Kvartalsrapport Q1 2023

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Group, SEKm (unless otherwise stated)   
2023 
Jan-Mar 
2022  
Jan-Mar 
2022  
Jan-Dec 
Net sales   387.1 398.3 1,772.9 
Gross profit   291.0 311.3 1,355.2 
Gross margin (%)   75.2% 78.1% 76.4% 
Adjusted EBITDA   150.0 181.4 717.2 
Adjusted EBITDA margin (%)   38.8% 45.5% 40.5% 
EBIT (operating profit)   139.8 175.5 688.5 
EBIT margin (%)   36.1% 44.0% 38.8% 
Adjusted EBIT   139.8 175.5 688.5 
Adjusted EBIT margin (%)   36.1% 44.0% 38.8% 
Profit or loss after net financial income or expense   147.0 170.1 688.1 
Basic earnings per share (SEK)   0.30 0.36 1.43 
Diluted earnings per share (SEK)   0.30 0.35 1.43 
Equity   1,738.4 1,566.0 1,804.1 
Total assets   2,123.5 1,857.3 2,344.4 
Equity to assets ratio (%)   81.9% 84.3% 77.0% 
Employees at the end of the period   400 321 395

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The average number of monthly active users increased by 34 
million to 344 million in the quarter. We continue to grow the 
number of users on Android as well as iOS, where growth is 
strong after the launch of our new iOS app in 2022. During the 
quarter, we invested in growing our growth engineering team 
that focuses on user growth, as well as improving the product 
to be able to continue to build underlying growth in our growth 
markets. Eighty-one percent of monthly users are active on a 
daily basis, a new re cord level. To put this in perspective, we 
have an engagement level on a daily basis that is equivalent to 
that of other large global services such as WhatsApp and 
Facebook. 
 
Relative user growth was strongest in regions outside India, and 
in absolute term s growth for the first time in the years 2020 -
2023 was just as high outside India as in India. The stronger 
growth at the end of the quarter has continued and in April we 
passed 350 million monthly users, a major milestone for us as a 
company. The growth h as mainly been achieved through the 
launch of features that have gone viral, as well as through major 
improvements in the product that make more users discover 
the value of the service faster, which in turn leads to higher 
retention. 
 
During the quarter, we continued to deliver a number of major 
production improvements such as Live Caller ID on iOS as a 
premium function and improved SMS functions on iOS. Paying 
iOS users now receive the same quality of information as users 
on Android, which is a big improvement. Our investments in AI, 
coupled with feedback from users, continue to bear fruit in the 
form of improved data quality as well as a number of 
improvements to functions that are designed to prevent fraud 
by phone, including an AI-based fraud protection for SMS. 
 
The lower demand for digital advertising led to a drop in 
advertising revenue of 10 percent to SEK 303.9m (339.0) 
compared to the same quarter in 2022. Prices on the ads market 
decreased due to generally lower demand, primarily driven by 
lower investments in large-scale branding campaigns by private 
equity owned firms and larger companies, which has affected 
pricing in the market. Seasonally, the first quarter is the weakest 
quarter in the ads market. This year the pattern was even more 
evident as revenue related to the Indian Premier League  (IPL) 
for 2023 is recognized entirely in the second quarter, while in 
2022 it was partially recognized in the first quarter. In recent 
quarters, we have made big improvements to our Ad -tech 
platform to offset the weaker demand. In the first quarter, this 
enabled us to increase ad impressions by 20 percent compared 
to last year. This is positive, but more important is that the 
improvements will generate a significantly higher return once 
demand regains momentum on a broad basis. This has already 
proven to be true at the beginning of the Q2 when we on 
individual days reached all time high for  advertising revenue 
tied to the increased demand in connection with the IPL. 
 
Revenue from subscriptions increased by 20 per cent to SEK 
46.5m (38.9). Revenue is rising mainly due to better conversion 
to the subscription offering, which resulted in an 18% increase 
in the number of subscribers, a higher growth rate than total 
user growth. The subscription product is growing stead ily and 
we see great long-term potential. With further investments, and 
as the willingness to pay for subscriptions rises in our markets, 
it could in time account for a substantially larger share of our 
revenue.  
 
Truecaller for Business continues to prosper with new products 
and an increased number of customers. Revenue grew by 87 
percent to SEK 34.4m (18.4) and there are now customers in a 
total of 36 countries. New sales were slightly lower in the 
quarter as sales processes took somewhat longer time, 
impacted by the weaker economy. During the quarter, we 
launched “Verified SMS” to complement “Verified Calling,” which 
means that companies can now verify their identity with 
Truecaller to create more secure communication with 
consumers by voice as well as SM S. Truecaller Business 
Messaging saw rising popularity in the quarter and volumes 
were record high. We think this service, which today is done 
exclusively in a partnership with the CPaaS company Tanla, 
could eventually become an important part of our busin ess 
offering, beyond the opportunities we have already created with 
our calling solutions. 
 
 
 
Our adjusted EBITDA amounted to SEK 150.0m (181.4) with an 
adjusted EBITDA margin of 38.8 percent (45.5) and our cash flow 
from operating acti vities before tax amounted to SEK 126.7m 
(131.7). When revenue growth slowed in the fourth quarter we 
increased investments in our server infrastructure to obtain a 
more scalable and resource-efficient architecture, which in the 
long term can have a greater effect , and compared to the 
previous quarter  we reduced underlying costs (excluding the 
major marketing campaigns in the fourth quarter) by 
approximately 20 percent. The company’s cash position and 
holdings in short-term interest-bearing securities amounted to 
SEK 1.6bn at the end of the quarter. 
 
Our view that the general advertising market will be weaker in 
the first half of 2023 remains unchange d, although we noticed 
positive effects on demand and prices at the beginning of the 
second quarter, driven by the IPL. The view of major market 
players and partners we continuously dialogue with is that the 
second half of the year is generally expected to  be somewhat 
better than the first half, but economic conditions and their 
impact on the advertising market remain difficult to assess. 
 
In summary, we have had a quarter with many product 
improvements towards the end user, strong profitability despite 
a weaker macro through continuous improvements in our Ad -
tech platform, increased conversion of paying users, and we 
have scaled up Truecall er for Business on the messaging side, 
while we have invested in increased efficiency of our server 
infrastructure. Our focus is still to build a world -class product 
for our users, grow number of users and the engagement in the 
product and deliver solid pr ofitability through the entire 
economic downturn, while at the same time ensuring that we 
stand even stronger when demand turns higher again and also 
planning to take advantage of opportunities that can arise 
during a recession.  This combined provides exce llent 
opportunities for growth once the macroeconomy and demand 
regain momentum. 
 
Alan Mamedi, President and CEO

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Group, SEKm (unless otherwise stated)   
2023 
Jan-Mar 
2022  
Jan-Mar 
2022  
Jan-Dec 
Net sales   387.1 398.3 1,772.9 
Gross profit   291.0 311.3 1,355.2 
Gross margin (%)   75.2% 78.1% 76.4% 
Adjusted EBITDA   150.0 181.4 717.2 
Adjusted EBITDA margin (%)   38.8% 45.5% 40.5% 
EBIT (operating profit)   139.8 175.5 688.5 
EBIT margin (%)   36.1% 44.0% 38.8% 
Adjusted EBIT   139.8 175.5 688.5 
Adjusted EBIT margin (%)   36.1% 44.0% 38.8% 
Profit or loss after net financial income or expense   147.0 170.1 688.1 
Basic earnings per share (SEK)   0.30 0.36 1.43 
Diluted earnings per share (SEK)   0.30 0.35 1.43 
Equity   1,738.4 1,566.0 1,804.1 
Total assets   2,123.5 1,857.3 2,344.4 
Equity to assets ratio (%)   81.9% 84.3% 77.0% 
Employees at the end of the period   400 321 395 
 
 
     
January-March 2023  Total India 
Middle East & 
Africa 
Rest of the 
world 
Monthly Active Users (MAU). quarterly average (millions)  344.4 249.3 69.9 25.2 
Daily Active Users (DAU). quarterly average (millions)  278.0 208.8 52.3 16.9 
Cost per mille impressions (CPM) for ad sales (SEK)  0.94 0.84 1.37 3.15 
Average revenue per user (ARPU) for premium subscriptions 
(SEK)  8.34 4.77 10.95 13.37 
 
 
January-March 2022  Total India 
Middle East & 
Africa 
Rest of the 
world 
Monthly Active Users (MAU). quarterly average (millions)  310.1 227.8 60.1 22.2 
Daily Active Users (DAU). quarterly average (millions)  247.7 189.4 44.1 14.2 
Cost per mille impressions (CPM) for ad sales (SEK)  1.24 1.13 1.57 3.18 
Average revenue per user (ARPU) for premium subscriptions 
(SEK)  8.05 4.50 10.10 11.83

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300 310 321 331 338 344
238 248 255 261 271 278
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Q421 Q122 Q222 Q322 Q422 Q123
Användare, milj
Monthly active users (MAU) Daily active users (DAU), avg
392 398
480
450 444
387
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Q421 Q122 Q222 Q322 Q422 Q123
MSEK
Net sales
306 311
374
337 333
291
70%
72%
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76%
78%
80%
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Q421 Q122 Q222 Q322 Q422 Q123
MSEK
Gross profit Gross margin
196
181
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136
150
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Adjusted EBITDA Adjusted EBITDA-margin

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Net sales during the first quarter decreased by 3 percent 
compared to the corresponding period last years  and 
amounted to SEK 387.1 (398.3) million. Revenue increased for  
subscriptions and the business offering, Truecaller for Business 
(TfB), while advertising revenue decreased. Currency effects had 
a minor positive effect on revenues during the quarter, see 
Currency exposure below. 
 
One important fact or for Truecaller's revenue development 
over the longer term is the continued growth in the number of 
regular users of Truecaller's app. The app is one of the world's 
most downloaded, and the user base is growing continuously, 
in many different geographies. Scams and other unwanted calls 
and messages continue to increase in many countries, as 
smartphones become the primary communication channel for 
individuals in their communications with businesses and 
authorities. This drives a need to be able to communic ate 
securely and efficiently, which benefits Truecaller. 
 
In the markets where a sufficiently large part of the users of 
smartphones are also users of Truecaller, the company gets a 
very good accuracy in identifying who contacts the users of the 
company's app, and thereby good opportunities to prevent 
fraud and other unwanted communication. This leads to 
continued organic growth of the user base, a network effect. In 
markets where the company does not yet have a sufficiently 
extensive database to be able to  offer this accuracy, Truecaller 
invests in user acquisition through platforms such as Google 
and Facebook. These user acquisitions contribute to Truecaller's 
users getting a continuously improved experience of the 
company's services, and when the experien ce is good enough, 
organic growth takes off, which is clearly visible in well -
established markets such as India. 
 
The last year, new smartphone sales declined globally. This have 
had some impact on the growth in the number of monthly active 
users (MAU) of Truecaller's app, as many choose to start using 
the app when they get their first smartphone, or switch to a 
more modern version. 
 
To make it easier for new smartphone users to take advantage 
of Truecaller's services, the company has signed agreements 
with a number of smartphone manufacturers to pre-install the 
company's app on a large number of new phones in several 
different markets. Over time, these agreements are expected to 
have positive effects on the growth in the number of users, as 
well as data quality, but the agreements span several years, and 
so far only a small percentage of phones with Truecaller pre -
installed have reached end users. The rollout is considered to 
have been delayed due to macroeconomic developments, 
which reduced sales of new smartphones during the past year. 
 
Net sales in India decreased by 1 per cent to SEK 292.2 (296.6) 
million, in the Middle East & Africa it decreased by 13 percent to 
SEK 49.2 (56.4) million and in the rest of the world it increased 
by 1 percent to SEK 45.7 (45.3) million. 
 
 
Ad revenues decreased by  10 percent t o SEK 303.9 (339.0) 
million. Truecaller continuously optimizes the balance between 
prices (CPM) and utilization (fill rate) of the company's 
advertising space. CPM therefore varies between quarters, as a 
consequence of seasonal and macroeconomic variations in 
demand in different geographies, th e mix between different 
types of ads and the mix between direct sales and sales via 
partners such as Google and Facebook.  
 
Compared to the corresponding quarter last year, prices (CPM) 
decreased by approximately 24 percent. The price reduction is 
due to lower demand in the wake of weak macroeconomic 
development. Many companies have become more cautious 
about marketing investments, and have either postponed 
these, or have chosen to reduce their digital advertising 
budgets. This effect has become increasing ly clear even in 
markets where the underlying macroeconomic development 
remains good, such as India.  The fact that the Indian cricket 
season (IPL) last year was divided between the first and the 
second quarter, and this year only takes place during the second 
quarter, impacted the comparison between the years . This as 
IPL increases the demand for digital advertising and thereby 
increases CPM levels. 
 
The effects of the weak demand and price trend have been 
partially counteracted thanks to investments and 
improvements in Truecaller's advertising platform, which has 
enabled a greater number of ads to be displayed than was the 
case before. This means that the company is even stronger than 
before once the economy turns upwards and demand 
increases. 
  
On the supply side, the continuous user growth also increases 
our available advertising space. We are also working on 
continued optimization of the utilization of advertising space, 
with the aim  of increasing both fill rate and prices. On the 
demand side, we continue to increase our advertiser base, as 
well as making it easier for advertisers to use our services 
without intermediaries, which has a positive effect on our 
profitability while helping us to increase fill rates. 
 
Revenue from premium subscriptions increased by 20 percent 
to SEK 46.5 (38.9) million. This is primarily an effect of more 
India 75.5%
Africa and Middle East
12.7%
Rest of the World
11.8%

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premium subscribers. The growth in the number of 
subscriptions and subscription revenue occurs in most regions 
and for both Android and iOS users. 
 
From this quarter Truecaller for Business (TfB) is reported 
separately, and not as a part of other income. Revenue from TfB 
amounted to SEK 34.4 (18.4) million. The demand for these 
services is still very high i n several of our established markets, 
as many companies need to maintain a secure communication 
channel to their  customers. The number of connected 
customers continues to show good growth both in India and in 
other markets, and in total Truecaller for Busi ness now has 
active customers in 36 countries. During the quarter new sales 
was somewhat lower , as a consequence of he weaker global 
macro economy which makes companies  more cautious when 
it comes to signing new business agreements. The services are 
sold through direct sales, through partners and through a self -
service portal . In collaboration with CPAAS company Tanla, 
Truecaller also sends B2C messages to Truecaller's users. The 
volumes of business messages have gradually increased.  
 
Other income amounted to SEK 1.0 (2.3) million.  
 
The gross profit decreased by  7 percent t o SEK  291.0 (311.3) 
million compared to the same period last year.  The gross 
margin amounted to 75.2 (78.1) percent but has been stable 
during the last three quarters. The gross margin is partly 
determined by fees to partners such as Google and Apple, partly 
by costs for verification of new users and for servers used for 
the company's services. During the second half of 2022, 
transparency was improved fro m partners who previously did 
not specify brokerage costs for advertisements. Truecaller are 
now receiving information about brokerage costs, which will 
partly increase revenues somewhat, and partly will be included 
in the reported costs of goods sold. Thi s has a certain negative 
impact on the gross margin compared to the comparison 
period. 
 
The fees to partners are proportional to the number of 
displayed ads and the number of premium users. Truecaller 
also sells ads directly to end customers, resulting in a higher 
gross margin. Different advertising partners have different fee 
levels, and the gross margin is therefore affected by how the 
advertising traffic is distributed between direct sales and 
different partners during different periods. 
 
Verification costs are proportional to growth in the customer 
base but are also affected by how local telecom operators price 
their messaging services. The cost of server hosting is, in the 
short and medium term, relatively independent of traffic 
volumes, but rises when these reach new volume bands. The 
costs both for messaging services used for verification of new 
users and for servers increased compared to the comparison 
period, which had a certain negative impact on the gross 
margin.  
Operating profit before depreciation and write-downs excluding 
items affecting comparability  (adjusted EBITDA) amounted to 
SEK 150.0 (181.4) million. The adjusted EBITDA margin 
amounted to 38.8 (45.5) percent. 
 
Operating profit (EBIT) decreased to SEK 139.8 (175.4) million, 
corresponding to an operating margin of 36.1 (44.0) p ercent. 
EBIT excluding items affecting comparability (adjusted operat -
ing profit) amounted to SEK 1 39.8 (175.4) million with an ad -
justed operating margin of 36.1 (44.0) percent.   
 
The lower operating profit is largely due to the lower ad related 
income due to a worsening macro, timing efffects with regards 
to IPL (the indian cricket league,  somewhat lower gross margin 
and higher costs for incentive programs.  
 
The company will closely monitor the demand trend in order to 
adjust costs during the ongoing macroeconomic slowdown, 
without renouncing the growth potential when demand picks 
up again. Costs excluding incentive costs is stable compared to 
the comparison p eriod and  decreased compared to the last 
three quarters as a result of a number of efficiency 
improvements during the end of 2022 and the first quarter of 
2023.   Among other things, the investments in user acquisition 
have been focused on a smaller number of focus markets where 
the cost effectiveness is high. 
 
Staff costs during the quarter increased to  SEK 84.8 (58.7) 
million. Salary costs increased as an effect of increased number 
of employees and salary adjustments.  The recruitment rate of 
new staff has  decreased significantly during the period as a 
result of the weaker demand  The group's long -term incentive 
program (LTIP 2021 and LTIP 2022) entailed a salary cost for the 
period of SEK 10.6 (3.4) million with a corresponding increase in 
equity and social  security contributions of SEK 0.4  (-) million 
reported as a provision in the balance sheet. Salary costs are 
valued at fair value and amortized over the term of the program. 
The social security contributions are affected by the share price 
at the end of each accounting period and may therefore amount 
to significantly higher amounts in the future and create volatility 
in the income statement. In order to clarify the distribution of 
staff costs between staff costs attributable to salaries, and 
personnel costs related to performance or share price -related 
incentive programs, the company will continue to report the 
latter separately. Excluding costs for incentive programs, the 
EBITDA margin during the quarter would have increased by 2.9 
(0.9) percentage points and been 41.6 (46.4) percent. See more 
info in note 5. 
 
Other external costs decreased to SEK  57.1 (73.4) million 
compared to the same period last year.  The reduction in costs 
is primarily an effect of investments in user growth and 
marketing being focused on a smaller number of markets 
where cost efficiency is high. 
 
Profit before tax amounted to SEK 147.0 (170.1) million. Profit 
after tax for the period was SEK 109.1 (133.7) million. Net 
financial income amounted to SEK 7.2 (-5.4) million and 
comprises positive exchange rate differences of SEK 4.5 (0.9) 
million, interest income of SEK 4.1 (-5.0) million and other 
financial expenses of SEK -1.3 (-1.3) million.  
 
The total tax amounted to SEK 37.9 (36.4) million which 
corresponds to an effective tax rate of 25.8 (21.4) percent for 
the group.  
 
Basic earnings per share were SEK 0.30 (0.36) and diluted 
earnings per share were SEK 0.30 (0.35). 
Net cash from operating activities amounted to SEK 80.1  (121.5) 
million. Net cash from investing activities amounted to SEK -
519.1 (-29.1) million and included an investment in short term

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interest funds of SEK -500.0 (-0.0) million. Net cash used in 
financing activities was SEK -189.1 (-28.7) million and included 
purchase of treasury shares SEK -182.2 (-) million. Net cash for 
the period was SEK -628.1 (63.7) million. Truecaller had cash and 
cash equivalents of SEK 699.5 (1,302.2) million at the end of the 
quarter. The equity to assets ratio was 81.9 (84.3) percent. In 
excess to the cash and cash equivalents Truecaller has SEK 900 
(150) million invested in short-term interest rate funds.  
 
Truecaller have a revolving credit facility of SEK 500 (500) million. 
SEK 0 (0) million had been utilized as of the reporting date. 
 
Consolidated total assets amounted to SEK 2,123.5 (1,857.3) 
million at 31 March 2023. The carrying amounts of financial 
assets and financial liabilities are estimated to coincide with fair 
value in all material respects. 
 
Trade receivables for the Group amounted to SEK 60.0 (38.7) 
million and claims on advertising networks and platform 
owners amounted to SEK  93.8 (125.6) million. The increase in 
trade receivables is attributable mainly to the increase in direct 
sales in the advertising business and growth in Truecaller for 
Business. Payment terms for the  company’s customers are 
normally 30 -60 days. A structured credit review process in 
combination with non -paying customers being quickly 
suspended from the company’s services and proactive 
assurance that customers pay their invoices with minimal delay 
has r esulted in limited customer losses. Recognized but 
unrealized customer credit losses amounted to SEK 2.2 (1.7) 
million as of 31 March 2023 . The increase in claims on 
advertising networks and platform owners is mainly linked to 
outstanding claims against Google and Facebook. 
 
The Group began capitalizing development costs in 2021 when 
certain initiated projects were assessed as meeting the criteria 
under IAS 38 . Development costs for these projects have 
therefore been capitalized. During the first quarter of 2023, SEK 
1.1 (2.8)  million were capitalized as internally developed 
intangible assets. 
 
The majority of Truecaller’s revenues are denominated in 
Swedish kronor (SEK) via partners including Google and Apple. 
Accordingly, there is little direct currency expo sure. In turn, 
these partners bill users of Truecaller’s services partly in local 
currency, which entails indirect currency exposure. Truecaller 
does not, however, have complete information concerning 
currency exposure or how currency effects are managed b y 
partners and thus cannot at present accurately quantify indirect 
currency exposure. A depreciation of SEK against currencies 
including USD and INR, however, has a positive impact on the 
company’s sales and profit, although it also increases the 
company’s costs. The largest currency exposures are against 
INR and USD. The company estimates that exchange rate 
changes had a minor positive impact on sales during the first 
quarter of 2023 compared to the corresponding quarter in 
2022. The company's estimate is that exchange rate changes did 
not affect the EBITDA margin. 
 
Parent company income for the quarter amounted to SEK 1.6 
(1.0) million which refers to billing of subsidiaries for services 
rendered The profit before tax amounted to SEK 1.4 (-5.4) 
million. The profit after tax amounted to SEK 1.2 (-4.3) million. 
Cash and cash equivalents on 31 March 2023 amounted to SEK 
173.5 (718.7) million. In excess to the cash and cash equivalents 
the parent company has SEK 400 (150) million invested in short-
term interest rate funds.  No investments have taken place in 
intangible or tangible assets. At the end of the period, 2 (2) 
people were employed in the parent company

===== SIDA 11 =====

During the first quarter, Truecaller made significant progress in 
improving the app’s core infrastructure. Focused engineering 
efforts led to more streamlined operations, resulting in more 
efficient use of resources and reduced costs. With a focus on 
user experience improvements that enhance  stickiness, 
Truecaller optimized its infrastructure with a leaner architecture 
and lower latency. This approach resulted in faster response 
times, which reduced the resources required to serve its users 
and lowered server costs and data usage. Additionall y, low 
latency minimizes the risk of server downtime or disruptions, 
which can be costly and disrupt user experience. 
 
Throughout 2022, Truecaller invested in strengthening its 
growth engineering team. This strategic investment in 
engineering resources is expected to enhance Truecaller's 
capacity to support and drive long -term organic and inorganic 
growth. Truecaller invested in enhancing metrics and 
observability to track user behavior at a much more granular 
level in order to identify leaks in the activat ion funnel and 
retention. In the first quarter, this resulted in improvements to 
the product,  increased user engagement and a material 
increase in retention of new users. These initiatives are 
expected to have long -term benefits with respect to organic 
growth and retention. 
Truecaller continues to improve its core offering in order to 
deliver on its promise of a smarter, safer, and more efficient 
experience across communication needs. AI Identity 
technology, which leverages artificial intelligence and machine 
learning, continued to develop during the first quarter, ensuring 
that users receive the most up-to-date and relevant information 
about unknown numbers in real time. Community feedback 
played a significant role in driving these improvements, with 
up/down votes and comments growing by 63% quarter on 
quarter. By using community input to enhance AI Identity, 
Truecaller has created a valuable feedback loop; as more users 
contribute information throug h these channels, Truecaller’s 
data quality improves, which ultimately drives even higher in -
app engagement. Other initiatives leveraging AI Identity in the 
first quarter facilitated continued improvements in data quality 
in both mature and nascent markets. 
 
One significant development in the first quarter was the 
expansion of AI Identity to SMS with the introduction of 
Message ID, which provides a Caller ID -like service for text 
messages. With Message ID, users can easily verify the 
authenticity of an SMS sender using visual cues provided by the 
app. Truecaller's advanced machine learning models power 
Message ID, and all processing is conducted locally on the user's 
device, ensuring complete privacy protection. The feature 
prioritizes time -sensitive, transacti onal, or bill reminder 
messages, cutting through spam and fraud and ensuring 
prompt and secure delivery. 
 
   
 
Truecaller continued to invest in developing its offering for 
iPhone users by further optimizing the caller identification 
experience on iOS. Improvements executed in the first quarter 
included updated SMS filtering for users in key markets to drive 
further adoption. This new filtering mechanism uses the same 
machine learning model as on Android, ensuring that messages 
are sorted in the relevant inbox (e.g., junk, coupons, and more). 
Efforts to improve the Truecaller experience on iPhone continue 
to demonstrate strong potential, with healthy growth across 
performance indicators. In the first quarter, the daily active user 
base on iPhone continued to show good growth, while retention 
continued to show improvements, particularly in comparison to 
prior to the launch of the brand new Truecaller experience on 
iPhone in August 2022. 
 
In addition to internal product development efforts, Truecaller 
expanded its collaboration with Indian government authorities. 
Government Directory Services (GDS), an in -app service 
available to Indian users, helps users seamlessly connect with 
the government through easy access to verified contacts, and 
has grown to cover ove r 30 different states and union 
territories. Additionally, a partnership with the Delhi Police 
added the organization’s official numbers and addresses to the 
GDS Directory, further protecting the population from fraud and 
impersonation.  
 
During the first quarter, Truecaller made advancements in 
bolstering its web capabilities, including expanding its search 
experience. This brings the benefits of using the Truecaller app 
to the web and facilitates intent -driven traffic to the website. 
The company also focu sed on improving localization  on this 
channel, making the Truecaller website more relevant to each 
user while also attracting organic traffic from a wider range of 
markets. These efforts continue to demonstrate positive results, 
with continued growth in we b traffic and improved SEO 
performance. Truecaller continues to explore innovative ways 
to enhance its desktop functionalities and drive adoption in 
regions with higher desktop usage. With further developments

===== SIDA 12 =====

planned for the web in 2023, Truecaller remain s committed to 
delivering the best possible user experience across all 
platforms. 
 
Truecaller’s paid offering continued to develop positively, with 
the subscriber base increasing by 18% compared to the first 
quarter of 2022. Adoption of the recently introduced Family 
Plan continues to gain traction, with 80% of those opting in to 
the plan being new subscribers. In the US, this package was 
expanded to include access to Truecaller Assistant.  
 
Truecaller continues to develop its premium offering by 
introducing new features, expanding its Assistant capabilities, 
and delivering the most attractive pricing packages for its users. 
Who Searched For Me, an extension of the popular Who Viewed 
Me feature, now gives subscribers visibility on users that have 
searched for their number using Truecaller. This feature was 
introduced in the beginning of the first quarter, and has already 
demonstrated very positive results with respect to driving 
higher subscriber conversion. 
 
For iPhone users, Truecaller  made Live Caller ID available to 
paid users globally. As the first real-time, server-based number 
lookup solution for iPhone, Live Caller ID underscores 
Truecaller’s commitment to strengthening its foothold in the 
Apple ecosystem. Live Caller ID leverages  Truecaller’s 
proprietary technology on the iOS platform to provide users 
with instant, reliable identification of incoming calls from 
unknown numbers. This development represents a significant 
breakthrough in bringing the quality of the Truecaller 
experience on iPhone even closer to that on Android. Early 
indicators are promising, including growth in conversions as 
well as increased usage.   
 
 
   
 
Truecaller Assistant, the newest paid feature powered by cloud 
telephony technology, developed further in the first quarter. 
Assistant now offers a higher level of customization, 
empowering users to personalize their experience to their 
specific needs. Users can now  set a personalized greeting 
whenever the Assistant answers incoming calls. The custom 
greeting can be tailored to different callers based on their 
classification (e.g., phonebook contacts, top spammers, non -
phonebook contacts). During the first quarter, T ruecaller also 
integrated voicemail into the offering. Given that voicemail is 
not available in many of Truecaller’s core markets, the cloud 
telephony product enables the app to expand the service to 
additional countries in parallel to the expansion of Ass istant to 
more markets. Truecaller made progress towards bringing the 
Assistant offering to more markets in the first quarter. Building 
on the valuable insights gained from the initial launch in the US, 
preparations are now underway to expand the service t o new 
markets, bringing the benefits of cloud telephony technology to 
even more users.  
Despite muted demand affecting revenue growth in advertising, 
Truecaller continues to enhance its AdTech capabilities to offer 
a superior experience to advertisers, demand partners, and end 
users. Investments in advertising capabilities over the previous 
year have been paying off, as demonstrated in continued 
improvements across multiple indicators —including notable 
growth in total impressions with a 20% improvement compared 
to the first quarter of 2022.  
 
Technical optimizations on the supply side continue to 
demonstrate substantial improvements to render rate and 
efficiency across the advertising life cycle. Key indicators such as 
ads engagement and click through rates continue to develop 
positively, establishing strong operating leverage when demand 
recovers. Other ongoing initiatives on the supply side include 
continued development of custom formats within existing ad 
inventory to drive better outcomes, and optimizations to 
inventory on iOS in order to better monetize Truecaller’s 
growing user base on iPhone.  
 
Investments in Truecaller’s independent tech stack have yielded 
positive results, with strong growth in demand from T ruecaller 
Ad Server. In the first quarter, Truecaller continued to build out 
its in-house capabilities in order to strengthen its offering for its 
growing range of demand partners and advertisers. Truecaller 
Ad Server now supports more advanced features su ch as 
custom targeting and retargeting, which have shown promising 
indicators in terms of further improving conversion rates (e.g., 
app installs, lead generation and sales) while maintaining the 
right balance of precision and scale. Truecaller continues to  
collaborate with ecosystem partners such as mobile 
measurement partners and attribution companies in order to 
make its advertising platform more performance -ready. Other 
initiatives to expand performance advertising capabilities have 
also gained traction,  enabling advertisers to make more 
informed decisions about campaigns executed on the 
Truecaller Ad Server. 
 
Efforts to strengthen Truecaller’s demand side platform 
continue to scale well, giving direct advertisers a holistic solution 
for setting up and managing campaigns, using various targeting 
options and optimization tools. In addition to enabling access to 
target audiences beyond Truecaller’s ecosystem, investments in 
the demand side platform set the foundation for Truecaller’s 
transition towards becom ing a full stack advertising solutions 
partner catering to a wide range of use cases across the 
advertising funnel.

===== SIDA 13 =====

Demand for the Truecaller for Business (TfB)  developed at a 
healthy pace, demonstrating the continued relevance and need 
for Truecaller’s business solutions amidst a more challeng ing 
macroeconomic environment. In the first quarter, TfB’s portfolio 
of accounts grew by 57% year on year. TfB continues to benefit 
from strong interest from the banking and financial services 
sector, with notable brands such as ICICI Prudential, Airtel 
Payments, and Godrej Housing Finance onboarded as new 
clients during the quarter, to name a few. While the offering has 
established product -market fit within banking and financial 
services, the portfolio of clients has continued to expand 
beyond the sector, with growing representation from 
automotive, logistics, retail, and more. Adoption of TfB has also 
shown steady growth outside of India, with the RoW segment 
accounting for 18% of the overall client base (vs. 15% in the 
same period of 2022).  
 
Product development for the enterprise offering continued to 
progress, with a number of milestones delivered in the first 
quarter. Verified Business expanded to include SMS, marking a 
significant step in the evolution of the offering. As SMS 
continues to function as a n important channel for businesses, 
Verified SMS offers a powerful tool for businesses seeking to 
create more impactful SMS communications with their 
audiences. By providing users with the assurance that an SMS 
message is genuine and secure, Verified SMS e nhances trust 
and confidence with an enterprise’s brand. Verified SMS was 
commercialized at the end of the first quarter and has already 
generated interest from some of the highest -volume SMS 
senders in India, most notably within the banking and financial 
services sector.  
 
  
 
Other product development efforts centered on facilitating two-
way communication between users and businesses, which in 
turn provides high-intent signals from users to enterprises. Call 
Me Back for Business, an existing feature that  allows users to 
request a call back from a business when they are not able to 
answer the phone, was updated in the first quarter such that 
users can now indicate their preferred time for the business to 
call back. This initiative is expected to drive conversion rates for 
businesses, and early results indicate a correlation between 
usage of Call Me Back and user propensity to purchase. Another 
new feature, User Feedback (screenshot #13), introduces a new 
way for businesses to get real -time customer feedback  and 
insights after answered, missed, and rejected calls. User 
Feedback is self -serve and fully customizable, such that 
feedback can be solicited in multiple styles and formats based 
on the context of any call.  
 
Business messaging, a first -of-its-kind service delivered in 
partnership with leading CPaaS provider Tanla, facilitates the 
distribution of messages to end customers in a more efficient 
way. During the first quarter, implementation scaled up 
substantially, with over 1.5 billion messages delivered to end 
users on this channel — a 100% growth in volume, quarter on 
quarter. In addition to improved efficiency, business messaging 
also allows enterprises to analyze their messaging campaign 
performance, providing them with the insights necessary to 
fine-tune their messaging and targeting to optimize results. 
Adoption of business messaging has demonstrated applicability 
to various use cases, including transactional, bill payments, 
delivery, and informational message s. For important 
transactional and bill-related messages, the product is designed 
such that users do not miss out on important communications. 
Enterprises who have adopted business messaging —including 
some of the most recognizable brands in India—have observed 
higher levels of user engagement as compared to traditional 
SMS, suggesting significant potential for even broader adoption 
moving forward. 
 
  
 
 
Truecaller continues to build out its capabilities in order to serve 
growing demand and the evolving nee ds of enterprise 
customers. In the first quarter, Truecaller made significant 
progress with respect to its investments in technology 
supporting the business offering, repositioning Truecaller as a 
platform that allows businesses to integrate their CRM systems 
with Truecaller APIs. The platform’s APIs provide businesses 
with the flexibility to customize their communications and 
enhance overall customer experience. These efforts to evolve 
Truecaller’s platform into a more holistic business tool 
demonstrate the company’s commitment to driving innovation 
and creating value for business customers and end users.

===== SIDA 14 =====

On the 26th of April Truecaller published the notice for the 
Annual General Meeting (AGM). The AGM will be held on the 
26th of May at 2pm CET in the companys office on Mäster 
Samuelsgatan 56 in Stockholm.   
 
The Board of directors has presented a number of proposals 
for the AGM. Among them are proposals for resolution on 
authorization for the Board of Directors regarding new issue of 
up to 10 percent of the current number of shares in the 
company and authorization regarding repurchase and transfer 
of a maximum of 10 percent of the outstanding B-shares in the 
company. The Board  has also propsed to implement a 
employee stock option program and a share program for 
Truecaller’s staff. Upon full exercise of the two programs the 
total potential dilution is 0.86% of the outstanding shares in 
the company. 
 
The nomination Committee, among other things, propose a re-
election of the current board which consists of  Bing Gordon, 
Alan Mamedi, Annika Poutianen, Helena Svancar, Nami 
Zarringhalam och  Shailesh Lakhani.  Nami Zarringhalam  is 
proposed as new chairman . The Nomination Committee also 
proposes unchanged remuneration for board duties as well as 
a re -election of the companys audit Ernst & Young with 
responsible Auditor in charge Jennifer Rock-Bailey.  
 
All information about registration, documents and the full 
notice is available at 
https://corporate.truecaller.com/governance/general-
meetings. 
Like all companies. Truecaller is exposed to various types of risk 
in the course of  business. These include risks related to 
currency movements. dependence upon certain strategic 
partners. the general economic trend and developments in the 
financial market. technical progress. dependence on key 
individuals. legal risks and risks associat ed with personal 
privacy. as well as tax risks and political risks. Risk management 
is an integrated component of the management of Truecaller. 
The risks described for the Group could also have indirect 
impact on the parent company. A complete description of risks 
and uncertainties associated with Truecaller is provided in the 
2022 annual report. 
 
The war in Ukraine and its global economic repercussions have 
had minimal impact on Truecaller’s business. Truecaller’s focus 
has been to take care of our employees who have family and 
friends in Ukraine. 
The report presents statements pertaining to matters including 
Truecaller’s financial position and performance as well as 
statements on market conditions that may be forward-looking. 
Truecaller believes the expectations reflected in these forward-
looking statements are based on reasonable assumptions. 
Forward-looking statements are. however. associated with risks 
and uncertainties and actual outcomes or conseq uences may 
differ materially from those presented here. In addition to that 
required under applicable law. forward -looking statements 
apply only on the date presented and Truecaller disclaims any 
obligation to update them in the light of new information or  
future events. 
Truecaller does not publish forecasts. 
Truecaller AB. CRN 559278-2774. is a Swedish public company 
whose registered office is in Stockholm. Sweden. 
 
Annual General Meeting: 26 May 2023 
Interim report, January-June 2023: 21 July 2023 
Interim report, January-September 2023: 9 November 2023 
Alan Mamedi. CEO 
alan.mamedi@truecaller.com 
 
Odd Bolin. CFO 
+46 70 428 31 73 
odd.bolin@truecaller.com 
 
Andreas Frid. Head of IR & Communication 
+46 705 29 08 00 
andreas.frid@truecaller.com 
 
 
 
 
 
 
This interim report has not been reviewed by the 
company’s auditor.  
 
This information constitutes insider information that 
Truecaller AB is required to disclose under the EU Market 
Abuse Regulation. The information was released for 
publication, through the agency of the contact persons 
above, on 11 May 2023 at 07.30 CET.

===== SIDA 15 =====

Operating revenue 3   387,064 398,300 1,772,926 
Other income    21 9 7,506 
Work performed by the entity and capitalized    1,018 2,245 5,204 
Third party fees    -96,108 -87,050 -417,689 
Other external costs    -57,118 -73,430 -349,750 
Employee costs    -84,830 -58,701 -301,031 
Depreciation. amortization and impairments    -10,220 -5,927 -28,664 
EBIT (operating profit)    139,827 175,447 688,502 
 
      
Net financial income or expense    7,199 -5,380 -381 
Profit or loss after net financial income or expense    147,026 170,067 688,121 
 
      
Tax    -37,906 -36,372 -152,891 
Profit for the period 1)    109,120 133,695 535,230 
 
      
Earnings per share       
Basic earnings per share (SEK)    0.30 0.36 1.43 
Diluted earnings per share (SEK)    0.30 0.35 1.43 
 
      
Average number of shares before dilution    367,572,311 373,696,919 373,273,365 
Average number of shares after dilution    367,572,311 375,343,332 373,300,072 
 
1) The profit for the period is attributable entirely to shareholders in the parent company.

===== SIDA 16 =====

1) The profit for the period is attributable entirely to shareholders in the parent company. 
 
 
 
 
 
Profit or loss for the period   109,120 133,695 535,230 
      
Other comprehensive income for the period      
Items that will be reclassified to profit and loss in subsequent periods       
Foreign exchange translation differences   -952 -302 -753 
Items that will not be reclassified to profit and loss in subsequent periods       
Remeasurement of defined-benefit pension plans   - - -1,891 
Other comprehensive income for the period   -952 -302 -2,645 
      
Comprehensive income for the period 1)   108,168 133,393 532,586

===== SIDA 17 =====

ASSETS      
      
Non-current assets      
Goodwill   33,653 34,209 34,530 
Other intangible assets   14,567 13,955 15,200 
Property. plant and equipment   17,642 1,314 8,118 
Right-of-use assets   136,932 88,225 139,777 
Deferred tax assets   38,022 40,132 39,584 
Other non-current receivables 4  14,777 18,819 16,697 
Total non-current assets                255,592 196,654 253,906 
      
Current assets      
Current receivables 4  260,415 208,838 362,175 
Short-term placements 4  907,941 149,604 400,490 
Cash and cash equivalents 4  699,510 1,302,180 1,327,801 
Total current assets   1,867,865 1,660,623 2,090,466 
      
TOTAL ASSETS   2,123,457 1,857,277 2,344,372 
 
EQUITY AND LIABILITIES 
     
      
Equity      
Equity attributable to owners of the parent   1,738,400 1,565,957 1,804,093 
Total equity   1,738,400 1,565,957 1,804,093 
      
Non-current liabilities      
Liability arising from defined-benefit pension plans   6,345 4,445 7,653 
Lease liabilities   115,559 70,723 118,208 
Deferred tax liability   33,532 20,800 34,563 
Other non-current liabilities 4  8,568 12,097 8,395 
Total non-current liabilities   164,003 108,065 168,819 
      
Current liabilities      
Lease liability   21,820 16,233 23,307 
Other current liabilities 4  199,234 167,022 348,153 
Total current liabilities   221,055 183,255 371,460 
      
TOTAL EQUITY AND LIABILITIES   2,123,457 1,857,277 2,344,372

===== SIDA 18 =====

Operating activities      
Profit or loss after net financial income or expense   147,026 170,067 688,121 
Adjustments for non-cash items   10,935 8,692 47,094 
Income tax paid   -46,586 -10,123 -154,078 
Cash flow from operating activities before  
changes in working capital   
111,374 168,636 581,137 
      
Net cash from changes in working capital      
Change in operating receivables   -6,616 -34,599 -50,434 
Change in operating liabilities   -24,623 -12,523 79,707 
Net cash from operating activities   80,136 121,514 610,410 
      
Investing activities      
Acquisitions of Group companies, net effect on cash and cash 
equivalents   
- -26,824 -32,158 
Purchases of property, plant and equipment   -10,551 - -7,594 
Disposals of property, plant and equipment   - - - 
Purchases of intangible assets   -1,141 -2,760 -7,146 
Purchases of short-term investments   -500,000 - -250,000 
Change in financial receivables   -7,450 461 -425 
Net cash used in investing activities   -519,143 -29,123 -297,323 
      
Financing activities      
Funds received for warrants   - - 3,146 
Repurchase of warrants   - -374 -872 
Amortization of lease liability   -6,926 -5,148 -19,869 
Payout synthetic options   - -23,140 -23,140 
Buyback of treasury shares   -182,164 - -182,389 
Net cash from (-used in) financing activities   -189,090 -28,662 -223,124 
      
Net cash flow for the period   -628,098 63,729 89,963 
Cash and cash equivalents at the beginning of the period   1,327,801 1,238,443 1,238,443 
Foreign exchange differences in cash and cash equivalents   -194 9 -605 
Cash and cash equivalents at the end of the period   699,510 1,302,180 1,327,801

===== SIDA 19 =====

Opening balance at 1 January 2022  747 1,707,864 3,153 -300,354 1,411,410 
       
Profit for the period  - - - 133,695 133,695 
Other comprehensive income for the period  - - -302 - -302 
Comprehensive income for the period  - - -302 133,695 133,393 
       
Transactions with owners of the Group       
Share issue after transaction costs  1 - - 18,152 18,152 
Warrants  - -374 - - -374 
Share-based payment  - - - 3,375 3,375 
Total  1 -374 - 21,527 21,153 
       
Closing balance at 31 March 2022  748 1707,490 2,851 -145,132 1,565,957 
  
     
 
Opening balance at 1 January 2023  758 1,710,139 2,400 90,797 1,804,093 
       
Profit for the period  - - - 109,120 109,120 
Other comprehensive income for the period  - - -952 0 -952 
Comprehensive income for the period  - - -952 109,120 108,168 
       
Transactions with owners of the Group       
Treasury shares after transaction costs  - - - -184,470 -184,470 
Share-based payment  - - - 10,610 10,610 
Total  - - - -173,861 -173,861 
       
Closing balance at 31 March 2023  758 1,710,139 1,448 26,056 1,738,400

===== SIDA 20 =====

Operating revenue   1,566 1,034 6,734 
Other external costs   -2,541 -3,006 -13,003 
Employee costs   -2,763 -1,697 -12,846 
EBIT (operating profit)   -3,738 -3,670 -19,116 
      
Net financial income or expense   5,181 -1,746 -2,978 
Profit or loss after financial items   1,443 -5,416 -22,094 
      
Appropriations   - - 102,600 
Profit or loss before tax   1,443 -5,416 80,506 
      
Tax   -295 1,116 -16,598 
Profit or loss for the period   1,148 -4,300 63,908

===== SIDA 21 =====

ASSETS      
      
Non-current assets      
Investments in Group companies   10,297,177 10,217,177 10,247,177 
Deferred tax assets   - 17,698 - 
Total non-current assets                10,297,177 10,234,875 10,247,177 
      
Current assets      
Current receivables   12,739 27,291 12,357 
Receivables from Group companies   12,471 26,370 106,248 
Short-term placements   405,193 149,604 400,490 
Cash and cash equivalents   173,472 718,691 305,935 
Total current assets   603,875 921,957 825,030 
      
TOTAL ASSETS   10,901,053 11,156,832 11,072,207 
 
EQUITY AND LIABILITIES 
  
   
      
Equity and liabilities      
Equity   10,886,786 11,152,347 11,059,499 
Liabilities to Group companies   - 74 - 
Current liabilities   14,226 4,410 12,708 
TOTAL EQUITY AND LIABILITIES   10,901,053 11,156,832 11,072,207

===== SIDA 22 =====

This interim report covers the Swedish parent company 
Truecaller AB (“Truecaller”). company registration number 
559278-2774. and its subsidiaries. The principal business of the 
Group is to develop and publish software. primarily mobile 
Caller ID applications. under the Truecaller brand. The parent is 
a limited liability company registered and domiciled in 
Stockholm. Sweden. The address of the head office is Mäster 
Samuelsgatan 56. 111 21 Stockholm. Sweden.  
 
Truecaller restructured the Group in 2021. whereby the former 
parent company. True Software Scandinavia AB. became a 
wholly owned subsidiary of the new parent. Truecaller AB. 
Truecaller AB was previously a dormant shelf compa ny. The 
restructuring was accomplished through a non -cash issue 
directed at shareholders in True Software Scandinavia AB. who 
retained their relative ownership interests in Truecaller AB. The 
newly formed Group is a direct continuation of the True 
Software Scandinavia Group and Truecaller has thus assumed 
the financial history of the True Software Scandinavia Group 
unencumbered. 
 
Truecaller applies International Financial Reporting Standards 
(IFRS). as adopted by the EU. The interim report for the Group 
was prepared in compliance with IAS 34 Interim Financial 
Reporting and applicable sections of the Swedish Annual 
Accounts Act (1995:1554). Disclosures according to IAS 34 are 
provided in other parts of the interim report. in addition to the 
financial statements. The interim report for the parent company 
was prepared in accordance with the Annual Accounts Act. 
Chapter 9 Interim Financial Reporting. and recommendation 
RFR 2 Accounting of Legal Entities issued by the Swedish 
Financial Accounting Standards Council . The accounting 
principles. basis for measurement and estimates and 
judgements applied on the interim report for the Group and the 
parent are identical to those applied in Truecaller’s annual 
report. Accordingly. refer to the most recently published annual 
report for a description of applied accounting policies. 
 
Equity  
Shares issued by the company are classified as equity. 
Additional costs arising directly from the issue of common 
shares and stock options are recognized as a  debit item in 
equity after deducting tax effects. if any. When Truecaller’s 
shares classified as equity are repurchased. the amount of 
consideration paid is recognized as a reduction in equity. after 
deducting tax effects. if any. Repurchased shares are c lassified 
as treasury shares and recognized as a debit item under equity. 
When treasury shares are subsequently sold or reissued. the 
amount received is recognized as an increase in equity and the 
surplus or deficit resulting from the transaction is transferred to 
or from other capital contributions
 
 
Preparation of the interim report requires management to 
make judgements. estimates and assumptions that affect the 
application of the accounting policies and the recognized 
amounts of assets. liabilities. revenues and costs. Actual 
outcomes may differ from these judgements and estimates. The 
key judgements and sources of estimation uncertainty are 
unchanged from those described in the most recently published 
annual report.
 
 
  
   
 
 
Geographical region       
India    292,158 296,568 1,324,080 
Middle East and Africa    49,159 56,427 237,096

===== SIDA 23 =====

Rest of the world    45,747 45,305 211,750 
Revenue from contracts with customers    387,064 398,300 1,772,926 
 
The geographical distribution is based on where the customer has their mobile subscription. 
 
 
 
  
  
  
 
  
Type of service       
Advertising revenues    303,924 338,955 1,488,558 
User revenues    46,546 38,883 170,507 
Truecaller for Business    34,375 18,417 105,473 
Other revenues    2,219 2,044 8,388 
Revenue from contracts with customers    387,064 398,300 1,772,926 
 
 
 
 
Measurement of financial assets and liabilities at 31 March 2023 
 
 
 
Financial assets measured at 
fair value through profit and 
loss  
Financial assets measured at 
amortized cost  Total carrying amount 
Other non-current receivables  -  14,777  14,777 
Claims on advertising networks and platform 
owners  -  93,826  93,826 
Trade receivables  -  59,984  59,984 
Short-term placements  907,941  -  907,941 
Cash and cash equivalents  -  699,510  699,510 
Total  907,941  868,096  1,776,037 
 
      
Trade payables  -  58,872  58,872 
Conditional consideration (earnout)  13,520  -  13,520 
Total  13,520  58,872  72,392 
 
 
Measurement of financial assets and liabilities at 31 March 2022 
 
 
Financial assets measured at 
fair value through profit and 
loss  
Financial assets measured at 
amortized cost  Total carrying amount 
Other non-current receivables  -  18,819  18,819 
Claims on advertising networks and platform 
owners  
-  125,615  125,615 
Trade receivables  -  38,712  38,712 
Short-term placements  149,604  -  149,604

===== SIDA 24 =====

Cash and cash equivalents  -  1,302,180  1,302,180 
Total  149,604  1,485,326  1,634,930 
 
       
Trade payables  -  28,776  28,776 
Conditional consideration (earnout)  16,785  -  16,785 
Total  16,785  28,776  45,561 
 
 
Measurement of financial assets and liabilities at 31 December 2022 
 
 
 
Financial assets measured at 
fair value through profit and 
loss  
Financial assets measured at 
amortized cost  Total carrying amount 
Other non-current receivables  -  16,697  16,697 
Claims on advertising networks and platform 
owners  -  91,158  91,158 
Trade receivables  -  60,704  60,704 
Short-term placements  400,490  -  400,490 
Cash and cash equivalents  -  1,327,801  1,327,801 
Total  400,490  1,496,360  1,896,851 
 
      
Trade payables  -  69,835  69,835 
Conditional consideration (earnout)  13,301  -  13,301 
Total  13,301  69,835  83,136 
 
The carrying amount is considered a good estimate of the fair 
value of current receivables and liabilities. such as claims on 
advertising networks and platform owners. trade receivables 
and trade payables. The maximum credit risk of the assets 
comprises the net amounts of the carrying amounts shown in 
the table above.  
 
The Group has short -term placements and conditional 
consideration (earnouts) that are measured at fair value 
through profit or loss. Fair value is the price that would be 
received to sell an  asset or paid to transfer a liability in an 
orderly transaction between market participants at the 
measurement date. The measurement methods are classified 
in a hierarchy consisting of three levels defined as follows: 
• Level 1 Quoted prices in active markets 
• Level 2 Inputs other than quoted prices that are 
observable directly (prices) or indirectly (derived from 
prices) 
• Level 3 Non-observable market data 
There were no transfers between the levels during the period. 
The Group has no financial assets or liabi lities that have been 
offset in the accounts or which are covered by a legally binding 
netting agreement. 
 
Short-term placements 
Truecaller has SEK 900 million placed in short-term fixed 
income funds. The fair value of the holding is determined by 
using market prices on the reporting date according to Level 1. 
The effect of the measurement at fair value is recognized in 
profit or loss. The adjustment to the fair value of these 
instruments is reflected directly in “Short-term placements” in 
the statement of financial position. 
 
Short-term placements, 
SEK 000s   2023 
Jan-Mar 
2022 
Jan-Mar 
2022 
Jan-Dec 
Balance at 1 January   400,490 150,066 150,066 
Investment in short-
term placements   500,000 - 250,000 
Change in value 
recognized in profit and 
loss 
  7,451 -462 424 
Closing balance   907,941 149,604 400,490 
 
Conditional consideration (earnout) 
Conditional consideration is categorized at level 3 of the fair 
value hierarchy. The fair value of conditional consideration is 
calculated by discounting future cash flows by a risk -adjusted 
discount rate. The conditional consideration for CallHero has 
been classified as a current and non-current liability. 
 
Conditional 
consideration 
(earnout), SEK 000s 
  2023 
Jan-Mar 
2022 
Jan-Mar 
2022 
Jan-Dec 
Balance at 1 January   13,301 - - 
Acquisition value   - 16,785 16,785 
Payout   - - -5,228

===== SIDA 25 =====

Change in value 
recognized in profit and 
loss 
  219 - 1,744 
Closing balance   13,520 16,785 13,301 
 
 
Shareholders at the annual general meeting held 24 May 2022 
endorsed the board’s proposal regarding incentive programs 
directed at key management personnel. Key individuals and 
employees of the Truecaller Group. The incentive program 
comprises at maximum of 500.000 warrants and a maximum 
of 5.100.000 performance-based share rights.  
   Participants buy the warrants at market value and the price 
for one warrant (the warrant premium) is calculated using the 
Black & Scholes valuation model. 
Performance-based share rights give participants the right to 
receive Class B shares in the company against no monetary 
consideration after the fixed vesting period has ended. Provided 
that participants remained employed by the company during 
the vesting period and that certain specific performance targets 
were reached by Truecaller regarding revenue growth and 
adjusted EBITDA. The Group applies IFRS 2 Share -based 
Payment to performance-based share rights. Where the cost is 
measured at fair value and allocated over the term o f the 
program and recognized in equity. The Group recognizes a 
reserve for accrued social insurance costs for the program 
based on the estimated benefit value for participants.  
The Group has a previously implemented incentive program. 
LTIP 2021. Refer to the 2021 annual report for detailed 
information about the program.  
 
Costs of LTIP 2021 and LTIP 
2022, SEKm   2023      
Jan-Mar 
2022      
Jan-Mar 
2022 
Jan-Dec 
Cost of vested warrants per 
IFRS 2   -10.6 -3.4 -28.4 
Social insurance contributions   -0.4 - -1.8 
Costs of LTIP 2021 and LTIP 
2022   -11.1 -3.4 -30.2 
 
 
The annual general meeting held 24 May 2022 authorized the 
board of directors to decide a treasury share buyback program. 
The buyback program is limited to 5 percent of shares 
outstanding as of the date of the AGM equivalent to 18,697,985 
shares. Share buybacks may be executed on one or more 
occasions prior to the next AGM. The buyback program began 
on 23 September and until the end of the reportin g period a 
total of 10,997, 407 Class B shares were repurchased for SEK 
373.3 million including transaction costs. 
 
Distribution of shares at the end of the reporting period:  
Share class  Shares 
Class A 
Class B 
Class C 
 
46,783,800 
327,175,910 
5,100,000 
Total number of shares outstanding  379,059,710 
- of which Class B shares held by Truecaller  
- of which Class C shares held by Truecaller  10,997,407 
5,100,000 
Total number of shares outstanding. net after 
shares held by Truecaller  362,962,303 
 
The Group’s contingent liabilities consist of a tax matter in the 
previously acquired subsidiary Backwater Technologies related 
to determination of income for FY 2016-17. The ongoing matter 
refers to a period prior to the acquisition date. The Group has 
determined that it is likely that the outcome will be in its favor 
and has therefore not recognized a provision in relation to this 
matter. The total undiscounted amount that the Group could be 
obligated to pay if the decision in the proceedings is not in the 
Group’s favor is estimated at between SEK 3 million and SEK 12 
million. 
 
 
No related party transactions  occurred during the reporting 
period. 
 
 
After the end of the reporting period, in line with the share 
repurchase program initiated on September 23, 2022, 
Truecaller has repurchased an additional 569,397 Class B 
shares for SE K 17.0 million including transaction costs. 
Truecaller's total holding of treasury Class B shares amounts to 
11,566,804, which were repurchased for a total of SEK 390. 3 
million including transaction costs. 
 
On April 10, 2023, Truecaller acquired 4+ percent of the shares 
in the Singapore-based game development company Mayhem 
Studios Private Ltd. for SEK 32.6 million. The investment was 
financed through existing cash. Other investors include Sequoia 
and Mobile Premier League. Mayhem Studio s Private Ltd. 
focuses on developing mobile games for the Indian market. The 
Indian mobile gaming market is expected to grow strongly from 
USD 2.8 billion in 2022 to USD 5 billion in 2025 and the number 
of players is expected to grow from 400 million in 20 22 to 500 
million in 2025. The availability of affordable mobile data 
coupled with increased smartphone penetration are two of the 
factors which is expected to contribute to the strong market 
growth.

===== SIDA 26 =====

Stockholm, 11 May 2023 
 
 
 
Bing Gordon 
Board Chair  
Alan Mamedi 
Director and CEO 
   
Annika Poutiainen 
Director  
Helena Svancar 
Director 
 
 
 
 
 
 
 
 
 
 
  
Nami Zarringhalam 
Director  Shailesh Lakhani 
Director

===== SIDA 27 =====

.

===== SIDA 28 =====

Group, SEKm  
  2023 
Jan-Mar 
2022 
Jan-Mar 
2022 
Jan-Dec 
Gross profit and gross margin       
Net sales    387.1 398.3 1,772.9 
   Minus brokerage costs    -96.1 -87.0 -417.7 
Gross profit     291.0 311.3 1,355.2 
   Divided by Net sales    387.1 398.3 1,772.9 
Gross margin    75.2% 78.1% 76.4% 
 
Adjusted EBITDA and Adjusted EBITDA margin      
Profit before tax    147.0 170.1 688.1 
   Excluding net financial income or expense    -7.2 5.4 0.4 
   Excluding depreciation. amortization and impairments    10.2 5.9 28.7 
EBITDA    150.0 181.4 717.2 
   Excluding items affecting comparability    - - - 
Adjusted EBITDA    150.0 181.4 717.2 
   Divided by Net sales    387.1 398.3 1,772.9 
Adjusted EBITDA margin      38.8% 45.5% 40.5% 
 
EBIT (operating profit) and EBIT margin      
Profit before tax    147.0 170.1 688.1 
   Excluding net financial income or expense    -7.2 5.4 0.4 
EBIT (operating profit)    139.8 175.5 688.5 
   Divided by Net sales    387.1 398.3 1,772.9 
EBIT margin    36.1% 44.0% 38.8% 
 
Adjusted EBIT and Adjusted EBIT margin      
EBIT (operating profit)    139.8 175.5 688.5 
   Excluding items affecting comparability    - - - 
Adjusted EBIT    139.8 175.5 688.5 
   Divided by Net sales    387.1 398.3 1,772.9 
Adjusted EBIT margin    36.1% 44.0% 38.8% 
 
Equity to assets ratio      
Total equity    1,738.4 1,566.0 1,804.1

===== SIDA 29 =====

Divided by Total assets    2,123.5 1,857.3 2,344.4 
Equity to assets ratio    81.9% 84.3% 77.0%