Q2 2024 Fortnox AB Earnings Call Transcript
Key Points
- Fortnox AB (FRA:9E80) achieved a significant milestone by delivering over SEK200 million in EBIT for a single quarter for the first time in its history.
- The company reported a solid 27% growth, with 26% being organic growth, despite macroeconomic headwinds.
- Fortnox AB (FRA:9E80) increased its customer base by 16,000, surpassing the previous year's addition of 15,000 customers.
- The ARPC (Average Revenue Per Customer) grew to SEK285, nearing the five-year target of SEK300 by the end of 2025.
- The company's Rule of 40 score reached 67, indicating strong combined growth and profitability metrics.
- The current run rate of new customer additions is below the 2025 target, indicating potential challenges in meeting long-term goals.
- The financial services segment showed a lower year-over-year margin due to lower revenue recognition of unplaced payments.
- There are ongoing macroeconomic headwinds that could impact future growth and customer acquisition.
- The ARR (Annual Recurring Revenue) growth excluding Offerta was about 25%, indicating no growth in Offerta.
- The shift from subscription to transactional-based revenue has a negative impact on ARR, despite being neutral in terms of net revenue.
Good morning and welcome to the Fortnox Investor Forum. My name is Josefin Ceder, and I will be your host. And today, I will also act as your moderator once again. Our guest in the studio is, of course, our very own CEO, Tommy Eklund.
This stream will be about an hour long. The first part is dedicated to the presentation of the quarterly reports, which will be presented by our very own Tommy. And then this will be followed by a question-and-answer session.
Today, we're also introducing something new; we're introducing phone calls to the stream. (Event Instructions)
Here is Tommy Eklund for the presentation of quarter two.
Hi, everyone, and thank you, Josefin. Yes. So as we normally do, we keep my presentation kind of short, and then we're focusing on Q&A. But anyway, just to give you some info regarding the numbers -- let's dig into the results.
Yes, our head KPIs is number of customers and ARPC, as you may
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
