Q2 2024 Truecaller AB Earnings Call Transcript
Key Points
- Truecaller AB (TRUBF) saw a 12% increase in both monthly active users (MAU) and daily active users (DAU), reaching 397 million MAU and 325 million DAU.
- The company achieved its third-highest quarterly net sales ever, despite a 12% year-on-year decrease, closing at SEK456 million.
- Subscription revenue on iOS grew by more than 60% compared to the same period last year, showing strong results from targeted efforts.
- Truecaller for Business hit an all-time high in revenue growth, driven by new pricing strategies and increased demand.
- The company continues to operate with strong profitability, maintaining a solid cash flow with SEK213 million in net cash from operating activities before tax payments.
- Net sales decreased by 12% year-on-year, primarily due to lower ad revenues and effects related to the Indian Premier League (IPL).
- EBITDA decreased by 31% compared to the same quarter last year, impacted by lower ad revenues and larger investments in user growth.
- Ad revenue decreased by 22% compared to the second quarter last year, with a significant impact from IPL-related revenue declines.
- Currency effects negatively impacted net sales, particularly in some of the largest markets in the Middle East and Africa region.
- The digital ads market remains challenging, with subdued sentiment for at least six quarters, raising concerns about a potential structural change.
Welcome, everyone. I'm Alan Mamedi. I'm the CEO and Co-Founder of Truecaller. And with me, I have our CFO, Odd Bolin. We are here to announce our interim report covering the second quarter of 2024.
Today, we'll start with overall highlights from the quarter and then walk you through our financial performance in detail. We will then cover some developments on the product side before wrapping up and opening up for questions.
So let's get started with the highlights of the quarter. We closed Q2 with an average of 397 million monthly active users and an increase of 12%. Average daily active users grew to 325 million, an increase of 12% as well. This brings us to a strong DAU-to-MAU ratio of 82%. This is the strongest absolute user growth we've seen in a quarter since 2018.
We closed the quarter at SEK456 million in net sales, 12% decrease year on year. This is our the third highest quarterly net sales ever. But as you know, we have tough comparison quarter and excluding effects related to IPL, our revenues
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