Improved earnings and robust profitability with increased investments

STOCKHOLM, May 7, 2024 /PRNewswire/ — Truecaller, the leading global platform for verifying contacts and blocking unwanted communication, is proud to report an increase in net sales with 10% to SEK 427.2 million (387.1) and earning per share increased with 27 per cent to SEK 0.38 (0.30). EBITDA increased with 1% to SEK 151,0 million (150,0) and the EBITDA margin was 35.4% (38.8%) in the first quarter.

“Truecaller continued to grow strongly in the first quarter. We added more than nine million monthly and daily active users, and on average the number of monthly users was 383 million. Conversion of paying users continued to increase, and with the launch of more advanced premium features, the average revenue per subscriber reached a new record level.

Net sales increased by 10 percent compared to the first quarter of 2023 to SEK 427,2 million (387,1). Ads, subscription and business revenue all contributed to the increase. Our recurring revenue, from subscriptions and business, grew in total by 33 percent.

Our profit also improved. Earnings per share increased by 27 percent to SEK 0.38 (0.30). EBITDA increased by 1 percent to SEK 151,0 million (150,0) and the EBITDA margin was 35.4 percent (38.8).

We have seen positive results from our increased growth investments in selected markets. The investments in Nigeria and Latin America are designed to strengthen our market position and accelerate user growth. In the U.S., the strategy is mainly to grow the number of paying users. In Nigeria, Colombia and Chile, annualized user growth in the quarter amounted to between 30 and 50 percent, and in the U.S., subscription revenue rose by more than 60 percent. Average revenue per paying user in the U.S. is currently 100 times higher than the average for a free user of Truecaller globally.

The need for Truecaller globally is greater than ever. I am proud to say that the number of users grew by almost the size of Sweden’s population in a single quarter. I look forward to continuing to create more secure communication for even more people in the future. Financially, our goal is to achieve a balance between profitability and strong growth of recurring revenue over time. With a solid financial foundation to build on, we look forward to continuing to invest in our long-term growth initiatives at the same time that we continue to return value to our shareholders through share buybacks and dividends,” says Alan Mamedi CEO of Truecaller.

January-March 2024 (Q1)

Comparative figures refer to January-March 2023

Net sales increased by 10 percent to SEK 427.2m (387.1).EBITDA amounted to SEK 151.0m (150.0), corresponding to an adjusted EBITDA margin of 35.4 (38.8) percent. Excluding the costs of incentive programs, EBITDA would have been SEK 162.3m (161.1), equivalent to an EBITDA margin of 38.0 (41.6) percent.Profit after tax increased with 22 percent and amounted to SEK 133.0m (109.1).Basic earnings per share increased by 27 percent and was SEK 0.38 (0.30) and diluted earnings per share were SEK 0.38 (0.30).The average number of active users (MAU) increased by 39 million to approximately 383.4 million (344.4).Net sales increased by 8 percent in India, by 9 percent in the Middle East and Africa and by 24 percent in the rest of the world.Truecaller’s board of Directors introduced a dividend policy saying that 25 percent of net profit after tax should be distributed as a dividend.For the Annual General Meeting at 23rd of May Truecaller’s board of Directors propsoses a dividend of 1.70 SEK per share for the financial year 2023, to cancel all repurchased B-shares which is equivalent to 7.5% of the outstanding share capital and asks for a new mandate to repurchase of up to 10 percent of outstanding shares.

Presentation of the report

Alan Mamedi, CEO and Odd Bolin, CFO presents the report and answers questions in a webcast and conference call today 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-q1-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=50047238

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 383 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

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SOURCE Truecaller AB