred tax asset is expected to be utilised within five years. Refer to the 이연법인세자산의 인식과 측정 accounting judgement detail in the accounting policies section for further disclosure.
There was a deferred tax liability of US$nil (2022: US$nil).
2023 | 2022 | ||
US$'000 | US$'000 | ||
|
| ||
Deferred tax asset at beginning of period | 4,414 | 5,275 | |
Asset derecognised in the year | (2,670) | (295) | |
외환효과 | 232 | (566) | |
----------------- | ----------------- | ||
이연법인세자산총액 | 1,976 | 4,414 | |
======== | ======== | ||
Deferred tax current asset (unutilised tax losses) | 395 | 805 | |
Deferred tax non-current asset (unutilised tax losses) | 1,581 | 3,609 | |
----------------- | ----------------- | ||
이연법인세자산총액 | 1,976 | 4,414 | |
======== | ======== |
AUDIOBOOM GROUP PLC
재무제표에 대한 주석(계속)
31년 2023월 XNUMX일 마감
8. 주당 손실
Basic earnings per share is calculated by dividing the profit or loss attributable to shareholders by the weighted average number of ordinary shares in issue during the period.
IAS 33 requires presentation of diluted EPS when a company could be called upon to issue shares that would decrease earnings per share, or increase the loss per share. For a loss-making company with outstanding share options, the net loss per share would be decreased by the exercise of options. Therefore, as per IAS33:36, the anti-dilutive potential ordinary shares are disregarded in the calculation of diluted EPS.
손실 | 가중 평균 | 주당 | ||
| 주식 수 | 양 | ||
2023 | ||||
| ||||
US$'000 | 천 | 센트 | ||
기본 및 희석 EPS | ||||
주주 귀속 손실 | (19,426) | 16,357 | (118.8) | |
========= | ========= | ========= | ||
| ||||
2022 | ||||
| ||||
| US$'000 | 천 | 센트 | |
기본 및 희석 EPS | ||||
주주 귀속 손실 | (757) | 16,192 | (4.7) | |
========= | ========= | ========= |
AUDIOBOOM GROUP PLC
재무제표에 대한 주석(계속)
31년 2023월 XNUMX일 마감
9. 재산, 식물 및 장비
가구 및 |
|
|
|
| ||
장비 | 컴퓨터 | 테크니컬 | Studio | 금액 | ||
US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | ||
비용 |
|
|
| |||
31년 2021월 XNUMX일 | 26 | 266 | 3 | 124 | 419 | |
추가 | - | 29 | - | - | 29 | |
폐기 | - | (130) | - | (23) | (153) | |
외환효과 | (2) | - | - | - | (2) | |
-------------- | --------------- | --------------- | --------------- | ---------------- | ||
31년 2022월 XNUMX일 | 24 | 165 | 3 | 101 | 293 | |
-------------- | --------------- | --------------- | --------------- | ---------------- | ||
추가 | - | 7 | - | - | 7 | |
폐기 | (24) | (88) | (3) | (95) | (210) | |
외환효과 | - | 2 | - | - | 2 | |
-------------- | --------------- | --------------- | --------------- | ---------------- | ||
31년 2023월 XNUMX일 | - | 86 | - | 6 | 92 | |
-------------- | --------------- | --------------- | --------------- | ---------------- | ||
감가 상각 |
|
|
| |||
31년 2021월 XNUMX일 | 19 | 196 | 3 | 124 | 342 | |
기간 동안의 요금 | 2 | 28 | - | 17 | 47 | |
폐기 | - | (130) | - | (23) | (153) | |
외환효과 | 2 | 22 | - | (26) | (2) | |
---------------- | --------------- | --------------- | --------------- | ---------------- | ||
31년 2022월 XNUMX일 | 23 | 116 | 3 | 92 | 234 | |
----------------- | --------------- | --------------- | --------------- | ---------------- | ||
기간 동안의 요금 | 2 | 23 | - | 8 | 33 | |
폐기 | (24) | (88) | (3) | (95) | (210) | |
외환효과 | (1) | 6 | - | - | 5 | |
---------------- | --------------- | --------------- | --------------- | ---------------- | ||
31년 2023월 XNUMX일 | - | 57 | - | 5 | 62 | |
----------------- | --------------- | --------------- | --------------- | ---------------- | ||
순 장부가 |
|
|
| |||
31년 2021월 XNUMX일 | 7 | 70 | - | - | 77 | |
========= | ========= | ========= | ========= | ========= | ||
31년 2022월 XNUMX일 | 1 | 49 | - | 9 | 59 | |
========= | ========= | ========= | ========= | ========= | ||
31년 2023월 XNUMX일 | - | 29 | - | 1 | 30 | |
========= | ========= | ========= | ========= | ========= |
10. SUBSIDIARIES
As at 31 December 2023, Audioboom Group plc held more than 20% of the share capital of the following companies:
Head office | 주식의 종류 | % held by parent | |
Audioboom Limited | 2-6 Boundary Row, London, SE1 8HP | 보통의 | 100% |
Audioboom Inc. | 251 Little Falls Drive, Wilmington, Delaware 19808, USA | 보통의 | 100% |
Austin Advertising Inc. | 1013 Centre Road, Suite 403S, Wilmington, Delaware 19805, USA | 보통의 | 100% |
Audioboom Inc is held through Audioboom Limited. Austin Advertising Inc is held through Audioboom Inc.
AUDIOBOOM GROUP PLC
재무제표에 대한 주석(계속)
31년 2023월 XNUMX일 마감
11. | 매출 채권 및 기타 채권 | 2023 | 2022 |
US$'000 | US$'000 | ||
|
| ||
상품 및 서비스 판매에 대해 받을 금액 | 14,504 | 13,966 | |
의심스러운 부채에 대한 수당 | (149) | (325) | |
---------------- | ---------------- | ||
순매수금 | 14,355 | 13,641 | |
Deferred cost of sales relating to minimum guarantee payments | - | 93 | |
기타 채권 | 246 | 237 | |
선불 및 발생 소득 | 1,626 | 1,923 | |
회수 가능한 세금 | 101 | 119 | |
---------------- | ---------------- | ||
16,328 | 16,013 | ||
========= | ========= |
The average credit period taken on sales of goods and services is 81 days (2022: 68 days). No interest is charged on receivables. Trade receivables are provided for based on estimated irrecoverable amounts from the sale of goods and services, determined by reference to past default experience and likelihood of recovery as assessed by the Directors.
Included in the Group's trade receivable balance are debtors with a carrying amount of US$2.1 million (2022: US$2.3 million) which are past due at the reporting date.
In addition, US$nil (2022: US$0.1 million) relates to deferred cost of sales relating to podcast partner contractual minimum guarantee payments. These are payments which were made to a podcast partner with a multi-year contract during the year due to revenue shares earned being lower than the contractual minimum guaranteed amount.
Having considered the Group's exposure to bad debts and the probability of default by customers, no material adjustment has been identified between recognition of bad debts on a specific basis and expected credit losses outlined below in accordance with IFRS 9 (2022: US$nil).
Accrued income carried forward into 2024, that will reverse fully in 2024, is US$0.4 million (2022: US$0.6 million).
As at 31 December 2023 the lifetime expected loss provision for trade receivables was:
US$'000 | Current | 30일 이상 연체 | 60일 이상 연체 | 90일 이상 연체 | 금액 |
예상 손실률 | 0.3% | 1% | 1% | 3% | |
총장부금액 | 6,799 | 3,483 | 1,988 | 2,234 | 14,504 |
손실충당금 | 20 | 29 | 22 | 78 | 149 |
As at 31 December 2022 the lifetime expected loss provision for trade receivables was:
US$'000 | Current | 30일 이상 연체 | 60일 이상 연체 | 90일 이상 연체 | 금액 |
예상 손실률 | 0.5% | 1% | 3% | 8% | |
총장부금액 | 5,334 | 4,227 | 2,148 | 2,257 | 13,966 |
손실충당금 | 27 | 27 | 65 | 191 | 325 |
AUDIOBOOM GROUP PLC
재무제표에 대한 주석(계속)
31년 2023월 XNUMX일 마감
12. | 무역 및 기타 채무 | 2023 | 2022 |
US$'000 | US$'000 | ||
유동 부채 |
|
| |
매입 채무 | 9,156 | 5,932 | |
기타 세금 및 사회 보장 | 29 | 37 | |
발생 | 3,144 | 4,522 | |
기타 채무 | 70 | 123 | |
| ---------------- | ---------------- | |
Trade and other payables due within less than one year | 12,399 | 10,614 | |
========= | ========= |
Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. The average credit period taken for trade purchases is 68 days (2022: 54 days). The Group has financial risk management policies in place to ensure that all payables are paid within the credit time frame.
The Group records negligible deferred income and therefore no analysis of contract liabilities has been provided.
13. | STATED CAPITAL ACCOUNT |
| |||||
|
의 번호 |
공유 |
공유 | ||||
| 주식 | 자본 | 프리미엄 | ||||
|
| US$'000 | US$'000 | ||||
| |||||||
31년 2021월 XNUMX일 | 15,768,017 | - | 61,011 | ||||
해당 기간에 발행된 주식 | |||||||
행사된 주식선택권 | 179,402 | - | 357 | ||||
영장 발부 | 350,000 | - | 1,534 | ||||
---------------------- | ------------------- | --------------------- | |||||
31년 2022월 XNUMX일 |
| 16,297,419 | - | 62,902 | |||
---------------------- | ------------------- | --------------------- | |||||
| |||||||
해당 기간에 발행된 주식 | |||||||
행사된 주식선택권 | 79,517 | - | 202 | ||||
-------------------- | --------------------- | ----------------------- | |||||
31년 2023월 XNUMX일 | 16,376,936 | - | 63,104 | ||||
=========== | =========== | =========== | |||||
There is no authorised share capital and all shares rank 파리 파투. All issued share capital is fully paid up. All ordinary shares have no par value.
AUDIOBOOM GROUP PLC
재무제표에 대한 주석(계속)
31년 2023월 XNUMX일 마감
14. RIGHT OF USE ASSET LEASES
인식된 사용권 자산의 장부금액과 기간 동안의 움직임은 다음과 같습니다.
|
|
|
| Office Lease Total |
| |
|
|
|
| US$'000 |
| |
31년 2021월 XNUMX일 | 576 | |||||
감가 상각비 | (250) | |||||
외국환 | 3 | |||||
---------------- | ||||||
31년 2022월 XNUMX일 | 329 | |||||
---------------- | ||||||
감가 상각비 | (239) | |||||
임대 변경 | 1,023 | |||||
외국환 | 4 | |||||
---------------- | ||||||
31년 2023월 XNUMX일 | 1,117 | |||||
========= |
리스부채의 장부금액과 기간의 변동은 다음과 같습니다.
2023 | 2022 | |
US$'000 | US$'000 | |
| ||
1월 XNUMX일 잔액 | 358 | 627 |
리스 부채의 지불 | (365) | (356) |
Imputed lease interest costs | 100 | 87 |
임대 변경 | 1,017 | - |
------------- | ------------- | |
31월 XNUMX일 잔액 | 1,110 | 358 |
======== | ======== | |
Current | 68 | 278 |
비유류 | 1,042 | 80 |
포괄손익계산서에 인식된 금액은 다음과 같습니다.
2023 | 2022 | |
US$'000 | US$'000 | |
|
| |
사용권자산의 감가상각비 | 239 | 250 |
리스 부채에 대한이자 비용 | 100 | 87 |
------------- | ------------- | |
Total amount recognised | 339 | 337 |
======== | ======== |
The Company recorded total cash outflows for leases of US$481,000 in 2022 (2022: $442,000).
The following are the total value of the commitments on an undiscounted basis:
2023 | 2022 | |
US$'000 | US$'000 | |
|
| |
XNUMX년 미만 | 199 | 365 |
XNUMX~XNUMX년 | 1,376 | 109 |
------------- | ------------- | |
Total value of commitments | 1,575 | 474 |
======== | ======== |
|
AUDIOBOOM GROUP PLC
재무제표에 대한 주석(계속)
31년 2023월 XNUMX일 마감
15. | OPERATING LEASE ARRANGEMENTS | 2023 | 2022 |
$'000 | $'000 | ||
임차인으로서의 그룹 |
|
| |
Lease payments under operating leases recognised as an expense | |||
올해에 | 113 | 94 | |
------------- | ------------- | ||
At the balance sheet date, the Group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows: | |||
XNUMX년 미만 | 91 | 110 | |
------------- | ------------- | ||
91 | 110 | ||
======== | ======== |
The operating lease is not recognised as an asset or liability in the Statement of Financial Position under IFRS 16 due to its total length being less than one year.
16. 관련 당사자 거래
주요 경영진 보수
See the Remuneration Committee Report for details relating to key management personnel remuneration during the year. Key management during the year being Stuart Last, CEO and Brad Clarke, CFO.
AUDIOBOOM GROUP PLC
재무제표에 대한 주석(계속)
31년 2023월 XNUMX일 마감
17. 주식기준보상
The Company has share option schemes for employees of the Group. Options are exercisable at the price agreed at the time of the issue of the share option. The vesting period and/or any performance conditions vary between employees. If the options remain unexercised after a period of 10 years from date of grant the options expire. Options are typically forfeited if the employee leaves the Group before the options vest. Details of the share options granted during the period are as follows:
2023 | 2022 | ||||
| 가중 |
| 가중 | ||
| 평균 |
| 평균 | ||
수 | 운동 | 수 | 운동 | ||
공유 옵션 | 가격 (£) | 공유 옵션 | 가격 (£) | ||
|
| ||||
기간초 우수 | 1,403,642 | 6.838 | 1,147,213 | 2.650 | |
기간 동안 부여 | 457,000 | 3.567 | 442,831 | 15.550 | |
기간 중 몰수/실패 | (96,674) | 11.108 | (7,000) | 7.693 | |
기간 동안 운동 | (79,517) | 2.004 | (179,402) | 1.646 | |
-------------------- | --------------------- | ||||
Outstanding at end of period - time vesting based | 852,451 | 5.041 | 753,968 | 5.420 | |
Outstanding at end of period - performance vesting based1 | 832,000 | 6.845 | 649,674 | 8.483 | |
-------------------- | --------------------- | ||||
Total outstanding at end of period | 1,684,451 | 5.932 | 1,403,642 | 6.838 | |
============= | ============= | ||||
기간 종료 후 행사 가능 | 1,225,401 | 5.477 | 926,591 | 4.587 | |
============= | ============= |
1Options with performance-based vesting will vest, subject to Remuneration Committee discretion, if the Company meets market expectations for revenue and adjusted EBITDA targets
The options outstanding at 31 December 2023 had a weighted average exercise price of £5.932, and an average remaining contractual life of 7 years. The inputs into the Black-Scholes model are as follows:
2023 | 2022 | ||||
가중평균주가 | £3.567 | £15.550 | |||
가중 평균 운동 가격 | £3.567 | £15.550 | |||
예상 변동성 | 60% | 63% | |||
기대 수명 | 10년 | 10년 | |||
무위험 이자율 | 4.02% | 2.39% | |||
예상 배당수익률 | 0% | 0% | |||
============= | ============= |
Expected volatility was determined by assessing the share price volatility from the current year. The Group recognised total expenses of US$2.807 million related to equity-settled share-based payment transactions for the year ended 31 December 2023 (31 December 2022: US$4.358 million).
2023 | 2022 | ||
US$'000 | US$'000 | ||
|
| ||
쉐어옵션 차지 | 2,807 | 4,358 | |
-------------- | -------------- | ||
2,807 | 4,358 | ||
======== | ======== |
At the period end, the Company had in issue outstanding share warrants for a total of 170,000 shares (2022: 170,000 shares) with a weighted average exercise price of £2.74 (2022: £2.74). All 170,000 (2022: 170,000) of the warrants were exercisable at the period end. Post period end 120,000 of the warrants have lapsed, with the remaining 50,000 warrants having an exercise price of £3.30.
AUDIOBOOM GROUP PLC
재무제표에 대한 주석(계속)
31년 2023월 XNUMX일 마감
18. CONTENT PARTNER MINIMUM GUARANTEES
In order to attract and retain leading podcast partners, the Group offers certain partners minimum revenue guarantees ("MG") over the life of the agreement between the parties. The MG offers guaranteed revenue over the life of the agreement in the form of monthly payments and/or an upfront contracted advance payment, which is then recouped over the life of the agreement, thus reducing future expected payments proportionally. The MGs provided secure the right of access to future content and therefore the expenditure in relation to these guarantees is recognised over the term of the contract. The content providers' obligations are discharged to the Group over the term of the contract in line with when the Group consumes the benefit of these obligations.
As at 31 December 2023, US$nil (2022: US$0.1 million) is included within trade and other receivables and relates to deferred cost of sales relating to podcast partner contractual minimum guarantee payments.
As at 31 December 2023, of the US$33 million (2022: US$47.8 million) total minimum guarantee amount committed to expenditure, US$18.5 million (2022: US$29.9 million) relates to the two onerous contracts provided for detailed in note 19.
The amounts detailed below are undiscounted.
2023 | 2022 | ||
US$'000 | US$'000 | ||
|
| ||
MG expenditure committed in 12 months or less | 24,396 | 24,348 | |
MG expenditure committed in more than 12 months | 9,020 | 23,408 | |
----------------- | ----------------- | ||
Total MG amount committed to expenditure | 33,416 | 47,756 | |
| ======== | ======== |
19. ONEROUS CONTRACT PROVISION
A provision has been recognised as at 31 December 2023 in relation to two partner contracts. As advertising markets have performed below the expectations previously modelled for these agreements, it is now assumed that it is unavoidable that the contracts will generate a loss through to their conclusion in January 2025 and July 2025 respectively. The contracts, which were both negotiated in early 2022 during buoyant podcast advertising market conditions, recorded a net loss of US$5.1 million in 2023 and in light of revenue growth being lower than projected at the previous reporting date it is considered likely that they will continue to be loss making through to their conclusion.
A provision has therefore been created for the estimated total contract loss with the trigger point being future revenue and growth assumptions for the shows being lowered due to the advertising markets being more challenging for longer than anticipated during 2023. Consequently, the ad rates that have been, and are likely to be, commanded for the contract are likely to be lower than those previously assumed.
In estimating the potential net loss of the contracts, high, medium and low growth projections have been used to estimate the total net loss of the contracts. The provision has been recognised as, even under the high growth scenario, it is estimated that the contracts will incur a net loss due to insufficient time and opportunity to derive sufficient revenue growth for the contracts to generate a profit before their expiration in January 2025 and July 2025 respectively. A weighted average of the different growth scenarios has been used as the performance of future advertising markets and the specific shows can only be estimated at the balance sheet date.
It has been deemed appropriate to disaggregate the revenue, net loss and provided for projected net loss of this contract within the consolidated statement of comprehensive income in order to detail revenue and gross margin which reflects the performance of the underlying business. No overheads or other costs have been included in the provision assessment because the main cost of the contract is the revenue share owed to the partner.
AUDIOBOOM GROUP PLC
재무제표에 대한 주석(계속)
31년 2023월 XNUMX일 마감
19. ONEROUS CONTRACT PROVISION (continued)
포괄손익계산서에 인식된 금액은 다음과 같습니다.
2023 | 2022 | ||
US$'000 | US$'000 | ||
|
| ||
Onerous contracts net loss incurred in 2023 | 5,087 | - | |
Onerous contracts provision for expected future net losses | 7,499 | - | |
----------------- | ----------------- | ||
금액 | 12,586 | - | |
| ======== | ======== |
The following are the total value of the provision which has been calculated on a weighted average basis based on a range of scenarios then discounted to detail the net present value of the provision:
2023 | 2022 | ||
US$'000 | US$'000 | ||
|
| ||
Current contract provision | 5,046 | - | |
Non-current contract provision | 2,453 | - | |
----------------- | ----------------- | ||
Total contract provision | 7,499 | - | |
| ======== | ======== |
AUDIOBOOM GROUP PLC
재무제표에 대한 주석(계속)
31년 2023월 XNUMX일 마감
20. 금융 상품
자본 위험 관리
The Group manages its capital to ensure that entities in the Group will be able to meet their financial obligations as they arise while maximising the return to stakeholders. The capital structure of the Group consists of cash and cash equivalents and equity attributable to equity holders of the parent, comprising issued capital, reserves and retained earnings as disclosed in the consolidated statement of changes in equity. As at the period end, the Group did not have any external borrowings and was not subject to externally imposed capital requirements. On 14 April 2022 the Company secured a £1.5 million overdraft with HSBC which remains undrawn.
금융상품의 종류
2023 | 2022 | ||
US$'000 | US$'000 | ||
대여금 및 수취채권 |
|
| |
매출 채권 및 기타 채권 | 14,601 | 13,878 | |
현금 및 현금성 자산 | 3,726 | 8,067 | |
상각후원가 금융부채 | |||
매입 채무 및 기타 채무 | 9,228 | 6,054 | |
======== | ======== |
The carrying amounts of financial assets and financial liabilities recorded at amortised cost approximates to their fair values.
Financial and market risk management objectives
It is, and has been throughout the period under review, the Group's policy not to use or trade in derivative financial instruments. The Group's financial instruments comprise its cash and cash equivalents and various items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of the financial assets and liabilities is to provide finance for the Group's operations in the period.
환위험 관리
The Group has limited exposure to foreign currency risk as a result of matching local currency costs to local currency receipts; thus the main risks arising from the Group's financial instruments are interest rate risk and liquidity risk. The Board reviews and agrees policies for managing these risks and they are summarised below. These policies have remained unchanged throughout the period under review.
금리리스크 관리
연결실체는 현금 및 현금성자산의 대부분을 기업 경상계정에 보유하고 있습니다. 이 계좌는 자금에 빠르게 접근할 수 있다는 장점과 함께 경쟁력 있는 이율을 제공합니다.
신용위험관리
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. The Group has adopted a policy of only dealing with creditworthy counterparties, as a means of mitigating the risk of financial loss from defaults. The Group only transacts with entities after assessing credit quality using independent rating agencies and, if not available, the Group uses other publicly available financial information and its own trading records to rate its major customers. The Group's exposure is continuously monitored and the aggregate value of transactions concluded is spread amongst approved counterparties. Credit exposure is controlled by counterparty limits.
AUDIOBOOM GROUP PLC
재무제표에 대한 주석(계속)
31년 2023월 XNUMX일 마감
21. FINANCIAL INSTRUMENTS (continued)
Ongoing credit evaluation is performed on the financial condition of accounts receivable. The credit risk on liquid funds is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies. The carrying amount of financial assets recorded in the financial statements, which is net of impairment losses, represents the Group's maximum exposure to credit risk. Please refer to note 11 for more detail on the trade receivables collection period.
The ageing of trade receivables (US$'000s) as at 31 December 2023 was:
Current | 30 일 이상 | 60 일 이상 | 90 일 + | 금액 |
US $ 6,799 | US $ 3,483 | US $ 1,988 | US $ 2,234 | US $ 14,504 |
49% | 25% | 14% | 16% |
유동성 리스크 관리
The Group's policy throughout the period has been to ensure continuity of funds. The Group manages liquidity risk by maintaining adequate reserves and banking facilities by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. Please refer to note 12 for more detail on the trade payables payment period.
금융 상품의 공정 가치
The fair value of other non-derivative financial assets and financial liabilities are determined in accordance with generally accepted pricing models based on discounted cash flow analysis using prices from observable current market transactions.
22. 대차대조표 후 이벤트
There are no post balance sheet events as at the date of this report.
RNS는 귀하의 IP 주소를 사용하여 약관 준수 여부를 확인하고, 귀하가 이 커뮤니케이션에 포함된 정보를 사용하는 방식을 분석하고, 그러한 분석을 익명으로 다른 사람과 상용 서비스의 일부로 공유할 수 있습니다. RNS와 런던 증권 거래소가 귀하가 제공한 개인 데이터를 사용하는 방법에 대한 자세한 내용은 개인 정보 보호 정책을 참조하십시오.