Tremor International Ltd. (AIM/NASDAQ: TRMR) (“Tremor” or the
“Company”), a global leader in Video, Data and Connected TV (“CTV”)
advertising offering an end-to-end technology platform that enables
advertisers to optimize their campaigns and media partners to
maximize yield on their digital advertising inventory, today
announces its financial results for the first quarter period
ended March 31, 2022.
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 on March 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 between March
1, 2022, when the program commenced, and March 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 Ofer Druker, Tremor’s Chief
Executive Officer. “We achieved this strong performance during the
seasonally softest quarter for ad tech despite challenges
associated with supply chain constraints, inflation, and the war in
Ukraine. Our diverse product portfolio serves as a competitive
advantage as it provides resiliency across our model, enabling
Tremor to maximize revenue opportunities, and served as a catalyst
that drove contribution ex-TAC growth of 13% in Q1 2022 compared to
Q1 2021. Key to our growth was an increase in customer spend on CTV
services, which increased 21% year-over-year, while we continued to
experience year-over-year adoption within our self-service
offerings and saw strong demand in the quarter for our performance
offerings. Our efficient operating model enables a healthy balance
sheet, significant operating leverage, strong free cash flow
conversion, and robust profitability as evidenced by our 47%
adjusted EBITDA margin on a Contribution ex-TAC basis, which we
believe to be best-in-class for the industry. These strong
fundamentals are particularly crucial and beneficial during
challenging macro environments and position us well to continue
investing in technology, sales, and marketing to drive additional
organic growth, continue repurchasing shares, and continue
evaluating potential strategic M&A opportunities in a market
where valuations and premiums have decreased, to deliver material
long-term value to our shareholders.”
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
Mr. Druker added, “As we look ahead, we believe
the steps we have taken to differentiate our end-to-end technology
and business platform, enhance our offerings within CTV and video,
and successfully integrate acquisitions and partnerships, position
us well ahead of upcoming industry and Tremor-specific catalysts.
Through our recent integration of Spearad into Unruly, and global
ACR data partnership and media relationship with VIDAA, the
operating system for major global OEMs such as Hisense and Toshiba,
we expect to accelerate our growth internationally and in the US
over the second half of 2022 and beyond. We also look forward to
benefitting from significant industry catalysts expected later this
year such as the FIFA World Cup, which Hisense is an official
sponsor of, and additional spend associated with the U.S. mid-term
election cycle. We believe our strong technology, global
partnerships, and durable business model will enable us to
capitalize on these meaningful opportunities as we expand our
market reach and accelerate our international and U.S. growth
trajectory.”
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 $40 million
- Q2 2022 Adjusted EBITDA margin as a
percentage of Contribution ex-TAC of approximately 50%
Particularly during periods of economic
uncertainty, we find investors focus on companies that can achieve
significant and consistent profitability to remain well-capitalized
and able to take advantage of future growth opportunities. Tremor's
efficient end-to-end operating model enables strong fundamentals,
and we will continue to maintain an emphasis on generating robust
profitability, giving us confidence that we can remain able to meet
our adjusted EBITDA target, even amidst a challenging growth
environment. Despite our conservative Contribution ex-TAC outlook,
which considers several headwinds, the profitability we believe we
can achieve should drive continued best-in-class industry adjusted
EBITDA margins during Q2 2022.
First Quarter 2022 Financial Highlights ($
in millions, except per share amount)
|
Three months ended March 31 |
|
|
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 |
$0.07 |
$0.09 |
(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 |
$0.15 |
$0.12 |
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, at 6:00 AM/PT, 9:00 AM/ET, and 2:00 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
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:
Tremor International Ltd. Billy
Eckert, Senior Director Investor Relations
ir@tremorinternational.com
KCSA (U.S. Investor
Relations) Adam Holdsworth, Investor Relations
aholdsworth@kcsa.com
Vigo Consulting (U.K. Financial
PR & Investor Relations) Jeremy Garcia Kate Kilgallen
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
Stifel Nicolaus Europe Limited
Fred Walsh Alain Dobkin Nick Adams Richard Short 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 March 31 |
|
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 March 31 |
|
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 March 31 |
|
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)
|
|
March 31 |
|
December 31 |
|
|
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 March 31 |
|
|
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)
|
Sharecapital |
|
Sharepremium |
|
Othercomprehensiveincome (Loss) |
|
RetainedEarnings |
|
|
Total |
|
USD thousands |
|
|
|
|
|
|
|
|
|
|
|
Balance as of January 1, 2022 |
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 March 31, 2022 |
441 |
|
|
442,506 |
|
|
(1,432 |
) |
|
145,123 |
|
|
586,638 |
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of January 1, 2021 |
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 March 31, 2021 |
385 |
|
|
263,775 |
|
|
2,494 |
|
|
73,410 |
|
|
340,064 |
|
CONDENSED CONSOLIDATED INTERIM STATEMENTS
OF CASH FLOWS (Unaudited)
|
|
Three months ended March 31 |
|
|
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 |
|
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