reports
- Colin Smith
Trustpilot | 1HFY24 results – Executing on strategy
Trustpilot reported results for 1H24 in line with the trading statement, including a 19% YoY increase in bookings to US$118m on a constant currency (cc) basis, a 2ppt increase in Last Twelve Months net dollar retention rate to 101% and group revenue of US$100m, up 18% with annual recurring revenue up 17% to US$211m. The company became profitable at the operating level in the first half for the first time and reported a net profit of US$7.7m (1H23 (US$2.5m)). Adjusted EBITDA came in ahead of expe...
- Colin Smith
Trustpilot | 1HFY24 trading statement - strong growth
Trustpilot has reported expected growth in bookings for 1H24 in constant currency terms (cc) of 19% to US$118m with similar growth rates in annual recurring revenue and reported revenue. What is likely to please the markets in particular, is the growth in bookings from North America which was 23% in cc terms and suggests that the revised go-to-market strategy is working while confirming that the Trustpilot proposition does indeed have traction in the huge US market. Current guidance of mid-teens...
- Colin Smith
Trustpilot - FY23 results – Consensus beat, confirms momentum
Trustpilot delivered an excellent set of results for FY23. The company beat already increased expectations for adjusted EBITDA, reported its first ever net profit and was powerfully net cash generative. That was driven by a strong performance in operating metrics, a bounce back in the growth rate of bookings and other customer metrics, together with a greater focus on delivering bottom line performance. To date, the company has completed more than half of the £20m share buyback which commenced i...
- Colin Smith
Trustpilot - FY23 trading update – Another beat, £20m SBB
Trustpilot has announced another beat to expectations and the implementation of a £20m share buyback programme. The company has guided to full year revenue of US$176m, with annual recurring revenue of US$197m and total bookings of US$195m. Trustpilot expects to report adjusted EBITDA above the US$14.1m top end of the range of market expectations. This was another strong performance from Trustpilot with revenue growth coming in a little better than guidance at the interims and further operational...
- Colin Smith
Trustpilot - Post 1H23 Consensus Update
At its 1H23 results, published a month ago, Trustpilot maintained current guidance for mid-teens constant currency revenue growth YoY for FY23 but again forecast adjusted EBITDA to be above then consensus expectations. That has flowed into revised forecasts with the consensus mean forecast for adjusted EBITDA increased by c25% for 2023-25, a hike in forecasts for free cash flow and with minor changes to expectations for bookings and revenue. Estimates for EPS have turned positive for FY23 and in...
- Colin Smith
Trustpilot - 1H23 Results Update
Trustpilot reported results in line with the interim update apart from a further beat to expectations for adjusted EBITDA, notwithstanding the increase in consensus estimates following the update. Guidance for mid-teens constant currency revenue growth for FY23 was maintained but Trustpilot again expects adjusted EBITDA for FY23 to exceed recent upwardly revised expectations which are for a mean of US$6.2m with a high of US$6.6m. For the first time, the company flagged the potential for a return...
- Colin Smith
Trustpilot - Post 1H23 trading statement consensus update
Further to the positive 1H23 trading update published a month ago, most brokers have now revised their forecasts. With the update, Trustpilot reiterated guidance of mid-teens constant currency revenue growth but advised like-for-like full year adjusted EBITDA would be above the top end of the range of market expectations which then stood at US$4.0m with a mean of US$2.9m. That has prompted modest percentage increases in forecasts for mean bookings and revenue but a more than doubling in the mean...
- Colin Smith
Trustpilot - Post FY22 results consensus update
Trustpilot recently reported a strong set of FY22 results, comfortably bettering consensus expectations for Adjusted EBITDA. However, in the outlook management guided to YoY revenue growth in the mid-teens percentage at constant currency but with the company moving to Adjusted EBITDA profitability and positive adjusted free cash flow (FCF) in FY23. Following the results, this guidance has been reflected in amendments to broker forecasts. The average revenue forecast has been cut by 5% for FY23 a...
- Colin Smith
Trustpilot - Strong FY22 results, positive guidance; CEO transition
Following the positive trading update published in January, Trustpilot reported a near halving of the EBITDA deficit YoY to $8.6m for the year to December 2022. Adjusted EBITDA was a $(4.4)m loss although the company generated positive Adjusted EBITDA in 2H22 of $1m. Reported financials were negatively impacted by the strength of the dollar but operating metrics were strong, as previously disclosed. Management expects to move to adjusted EBITDA profitability and positive adjusted free cash flow ...
- Oliver Juggins
Trustpilot - FY22 Trading Update Note
On 12th January Trustpilot released a brief trading update for the year to 31st December 2022, which showed 20% growth in annual recurring revenue and 100% net dollar retention – as well as adjusted EBITDA that came in ahead of consensus and zero cash burn in H2. This is impressive and demonstrates resilience in the face of uncertainty and the imminence of breakeven adjusted EBITDA and cash flow. It was well received by the market, and deservedly so.
- Oliver Juggins
Trustpilot Initiation Note - Sep 2022
We are delighted to initiate coverage of Trustpilot today. Trustpilot is a market leader in the high-growth global online review market: it's an open, high-trust, consumer-led review platform that's free for consumers and freemium for businesses. The market opportunity is significant, at an estimated $50bn TAM (ex. China). Crucially, businesses can't choose which reviews to publish or hide, and thus Trustpilot provides the most complete picture of consumer experiences. It has renewed its commi...
Increased risk weighs on TRUSTPILOT GROUP, penalising its rating down...
The independent financial analyst theScreener just lowered the general evaluation of TRUSTPILOT GROUP (GB), active in the Internet industry. As regards its fundamental valuation, the title still shows 0 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Negative. As of the analysis date February 4, 2022, the closing price was GBP...
Trustpilot Appoints Alicia Skubick as Chief Marketing Officer
LONDON & NEW YORK & COPENHAGEN, Denmark--(BUSINESS WIRE)-- , a leading online consumer reviews platform, announces the appointment of Alicia Skubick as Chief Marketing Officer, with effect from 04 October 2021. Alicia will join Trustpilot’s senior leadership team and support the company’s mission of establishing itself as a universal symbol of trust. This press release features multimedia. View the full release here: Trustpilot appoints Alicia Skubick (Photo: Business Wire) Alicia Skubick joins Trustpilot to lead the Marketing function, within which she will be responsible for building the Tru...
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