Exhibit 99.1
|
|
Company announcement dated November 15, 2024, “Nexxen Reports Third Quarter 2024 Financial Results”.
|
By: |
/S/ Sagi Niri
|
Name: |
Sagi Niri
|
Title: |
Chief Financial Officer
|
Exhibit List
|
||
• |
Record Q3 Contribution ex-TAC of $85.5 million, up 12% year-over-year
|
• |
Record Q3 programmatic revenue of $81.6 million, up 10% year-over-year
|
• |
Record Q3 CTV revenue of $29.7 million, up 52% year-over-year
|
• |
CTV revenue reflected 36% of programmatic revenue, up from 26% in Q3 2023
|
• |
Programmatic revenue reflected 90% of revenue, compared to 93% in Q3 2023
|
• |
Adjusted EBITDA of $31.6 million, up 49% year-over-year, representing a 37% Adjusted EBITDA Margin on a Contribution ex-TAC basis (35% on a revenue basis), compared to 28% (27% on a revenue basis) in Q3 2023
|
• |
Video revenue reflected 71% of programmatic revenue, up from 66% in Q3 2023
|
• |
$166.5 million net cash as of September 30, 2024, alongside $90 million undrawn on the Company’s revolving credit facility and no long-term debt
|
• |
Record Contribution ex-TAC of $238.3 million, up 7% year-over-year
|
• |
Record programmatic revenue of $225.7 million, up 6% year-over-year
|
• |
Record CTV revenue of $76.7 million, up 17% year-over-year
|
• |
CTV revenue reflected 34% of programmatic revenue, compared to 31% for the same prior year period
|
• |
Programmatic revenue reflected 89% of revenue, compared to 90% for the same prior year period
|
• |
Adjusted EBITDA of $70.3 million, up 37% year-over-year, representing a 29% Adjusted EBITDA Margin on a Contribution ex-TAC basis (28% on a revenue basis), compared to 23% (22% on a revenue basis) for the same prior year period
|
• |
Video revenue reflected 70% of programmatic revenue for the nine months ended September 30, 2024 and 2023
|
o |
Nexxen provides the following financial guidance for full year 2024:
|
• |
Reaffirming full year 2024 Contribution ex-TAC in a range of approximately $340 - $345 million
|
• |
Raising full year 2024 Adjusted EBITDA to approximately $107 million from approximately $100 million
|
• |
Reaffirming full year 2024 programmatic revenue to reflect approximately 90% of full year 2024 revenue
|
o |
Management expects the Company to increase its technology, data, AI and Generative AI investments in Q4 2024 and full year 2025 to further its platform and data advantages.
|
• |
Launched strategic automatic content recognition (“ACR”) data partnership with The Trade Desk, expanding the Company’s data licensing revenue opportunities and sales channels.
|
• |
Named a preferred data platform partner for Kinective Media by United Airlines, enabling Nexxen’s advertiser clients to tap into premium first party data from United’s customers and MileagePlus loyalty program members to layer insights
onto campaigns, and Tinuiti has been an early adopter.
|
• |
Released data-driven solutions catered to political advertiser clients which fueled increased audience reach and deeper campaign insights for customers around the 2024 U.S. election cycle, while helping drive what the Company believes will
reflect record annual political Contribution ex-TAC for Nexxen.
|
• |
Added an all-time high 138 new actively-spending first-time advertiser customers in Q3 2024 across travel, political and other verticals, inclusive of 31 new enterprise self-service advertiser customers and two new independent agencies
leveraging the Company’s self-service software solutions.
|
• |
Onboarded 61 new supply partners across several verticals and formats including CTV, mobile app, gaming, display, audio and online video in Q3 2024.
|
o |
Nexxen (and its subsidiaries) repurchased 5,089,680 Ordinary shares during Q3 2024 at an average price of 275.87 pence, reflecting a total investment of £14.1 million or $18.3 million.
|
o |
From March 1, 2022, through September 30, 2024, the Company (and its subsidiaries) repurchased 33,415,495 Ordinary shares, or 21.6% of shares outstanding, reflecting a total investment of £110.2 million or $137.2 million.
|
o |
The Company received approval to launch a new $50 million Ordinary Share repurchase program which is expected to begin on November 19, 2024 and continue until May 19, 2025 or completion. The impending program does not obligate Nexxen to
repurchase any particular amount of Ordinary Shares and the program may be suspended, modified or discontinued at any time at the Company’s discretion (if not in a close period), subject to applicable law. The Company’s previous Ordinary
Share repurchase program expired on November 1, 2024.
|
o |
Nexxen’s Board of Directors intends to continue evaluating the potential for implementing additional share repurchase programs upon completion of the impending program, subject to then current market conditions and necessary approvals.
|
o |
Nexxen’s Board of Directors approved submission of several trading structure changes to a shareholder vote at the Company’s upcoming AGM taking place on December 20, 2024. If approved by shareholders, the Company intends to exchange its
Nasdaq-listed ADRs to Nasdaq-listed Ordinary Shares and terminate the ADR facility, conduct a reverse share split at a two-for-one ratio which will allow for a one-to-one exchange for ADRs into Ordinary Shares and delist from the AIM.
|
o |
The Company and its Board of Directors believe this updated trading structure can benefit Nexxen and its shareholders over the long term for several reasons including increasing the potential to attract U.S. investors, reducing the
complexity of the Company’s reporting and regulatory compliance structure, consolidating and increasing liquidity, possible inclusion in major indices which the Company’s shares are precluded from due to its current structure, better aligning
the Company’s stock with other U.S.-listed AdTech companies, reducing price volatility that can result from a dual-listing and cost savings.
|
o |
The AGM circular provides greater detailed information on this proposal, the timing of the proposed changes and its effect on trading for the Company’s U.S. and U.K. investors.
|
o |
The Company intends to host calls with both U.S. and U.K. investors and analysts ahead of the upcoming AGM to provide greater details on the proposed changes, timing of those changes and its strategic rationale.
|
o |
Nexxen announces that Executive Director Yaniv Carmi, a Director since 2014, is stepping down from the Company’s Board of Directors (“Board”) effective November 15, 2024, thereby reducing the size of the Board from nine members to eight
members. Mr. Carmi will continue to serve as Nexxen’s Chief Operating Officer.
|
o |
The Sustainability, Nominating and Governance Committee of the Board (the “Committee”) has determined that the smaller eight-member Board, consisting of one Executive Director and seven Non-Executive Directors, will be more flexible and
efficient to support the ongoing needs of the business and that the reduced Board size and composition is in line with Board composition practices of similar sized companies traded on the Nasdaq and AIM.
|
o |
The Committee further determined that Mr. Carmi stepping down from the Board (but remaining Chief Operating Officer) is in line with best practices of Nasdaq-listed companies similar to Nexxen, where the Chief Operating Officer does not
serve as a Director.
|
Three months ended
September 30
|
Nine months ended
September 30
|
|||||||||||||||||||||||
|
2024
|
2023
|
%
|
2024
|
2023
|
%
|
||||||||||||||||||
IFRS Highlights
|
||||||||||||||||||||||||
Revenue
|
90.2
|
80.1
|
13
|
%
|
253.2
|
236.1
|
7
|
%
|
||||||||||||||||
Programmatic Revenue
|
81.6
|
74.2
|
10
|
%
|
225.7
|
213.0
|
6
|
%
|
||||||||||||||||
Operating profit (loss)
|
16.3
|
(3.4
|
)
|
575
|
%
|
16.1
|
(26.6
|
)
|
160
|
%
|
||||||||||||||
Net income (loss) margin on a gross profit basis
|
23
|
%
|
(2
|
%)
|
6
|
%
|
(16
|
%)
|
||||||||||||||||
Total comprehensive income (loss)
|
16.5
|
(2.6
|
)
|
743
|
%
|
12.1
|
(23.5
|
)
|
152
|
%
|
||||||||||||||
Diluted earnings (loss) per share
|
0.10
|
(0.01
|
)
|
1,341
|
%
|
0.07
|
(0.17
|
)
|
143
|
%
|
||||||||||||||
Non-IFRS Highlights
|
||||||||||||||||||||||||
Contribution ex-TAC
|
85.5
|
76.6
|
12
|
%
|
238.3
|
223.7
|
7
|
%
|
||||||||||||||||
Adjusted EBITDA
|
31.6
|
21.3
|
49
|
%
|
70.3
|
51.2
|
37
|
%
|
||||||||||||||||
Adjusted EBITDA Margin on a Contribution ex-TAC basis
|
37
|
%
|
28
|
%
|
29
|
%
|
23
|
%
|
||||||||||||||||
Non-IFRS net income
|
19.1
|
13.4
|
42
|
%
|
32.9
|
17.8
|
85
|
%
|
||||||||||||||||
Non-IFRS diluted earnings per share
|
0.14
|
0.09
|
48
|
%
|
0.23
|
0.12
|
88
|
%
|
• |
When: November 15, 2024, at 6:00 AM PT / 9:00 AM ET / 2:00 PM GMT
|
• |
Webcast: A live and archived webcast can be accessed from the Events and Presentations section of Nexxen’s Investor Relations website at https://investors.nexxen.com/
|
• |
Participant Dial-In Numbers:
|
o |
U.S. / Canada Toll-Free Dial-In Number: (888) 596-4144
|
o |
U.K. Toll-Free Dial-In Number: +44 800 260 6470
|
o |
International Dial-In Number: +1 (646) 968-2525
|
o |
Conference ID: 8759727
|
o |
Contribution ex-TAC: Contribution ex-TAC for Nexxen is defined as gross profit plus depreciation and amortization attributable to cost of revenue and cost of revenue (exclusive of depreciation and
amortization) minus the Performance media cost (“traffic acquisition costs” or “TAC”). Performance media cost represents the costs of purchases of impressions from publishers on a cost-per-thousand impression basis in our non-core Performance
activities. 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 Nexxen, 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.
|
o |
Adjusted EBITDA: We define Adjusted EBITDA for Nexxen as total comprehensive income (loss) for the period adjusted for foreign currency translation differences for foreign operations, foreign
currency translation for subsidiary sold reclassified to profit and loss, financial expenses, net, tax expenses (benefit), depreciation and amortization, stock-based compensation expenses, acquisition related costs, restructuring and other
expenses, 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.
|
o |
Adjusted EBITDA Margin: We define Adjusted EBITDA Margin as Adjusted EBITDA on a Contribution ex-TAC basis.
|
o |
Non-IFRS Income and Non-IFRS Earnings per Share: We define non-IFRS earnings per share as non-IFRS income divided by non-IFRS weighted-average shares outstanding. Non-IFRS income is equal to net
income (loss) excluding acquisition related costs, stock-based compensation expenses, restructuring, other expenses, net and amortization of acquired intangible assets, and also considers the tax effects of non-IFRS adjustments. 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 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 per share is that other companies may define non-IFRS earnings 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 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.
|
|
Three months ended
September 30
|
Nine months ended
September 30
|
||||||||||||||||||||||
|
2024
|
2023
|
%
|
2024
|
2023
|
%
|
||||||||||||||||||
($ in thousands)
|
||||||||||||||||||||||||
Total comprehensive income (loss)
|
16,485
|
(2,563
|
)
|
743
|
%
|
12,123
|
(23,468
|
)
|
152
|
%
|
||||||||||||||
Foreign currency translation differences for foreign operation
|
(1,944
|
)
|
1,367
|
(1,540
|
)
|
(12
|
)
|
|||||||||||||||||
Foreign currency translation for subsidiary sold reclassified to profit and loss
|
-
|
-
|
-
|
(1,234
|
)
|
|||||||||||||||||||
Tax expenses (benefit)
|
1,503
|
(2,844
|
)
|
3,628
|
(3,984
|
)
|
||||||||||||||||||
Financial expenses, net
|
218
|
617
|
1,854
|
2,113
|
||||||||||||||||||||
Depreciation and amortization
|
12,758
|
20,316
|
44,055
|
57,238
|
||||||||||||||||||||
Stock-based compensation expenses
|
2,600
|
4,214
|
8,678
|
17,783
|
||||||||||||||||||||
Acquisition related costs
|
-
|
171
|
-
|
171
|
||||||||||||||||||||
Restructuring
|
-
|
-
|
-
|
796
|
||||||||||||||||||||
Other expenses, net
|
-
|
-
|
1,488
|
1,765
|
||||||||||||||||||||
Adjusted EBITDA
|
31,620
|
21,278
|
49
|
%
|
70,286
|
51,168
|
37
|
%
|
|
Three months ended
September 30
|
Nine months ended
September 30
|
||||||||||||||||||||||
|
2024
|
2023
|
%
|
2024
|
2023
|
%
|
||||||||||||||||||
($ in thousands)
|
||||||||||||||||||||||||
Revenue
|
90,184
|
80,094
|
13
|
%
|
253,193
|
236,077
|
7
|
%
|
||||||||||||||||
Cost of revenue (exclusive of depreciation and amortization)
|
(13,857
|
)
|
(13,683
|
)
|
(43,952
|
)
|
(44,384
|
)
|
||||||||||||||||
Depreciation and amortization attributable to Cost of revenue
|
(12,018
|
)
|
(12,727
|
)
|
(35,233
|
)
|
(37,143
|
)
|
||||||||||||||||
Gross profit (IFRS)
|
64,309
|
53,684
|
20
|
%
|
174,008
|
154,550
|
13
|
%
|
||||||||||||||||
Depreciation and amortization attributable to Cost of revenue
|
12,018
|
12,727
|
35,233
|
37,143
|
||||||||||||||||||||
Cost of revenue (exclusive of depreciation and amortization)
|
13,857
|
13,683
|
43,952
|
44,384
|
||||||||||||||||||||
Performance media cost
|
(4,655
|
)
|
(3,543
|
)
|
(14,854
|
)
|
(12,418
|
)
|
||||||||||||||||
Contribution ex-TAC (Non-IFRS)
|
85,529
|
76,551
|
12
|
%
|
238,339
|
223,659
|
7
|
%
|
Three months ended
September 30
|
Nine months ended
September 30
|
|||||||||||||||||||||||
|
2024
|
2023
|
%
|
2024
|
2023
|
%
|
||||||||||||||||||
($ in thousands)
|
||||||||||||||||||||||||
Net income (loss)
|
14,541
|
(1,196
|
)
|
1,316
|
%
|
10,583
|
(24,714
|
)
|
143
|
%
|
||||||||||||||
Acquisition related costs
|
-
|
171
|
-
|
171
|
||||||||||||||||||||
Amortization of acquired intangibles
|
3,851
|
10,164
|
17,950
|
28,021
|
||||||||||||||||||||
Restructuring
|
-
|
-
|
-
|
796
|
||||||||||||||||||||
Stock-based compensation expenses
|
2,600
|
4,214
|
8,678
|
17,783
|
||||||||||||||||||||
Other expenses, net
|
-
|
-
|
1,488
|
1,765
|
||||||||||||||||||||
Tax effect of non-IFRS adjustments (1)
|
(1,879
|
)
|
65
|
(5,830
|
)
|
(6,067
|
)
|
|||||||||||||||||
Non-IFRS Income
|
19,113
|
13,418
|
42
|
%
|
32,869
|
17,755
|
85
|
%
|
||||||||||||||||
Weighted average shares outstanding—diluted (in millions) (2)
|
140.4
|
145.5
|
142.4
|
144.6
|
||||||||||||||||||||
Non-IFRS diluted Earnings Per Share (in USD)
|
0.14
|
0.09
|
48
|
%
|
0.23
|
0.12
|
88
|
%
|
(1) |
Non-IFRS income includes the estimated tax impact from the expense items reconciling between net income (loss) 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 (loss) per share
|
September 30
|
December 31
|
|||||||
2024
|
2023
|
|||||||
USD thousands
|
||||||||
Assets
|
||||||||
ASSETS:
|
||||||||
Cash and cash equivalents
|
166,535
|
234,308
|
||||||
Trade receivables, net
|
201,036
|
201,973
|
||||||
Other receivables
|
5,889
|
8,293
|
||||||
Current tax assets
|
679
|
7,010
|
||||||
TOTAL CURRENT ASSETS
|
374,139
|
451,584
|
||||||
Fixed assets, net
|
16,377
|
21,401
|
||||||
Right-of-use assets
|
30,379
|
31,900
|
||||||
Intangible assets, net
|
344,604
|
362,000
|
||||||
Deferred tax assets
|
18,481
|
12,393
|
||||||
Investment in shares
|
25,000
|
25,000
|
||||||
Other long-term assets
|
1,092
|
525
|
||||||
TOTAL NON-CURRENT ASSETS
|
435,933
|
453,219
|
||||||
TOTAL ASSETS
|
810,072
|
904,803
|
||||||
Liabilities and shareholders’ equity
|
||||||||
LIABILITIES:
|
||||||||
Current maturities of lease liabilities
|
14,496
|
12,106
|
||||||
Trade payables
|
198,559
|
183,296
|
||||||
Other payables
|
41,384
|
29,098
|
||||||
Current tax liabilities
|
7,043
|
4,937
|
||||||
TOTAL CURRENT LIABILITIES
|
261,482
|
229,437
|
||||||
Employee benefits
|
191
|
237
|
||||||
Long-term lease liabilities
|
21,678
|
24,955
|
||||||
Long term debt
|
-
|
99,072
|
||||||
Other long-term liabilities
|
2,264
|
6,800
|
||||||
Deferred tax liabilities
|
562
|
754
|
||||||
TOTAL NON-CURRENT LIABILITIES
|
24,695
|
131,818
|
||||||
TOTAL LIABILITIES
|
286,177
|
361,255
|
||||||
SHAREHOLDERS’ EQUITY:
|
||||||||
Share capital
|
389
|
417
|
||||||
Share premium
|
378,815
|
410,563
|
||||||
Other comprehensive loss
|
(901
|
)
|
(2,441
|
)
|
||||
Retained earnings
|
145,592
|
135,009
|
||||||
TOTAL SHAREHOLDERS’ EQUITY
|
523,895
|
543,548
|
||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
810,072
|
904,803
|
Nine months ended
September 30
|
Three months ended
September 30
|
|||||||||||||||
2024
|
2023
|
2024
|
2023
|
|||||||||||||
USD thousands
|
USD thousands
|
|||||||||||||||
Revenue
|
253,193
|
236,077
|
90,184
|
80,094
|
||||||||||||
Cost of Revenue (Exclusive of depreciation and amortization shown separately below)
|
43,952
|
44,384
|
13,857
|
13,683
|
||||||||||||
Research and development expenses
|
36,605
|
39,652
|
11,693
|
12,576
|
||||||||||||
Selling and marketing expenses
|
84,507
|
81,556
|
27,793
|
25,580
|
||||||||||||
General and administrative expenses
|
26,521
|
38,067
|
7,821
|
11,362
|
||||||||||||
Depreciation and amortization
|
44,055
|
57,238
|
12,758
|
20,316
|
||||||||||||
Other expenses, net
|
1,488
|
1,765
|
-
|
-
|
||||||||||||
Total operating costs
|
193,176
|
218,278
|
60,065
|
69,834
|
||||||||||||
Operating profit (loss)
|
16,065
|
(26,585
|
)
|
16,262
|
(3,423
|
)
|
||||||||||
Financing income
|
(5,988
|
)
|
(6,121
|
)
|
(1,720
|
)
|
(1,790
|
)
|
||||||||
Financing expenses
|
7,842
|
8,234
|
1,938
|
2,407
|
||||||||||||
Financing expenses, net
|
1,854
|
2,113
|
218
|
617
|
||||||||||||
Profit (loss) before taxes on income
|
14,211
|
(28,698
|
)
|
16,044
|
(4,040
|
)
|
||||||||||
Tax benefit (expenses)
|
(3,628
|
)
|
3,984
|
(1,503
|
)
|
2,844
|
||||||||||
Profit (loss) for the period
|
10,583
|
(24,714
|
)
|
14,541
|
(1,196
|
)
|
||||||||||
Other comprehensive income (loss) items:
|
||||||||||||||||
Foreign currency translation differences for foreign operation
|
1,540
|
12
|
1,944
|
(1,367
|
)
|
|||||||||||
Foreign currency translation for subsidiary sold reclassified to profit and loss
|
-
|
1,234
|
-
|
-
|
||||||||||||
Total other comprehensive income (loss)
|
1,540
|
1,246
|
1,944
|
(1,367
|
)
|
|||||||||||
Total comprehensive income (loss)
|
12,123
|
(23,468
|
)
|
16,485
|
(2,563
|
)
|
||||||||||
Earnings per share
|
||||||||||||||||
Basic earnings (loss) per share (in USD)
|
0.08
|
(0.17
|
)
|
0.11
|
(0.01
|
)
|
||||||||||
Diluted earnings (loss) per share (in USD)
|
0.07
|
(0.17
|
)
|
0.10
|
(0.01
|
)
|
Share capital
|
Share premium
|
Other comprehensive income
|
Retained Earnings
|
Total
|
||||||||||||||||
USD thousands
|
||||||||||||||||||||
Balance as of January 1, 2024
|
417
|
410,563
|
(2,441
|
)
|
135,009
|
543,548
|
||||||||||||||
Total Comprehensive income for the period
|
||||||||||||||||||||
Profit for the period
|
-
|
-
|
-
|
10,583
|
10,583
|
|||||||||||||||
Other comprehensive income:
|
||||||||||||||||||||
Foreign currency translation
|
-
|
-
|
1,540
|
-
|
1,540
|
|||||||||||||||
Total comprehensive income for the period
|
-
|
-
|
1,540
|
10,583
|
12,123
|
|||||||||||||||
Transactions with owners, recognized directly in equity
|
||||||||||||||||||||
Own shares acquired
|
(37
|
)
|
(41,647
|
)
|
-
|
-
|
(41,684
|
)
|
||||||||||||
Share based payments
|
-
|
9,175
|
-
|
-
|
9,175
|
|||||||||||||||
Exercise of share options
|
9
|
724
|
-
|
-
|
733
|
|||||||||||||||
Balance as of September 30, 2024
|
389
|
378,815
|
(901
|
)
|
145,592
|
523,895
|
||||||||||||||
Balance as of January 1, 2023
|
413
|
400,507
|
(5,801
|
)
|
156,496
|
551,615
|
||||||||||||||
Total Comprehensive income (loss) for the period
|
||||||||||||||||||||
Loss for the period
|
-
|
-
|
-
|
(24,714
|
)
|
(24,714
|
)
|
|||||||||||||
Other comprehensive income:
|
||||||||||||||||||||
Foreign currency translation
|
-
|
-
|
12
|
-
|
12
|
|||||||||||||||
Foreign currency translation for subsidiary sold
|
-
|
-
|
1,234
|
-
|
1,234
|
|||||||||||||||
Total comprehensive income (loss) for the period
|
-
|
-
|
1,246
|
(24,714
|
)
|
(23,468
|
)
|
|||||||||||||
Transactions with owners, recognized directly in equity
|
||||||||||||||||||||
Own shares acquired
|
(7
|
)
|
(8,741
|
)
|
-
|
-
|
(8,748
|
)
|
||||||||||||
Share based payments
|
-
|
17,749
|
-
|
-
|
17,749
|
|||||||||||||||
Exercise of share options
|
7
|
229
|
-
|
-
|
236
|
|||||||||||||||
Balance as of September 30, 2023
|
413
|
409,744
|
(4,555
|
)
|
131,782
|
537,384
|
Nine months ended
September 30
|
||||||||
2024
|
2023
|
|||||||
USD thousands
|
||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Profit (loss) for the period
|
10,583
|
(24,714
|
)
|
|||||
Adjustments for:
|
||||||||
Depreciation and amortization
|
44,055
|
57,238
|
||||||
Net financing expense
|
1,581
|
1,889
|
||||||
Gain on leases modification
|
(16
|
)
|
(115
|
)
|
||||
Remeasurement of net investment in a finance lease
|
1,488
|
-
|
||||||
Share-based compensation and restricted shares
|
8,678
|
17,783
|
||||||
Loss on sale of business unit
|
-
|
1,765
|
||||||
Tax expenses (benefit)
|
3,628
|
(3,984
|
)
|
|||||
Change in trade and other receivables
|
2,306
|
43,987
|
||||||
Change in trade and other payables
|
28,549
|
(68,326
|
)
|
|||||
Change in employee benefits
|
(44
|
)
|
7
|
|||||
Income taxes received
|
553
|
269
|
||||||
Income taxes paid
|
(2,489
|
)
|
(8,185
|
)
|
||||
Interest received
|
5,002
|
5,655
|
||||||
Interest paid
|
(5,293
|
)
|
(6,142
|
)
|
||||
Net cash provided by operating activities
|
98,581
|
17,127
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
Change in pledged deposits, net
|
172
|
1,007
|
||||||
Payments on finance lease receivable
|
1,350
|
863
|
||||||
Acquisition of fixed assets
|
(3,870
|
)
|
(2,933
|
)
|
||||
Acquisition and capitalization of intangible assets
|
(11,867
|
)
|
(11,387
|
)
|
||||
Repayment of debt investment
|
74
|
24
|
||||||
Net cash used in investing activities
|
(14,141
|
)
|
(12,426
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
Acquisition of own shares
|
(41,213
|
)
|
(8,952
|
)
|
||||
Proceeds from exercise of share options
|
733
|
236
|
||||||
Repayment of long-term debt
|
(100,000
|
)
|
-
|
|||||
Leases repayment
|
(11,144
|
)
|
(12,575
|
)
|
||||
Net cash used in financing activities
|
(151,624
|
)
|
(21,291
|
)
|
||||
Net decrease in cash and cash equivalents
|
(67,184
|
)
|
(16,590
|
)
|
||||
CASH AND CASH EQUIVALENTS AS OF THE BEGINNING OF PERIOD
|
234,308
|
217,500
|
||||||
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS
|
(589
|
)
|
(1,833
|
)
|
||||
CASH AND CASH EQUIVALENTS AS OF THE END OF PERIOD
|
166,535
|
199,077
|