Q3 2024 Fortnox AB Earnings Call Transcript
Key Points
- Fortnox AB (FRA:9E80) reported a stable quarter with all main KPIs in line with or better than the same period last year.
- The company achieved a customer growth of 13,000, marking the highest increase for the third quarter.
- Average revenue per customer increased by SEK8, indicating a positive trend in revenue generation.
- Net sales grew by 26%, with the highest growth observed in the lending segment, which increased by 43%.
- Fortnox AB's platform enhancements, such as the ability for accountants to submit reports and the automation of transactions, have led to significant efficiency gains for customers.
- The company faces challenges in reaching its 2025 target of 700,000 customers, indicating potential difficulties in customer acquisition.
- There were non-recurring costs related to changes in the executive management team, impacting the operating margin.
- The macroeconomic environment is holding back growth, affecting both customer activity and transaction-based revenues.
- The deconsolidation of Offerta is expected to result in lower revenue in the next quarter, though the P&L impact is minimal.
- Organic growth is trending softer, attributed to the ongoing recession and macroeconomic headwinds.
Good morning, and welcome to the Fortnox Investor Forum. My name is Josefin Ceder, and I will be your host and moderator today. There are two guests with me in the studio today, Fortnox Acting CEO, Roger Hartelius; and our former CEO, Tommy Eklund. This stream will be maximum an hour long. The first part is dedicated to the quarterly results, which will be presented by today's guests.
(Event Instructions)
Welcome to Fortnox Investor Forum. The presentation today will, as I said, be divided between our two guests. First off is Roger with the financials and then Tommy will present after that with the business highlights from the quarter.
First off, here's Roger Hartelius with 2024's third-quarter financial results.
Thank you, Josefin. So starting to summarize the quarter, is a stable quarter where all our main KPIs are in line with or better than the same period last year. The customer growth of
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