Ubisoft Reports First-Quarter 2023-24 Sales
UBISOFT REPORTS
FIRST-QUARTER
2023-24
SALES
Q1 performance
ahead of target Successful Ubisoft Forward
event offered tangible evidence of
line-up strength&
confirmed key strategic
pillars with major brands and long-lasting Live
gamesConfirmation of 2023-24 targets
Download the press release in englishDownload the press release
in french
- Net
bookings of
€267.7
million, ahead of target of around €240.0
million
|
In
€mQ12023-24
|
Reported change vs.Q1
2022-23
|
% of total net bookings |
|
Q1
2023-24 |
Q1
2022-23 |
IFRS 15 sales |
288.9 |
-9.2% |
NA |
NA |
Net bookings |
267.7 |
-8.7% |
NA |
NA |
Digital net bookings |
241.3 |
-8.0% |
90.2% |
89.4% |
PRI net bookings |
127.4 |
-17.0% |
47.6% |
52.3% |
Back-catalog net bookings |
245.7 |
-4.2% |
91.8% |
87.4% |
Paris, July
20,
2023 – Today, Ubisoft released its sales
figures for the first quarter of fiscal 2023-24, i.e., the three
months ended June 30, 2023.
Yves Guillemot, Co-Founder and Chief Executive
Officer, said “This quarter, we delivered a better-than-expected
performance and we continued to progress on our two-pillar strategy
of reaching a significantly larger audience and growing our
recurring revenues. We showcased our promising big-brand games and
Live experiences during the highly regarded Ubisoft Forward event,
positioning us favorably for the upcoming months and years. In
addition to increased engagement and positive sentiment from
players, Ubisoft Forward was an important moment of pride for our
teams across the world. Our test phases for our Free-to-Play titles
during the quarter provided key data to our teams as they are
getting the games ready for release. We also announced that Level
Infinite will be publishing Assassin’s Creed Codename Jade on
mobile. It reflects the powerful appeal of our brands and the
significant value creation our shareholder agreement with Tencent
is delivering. This publishing partnership greatly enhances our
medium-term mobile footprint while delivering significant financial
value to the benefit of Ubisoft and its shareholders.As we look to
the future, we are confident that our sharp focus on our biggest
opportunities coupled with significant cost reductions will result
in meaningful progression of revenue, earnings and cash-flow
generation over the coming years.”
Q1 ACTIVITY
Tom Clancy’s Rainbow Six® Siege net bookings and
DAUs grew double digit year-on-year, driven by strong activity
throughout the quarter on the back of its new Year 8 Season 2 and
seasonal events. Other Live games performed well with Tom Clancy’s
The Division® 2 witnessing strong activity thanks to new seasonal
content and The Crew® 2 reaching near record MAUs in June ahead of
The Crew® Motorfest release.
This quarter also saw numerous test phases for
our upcoming free-to-play initiatives. Tom Clancy’s Rainbow Six®
Mobile, Tom Clancy’s The Division® Heartland and Tom Clancy’s The
Division® Resurgence have gathered valuable data during their
respective betas. XDefiant held a three-day open session to test
its technical infrastructure and the changes implemented on the
back of the feedback received from the closed beta. The community
praised the close collaboration between the developers and the
players.
Later this summer, The Crew Motorfest will offer
fans a chance to test the game between July 21st and July 23rd
through a 3-day closed beta. Skull and Bones™ will launch a closed
beta on August 25, giving players a chance to experience the
multiplayer pirate open-world game first-hand as the team continues
to work toward its release later this fiscal year. Finally,
Assassin’s Creed Codename Jade will hold a closed beta between
August 3rd and August 11th.
SUCCESSFUL UBISOFT FORWARD EVENT OFFERED
TANGIBLE EVIDENCE OF LINE-UP
STRENGTH
Held live from Los Angeles on June 12, the
Ubisoft Forward conference unveiled previously unseen gameplay and
trailers from some of Ubisoft’s most anticipated upcoming releases,
including big brands like Assassin’s Creed® Mirage, Avatar:
Frontiers of Pandora™, Star Wars Outlaws™ and long-lasting live
games, such as The Division Resurgence and The Crew Motorfest.
Ubisoft Forward was an opportunity for Ubisoft to reconnect with
all its stakeholders, including media, partners, industry peers,
and, most importantly, players. Hundreds of journalists, content
creators and partners also had access to live demos and hands-on
experiences. This year’s show saw 64% higher max concurrent live
views and a 26-point progression of community sentiment versus the
previous Forward, and total organic views surpassed 24 million. The
event generated 102 million impressions on social media and more
than 4,000 media articles. Finally, Forward was a special moment of
pride for Ubisoft’s global teams, who shared in the celebration of
their work.
LEVEL INFINITE TO PUBLISH MOBILE GAME
ASSASSIN’S CREED CODENAME JADE
Following the licensing partnership on mobile
announced in July 2022, Level Infinite, a Tencent subsidiary, will
publish Assassin’s Creed Codename Jade, an open world action
adventure/RPG game which will be released on iOS and Android
devices.
It is one of the biggest publishing deals ever
signed in the industry. It reflects the strength of our brands in a
context of scarcity of high-quality IPs and, as such, our capacity
to increasingly value our IPs. With Tencent being one of the
industry’s leaders of the massive mobile segment, it also confirms
our brands’ potential in the free-to-play market.
This publishing agreement greatly enhances
Ubisoft’s medium-term mobile footprint while delivering significant
financial value to the benefit of its shareholders. It is another
positive step in the long-term strategic relationship between
Tencent and Ubisoft. Last September’s shareholding transaction with
Tencent was essential to deliver Ubisoft’s full value creation
potential and provided the Group with the opportunity to expand
collaboration through new partnerships as well as the necessary
stability for its long-term development, while keeping all options
open.
UBISOFT FURTHER STRENGTHENS ITS BOARD
WITH THE PROPOSED NOMINATION OF TWO NEW HIGHLY QUALIFIED
INDEPENDENT DIRECTORS
Ubisoft is continuously adapting its
organization to best respond to the rapidly changing industry while
accelerating on the execution of its strategy. In this context, the
Company is strengthening its Board of Directors with a view to
further enriching the diversity of skills and expertise of its
independent members. To that end, Ubisoft’s Board has proposed the
nomination of two new independent directors, Katherine Hays and
Olfa Zorgati, with strong international executive backgrounds at
its upcoming September Annual General meeting.
Katherine Hays has more than 20 years of
experience across esports, gaming, advertising, media and
entertainment as an entrepreneur and executive. She is currently an
independent member of the Board of Technicolor Creative Studios,
serves as an advisor to numerous esports start-ups, and is a senior
advisor to institutional investors within the United Arab Emirates.
Olfa Zorgati has extensive financial and management experience,
with a deep expertise in technology. She is currently Chief
Financial Officer as well as Executive Vice-President Operations
and is on the Executive Committee of ESI Group, a c.€1bn market cap
software and technology company listed on Euronext Paris, which she
joined in 2018.
Additionally, Claude France, who joined the
Board in July 2022 to bring her digital and tech expertise as well
as her experience in managing large scale organizations, will be
appointed as the new Lead Independent Director as well as Chair of
the Audit & Risk Committee.
Over the past decade, Ubisoft’s Board has
demonstrated its commitment to continuously adapting its governance
to the best standards. To that end, the Board created the Lead
Independent Director role in 2016 and added independent directors
so that they comprised a majority of all Board members in 2016. The
Audit Committee and the Nomination, Compensation and Governance
Committee have been fully independent since 2013. The Board also
complied with the Copé-Zimmermann law to have at least 40% gender
diversity by 2017. If the two candidates proposed by the Board are
approved by shareholders, the Board will have women representation
of 55%.
Note The Group
presents indicators which are not prepared strictly in accordance
with IFRS as it considers that they are the best reflection of its
operating and financial performance. The definitions of the
non-IFRS indicators are appended to this press release.
Sales and net
bookings
In € millions |
Q1
2023-24 |
Q1
2022-23 |
|
Sales (IFRS 15) |
288.9 |
318.2 |
|
Deferred revenues related to IFRS 15 |
(21.2) |
(24.9) |
|
Net bookings |
267.7 |
293.3 |
|
IFRS 15 sales for the first quarter of 2023-24
came to €288.9 million, down -9.2% (-8.2% at constant exchange
rates1) compared with the €318.2 million generated in first-quarter
2022-23.
First-quarter 2023-24 net bookings totaled
€267.7 million, exceeding the target of around €240.0 million
and down -8.7% (-7.7% at constant exchange rates) on the €293.3
million figure for the first quarter of 2022-23.
Outlook
Second-quarter 2023-24
Net bookings for the second quarter of 2023-24
are expected to come in at around €350 million.
Full-year 2023-24
The Company confirms its financial targets. It
expects strong top line growth and non-IFRS operating income at
approximately €400 million.
The FY24 line-up includes Assassin's Creed
Mirage, Avatar: Frontiers of Pandora, Rainbow Six Mobile, The
Division Resurgence, another large game as well as Just Dance® 24
edition, Prince of Persia The Lost Crown, Skull and Bones, The Crew
Motorfest and XDefiant.
Conference call
Ubisoft will hold a conference call today,
Thursday July 20, 2023, at 6:15 p.m. Paris time/5:15 p.m. London
time/12:15 p.m. New York time. The conference call will take
place in English and can be accessed live and via replay by
clicking on the following link:
https://edge.media-server.com/mmc/p/vybfyia4
Contacts
Investor RelationsJean-Benoît
RoquetteSVP Investor Relations+ 33 1 48 18 52
39Jean-benoit.roquette@ubisoft.com
Alexandre Enjalbert Investor Relations Director+33 1 48 18 50 78
Alexandre.enjalbert@ubisoft.com
Press Relations Michael Burk
Senior Director of Corporate Public Relations + 33 1 48 18 24 03
Michael.burk@ubisoft.com
DisclaimerThis press release
may contain estimated financial data, information on future
projects and transactions and future financial results/performance.
Such forward-looking data are provided for information purposes
only. They are subject to market risks and uncertainties and may
vary significantly compared with the actual results that will be
published. The estimated financial data have been approved by the
Board of Directors, and have not been audited by the Statutory
Auditors. (Additional information is provided in the most recent
Ubisoft Registration Document filed on July 20, 2023 with the
French Financial Markets Authority (l’Autorité des Marchés
Financiers)).
About UbisoftUbisoft is a
creator of worlds, committed to enriching players’ lives with
original and memorable entertainment experiences. Ubisoft’s global
teams create and develop a deep and diverse portfolio of games,
featuring brands such as Assassin’s Creed®, Brawlhalla®, For
Honor®, Far Cry®, Tom Clancy’s Ghost Recon®, Just Dance®, Rabbids®,
Tom Clancy’s Rainbow Six®, The Crew® and Tom Clancy’s The
Division®. Through Ubisoft Connect, players can enjoy an ecosystem
of services to enhance their gaming experience, get rewards and
connect with friends across platforms. With Ubisoft+, the
subscription service, they can access a growing catalog of more
than 100 Ubisoft games and DLC. For the 2022–23 fiscal year,
Ubisoft generated net bookings of €1,739 million. To learn more,
please visit: www.ubisoftgroup.com.
© 2023 Ubisoft Entertainment. All Rights
Reserved. Ubisoft and the Ubisoft logo are registered trademarks in
the US and/or other countries.
APPENDICES
Definition of non-IFRS financial
indicators
Net bookings corresponds to sales restated for
the services component and including unconditional amounts related
tolicense or distribution agreements recognized independently of
the achievement of performance obligations.
Player Recurring Investment (PRI) corresponds to
sales of digital items, DLC, season passes, subscriptions and
advertising.
Non-IFRS operating income calculated based on
net bookings corresponds to operating income less the following
items:
- Stock-based compensation expense
arising on free share plans, group savings plans and/or stock
options.
- Depreciation of acquired intangible
assets with indefinite useful lives.
- Non-operating income and expenses
resulting from restructuring operations within the Group.
Breakdown of net bookings by geographic
region
|
Q1 2023-24 |
Q1 2022-23 |
Europe |
33% |
29% |
North America |
51% |
51% |
Rest of the world |
16% |
20% |
TOTAL |
100% |
100% |
Breakdown of net bookings by
platform
|
Q1
2023-24 |
Q1
2022-23 |
|
CONSOLES |
50% |
47% |
PC |
31% |
27% |
MOBILE |
10% |
12% |
Others* |
9% |
14% |
TOTAL |
100% |
100% |
*Ancillaries, etc.
Title release
schedule2nd
quarter (July
– September
2023)
DIGITAL +
PHYSICAL |
|
|
THE CREW® MOTORFEST |
AMAZON LUNA, PC, PLAYSTATION® 4, PLAYSTATION® 5, XBOX ONE, XBOX
SERIES X/S |
UNO® |
PLAYSTATION® 5, XBOX X |
DIGITAL
ONLY |
|
|
FOR HONOR®: Year 7 - Season 3 |
PC, PLAYSTATION® 4, XBOX ONE |
MARIO + RABBIDS®: SPARKS OF HOPE DLC3 |
NINTENDO SWITCH |
RIDERS REPUBLIC™: Season 8 + Skate DLC |
AMAZON LUNA, PC, PLAYSTATION 4, PLAYSTATION 5, XBOX ONE, XBOX
SERIES X/S |
RIDER WORLDS |
IOS, ANDROID |
THE CREW® 2: Season 9 - Episode 1 |
PC, PLAYSTATION 4, PLAYSTATION 5, XBOX ONE, XBOX SERIES X/S |
THE CREW® 2: Season 9 - Episode 2 |
PC, PLAYSTATION 4, PLAYSTATION 5, XBOX ONE, XBOX SERIES X/S |
THE SETTLERS®: NEW ALLIES Consoles |
PLAYSTATION 4, PLAYSTATION 5, XBOX ONE, XBOX X, NINTENDO
SWITCH |
TOM CLANCY’S RAINBOW SIX® SIEGE: Year 8 - Season 3 |
AMAZON LUNA, PC, PLAYSTATION 4, PLAYSTATION 5, XBOX ONE, XBOX
SERIES X/S |
XDEFIANT: Season 0 |
PC, PLAYSTATION 5, XBOX SERIES X/S |
1 Sales at constant exchange rates are
calculated by applying to the data for the period under review the
average exchange rates used for the same period of the previous
fiscal year.
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