Tremor International Reports Results for the First Quarter Ended March 31, 2022
Record Q1 Adjusted EBITDA of
Record Q1 Contribution ex-TAC of
Tremor Well-Positioned to Benefit from Industry Catalysts Expected in H2 2022, Including the FIFA World Cup and Additional Advertiser Spend Associated with the
First Quarter 2022 Financial Highlights
Record Q1 Financial Performance Driven by Continued Customer Adoption of Tremor’s Data-Powered End-to-End Technology and Business Platform, Increased CTV Spend and Revenue Stream Diversity Across Broad Product Portfolio, Despite a Challenging Macroeconomic Environment:
- Contribution ex-TAC increased organically by 13% in Q1 2022 to $71.0 million, compared to $63.0 million in Q1 2021
- Adjusted EBITDA increased 22% in Q1 2022 to $33.6 million, compared to $27.5 million in Q1 2021
Strong Margin Profile and Healthy Balance Sheet Enabled by Scaled and Efficient Operating Model:
- Tremor continues to deliver industry-leading margins and operational profitability compared to other ad tech peers, which resulted in a 42% adjusted EBITDA margin in Q1 2022 on a reported revenue basis, and 47% on a contribution ex-TAC basis
- Healthy balance sheet supported by a
$370.8 million net cash position as of March 31, 2022
Continued Strong CTV and Video Performance:
- CTV spend grew by 21% in Q1 2022 to $46.2 million, compared to $38.2 million in Q1 2021
- Video revenue continued to represent the overwhelming majority of total Contribution ex-TAC at approximately 80%
Ongoing Progress Delivering Further Shareholder Value Through Share Repurchase Program:
- Launched
$75 million share repurchase program onMarch 1, 2022 - Tremor repurchased 1,684,510 ordinary shares at an average price of
572.89 pence for a total spend of approximately £9.7 million or$12.7 million betweenMarch 1, 2022 , when the program commenced, andMarch 31, 2022
“I am pleased to report that our end-to-end technology and data-driven business platform, focused on CTV and Video, delivered record Q1 revenue and adjusted EBITDA, as well as increased customer adoption,” said
First Quarter Operational Highlights and Recent Business Wins
Tremor Continues to Deliver Significant Progress, Enhancing and Differentiating its Offerings Within CTV, by Further Expanding its End-to-End Technology and Business Platform Capabilities. Some Key Operational Highlights and Recent Business Wins Include:
- Completed the Integration of CTV Ad Server and Header Bidder, Spearad, into Unruly SSP
- Expected to accelerate international and US growth during the second half of 2022 and beyond
- Enables Tremor to capture a larger segment of global CTV inventory through current and future media partners seeking to leverage this technology
- VIDAA Selected Unruly’s SSP and Ad Server, Spearad, as a Preferred Partner for CTV and Native Display
- As VIDAA’s strategic sell-side platform, Unruly gains global access to all video and native display media and VIDAA will also integrate Spearad to enable greater control over its CTV ad delivery
- This expands upon the global exclusive Automatic Content Recognition (“ACR”) data partnership with Tremor
- Data-Driven TV Intelligence Solution Reach Expanded to 44 Million
U.S. Households Through Recent Enhancements and Partnerships- Tremor Video & Unruly platforms now provide access to the industry’s largest co-mingled datasets for TV and cross-device media strategies, which includes Set-Top Box (“STB”), ACR and cross-screen panel data, coupled with captivating video creative
- Recent partnerships with iSpot.tv for tune-in measurement on titles that are running only in streaming environments and TVision, which adds a panel dataset to the existing 44 million households, ramp scale and efficacy of all existing TV data sources
- The ability to activate a blended dataset across the open internet, outside of closed services and apps, represents an incredibly important mechanism for advertisers to have the freedom to curate a media mix that meets their campaign objectives and needs
- Expected to be further strengthened upon completed integration of VIDAA’s ACR data into Tremor’s platform
Furthered Platform Differentiation and Capabilities Within CTV Through Comscore Partnership - Established partnership with Comscore enabling better insulation for Tremor and its customers against privacy changes and both Tremor Video and Unruly customers to leverage cookie-free pre-bid audience targeting
- Comscore partnership delivers access to reach granular behavioral audiences based on video-level contextual signals across more than 1,000 audience segments
Award-Winning In-House Creative Studio , Tr. ly, Continued to Experience Increased Customer Adoption and Serves as a Key Differentiator for Tremor Within CTV- Experienced a 21% year-over-year increase in creative requests during Q1 2022, compared to Q1 2021
- International spend on Tr. ly’s creative products increased 225% year-over-year during Q1 2022, compared to Q1 2021
- During Q1 2022, Tr. ly executed 20% more custom data-driven video campaigns than it did during all of 2021
- Tr. ly’s custom QR codes for CTV ads remained its most popular feature in Q1 2022 and were included on 34% of all creative campaigns
- Proud recipient of Digiday’s 2022 Content Marketing Award for Best Use of Data for a travel campaign produced with Pure Michigan and Universal McCann
- Unruly and Tremor Video Experienced Strong Customer and Partner Traction, and Continued Growth Across Multiple Offerings, Including Unruly CTRL
- Unruly added 87 new supply partners, including 36 in the US, during Q1 2022 across critical growth verticals in sports, news, entertainment, and lifestyle, including OTT (“over-the-top”) apps from leading broadcast and Virtual Multichannel Video Programming Distributor (“vMVPD”) businesses
- Tremor Video added over 75 new logos during Q1 2022 across critical growth verticals in travel, CPG, and healthcare, reflecting one of the most significant quarterly increases in the Company’s history
- Unruly
CTRL , Tremor’s self-service platform for publishers, saw PMP spend increase by 128% during Q1 2022, compared to Q1 2021
Second Quarter 2022 Financial Guidance
- Management remains confident in the medium- to long-term prospects of the Company with Tremor well-positioned to further benefit from expected growth trends within digital advertising, CTV, and video, particularly during the second half of the year when it expects to monetize the integration of Spearad, and global ACR data partnership and media relationship with VIDAA
- Tremor’s second quarter guidance is based on the expectation that there will be no major Covid-19-related setbacks or significant escalation of war or other hostilities that may cause economic conditions to further deteriorate or otherwise significantly reduce advertiser demand
- Our guidance also considers the widespread global supply chain issues that limited advertising activity in Q1 2022 in certain verticals such as automobile manufacturing, with the expectation that these challenges could continue to have an impact in Q2 2022, as well as inflationary pressures, and geopolitical and macroeconomic uncertainty
- We believe our end-to-end platform, scaled and efficient operating model, diverse customer base, and broad range of revenue verticals help mitigate effects of these potential headwinds and accordingly, Tremor estimates:
- Q2 2022 Contribution ex-TAC in a range of $75 -
$80 million - Q2 2022 Adjusted EBITDA of approximately
$40 million - Q2 2022 Adjusted EBITDA margin as a percentage of Contribution ex-TAC of approximately 50%
- Q2 2022 Contribution ex-TAC in a range of $75 -
Particularly during periods of economic uncertainty, we find investors focus on companies that can achieve significant and consistent profitability to remain well-capitalized and able to take advantage of future growth opportunities. Tremor's efficient end-to-end operating model enables strong fundamentals, and we will continue to maintain an emphasis on generating robust profitability, giving us confidence that we can remain able to meet our adjusted EBITDA target, even amidst a challenging growth environment. Despite our conservative Contribution ex-TAC outlook, which considers several headwinds, the profitability we believe we can achieve should drive continued best-in-class industry adjusted EBITDA margins during Q2 2022.
First Quarter 2022 Financial Highlights ($ in millions, except per share amount)
| Three months ended |
||||
| 2022 | 2021 | % | ||
| IFRS highlights | ||||
| Non-IFRS highlights | ||||
| Revenues | 80.9 | 71.0 | 14% | |
| Programmatic Revenues | 59.1 | 55.7 | 6% | |
| Operating Profit | 14.3 | 15.2 | (6%) | |
| Total Comprehensive Income | 9.2 | 12.0 | (23%) | |
| Diluted EPS | (22%) | |||
| Contribution ex-TAC | 71.0 | 63.0 | 13% | |
| Adjusted EBITDA | 33.6 | 27.5 | 22% | |
| Adjusted EBITDA Margin | 47% | 44% | ||
| Non-IFRS net Income | 23.8 | 17.5 | 36% | |
| Non-IFRS Diluted EPS | 20% | |||
First Quarter 2022 Financial Results Webcast and Conference Call Details
- Tremor International First Quarter Ended
March 31, 2022 , Earnings Webcast and Conference Call May 17, 2022 , at6:00 AM/PT ,9:00 AM/ET , and2:00 PM/BST - Webcast Link: https://edge.media-server.com/mmc/p/7z5ybn6u
- Participant Dial-In Number:
- US/
CANADA Participant Toll-Free Dial-In Number: (866) 374-5140 UK Participant Toll-Free Dial-In Number: +44 80 8238 9813- INTERNATIONAL Participant Dial-In Number: (404) 400-0571
- Conference ID: 25590793
- US/
Use of Non-IFRS Financial Information
In addition to our IFRS results, we review certain non-IFRS financial measures to help us evaluate our business, measure our performance, identify trends affecting our business, establish budgets, measure the effectiveness of investments in our technology and development and sales and marketing, and assess our operational efficiencies. These non-IFRS measures include Contribution ex-TAC, Adjusted EBITDA, Non-IFRS Net Income (Loss) and Non-IFRS Earnings (Loss) per share, each of which is discussed below.
These non-IFRS financial measures are not intended to be considered in isolation from, as substitutes for, or as superior to, the corresponding financial measures prepared in accordance with IFRS. You are encouraged to evaluate these adjustments, and review the reconciliation of these non-IFRS financial measures to their most comparable IFRS measures, and the reasons we consider them appropriate. It is important to note that the particular items we exclude from, or include in, our non-IFRS financial measures may differ from the items excluded from, or included in, similar non-IFRS financial measures used by other companies. 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 income (loss)," included as part of this press release.
- Contribution ex-TAC: Contribution ex-TAC is defined as our gross profit plus depreciation and amortization attributable to cost of revenues and cost of revenues (exclusive of depreciation and amortization) minus the Performance media cost (“traffic acquisition costs” or “TAC”). Contribution ex-TAC is a supplemental measure of our financial performance that is not required by, or presented in accordance with, IFRS. Contribution ex-TAC should not be considered as an alternative to gross profit as a measure of financial performance. Contribution ex-TAC is a non-IFRS financial measure and should not be viewed in isolation. We believe Contribution ex-TAC is a useful measure in assessing the performance of
Tremor International , because it facilitates a consistent comparison against our core business without considering the impact of traffic acquisition costs related to revenue reported on a gross basis.
- Adjusted EBITDA: We define as total comprehensive income for the period adjusted for foreign currency translation differences for foreign operations, financing expenses, net, tax benefit, depreciation and amortization, stock-based compensation, restructuring, acquisition and IPO-related costs and other expenses (income), net. Adjusted EBITDA is included in the press release because it is a key metric used by management and our board of directors to assess our financial performance. Adjusted EBITDA is frequently used by analysts, investors and other interested parties to evaluate companies in our industry. Management believes that Adjusted EBITDA is an appropriate measure of operating performance because it eliminates the impact of expenses that do not relate directly to the performance of the underlying business.
- Adjusted EBITDA margin: we define as Adjusted EBITDA as a percentage of Contribution ex-TAC.
- Non-IFRS Income (Loss) and Non-IFRS Earnings (Loss) per Share: We define non-IFRS earnings (loss) per share as non-IFRS income (loss) divided by non-IFRS weighted-average shares outstanding. Non-IFRS income (loss) is equal to net income (loss) excluding stock-based compensation, cash and non-cash based acquisition and related expenses, including amortization of acquired intangible assets, merger related severance costs, transaction expenses. In periods in which we have non-IFRS income, non-IFRS weighted-average shares outstanding used to calculate non-IFRS earnings per share includes the impact of potentially dilutive shares. Potentially dilutive shares consist of stock options, restricted stock awards, restricted stock units and performance stock units, each computed using the treasury stock method. We believe non-IFRS earnings (loss) per share is useful to investors in evaluating our ongoing operational performance and our trends on a per share basis, and also facilitates comparison of our financial results on a per share basis with other companies, many of which present a similar non-IFRS measure. However, a potential limitation of our use of non-IFRS earnings (loss) per share is that other companies may define non-IFRS earnings (loss) per share differently, which may make comparison difficult. This measure may also exclude expenses that may have a material impact on our reported financial results. Non-IFRS earnings (loss) per share is a performance measure and should not be used as a measure of liquidity. Because of these limitations, we also consider the comparable IFRS measure of net income (loss).
About Tremor International
Tremor is a global company offering an end-to-end technology advertising platform, operating across three core capabilities - Video, Data and CTV. Tremor's unique approach is centered on offering a full stack of end-to-end solutions which provides it with a major competitive advantage within the video advertising ecosystem.
Tremor Video helps advertisers deliver impactful brand stories across all screens through the power of innovative video technology combined with advanced audience data and captivating creative content. Tremor Video's innovative video advertising technology has offerings in CTV, in-stream, out-stream and in-app. To learn more, visit www.tremorvideo.com
Unruly, the media side of Tremor, drives real business outcomes in multiscreen advertising. Its programmatic platform efficiently and effectively delivers performance, quality, and actionable data to demand and supply-focused clients and partners. Tremor has a meaningful number of direct integrations with premium publishers, unique demand relationships with a variety of advertisers and privileged access to News Corp inventory. Unruly connects to the world's largest DSPs and is compatible with most Ad Age top 100 brands. To learn more, visit www.unruly.co
Tremor is headquartered in Israel and maintains offices throughout the United States, Canada, Europe, Asia-Pacific and is traded on the London Stock Exchange (AIM: TRMR) and NASDAQ (TRMR).
For more information, visit: https://www.tremorinternational.com/
For further information please contact:
ir@tremorinternational.com
KCSA (U.S. Investor Relations)
aholdsworth@kcsa.com
Vigo Consulting (U.K. Financial PR & Investor Relations)
Tel: +44 20 7390 0230 or tremor@vigoconsulting.com
finnCap Ltd.
Jonny Franklin-Adams / James Thompson (Corporate Finance)
Tim Redfern / Dicky Chambers (ECM)
Tel: +44 20 7220 0500
Tel: +44 20 7710 7600
Forward Looking Statements
This press release contains forward-looking statements, including forward-looking statements within the meaning 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 identified by words such as “anticipates,” “believes,” “expects,” “intends,” “may,” “can,” “will,” “estimates,” and other similar expressions. However, these words are not the only way Tremor identifies forward-looking statements. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding the anticipated financial results for Q2 2022; anticipated benefits of Tremor’s strategic transactions and commercial partnerships; anticipated features and benefits of Tremor’s products and service offerings; Tremor’s positioning for continued and accelerated future growth in both the US and international markets in the second half of 2022 and beyond; the expected strengthening of Tremor’s data-driven TV intelligence solution reach; Tremor’s implementation of a substantial share repurchase while also continuing to evaluate strategic opportunities to acquire companies and invest in technology, products, sales and marketing to further expand its platform; Tremor’s intent to monetize its exclusive data partnerships and to continue to deliver material value for its key stakeholders; Tremor’s medium- to long-term prospects; the anticipated ongoing resurgence in the global digital advertising industry; the potential negative impact of the widespread global supply chain issues that have limited advertising activity in Q1 2022 in certain verticals and the anticipation that these challenges could continue to have an impact in the second quarter of 2022, as well as inflationary pressures and any other statements related to Tremor’s future financial results. These statements are neither promises nor guarantees but involve known and unknown risks, uncertainties and other important factors that may cause Tremor's actual results, performance or achievements to be materially different from its expectations expressed or implied by the forward-looking statements, including, but not limited to, the following: negative global economic conditions, potential negative developments in the COVID-19 pandemic and how those developments may adversely impact Tremor’s business, customers and the markets in which Tremor competes, changes in industry trends, other negative developments in Tremor's business or unfavourable legislative or regulatory developments. Tremor cautions you not to place undue reliance on these forward-looking statements. For a more detailed discussion of these factors, and other factors that could cause actual results to vary materially, interested parties should review the risk factors listed in Tremor’s Registration Statement 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 in this press release speak only as of the date of this press release, and Tremor does not intend to update these forward-looking statements after the date of this press release, except as required by law.
Tremor, and the Tremor logo are trademarks of Tremor International Ltd. in the United States and other countries. All other trademarks are the property of their respective owners. The use of the word “partner” or “partnership” in this press release does not mean a legal partner or legal partnership.
Reconciliation of Net Income to Adjusted EBITDA
| Three months ended |
|||||
| 2022 | 2021 | % | |||
| ($ in thousands) | |||||
| Net Income | 11,364 | 12,874 | (12%) | ||
| Tax expenses | 3,248 | 1,589 | |||
| Financial expense (income), net | (273) | 712 | |||
| Depreciation and amortization | 7,727 | 9,883 | |||
| Stock-based compensation | 16,029 | 2,341 | |||
| Other (Income) | (5,103) | - | |||
| Restructuring & Acquisition costs | 598 | 120 | |||
| Adjusted EBITDA | 33,590 | 27,519 | 22% | ||
Reconciliation of Revenue to Contribution ex-TAC
| Three months ended |
|||||
| 2022 | 2021 | % | |||
| ($ in thousands) | |||||
| Revenues | 80,874 | 71,009 | 14% | ||
| Cost of revenues (exclusive of depreciation and amortization) | (16,397) | (17,692) | |||
| Depreciation and amortization attributable to Cost of Revenues | (3,829) | (4,187) | |||
| Gross profit (IFRS) | 60,648 | 49,130 | 23% | ||
| Depreciation and amortization attributable to Cost of Revenues | 3,829 | 4,187 | |||
| Cost of revenues (exclusive of depreciation and amortization) | 16,397 | 17,692 | |||
| Performance media cost | (9,857) | (8,021) | |||
| Contribution ex-TAC (Non-IFRS) | 71,017 | 62,988 | 13% | ||
Reconciliation of Net Income to Non-IFRS Net Income
| Three months ended |
|||||
| 2022 | 2021 | % | |||
| ($ in thousands) | |||||
| Net Income | 11,364 | 12,874 | (12%) | ||
| Acquisition and related items, including amortization of acquired intangibles and restructuring | 4,613 | 6,588 | |||
| Stock-based compensation expense | 16,029 | 2,341 | |||
| Other (Income) | (5,103) | - | |||
| Tax effect of Non-IFRS adjustments (1) | (3,086) | (4,325) | |||
| Non-IFRS Income | 23,817 | 17,478 | 36% | ||
| Weighted average shares outstanding—diluted (in millions) (2) | 160.4 | 141.2 | |||
| Non-IFRS diluted EPS (in USD) | 0.15 | 0.12 | 20% | ||
(1) Non-IFRS income includes the estimated tax impact from the expense items reconciling between net income and non-IFRS income
(2) Non-IFRS earnings per share is computed using the same weighted-average number of shares that are used to compute IFRS earnings per share.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
(Unaudited)
| 2022 | 2021 |
|||||
| USD thousands | ||||||
| Assets | ||||||
| ASSETS: | ||||||
| Cash and cash equivalents | 370,827 | 367,717 | ||||
| Trade receivables, net | 130,047 | 165,063 | ||||
| Other receivables | 16,566 | 18,236 | ||||
| Current tax assets | 917 | 981 | ||||
| TOTAL CURRENT ASSETS | 518,357 | 551,997 | ||||
| Fixed assets, net | 3,299 | 3,464 | ||||
| Right-of-use assets | 12,796 | 13,955 | ||||
| Intangible assets, net | 202,653 | 208,220 | ||||
| Deferred tax assets | 25,071 | 24,431 | ||||
| Other long term assets | 429 | 672 | ||||
| TOTAL NON-CURRENT ASSETS | 244,248 | 250,742 | ||||
| TOTAL ASSETS | 762,605 | 802,739 | ||||
| Liabilities and shareholders’ equity | ||||||
| LIABILITIES: | ||||||
| Current maturities of lease liabilities | 7,006 | 7,119 | ||||
| Trade payables | 121,019 | 161,812 | ||||
| Other payables | 33,797 | 42,900 | ||||
| Current tax liabilities | 5,560 | 8,836 | ||||
| TOTAL CURRENT LIABILITIES | 167,382 | 220,667 | ||||
| Employee benefits | 367 | 426 | ||||
| Long-term lease liabilities | 6,717 | 7,876 | ||||
| Deferred tax liabilities | 1,501 | 1,395 | ||||
| TOTAL NON-CURRENT LIABILITIES | 8,585 | 9,697 | ||||
| TOTAL LIABILITIES | 175,967 | 230,364 | ||||
| SHAREHOLDERS’ EQUITY: | ||||||
| Share capital | 441 | 442 | ||||
| Share premium | 442,506 | 437,476 | ||||
| Other comprehensive income (loss) | (1,432 | ) | 698 | |||
| Retained earnings | 145,123 | 133,759 | ||||
| TOTAL SHAREHOLDERS’ EQUITY | 586,638 | 572,375 | ||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 762,605 | 802,739 | ||||
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATION AND OTHER COMPREHENSIVE INCOME
(Unaudited)
| Three months ended |
||||||
| 2022 | 2021 | |||||
| USD thousands | ||||||
| Revenues | 80,874 | 71,009 | ||||
| Cost of Revenues (Exclusive of depreciation and amortization shown separately below) | 16,397 | 17,692 | ||||
| Research and development expenses | 6,383 | 3,403 | ||||
| Selling and marketing expenses | 20,360 | 18,050 | ||||
| General and administrative expenses | 20,771 | 6,806 | ||||
| Depreciation and amortization | 7,727 | 9,883 | ||||
| Other expenses (income), net | (5,103 | ) | - | |||
| Total operating costs | 50,138 | 38,142 | ||||
| Operating Profit | 14,339 | 15,175 | ||||
| Financing income | (712 | ) | (86 | ) | ||
| Financing expenses | 439 | 798 | ||||
| Financing expenses (income), net | (273 | ) | 712 | |||
| Profit before taxes on income | 14,612 | 14,463 | ||||
| Tax expenses | (3,248 | ) | (1,589 | ) | ||
| Profit for the period | 11,364 | 12,874 | ||||
| Other comprehensive income items: | ||||||
| Foreign currency translation differences for foreign operation | (2,130 | ) | (836 | ) | ||
| Total other comprehensive loss | (2,130 | ) | (836 | ) | ||
| Total comprehensive income | 9,234 | 12,038 | ||||
| Earnings per share | ||||||
| Basic earnings per share (in USD) | 0.07 | 0.10 | ||||
| Diluted earnings per share (in USD) | 0.07 | 0.09 | ||||
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY
(Unaudited)
| Share capital |
Share premium |
Other comprehensive income (Loss) |
Retained Earnings |
Total | ||||||||||
| USD thousands | ||||||||||||||
| Balance as of |
442 | 437,476 | 698 | 133,759 | 572,375 | |||||||||
| Total Comprehensive income (loss) for the quarter | ||||||||||||||
| Profit for the period | - | - | - | 11,364 | 11,364 | |||||||||
| Other comprehensive Income: | ||||||||||||||
| Foreign Currency Translation | - | - | (2,130 | ) | - | (2,130 | ) | |||||||
| Total comprehensive Income (loss) for the period | - | - | (2,130 | ) | 11,364 | 9,234 | ||||||||
| Transactions with owners, recognized directly in equity | ||||||||||||||
| Own shares acquired | (5 | ) | (12,735 | ) | - | - | (12,740 | ) | ||||||
| Share based payments | - | 16,279 | - | - | 16,279 | |||||||||
| Exercise of share options | 4 | 1,486 | - | - | 1,490 | |||||||||
| Balance as of |
441 | 442,506 | (1,432 | ) | 145,123 | 586,638 | ||||||||
| Balance as of |
380 | 264,831 | 3,330 | 60,472 | 329,013 | |||||||||
| Total Comprehensive income (loss) for the quarter | ||||||||||||||
| Profit for the period | - | - | - | 12,874 | 12,874 | |||||||||
| Other comprehensive Income: | ||||||||||||||
| Foreign Currency Translation | - | - | (836 | ) | - | (836 | ) | |||||||
| Total comprehensive Income (loss) for the period | - | - | (836 | ) | 12,874 | 12,038 | ||||||||
| Transactions with owners, recognized directly in equity | ||||||||||||||
| Revaluation of liability for put option on non- controlling interests | - | - | - | 64 | 64 | |||||||||
| Own shares acquired | (3 | ) | (6,640 | ) | - | - | (6,643 | ) | ||||||
| Share based payments | - | 5,394 | - | - | 5,394 | |||||||||
| Exercise of share options | 8 | 190 | - | - | 198 | |||||||||
| Balance as of |
385 | 263,775 | 2,494 | 73,410 | 340,064 | |||||||||
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
(Unaudited)
| Three months ended |
||||||
| 2022 | 2021 | |||||
| USD thousands | ||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||
| Profit for the period | 11,364 | 12,874 | ||||
| Adjustments for: | ||||||
| Depreciation and amortization | 7,727 | 9,883 | ||||
| Net financing expense (income) | (305 | ) | 733 | |||
| Loss on sale of fixed assets | - | 14 | ||||
| Gain on leases change contracts | - | (307 | ) | |||
| Share-based payment | 16,029 | 2,341 | ||||
| Tax expenses | 3,248 | 1,589 | ||||
| Change in trade and other receivables | 36,113 | 11,096 | ||||
| Change in trade and other payables | (51,501 | ) | (19,737 | ) | ||
| Change in employee benefits | (59 | ) | 3 | |||
| Income taxes received | 636 | 1,699 | ||||
| Income taxes paid | (7,371 | ) | (816 | ) | ||
| Interest received | 353 | 79 | ||||
| Interest paid | (110 | ) | (152 | ) | ||
| Net cash provided by operating activities | 16,124 | 19,299 | ||||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||
| Change in pledged deposits | (198 | ) | (267 | ) | ||
| Leases Receipt | 259 | 830 | ||||
| Acquisition of fixed assets | (155 | ) | (1,545 | ) | ||
| Acquisition and capitalization of intangible assets | (1,595 | ) | (1,253 | ) | ||
| Proceeds from sale of business unit | 231 | 59 | ||||
| Acquisition of subsidiaries, net of cash acquired | (52 | ) | - | |||
| Net cash used in investing activities | (1,510 | ) | (2,176 | ) | ||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||
| Acquisition of own shares | (10,505 | ) | (6,643 | ) | ||
| Payment of call option liability | - | (1,294 | ) | |||
| Proceeds from exercise of share options | 1,490 | 198 | ||||
| Leases repayment | (2,006 | ) | (2,809 | ) | ||
Net cash used in financing activities |
(11,021 | ) | (10,548 | ) | ||
| Net increase in cash and cash equivalents | 3,593 | 6,575 | ||||
| CASH AND CASH EQUIVALENTS AS OF THE BEGINNING OF PERIOD | 367,717 | 97,463 | ||||
| EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS | (483 | ) | (552 | ) | ||
| CASH AND CASH EQUIVALENTS AS OF THE END OF PERIOD | 370,827 | 103,486 | ||||
Source: Tremor International Ltd.