Generated file Q3 CTV spend which grew 45% year-over-year, and Company believes it is well-positioned for success throughout the 2022 FIFA World Cup by means of world advert monetization exclusivity on the FIFA+ app throughout Hisense linked TVs powered by VIDAA and its world accomplice ecosystem
Completed acquisition of Amobee, and funding in VIDAA, an working system and subsidiary of Hisense, allows unique entry to world ACR knowledge and media in choose nations, strengthening the Company’s skill to capitalize on future CTV, video, and cross-channel development alternatives
Generated constructive Adjusted EBITDA from Amobee inside first three weeks of closing the acquisition, highlighting administration’s confirmed monitor file of sturdy price self-discipline
NEW YORK, Nov. 14, 2022 (GLOBE NEWSWIRE) — Tremor International Ltd. (AIM/NASDAQ: TRMR) (“Tremor” or the “Company”), a world chief in data-driven video and linked TV (“CTV”) promoting know-how providing an end-to-end platform that permits advertisers to optimize their campaigns and media corporations to maximise stock yield, at this time broadcasts its monetary outcomes for the third quarter and nine-month interval ended September 30, 2022.
Financial Summary
- Generated Q3 Contribution ex-TAC of $64.9 million in comparison with $76.7 million in Q3 2021, and Contribution ex-TAC of $206.7 million for the 9 months ended September 30, 2022, in comparison with $213.4 million for the 9 months ended September 30, 2021. All outcomes for the three and 9 months ended September 30, 2022 embody contributions from Amobee for the interval from when the acquisition of Amobee closed on September 12, 2022 by means of September 30, 2022. Advertising demand throughout Q3 2022 remained impacted by difficult macroeconomic situations, notably as a number of direct-to-consumer model clients skilled vital stress on promoting budgets because of rising inflation.
- Achieved Q3 Adjusted EBITDA of $30.1 million in comparison with $42.3 million in Q3 2021 and Adjusted EBITDA of $102.9 million for the 9 months ended September 30, 2022, in comparison with $107.2 million for the 9 months ended September 30, 2021.
- Maintained sturdy margins together with a 43% Adjusted EBITDA margin in Q3 2022 on a reported income foundation, and 46% on a Contribution ex-TAC foundation, and a forty five% Adjusted EBITDA margin on a reported income foundation, and 50% on a Contribution ex-TAC foundation for the 9 months ended September 30, 2022.
- Continued to increase CTV market share with file Q3 CTV spend of $73.0 million, reflecting a rise of 45% in comparison with $50.4 million in Q3 2021, and file CTV spend of $183.9 million for the 9 months ended September 30, 2022, representing a rise of 33% in comparison with $138.4 million in the 9 months ended September 30, 2021.
- CTV spend throughout the 9 months ended September 30, 2022, mirrored 39% of whole spend and 44% of programmatic spend.
- Video income, together with CTV, continued to characterize the overwhelming majority of Tremor’s Contribution ex-TAC at roughly 87% for Q3 2022 and 81% for the 9 months ended September 30, 2022.
- Strong $109.1 million web money place as of September 30, 2022, following the accomplished acquisition of Amobee, funding in VIDAA, and completion of $75 million share repurchase program, offers ample liquidity for present business wants in addition to future potential investments and initiatives. As of September 30, 2022, the Company has utilized $100 million from its secured $180 million credit score facility referring to its acquisition of Amobee, together with $90 million from a secured Term Loan A and $10 million from a Revolving Credit Facility. The Company had $80 million remaining on its revolving credit score facility as of September 30, 2022.
“During the third quarter we executed on long-term strategic initiatives that we believe will support our future growth by completing our acquisition of Amobee and investment in VIDAA,” stated Ofer Druker, Tremor International’s Chief Executive Officer. “The combination of the expanded scale, customer base, and new technological capabilities from Amobee, alongside the exclusive ability to share global ACR data, enable exclusive high quality CTV advertising opportunities, and gain access to exclusive sports content monetization opportunities through our investment in VIDAA, is expected to greatly benefit our partners and expand our market share within the CTV arena.”
Operational Highlights and Recent Business Wins
- Completed acquisition of Amobee for $239 million, considerably increasing Tremor’s buyer base, know-how capabilities, and whole addressable market, and unlocked stronger-than-expected price synergies:
- Tremor has already realized the complete initially anticipated $50 million in annualized working price synergies on a mixed professional forma foundation and efficiently generated constructive Adjusted EBITDA from Amobee inside the first three weeks of closing the acquisition.
- Management now expects to realize whole working price synergies of roughly $65 million on a mixed professional forma foundation following the completion of the integration.
- The Company now expects to totally full the know-how integration by the finish of 2023 with the majority of the integration anticipated to be fulfilled by the finish of H1 2023.
- Amobee’s DSP considerably boosts the Company’s enterprise self-service footprint and omnichannel capabilities and is complementary to Tremor Video’s DSP capabilities, enabling cross-selling alternatives to seize extra general finances from promoting clients.
- Amobee’s Advanced TV (“ATV”) planning know-how provides a brand new functionality for Tremor to promote linear planning merchandise to TV broadcasters, unlocking extra income alternatives inside a considerably expanded whole addressable market.
- The mixture of Amobee’s ATV know-how, Tremor’s in-house SSP, and the Company’s pre-existing energy inside CTV, positions the Company effectively for the future as many media companions have each linear and CTV footprints, main advertisers to plan campaigns, deploy finances, and search to know attain, throughout each codecs concurrently.
- Completed $25 million funding in VIDAA and enhanced strategic relationship with Hisense, VIDAA’s mum or dad Company:
- Tremor’s fairness stake in VIDAA extends the Company’s unique settlement to share VIDAA’s computerized content material recognition (“ACR”) knowledge for world concentrating on and measurement throughout Tremor’s end-to-end platform.
- VIDAA additionally granted advert monetization exclusivity in the US, UK, Canada, and Australia to the Unruly SSP and Spearad advert server.
- VIDAA is anticipated to make the most of the funding to help its plan to extend its distribution throughout extra OEMs in a number of key markets, which is anticipated to additional improve the advantages of Tremor’s funding.
- FIFA World Cup, funding in VIDAA, and Hisense relationship, positions Tremor to capitalize on present and future CTV income alternatives related to Hisense’s sports activities advertising technique:
- Tremor’s funding in VIDAA allows unique advert monetization worldwide on the FIFA+ app throughout an anticipated attain of over 100 million Hisense sensible TVs powered by VIDAA and its world accomplice ecosystem.
- FIFA additionally granted Tremor the unique world proper to monetize advertisements on its web site and cellular stock throughout the event.
- Tremor expects extra potential future sports-related unique content material alternatives.
- Generated continued momentum with clients and companions throughout Tremor Video and Unruly:
- Unruly added 82 new provide companions, together with 33 in the US, throughout Q3 2022, and 232 new provide companions, together with 104 in the US, throughout the 9 months ended September 30, 2022. Supply companions had been added throughout crucial development verticals comparable to sports activities, information, and leisure, and a number of other codecs together with on-line video, cellular, CTV, and OTT (“over-the-top”) apps from main broadcast and Virtual Multichannel Video Programming Distributor (“vMVPD”) companies.
- Unruly CTRL, Tremor’s self-service platform for publishers, noticed PMP spend improve by 268% throughout Q3 2022, in comparison with Q3 2021, and noticed PMP spend improve by 414% throughout the 9 months ended September 30, 2022, in comparison with the similar prior yr interval.
- Tremor Video added 56 new advertiser clients throughout Q3 2022, and 191 for the 9 months ended September 30, 2022, throughout retail, political, and automotive verticals, in addition to others.
- Tr. ly’s buyer utilization remained closely related to its most premium inventive merchandise each in the US and internationally. Tr. ly generated 27% extra inventive requests from advertisers in Q3 2022 than in Q3 2021 and 17% extra inventive requests over the 9 months ended September 30, 2022, than the similar prior yr interval. Tr. ly’s premium inventive testing and insights product, EQ Max, noticed 45% extra bookings in Q3 2022 than in Q3 2021 and 22% extra bookings for the 9 months ended September 30, 2022, than the similar prior yr interval.
Share Repurchase Program Updates
- Tremor International accomplished its $75 million share repurchase program throughout Q3 2022, repurchasing 6,391,015 Ordinary shares at a median value of 388.39 pence throughout the quarter, which mirrored a complete funding of roughly £24.9 million, or $29.7 million.
- For the complete program, the Company repurchased 13,792,485 Ordinary shares, representing roughly 9% of shares excellent, at a median value of 437.54 pence, for a complete funding of roughly £60.5 million, or $75.0 million, together with charges.
- In September 2022, the Company’s Board of Directors permitted a brand new share repurchase program, authorizing the buy of as much as $20 million of its Ordinary shares on the AIM Market. The extra repurchase program is being financed by means of present money assets.
- The extra $20 million share repurchase program started on October 1, 2022, and can proceed till both April 1, 2023, or till it has been accomplished. The share repurchase program doesn’t obligate Tremor to repurchase any explicit quantity of Ordinary Shares and the program could also be suspended, modified, or discontinued at any time at the Company’s discretion, topic to relevant regulation.
Financial Guidance
- Management believes Tremor stays well-positioned to profit from anticipated trade secular development tendencies and Company-specific catalysts together with the FIFA World Cup, the accomplished acquisition of Amobee, and its funding in VIDAA, and that the effectivity of its end-to-end know-how platform and working mannequin, numerous buyer base, and broad vary of income verticals ought to assist mitigate potential destructive results of anticipated market headwinds and accordingly, Tremor estimates:
- This fall 2022 Contribution ex-TAC of roughly $103 million
- This fall 2022 Adjusted EBITDA of roughly $37 million
- Full yr 2022 Contribution ex-TAC of roughly $310 million
- Full yr 2022 Adjusted EBITDA of roughly $140 million
- Full yr 2023 Contribution ex-TAC of roughly $460 million
- Full yr 2023 Adjusted EBITDA of roughly $180 million
- Tremor’s This fall 2022, full yr 2022, and full yr 2023 steering embody contributions from its acquisition of Amobee following the deadline of that acquisition and is predicated on the expectation there will probably be no main Covid-19- or different pandemic-related setbacks or vital escalation of warfare or different hostilities which will trigger financial situations to additional deteriorate or in any other case considerably scale back advertiser demand.
- The Company’s steering has additionally considered difficult market situations that restricted advertiser exercise in Q3 2022, together with rising inflation, rising rates of interest, geopolitical and macroeconomic uncertainty, recession considerations, and widespread world provide chain points in sure verticals comparable to automotive. The Company expects that these challenges might proceed to have an effect on the promoting demand surroundings for the the rest of 2022 and past.
Third Quarter 2022 Financial Highlights ($ in thousands and thousands, besides per share quantities)
| Three months ended September 30 |
Nine months ended September 30 |
||||||||||
| 2022 | 2021 | % | 2022 | 2021 | % | ||||||
| IFRS highlights | |||||||||||
| Non-IFRS Highlights | |||||||||||
| Revenues | 70.9 | 87.0 | (19%) | 227.6 | 239.4 | (5%) | |||||
| Programmatic Revenues | 60.1 | 68.9 | (13%) | 179.9 | 192.1 | (6%) | |||||
| Operating Profit | 4.1 | 13.7 | (70%) | 33.9 | 50.1 | (32%) | |||||
| Total Comprehensive Income/(Loss) | (5.2) | 10.2 | (151%) | 6.4 | 46.7 | (86%) | |||||
| Diluted EPS | (0.01) | 0.07 | (109%) | 0.11 | 0.33 | (66%) | |||||
| Contribution ex-TAC | 64.9 | 76.7 | (15%) | 206.7 | 213.4 | (3%) | |||||
| Adjusted EBITDA | 30.1 | 42.3 | (29%) | 102.9 | 107.2 | (4%) | |||||
| Adjusted EBITDA Margin | 46% | 55% | (16%) | 50% | 50% | 0% | |||||
| Non-IFRS web Income | 16.9 | 33.3 | (49%) | 65.9 | 83.5 | (21%) | |||||
| Non-IFRS Diluted EPS | 0.11 | 0.21 | (47%) | 0.42 | 0.56 | (26%) | |||||
Third Quarter and Nine Month 2022 Financial Results Webcast and Conference Call Details
- Tremor International Third Quarter and Nine Months Ended September 30, 2022 Earnings Webcast and Conference Call
- November 14, 2022, at 6:00 AM PT, 9:00 AM ET and 2:00 PM GMT
- Webcast Link: https://edge.media-server.com/mmc/p/oz2rb9di
- Participant Dial-In Number:
- US/CANADA Participant Toll-Free Dial-In Number: (800) 715-9871
- UK Participant Toll-Free Dial-In Number: +44 800 260 6466
- INTERNATIONAL Participant Dial-In Number: (646) 307-1963
- Conference ID: 7216349
Use of Non-IFRS Financial Information
In addition to our IFRS outcomes, we assessment sure non-IFRS monetary measures to assist us consider our business, measure our efficiency, determine tendencies affecting our business, set up budgets, measure the effectiveness of investments in our know-how and growth and gross sales and advertising, and assess our operational efficiencies. These non-IFRS measures embody Contribution ex-TAC, Adjusted EBITDA, Non-IFRS Net Income (Loss) and Non-IFRS Earnings (Loss) per share, every of which is mentioned beneath.
These non-IFRS monetary measures are usually not meant to be thought-about in isolation from, as substitutes for, or as superior to, the corresponding monetary measures ready in accordance with IFRS. You are inspired to guage these changes and assessment the reconciliation of those non-IFRS monetary measures to their most comparable IFRS measures, and the causes we think about them acceptable. It is vital to notice that the explicit objects we exclude from, or embody in, our non-IFRS monetary measures could differ from the objects excluded from, or included in, related non-IFRS monetary measures utilized by different corporations. See “Reconciliation of Revenue to Contribution ex-TAC,” “Reconciliation of Net Income (Loss) to Adjusted EBITDA,” and “Reconciliation of Net Income (Loss) to Non-IFRS Net income,” included as a part of this press launch.
- Contribution ex-TAC: Contribution ex-TAC for each Tremor International and Amobee is outlined as gross revenue plus depreciation and amortization attributable to price of revenues and value of revenues (unique of depreciation and amortization) minus the Performance media price (“traffic acquisition costs” or “TAC”). Contribution ex-TAC is a supplemental measure of our monetary efficiency that isn’t required by, or introduced in accordance with, IFRS. Contribution ex-TAC shouldn’t be thought-about as an alternative choice to gross revenue as a measure of monetary efficiency. Contribution ex-TAC is a non-IFRS monetary measure and shouldn’t be seen in isolation. We consider Contribution ex-TAC is a helpful measure in assessing the efficiency of Tremor International, as a result of it facilitates a constant comparability towards our core business with out contemplating the influence of site visitors acquisition prices associated to income reported on a gross foundation.
- Adjusted EBITDA: We outline, for each Tremor International and Amobee, as whole complete revenue for the interval adjusted for overseas foreign money translation variations for overseas operations, financing bills, web, tax profit, depreciation and amortization, stock-based compensation, restructuring, acquisition and IPO-related prices and different bills (revenue), web. Adjusted EBITDA is included in the press launch as a result of it’s a key metric utilized by administration and our board of administrators to evaluate our monetary efficiency. Adjusted EBITDA is often utilized by analysts, traders and different events to guage corporations in our trade. Management believes that Adjusted EBITDA is an acceptable measure of working efficiency as a result of it eliminates the influence of bills that don’t relate on to the efficiency of the underlying business.
- Adjusted EBITDA margin: We outline as Adjusted EBITDA as a share of Contribution ex-TAC for each Tremor International and Amobee.
- Non-IFRS Income (Loss) and Non-IFRS Earnings (Loss) per Share: We outline non-IFRS earnings (loss) per share, for each Tremor International and Amobee, as non-IFRS revenue (loss) divided by non-IFRS weighted-average shares excellent. Non-IFRS revenue (loss) is the same as web revenue (loss) excluding stock-based compensation, money and non-cash primarily based acquisition and associated bills, together with amortization of acquired intangible property, merger associated severance prices, transaction bills. In intervals by which we’ve got non-IFRS revenue, non-IFRS weighted-average shares excellent used to calculate non-IFRS earnings per share contains the influence of probably dilutive shares. Potentially dilutive shares encompass inventory choices, restricted inventory awards, restricted inventory items and efficiency inventory items, every computed utilizing the treasury inventory methodology. We consider non-IFRS earnings (loss) per share is helpful to traders in evaluating our ongoing operational efficiency and our tendencies on a per share foundation, and likewise facilitates comparability of our monetary outcomes on a per share foundation with different corporations, a lot of which current an identical non-IFRS measure. However, a possible limitation of our use of non-IFRS earnings (loss) per share is that different corporations could outline non-IFRS earnings (loss) per share in another way, which can make comparability troublesome. This measure may additionally exclude bills which will have a cloth influence on our reported monetary outcomes. Non-IFRS earnings (loss) per share is a efficiency measure and shouldn’t be used as a measure of liquidity. Because of those limitations, we additionally think about the comparable IFRS measure of web revenue (loss).
The info contained inside this announcement is deemed by the Company to represent inside info as stipulated below the Market Abuse Regulations (EU) No. 596/2014 (as applied into English regulation) (“MAR”). With the publication of this announcement by way of a Regulatory Information Service, this inside info is now thought-about to be in the public area.
About Tremor International
Tremor is a world firm providing an end-to-end know-how promoting platform, working throughout three core capabilities – Video, Data and CTV. Tremor’s distinctive strategy is centered on providing a full stack of end-to-end options which offers it with a significant aggressive benefit inside the video promoting ecosystem.
Tremor Video helps advertisers ship impactful model tales throughout all screens by means of the energy of revolutionary video know-how mixed with superior viewers knowledge and charming inventive content material. Tremor Video’s revolutionary video promoting know-how has choices in CTV, in-stream, out-stream and in-app. To study extra, go to www.tremorvideo.com
Amobee optimizes outcomes for advertisers and media corporations, whereas offering a greater client expertise. Its platform assists clients by furthering their viewers growth, optimizing their cross-channel efficiency throughout all TV, linked TV, and digital media, and driving new buyer development by means of detailed analytics and reporting. To study extra, go to www.amobee.com
Unruly, the media aspect of Tremor, drives actual business outcomes in multiscreen promoting. Its programmatic platform effectively and successfully delivers efficiency, high quality, and actionable knowledge to demand and supply-focused purchasers and companions. Tremor has a significant variety of direct integrations with premium publishers, distinctive demand relationships with a wide range of advertisers and privileged entry to News Corp stock. Unruly connects to the world’s largest DSPs and is suitable with most Ad Age prime 100 manufacturers. To study extra, go to www.unruly.co
Tremor is headquartered in Israel and maintains workplaces all through the United States, Canada, Europe, Asia-Pacific and is traded on the London Stock Exchange (AIM: TRMR) and NASDAQ: (TRMR).
For extra info, go to: https://www.tremorinternational.com/
For additional info please contact:
Tremor International Ltd.
Billy Eckert, Senior Director Investor Relations
[email protected]
KCSA (U.S. Investor Relations)
David Hanover, Investor Relations
[email protected]
Vigo Consulting (U.Okay. Financial PR & Investor Relations)
Jeremy Garcia
Kate Kilgallen
Tel: +44 20 7390 0230 or [email protected]
finnCap Ltd.
Jonny Franklin-Adams / Charlie Beeson / George Dollemore (Corporate Finance)
Tim Redfern / Harriet Ward (ECM)
Tel: +44 20 7220 0500
Stifel Nicolaus Europe Limited
Fred Walsh
Alain Dobkin
Nick Adams
Richard Short
Tel: +44 20 7710 7600
PR Contact
Caroline Smith
VP, Communications, Tremor International
[email protected]
Forward Looking Statements
This press launch incorporates forward-looking statements, together with forward-looking statements inside the that means of Section 27A of the United Stated Securities Act of 1933, as amended, and Section 21E of the United States Securities and Exchange Act of 1934, as amended. Forward-looking statements are recognized by phrases comparable to “anticipates,” “believes,” “expects,” “intends,” “may,” “can,” “will,” “estimates,” and different related expressions. However, these phrases are usually not the solely approach Tremor identifies forward-looking statements. All statements contained on this press launch that don’t relate to issues of historic reality ought to be thought-about forward-looking statements, together with with out limitation statements concerning the anticipated monetary outcomes for This fall 2022, full yr 2022, and full yr 2023; anticipated advantages of Tremor’s strategic transactions and industrial partnerships; anticipated options and advantages of Tremor’s merchandise and repair choices; Tremor’s positioning for continued future development in each the US and worldwide markets in the fourth quarter of 2022 and past; Tremor’s implementation of a considerable share repurchase whereas additionally persevering with to guage strategic alternatives to amass corporations and put money into know-how, merchandise, gross sales and advertising to additional increase its platform; Tremor’s medium- to long-term prospects; administration’s perception that Tremor is well-positioned to profit from anticipated future trade development tendencies and Company-specific catalysts; the potential destructive influence of inflationary pressures, rising rates of interest, geopolitical and macroeconomic uncertainty, recession considerations, and the widespread world provide chain points which have restricted promoting exercise and the anticipation that these challenges might proceed to have an effect for the the rest of 2022 and past; the anticipated influence of the FIFA World Cup on Tremor’s anticipated efficiency; the anticipated advantages from the Company’s funding in VIDAA and its enhanced strategic relationship with Hisense; the anticipated advantages and synergies from the Amobee acquisition and talent of Tremor to proceed to acknowledge these synergies; Tremor’s skill to proceed to execute on cross-selling alternatives and its introduction of recent know-how merchandise to a considerably bigger buyer base and addressable market; the timing to finish the know-how integration of Amobee, in addition to some other statements associated to Tremor’s future monetary outcomes and working efficiency. These statements are neither guarantees nor ensures however contain identified and unknown dangers, uncertainties and different vital elements which will trigger Tremor’s precise outcomes, efficiency or achievements to be materially completely different from its expectations expressed or implied by the forward-looking statements, together with, however not restricted to, the following: destructive world financial situations, potential destructive developments in the COVID-19 pandemic and the way these developments could adversely influence Tremor’s business, clients and the markets by which Tremor competes, adjustments in trade tendencies, the danger that Tremor won’t notice the anticipated advantages of its acquisition of Amobee and strategic funding in VIDAA, together with because of an lack of ability to combine Amobee’s business successfully and effectively into Tremor, different destructive developments in Tremor’s business or unfavourable legislative or regulatory developments. Tremor cautions you to not place undue reliance on these forward-looking statements. For a extra detailed dialogue of those elements, and different elements that would trigger precise outcomes to differ materially, events ought to assessment the danger elements listed in Tremor’s most up-to-date Annual Report on Form 20-F, which was filed with the U.S. Securities and Exchange Commission (www.sec.gov) on March 15, 2022. Any forward-looking statements made by Tremor on this press launch converse solely as of the date of this press launch, and Tremor doesn’t intend to replace these forward-looking statements after the date of this press launch, besides as required by regulation.
Tremor, and the Tremor emblem are emblems of Tremor International Ltd. in the United States and different nations. All different emblems are the property of their respective homeowners. The use of the phrase “partner” or “partnership” on this press launch doesn’t imply a authorized accomplice or authorized partnership.
Reconciliation of Net Income (Loss) to Adjusted EBITDA
| Three months ended September 30 |
Nine months ended September 30 |
||||||||||
| 2022 | 2021 | % | 2022 | 2021 | % | ||||||
| ($ in hundreds) | |||||||||||
| Net Income (Loss) | (959) | 11,880 | (108%) | 17,676 | 48,823 | (64%) | |||||
| Taxes on revenue | 4,458 | 1,491 | 14,648 | (347) | |||||||
| Financial expense , web | 617 | 312 | 1,610 | 1,623 | |||||||
| Depreciation and amortization | 10,159 | 10,033 | 25,516 | 29,945 | |||||||
| Stock-based compensation | 11,166 | 18,745 | 42,519 | 23,696 | |||||||
| Restructuring & Acquisition prices | 4,685 | 74 | 5,992 | 508 | |||||||
| Other revenue | – | – | (5,103) | – | |||||||
| IPO associated one-time prices | – | (195) | – | 2,938 | |||||||
| Adjusted EBITDA | 30,126 | 42,340 | (29%) | 102,858 | 107,186 | (4%) | |||||
Reconciliation of Revenue to Contribution ex-TAC
| Three months ended September 30 | Nine months ended September 30 | ||||||||||
| 2022 | 2021 | % | 2022 | 2021 | % | ||||||
| ($ in hundreds) | |||||||||||
| Revenues | 70,851 | 87,023 | (19%) | 227,553 | 239,411 | (5%) | |||||
| Cost of revenues (unique of depreciation and amortization) | (14,064) | (16,373) | (43,480) | (51,303) | |||||||
| Depreciation and amortization attributable to Cost of Revenues | (5,925) | (4,010) | (13,557) | (12,209) | |||||||
| Gross revenue (IFRS) | 50,862 | 66,640 | (24%) | 170,516 | 175,899 | (3%) | |||||
| Depreciation and amortization attributable to Cost of Revenues | 5,925 | 4,010 | 13,557 | 12,209 | |||||||
| Cost of revenues (unique of depreciation and amortization) | 14,064 | 16,373 | 43,480 | 51,303 | |||||||
| Performance media price | (5,976) | (10,359) | (20,829) | (26,012) | |||||||
| Contribution ex-TAC (Non-IFRS) | 64,875 | 76,664 | (15%) | 206,724 | 213,399 | (3%) | |||||
Reconciliation of Net Income (Loss) to Non-IFRS Net Income
| Three months ended September 30 |
Nine months ended September 30 |
||||||||||
| 2022 | 2021 | % | 2022 | 2021 | % | ||||||
| ($ in hundreds) | |||||||||||
| Net Income (Loss) | (959) | 11,880 | (108%) | 17,676 | 48,823 | (64%) | |||||
| Acquisition and associated objects, together with amortization of acquired intangibles and restructuring | 9,072 | 6,641 | 18,264 | 20,294 | |||||||
| Stock-based compensation expense | 11,166 | 18,745 | 42,519 | 23,696 | |||||||
| IPO associated one-time prices | – | (195) | – | 2,938 | |||||||
| Other Income | – | – | (5,103) | – | |||||||
| Tax impact of Non-GAAP changes (1) | (2,390) | (3,793) | (7,488) | (12,235) | |||||||
| Non-IFRS Income | 16,889 | 33,278 | (49%) | 65,868 | 83,516 | (21%) | |||||
| Weighted common shares excellent—diluted (in thousands and thousands) (2) | 153.3 | 159.7 | 156.5 | 147.8 | |||||||
| Non-IFRS diluted EPS (in USD) | 0.11 | 0.21 | (47%) | 0.42 | 0.56 | (26%) | |||||
| (1) | Non-IFRS revenue contains the estimated tax influence from the expense objects reconciling between web revenue (loss) and non-IFRS revenue |
| (2) | Non-IFRS earnings per share is computed utilizing the similar weighted-average variety of shares which might be used to compute IFRS earnings per share |
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
(Unaudited)
| September 30 | December 31 | |||
| 2022 | 2021 | |||
| USD hundreds | ||||
| Assets | ||||
| ASSETS: | ||||
| Cash and money equivalents | 211,571 | 367,717 | ||
| Trade receivables, web | 227,406 | 165,063 | ||
| Other receivables | 25,527 | 18,236 | ||
| Current tax property | 931 | 981 | ||
| TOTAL CURRENT ASSETS | 465,435 | 551,997 | ||
| Fixed property, web | 28,707 | 3,464 | ||
| Right-of-use property | 31,130 | 13,955 | ||
| Intangible property, web | 398,719 | 208,220 | ||
| Deferred tax property | 20,083 | 24,431 | ||
| Investment in shares | 25,000 | – | ||
| Other long-term property | 472 | 672 | ||
| TOTAL NON-CURRENT ASSETS | 504,111 | 250,742 | ||
| TOTAL ASSETS | 969,546 | 802,739 | ||
| Liabilities and shareholders’ fairness | ||||
| LIABILITIES: | ||||
| Current maturities of lease liabilities | 15,621 | 7,119 | ||
| Trade payables | 223,621 | 161,812 | ||
| Other payables | 57,424 | 42,900 | ||
| Current tax liabilities | 4,979 | 8,836 | ||
| TOTAL CURRENT LIABILITIES | 301,645 | 220,667 | ||
| Employee advantages | 240 | 426 | ||
| Long time period debt | 98,385 | – | ||
| Other long-term liabilities | 4,456 | – | ||
| Long-term lease liabilities | 18,441 | 7,876 | ||
| Deferred tax liabilities | 1,377 | 1,395 | ||
| TOTAL NON-CURRENT LIABILITIES | 122,899 | 9,697 | ||
| TOTAL LIABILITIES | 424,544 | 230,364 | ||
| SHAREHOLDERS’ EQUITY: | ||||
| Share capital | 418 | 442 | ||
| Share premium | 403,685 | 437,476 | ||
| Other complete revenue (loss) | (10,536 | ) | 698 | |
| Retained earnings | 151,435 | 133,759 | ||
| TOTAL SHAREHOLDERS’ EQUITY | 545,002 | 572,375 | ||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 969,546 | 802,739 | ||
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATION AND OTHER COMPREHENSIVE INCOME
(Unaudited)
| Nine months ended September 30 |
Three months ended September 30 | ||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||
| USD hundreds | USD hundreds | ||||||||||
| Revenues | 227,553 | 239,411 | 70,851 | 87,023 | |||||||
| Expenses: | |||||||||||
| Cost of Revenues (Exclusive of depreciation and amortization proven individually beneath) |
43,480 | 51,303 | 14,064 | 16,373 | |||||||
| Research and growth bills | 21,818 | 10,916 | 8,237 | 4,108 | |||||||
| Selling and advertising bills | 59,447 | 55,453 | 18,739 | 18,934 | |||||||
| General and administrative bills | 48,461 | 41,895 | 15,536 | 23,892 | |||||||
| Depreciation and amortization | 25,516 | 29,945 | 10,159 | 10,033 | |||||||
| Other revenue, web | (5,103 | ) | (200 | ) | – | – | |||||
| Total Expenses | 193,619 | 189,312 | 66,735 | 73,340 | |||||||
| Operating Profit | 33,934 | 50,099 | 4,116 | 13,683 | |||||||
| Financing revenue | (1,870 | ) | (394 | ) | (843 | ) | (221 | ) | |||
| Financing bills | 3,480 | 2,017 | 1,460 | 533 | |||||||
| Financing bills, web | 1,610 | 1,623 | 617 | 312 | |||||||
| Profit earlier than taxes on revenue | 32,324 | 48,476 | 3,499 | 13,371 | |||||||
| Tax profit (bills) | (14,648 | ) | 347 | (4,458 | ) | (1,491 | ) | ||||
| Profit (Loss) for the interval | 17,676 | 48,823 | (959 | ) | 11,880 | ||||||
| Other complete revenue (loss) objects: | |||||||||||
| Foreign foreign money translation variations for overseas operation | (11,234 | ) | (2,127 | ) | (4,246 | ) | (1,634 | ) | |||
| Total different complete revenue (loss) | (11,234 | ) | (2,127 | ) | (4,246 | ) | (1,634 | ) | |||
| Total complete revenue (loss) | 6,442 | 46,696 | (5,205 | ) | 10,246 | ||||||
| Earnings per share | |||||||||||
| Basic earnings (loss) per share (in USD) | 0.12 | 0.35 | (0.01 | ) | 0.08 | ||||||
| Diluted earnings (loss) per share (in USD) | 0.11 | 0.33 | (0.01 | ) | 0.07 | ||||||
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY
(Unaudited)
| Share capital |
Share premium |
Other complete revenue |
Retained Earnings |
Total | |||||||||
| USD hundreds | |||||||||||||
| Balance as of January 1, 2022 | 442 | 437,476 | 698 | 133,759 | 572,375 | ||||||||
| Total Comprehensive revenue (loss) for the interval | |||||||||||||
| Profit for the interval | – | – | – | 17,676 | 17,676 | ||||||||
| Other complete Income: | |||||||||||||
| Foreign Currency Translation | – | – | (11,234 | ) | – | (11,234 | ) | ||||||
| Total complete Income (loss) for the interval | 442 | 437,476 | (10,536 | ) | 151,435 | 578,817 | |||||||
| Transactions with homeowners, acknowledged instantly in fairness | |||||||||||||
| Own shares acquired | (41 | ) | (74,959 | ) | – | – | (75,000 | ) | |||||
| Share primarily based funds | – | 39,109 | – | – | 39,109 | ||||||||
| Exercise of share choices | 17 | 2,059 | – | – | 2,076 | ||||||||
| Balance as of September 30, 2022 | 418 | 403,685 | )10,536( | 151,435 | 545,002 | ||||||||
| Balance as of January 1, 2021 | |||||||||||||
| Total Comprehensive revenue (loss) for the interval | 380 | 264,831 | 3,330 | 60,472 | 329,013 | ||||||||
| Profit for the interval | – | – | – | 48,823 | 48,823 | ||||||||
| Other complete Income: | |||||||||||||
| Foreign Currency Translation | – | – | (2,127 | ) | – | (2,127 | ) | ||||||
| Total complete Income (loss) for the interval | 380 | 264,831 | 1,203 | 109,295 | 375,709 | ||||||||
| Transactions with homeowners, acknowledged instantly in fairness | |||||||||||||
| Revaluation of legal responsibility for put possibility on non- controlling pursuits | – | – | – | 64 | 64 | ||||||||
| Issuance of shares | 47 | 136,111 | – | – | 136,158 | ||||||||
| Own shares acquired | (3 | ) | (6,640 | ) | – | – | (6,643 | ) | |||||
| Share primarily based funds | – | 25,150 | – | – | 25,150 | ||||||||
| Exercise of share choices | 14 | 1,045 | – | – | 1,059 | ||||||||
| Balance as of September 30, 2021 | 438 | 420,497 | 1,203 | 109,359 | 531,497 | ||||||||
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
(Unaudited)
| Nine months ended September 30 |
|||||
| 2022 | 2021 | ||||
| USD hundreds | |||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||
| Profit for the interval | 17,676 | 48,823 | |||
| Adjustments for: | |||||
| Depreciation and amortization | 25,516 | 29,945 | |||
| Net financing expense | 1,537 | 1,505 | |||
| Loss (achieve) on leases change contracts | 56 | (373 | ) | ||
| Share-based fee | 42,519 | 23,696 | |||
| Gain on sale of business unit | – | (200 | ) | ||
| Tax bills (profit) | 14,648 | (347 | ) | ||
| Change in commerce and different receivables | 41,282 | 17,912 | |||
| Change in commerce and different payables | (73,315 | ) | 1,436 | ||
| Change in worker advantages | (176 | ) | (194 | ) | |
| Income taxes acquired | 948 | 2,231 | |||
| Income taxes paid | (13,017 | ) | (2,858 | ) | |
| Interest acquired | 1,685 | 238 | |||
| Interest paid | (298 | ) | (447 | ) | |
| Net money offered by working actions | 59,061 | 121,367 | |||
| CASH FLOWS FROM INVESTING ACTIVITIES | |||||
| Change in pledged deposits | 1,455 | (102 | ) | ||
| Leases Receipt | 833 | 2,200 | |||
| Acquisition of mounted property | (1,011 | ) | (2,193 | ) | |
| Acquisition and capitalization of intangible property | (4,869 | ) | (3,691 | ) | |
| Acquisition of subsidiaries, web of money acquired | (199,928 | ) | – | ||
| Investment in shares | (25,000 | ) | – | ||
| Proceeds from sale of business unit | 857 | 275 | |||
| Net money utilized in investing actions | (227,663 | ) | (3,511 | ) | |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||||
| Acquisition of personal shares | (75,000 | ) | (6,643 | ) | |
| Issuance of shares, web of issuance prices | – | 134,557 | |||
| Payment of name possibility legal responsibility | – | (2,414 | ) | ||
| Proceeds from train of share choices | 2,076 | 1,059 | |||
| Receipt of long-term debt, web of debt price | 98,977 | – | |||
| Leases reimbursement | (7,082 | ) | (8,106 | ) | |
| Net money offered by financing actions | 18,971 | 118,453 | |||
| Net improve (lower) in money and money equivalents | (149,631 | ) | 236,309 | ||
| CASH AND CASH EQUIVALENTS AS OF THE BEGINNING OF PERIOD | 367,717 | 97,463 | |||
| EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS | (6,515 | ) | (490 | ) | |
| CASH AND CASH EQUIVALENTS AS OF THE END OF PERIOD | 211,571 | 333,282 | |||
