Truecaller: All-time high user growth and solid development of revenue and profits

Interim report January-September 2024

 STOCKHOLM, Nov. 6, 2024 /PRNewswire/ -- Truecaller, the leading global platform for verifying contacts and blocking unwanted communication, is proud to report an increase in net sales with 15% to SEK 457.3 million (398.7). All income streams contributed to the growth. EBITDA increased with 15% to SEK 167.4 million (145.8) and the EBITDA margin was 36.6% (36.6%). During the quarter average number of monthly active users grew with 16 million which was an all-time high user growth in absolute terms.

Extract from CEO Word:

"Net sales increased by 15% in the third quarter compared to the same quarter last year, reaching SEK 457 million (SEK 399 million). All three of our revenue streams contributed to this growth. Our recurring revenues, including business and subscription income, grew by a combined 35% and now represents 29% (25%) of our total revenue. For the first time since Q4 2022, our advertising revenues showed underlying growth, rising by 8%. Currency effects had a negative impact on growth this quarter, but total revenue still exceeded the seasonally strong second quarter. Truecaller for Business, our business offering, increased revenues by 48% to SEK 65.8 million (SEK 44.4 million) and now represents nearly 15% of total revenue. Subscription revenue continues to grow steadily, reaching SEK 67.3 million (SEK 53.9 million) in the quarter, a 25% increase.

EBITDA also increased by 15% to SEK 167 million (SEK 146 million), despite increased investments in user growth and the aforementioned negative currency effects. Profitability remained stable, with an EBITDA margin of 37% (37%).

In the fourth quarter, we will launch the largest product improvement so far for Truecaller on iOS. The key changes will enable us to offer the same type of caller identification and spam blocking on iOS as on Android. Our commercial strategy for the new product will primarily position it as a subscription product. This means functionality in the free version will be limited, and the number of iOS users may decrease, but revenue from iOS could increase significantly.

In Q3, we achieved our highest increase in user numbers to date, adding 16 million new monthly users. The number of monthly active users averaged 413 million, an increase of 46 million year-on-year. Growth is broad-based, occurring across multiple countries and regions.

We are approaching half a billion users, and I am convinced we can reach one billion users within a few years. We are one of the very few companies globally whose product has managed to attract hundreds of millions of people. By doing that we have put Sweden on the world map, that accomplishment is something my co-founder Nami and I are incredibly proud of", says Alan Mamedi CEO of Truecaller. 

July-September 2024 (Q3)

•        Net sales increased by 15 percent to SEK 457.3m (398.7).

•        EBITDA increased by 15% to SEK 167.4m (145.8), corresponding to an EBITDA margin of 36.6 (36.6) percent. Excluding the costs of incentive programs, EBITDA would have been SEK 187.3m (161.5), equivalent to an EBITDA margin of 41.0 (40.5) percent.

•        Profit after tax amounted to SEK 117.8m (105.0).

•        Basic earnings per share was SEK 0.34 (0.29) and diluted earnings per share were SEK 0.34 (0.29).

•        The average number of active users (MAU) increased by 45.5 million to approximately 413.5 million (368.0).

•        Net sales increased by 12 percent in India, by 27 percent in the Middle East and Africa and by 18 percent in the rest of the world.

January-September 2024

•        Net sales increased by 3 percent to SEK 1340.4m (1304.2).

•        EBITDA amounted to SEK 483.1m (534.4), corresponding to an EBITDA margin of 36.0 (41.0) percent. Excluding the costs of incentive programs, EBITDA would have been SEK 526.5m (572.3), equivalent to an EBITDA margin of 39.3 (43.9) percent.

•        Profit after tax amounted to SEK 373.9m (420.1).

•        Basic earnings per share were SEK 1.08 (1.16) and diluted earnings per share were SEK 1.08 (1.16).

•        The average number of active users (MAU) increased by 42.1 million to approximately 398.1 million (356.0).

•        Net sales increased by 16 percent in the Middle East and Africa and by 21 percent in the rest of the world and decreased by 2 percent in India.

Presentation of the report

Alan Mamedi, CEO and Odd Bolin, CFO presents the report and answers questions in a webcast and conference call on the 7^th of November at 13.00 CET. The presentation will be held in English.

If you wish to participate via webcast please use the link below.

https://ir.financialhearings.com/truecaller-q3-report-2024/register

If you wish to participate via teleconference please register on the link below. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference.

https://conference.financialhearings.com/teleconference/?id=50047240

For more information, please contact:

Odd Bolin, CFO

[email protected]

Andreas Frid, Head of IR & Communication

+46 705 29 08 00
[email protected]

This information is information that Truecaller is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014. The information was submitted for publication, through the agency of the contact persons set out above, at the time stated by the Company's news distributor, Cision, at the publication of this press release.

About Truecaller:
Truecaller (TRUE B) is the leading global platform for verifying contacts and blocking unwanted communication. We enable safe and relevant conversations between people and make it efficient for businesses to connect with consumers. Fraud and unwanted communication are endemic to digital economies. especially in emerging markets. We are on a mission to build trust in communication. Truecaller is an essential part of everyday communication for more than 420 million active users, with more than a billion downloads since launch and around 50 billion unwanted calls identified and blocked in 2023. Headquartered in Stockholm, since 2009, we are a co-founder led. entrepreneurial company. with a highly experienced management team. Truecaller is listed on Nasdaq Stockholm since 8 October 2021. For more information. please visit corporate.truecaller.com

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/truecaller-ab/r/all-time-high-user-growth-and-solid-development-of-revenue-and-profits,c4062301

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SOURCE Truecaller AB