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Name | Symbol | Market | Type |
---|---|---|---|
Nexxen International Ltd | NASDAQ:NEXN | NASDAQ | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.02 | 0.30% | 6.60 | 5.63 | 6.73 | 6.62 | 6.52 | 6.56 | 48,296 | 01:00:00 |
Financial Summary
“Q4 2023 capped off a transformational year for Nexxen. In 2023 we achieved a key milestone by rebranding from Tremor International. Also, through the significant investment of focus and resources, we efficiently combined two massive technology platforms and employee bases, successfully completing the integration of Amobee, our largest acquisition ever. This combination created a state-of-the-art data-driven end-to-end platform built through approximately $1 billion of cumulative R&D investment, and loaded with in-demand tech, planning, video, CTV, and data capabilities critical to helping our customers succeed in the digital advertising ecosystem,” said Ofer Druker, CEO of Nexxen.
Mr. Druker added, “In 2024, we are continuing to focus on expanding our base of end-to-end customers leveraging us for multiple enterprise tech and data solutions, growing our data licensing revenue, and expanding our streaming, TV, and agency partnerships to drive growth and increased profitability, against a macroeconomic backdrop we are cautiously optimistic is showing signs of improvement. With the integration of Amobee now complete, we believe we can shift our primary investment focus towards innovation and our share repurchase program to generate long-term value for our customers and shareholders.”
Operational Highlights
Launched $20 Million Ordinary Share Repurchase Program
Reached Favorable Settlement Agreement with Alphonso Inc. and LG Electronics, Inc. (“LGE”) and Entered into Multi-Year Strategic Partnership
Financial Guidance
Fourth Quarter and Full Year 2023 Financial Highlights ($ in millions, except per share amounts)
Three months ended December 31 | Twelve months ended December 31 | |||||||||||
2023 | 2022 | % | 2023 | 2022 | % | |||||||
IFRS highlights | ||||||||||||
Revenues | 95.9 | 107.7 | (11%) | 332.0 | 335.3 | (1%) | ||||||
Programmatic Revenues | 86.0 | 94.5 | (9%) | 299.0 | 274.4 | 9% | ||||||
Operating Profit (loss) | 9.6 | 10.8 | (11%) | (17.0) | 44.8 | (138%) | ||||||
Net Income (loss) Margin on a Gross Profit basis | 5% | 6% | (10%) | 9% | ||||||||
Total Comprehensive Income (loss) | 5.3 | 9.8 | (45%) | (18.1) | 16.2 | (212%) | ||||||
Diluted earnings (loss) per share | 0.02 | 0.03 | (36%) | (0.15) | 0.15 | (201%) | ||||||
Non-IFRS highlights | ||||||||||||
Contribution ex-TAC | 90.5 | 103.0 | (12%) | 314.2 | 309.7 | 1% | ||||||
Adjusted EBITDA | 32.0 | 36.9 | (13%) | 83.2 | 144.9 | (43%) | ||||||
Adjusted EBITDA Margin on a Contribution ex-TAC basis | 35% | 36% | 26% | 47% | ||||||||
Non-IFRS net Income | 14.5 | 22.2 | (35%) | 32.2 | 91.8 | (65%) | ||||||
Non-IFRS Diluted earnings per share | 0.10 | 0.15 | (35%) | 0.22 | 0.60 | (63%) |
Fourth Quarter and Full Year 2023 Financial Results Webcast and Conference Call Details
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, Adjusted EBITDA Margin, Non-IFRS Net Income, and Non-IFRS Earnings 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 Total Comprehensive Income (Loss) to Adjusted EBITDA," and "Reconciliation of Net Income (Loss) to Non-IFRS Net Income," included as part of this press release.
We do not provide a reconciliation of forward-looking non-IFRS financial metrics, because reconciling information is not available without an unreasonable effort, such as attempting to make assumptions that cannot reasonably be made on a forward-looking basis to determine the corresponding IFRS metric.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (as implemented into English law) ("MAR"). With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
About Nexxen
Nexxen empowers advertisers, agencies, publishers and broadcasters around the world to utilize video and Connected TV in the ways that are most meaningful to them. Comprised of a demand-side platform (DSP), supply-side platform (SSP), ad server and data management platform (DMP), Nexxen delivers a flexible and unified technology stack with advanced and exclusive data at its core. Our robust capabilities span discovery, planning, activation, measurement and optimization – available individually or in combination – all designed to enable our partners to reach their goals, no matter how far-reaching or hyper niche they may be. For more information, visit www.nexxen.com
Nexxen is headquartered in Israel and maintains offices throughout the United States, Canada, Europe and Asia-Pacific, and is traded on the London Stock Exchange (AIM: NEXN) and NASDAQ (NEXN).
For further information please contact:
Nexxen International Ltd. Billy Eckert, Vice President of Investor Relations ir@nexxen.com
Caroline Smith, Vice President of Communications csmith@nexxen.com
KCSA (U.S. Investor Relations) David Hanover, Investor Relations nexxenir@kcsa.com
Vigo Consulting (U.K. Financial PR & Investor Relations) Jeremy Garcia / Peter Jacob / Aisling Fitzgerald Tel: +44 20 7390 0230 or nexxen@vigoconsulting.com
Cavendish Capital Markets Limited Jonny Franklin-Adams / Charlie Beeson / George Dollemore (Corporate Finance) Tim Redfern / Harriet Ward (ECM) Tel: +44 20 7220 0500
Forward Looking Statements
This press release contains forward-looking statements, including forward-looking statements within the meaning of Section 27A of the United States 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 Nexxen 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 anticipated financial results for full year 2024 and beyond; anticipated benefits of Nexxen’s strategic transactions and commercial partnerships; anticipated features and benefits of Nexxen’s products and service offerings; Nexxen’s positioning for accelerated growth and continued future growth in both the US and international markets in 2024 and beyond; Nexxen’s medium- to long-term prospects; management’s belief that Nexxen is well-positioned to benefit from future industry growth trends and Company-specific catalysts; the Company’s expectations with respect to Video revenue; the potential negative impact of ongoing macroeconomic headwinds and uncertainty that have limited advertising activity and the anticipation that these challenges could continue to have an impact for the remainder of 2024 and beyond; the Company’s plans with respect to its cash reserves and its intent to not undertake any major acquisitions in the near-term; its continued focus in 2024 on expanding its base of end-to-end customers, growing data licensing revenue and expanding its streaming, TV, and agency partnerships to drive growth and increased profitability; the expectation of launching its TV Intelligence solution in additional major international markets in 2024, enhancing and expanding the Company’s international CTV growth opportunity; the anticipated benefits from the Company’s investment in VIDAA and its enhanced strategic relationship with Hisense; the anticipated benefits of the rebranding of the Tremor group to Nexxen, and the Company’s plans with respect thereto, as well as any other statements related to Nexxen’s future financial results and operating performance. These statements are neither promises nor guarantees but involve known and unknown risks, uncertainties and other important factors that may cause Nexxen’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; global conflicts and war, including the current terrorist attacks by Hamas, and the war and hostilities between Israel and Hamas and Israel and Hezbollah, and how those conditions may adversely impact Nexxen’s business, customers, and the markets in which Nexxen competes; changes in industry trends; the risk that Nexxen will not realize the anticipated benefits of its acquisition of Amobee and strategic investment in VIDAA; and, other negative developments in Nexxen’s business or unfavourable legislative or regulatory developments. Nexxen 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 the Company’s most recent Annual Report on Form 20-F, filed with the U.S. Securities and Exchange Commission (www.sec.gov) on March 7, 2023. Any forward-looking statements made by Nexxen in this press release speak only as of the date of this press release, and Nexxen does not intend to update these forward-looking statements after the date of this press release, except as required by law.
Nexxen, and the Nexxen logo are trademarks of Nexxen 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 Total Comprehensive Income (Loss) to Adjusted EBITDA
Three months endedDecember 31 | Twelve months ended December 31 | |||||||||||
2023 | 2022 | % | 2023 | 2022 | % | |||||||
($ in thousands) | ||||||||||||
Total comprehensive income (loss) | 5,341 | 9,796 | (45%) | (18,127) | 16,238 | (212%) | ||||||
Foreign currency translation differences for foreign operation | (2,114) | (4,735) | (2,126) | 6,499 | ||||||||
Foreign currency translation for subsidiary sold reclassified to profit and loss | - | - | (1,234) | - | ||||||||
Tax expenses | 6,487 | 5,040 | 2,503 | 19,688 | ||||||||
Financial expense (income), net | (105) | 717 | 2,008 | 2,327 | ||||||||
Depreciation and amortization | 21,047 | 17,184 | 78,285 | 42,700 | ||||||||
Stock-based compensation | 1,386 | 7,986 | 19,169 | 50,505 | ||||||||
Acquisition related costs | - | 93 | 171 | 6,085 | ||||||||
Restructuring | - | 307 | 796 | 307 | ||||||||
Other expense | - | 540 | 1,765 | 540 | ||||||||
Adjusted EBITDA | 32,042 | 36,928 | (13%) | 83,210 | 144,889 | (43%) |
Reconciliation of Revenue to Contribution ex-TAC
Three months ended December 31 | Twelve months endedDecember 31 | |||||||||||
2023 | 2022 | % | 2023 | 2022 | % | |||||||
($ in thousands) | ||||||||||||
Revenues | 95,916 | 107,697 | (11%) | 331,993 | 335,250 | (1%) | ||||||
Cost of revenues (exclusive of depreciation and amortization) | (17,886) | (17,265) | (62,270) | (60,745) | ||||||||
Depreciation and amortization attributable to Cost of Revenues | (13,682) | (11,810) | (50,825) | (25,367) | ||||||||
Gross profit (IFRS) | 64,348 | 78,622 | (18%) | 218,898 | 249,138 | (12%) | ||||||
Depreciation and amortization attributable to Cost of Revenues | 13,682 | 11,810 | 50,825 | 25,367 | ||||||||
Cost of revenues (exclusive of depreciation and amortization) | 17,886 | 17,265 | 62,270 | 60,745 | ||||||||
Performance media cost | (5,392) | (4,695) | (17,810) | (25,524) | ||||||||
Contribution ex-TAC (Non-IFRS) | 90,524 | 103,002 | (12%) | 314,183 | 309,726 | 1% | ||||||
Reconciliation of Net Income (Loss) to Non-IFRS Net Income
Three months endedDecember 31 | Twelve months endedDecember 31 | ||||||||||||||||||||||||||||
($ in thousands) | 2023 | 2022 | % | 2023 | 2022 | % | |||||||||||||||||||||||
Net Income (loss) | 3,227 | 5,061 | (36%) | (21,487) | 22,737 | (195%) | |||||||||||||||||||||||
Acquisition related costs | - | 93 | 171 | 6,085 | |||||||||||||||||||||||||
Amortization of acquired intangibles | 14,931 | 8,496 | 42,952 | 20,768 | |||||||||||||||||||||||||
Restructuring | - | 307 | 796 | 307 | |||||||||||||||||||||||||
Stock-based compensation expense | 1,386 | 7,986 | 19,169 | 50,505 | |||||||||||||||||||||||||
Other expense | - | 540 | 1,765 | 540 | |||||||||||||||||||||||||
Tax effect of Non-IFRS adjustments(1) | (5,086) | (262) | (11,153) | (9,130) | |||||||||||||||||||||||||
Non-IFRS Income | 14,458 | 22,221 | (35%) | 32,213 | 91,812 | (65%) | |||||||||||||||||||||||
Weighted average shares outstanding—diluted (in millions) (2) | 147.5 | 147.6 | 145.2 | 153.1 | |||||||||||||||||||||||||
Non-IFRS diluted Earnings Per Share (in USD) | 0.10 | 0.15 | (35%) | 0.22 | 0.60 | (63%) |
(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 per share
NEXXEN INTERNATIONAL LTD. (FORMERLY TREMOR INTERNATIONAL LTD.)CONSOLIDATED STATEMENTS OF FINANCIAL POSITION(Audited) | ||||||||
December 31 | ||||||||
2023 | 2022 | |||||||
Note | USD thousands | |||||||
Assets | ||||||||
ASSETS: | ||||||||
Cash and cash equivalents | 10 | 234,308 | 217,500 | |||||
Trade receivables, net | 8 | 201,973 | 219,837 | |||||
Other receivables | 8 | 8,293 | 23,415 | |||||
Current tax assets | 7,010 | 750 | ||||||
TOTAL CURRENT ASSETS | 451,584 | 461,502 | ||||||
Fixed assets, net | 5 | 21,401 | 29,874 | |||||
Right-of-use assets | 6 | 31,900 | 23,122 | |||||
Intangible assets, net | 7 | 362,000 | 398,096 | |||||
Deferred tax assets | 4 | 12,393 | 18,161 | |||||
Investment in shares | 18 | 25,000 | 25,000 | |||||
Other long-term assets | 525 | 406 | ||||||
TOTAL NON-CURRENT ASSETS | 453,219 | 494,659 | ||||||
TOTAL ASSETS | 904,803 | 956,161 | ||||||
Liabilities and shareholders’ equity | ||||||||
LIABILITIES: | ||||||||
Current maturities of lease liabilities | 6 | 12,106 | 14,104 | |||||
Trade payables | 9 | 183,296 | 212,690 | |||||
Other payables | 9 | 29,098 | 44,355 | |||||
Current tax liabilities | 4,937 | 9,417 | ||||||
TOTAL CURRENT LIABILITIES | 229,437 | 280,566 | ||||||
Employee benefits | 237 | 238 | ||||||
Long-term lease liabilities | 6 | 24,955 | 15,234 | |||||
Long-term debt | 11 | 99,072 | 98,544 | |||||
Other long-term liabilities | 6,800 | 8,802 | ||||||
Deferred tax liabilities | 4 | 754 | 1,162 | |||||
TOTAL NON-CURRENT LIABILITIES | 131,818 | 123,980 | ||||||
TOTAL LIABILITIES | 361,255 | 404,546 | ||||||
SHAREHOLDERS’ EQUITY: | 15 | |||||||
Share capital | 417 | 413 | ||||||
Share premium | 410,563 | 400,507 | ||||||
Other comprehensive loss | (2,441) | (5,801) | ||||||
Retained earnings | 135,009 | 156,496 | ||||||
TOTAL SHAREHOLDERS’ EQUITY | 543,548 | 551,615 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 904,803 | 956,161 |
Chairman of the Board of Directors | CEO | CFO | ||||
Date of approval of the financial statements: March 6, 2024. |
NEXXEN INTERNATIONAL (FORMERLY TREMOR INTERNATIONAL LTD.)CONSOLIDATED STATEMENTS OF OPERATION AND OTHER COMPREHENSIVE INCOME (LOSS)(Audited) | ||||||||||
Year endedDecember 31 | ||||||||||
2023 | 2022 | 2021 | ||||||||
Note | USD thousands | |||||||||
Revenues | 12 | 331,993 | 335,250 | 341,945 | ||||||
Cost of Revenues (Exclusive of depreciation and amortization shown separately below) | 13 | 62,270 | 60,745 | 71,651 | ||||||
Research and development expenses | 49,684 | 33,659 | 18,422 | |||||||
Selling and marketing expenses | 105,914 | 89,953 | 74,611 | |||||||
General and administrative expenses | 14 | 51,051 | 68,005 | 63,499 | ||||||
Depreciation and amortization | 78,285 | 42,700 | 40,259 | |||||||
Other expenses (income), net | 1,765 | (4,564 | ) | (959 | ) | |||||
Total operating costs | 286,699 | 229,753 | 195,832 | |||||||
Operating Profit (loss) | (16,976 | ) | 44,752 | 74,462 | ||||||
Financing income | (8,192 | ) | (2,284 | ) | (483 | ) | ||||
Financing expenses | 10,200 | 4,611 | 2,670 | |||||||
Financing expenses, net | 2,008 | 2,327 | 2,187 | |||||||
Profit (loss) before taxes on income | (18,984 | ) | 42,425 | 72,275 | ||||||
Tax benefit (expenses) | 4 | (2,503 | ) | (19,688 | ) | 948 | ||||
Profit (loss) for the year | (21,487 | ) | 22,737 | 73,223 | ||||||
Other comprehensive income (loss) items: | ||||||||||
Foreign currency translation differences for foreign operations | 2,126 | (6,499 | ) | (2,632 | ) | |||||
Foreign currency translation for subsidiary sold reclassified to profit and loss | 1,234 | - | - | |||||||
Total other comprehensive income (loss) for the year | 3,360 | (6,499 | ) | (2,632 | ) | |||||
Totalcomprehensive income(loss) for the year | (18,127 | ) | 16,238 | 70,591 | ||||||
Earnings per share | ||||||||||
Basic earnings (loss) per share (in USD) | 16 | (0.15 | ) | 0.15 | 0.51 | |||||
Diluted earnings (loss) per share (in USD) | 16 | (0.15 | ) | 0.15 | 0.48 |
NEXXEN INTERNATIONAL LTD. (FORMERLY TREMOR INTERNATIONAL LTD.)CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY(Audited) | |||||||||||||
Sharecapital | Sharepremium | Other comprehensiveincome (loss) | RetainedEarnings | Total | |||||||||
USD thousands | |||||||||||||
Balance as of January 1, 2021 | 380 | 264,831 | 3,330 | 60,472 | 329,013 | ||||||||
Total Comprehensive income (loss) for the year | |||||||||||||
Profit for the year | - | - | - | 73,223 | 73,223 | ||||||||
Other comprehensive loss: | |||||||||||||
Foreign currency translation | - | - | (2,632 | ) | - | (2,632 | ) | ||||||
Total comprehensive income (loss) for the year | - | - | (2,632 | ) | 73,223 | 70,591 | |||||||
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 compensation | - | 41,822 | - | - | 41,822 | ||||||||
Exercise of share options | 17 | 1,353 | - | - | 1,370 | ||||||||
Issuance of shares | 47 | 136,111 | - | - | 136,158 | ||||||||
Issuance of Restricted shares | 1 | (1 | ) | - | - | - | |||||||
Balance as of December 31, 2021 | 442 | 437,476 | 698 | 133,759 | 572,375 |
Total Comprehensive Income (loss) for the year | |||||||||||||
Profit for the year | - | - | - | 22,737 | 22,737 | ||||||||
Other comprehensive loss: | |||||||||||||
Foreign Currency Translation | - | - | (6,499 | ) | - | (6,499 | ) | ||||||
Total comprehensive Income (loss) for the year | - | - | (6,499 | ) | 22,737 | 16,238 | |||||||
Transactions with owners, recognized directly in equity | |||||||||||||
Own shares acquired | (50 | ) | (86,202 | ) | - | - | (86,252 | ) | |||||
Share based compensation | - | 47,049 | - | - | 47,049 | ||||||||
Exercise of share options | 21 | 2,184 | - | - | 2,205 | ||||||||
Balance as of December 31, 2022 | 413 | 400,507 | (5,801 | ) | 156,496 | 551,615 |
NEXXEN INTERNATIONAL LTD. (FORMERLY TREMOR INTERNATIONAL LTD.)CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Cont.)(Audited) | ||||||||||
Sharecapital | Sharepremium | Othercomprehensiveincome (loss) | RetainedEarnings | Total | ||||||
USD thousands | ||||||||||
Balance as of January 1, 2023 | 413 | 400,507 | (5,801 | ) | 156,496 | 551,615 |
Total Comprehensive Income (loss) for the year | ||||||||||||||
Loss for the year | - | - | - | (21,487 | ) | (21,487 | ) | |||||||
Other comprehensive income: | ||||||||||||||
Foreign Currency Translation | - | - | 2,126 | - | 2,126 | |||||||||
Foreign Currency Translation for subsidiary sold | - | - | 1,234 | - | 1,234 | |||||||||
Total comprehensive Income (loss) for the year | - | - | 3,360 | (21,487 | ) | (18,127 | ) | |||||||
Transactions with owners, recognized directly in equity | ||||||||||||||
Own shares acquired | (8 | ) | (9,306 | ) | - | - | (9,314 | ) | ||||||
Share based compensation | - | 19,141 | - | - | 19,141 | |||||||||
Exercise of share options | 12 | 221 | - | - | 233 | |||||||||
Balance as of December 31, 2023 | 417 | 410,563 | (2,441 | ) | 135,009 | 543,548 |
NEXXEN INTERNATIONAL LTD. (FORMERLY TREMOR INTERNATIONAL LTD.)CONSOLIDATED STATEMENTS OF CASH FLOWS(Audited) | |||||||||
Year ended December 31 | |||||||||
2023 | 2022 | 2021 | |||||||
USD thousands | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||
Profit (loss) for the year | (21,487 | ) | 22,737 | 73,223 | |||||
Adjustments for: | |||||||||
Depreciation and amortization | 78,285 | 42,700 | 40,259 | ||||||
Net financing expense | 1,699 | 2,147 | 2,023 | ||||||
Loss from disposals of fixed and intangible assets | 2 | 542 | - | ||||||
Loss (gain) on leases modification | 119 | 56 | (377 | ) | |||||
Loss (gain) on sale of business unit | 1,765 | - | (982 | ) | |||||
Share-based compensation and restricted shares | 19,169 | 50,505 | 42,818 | ||||||
Tax (benefit) expense | 2,503 | 19,688 | (948 | ) | |||||
Change in trade and other receivables | 30,603 | 57,050 | (11,676 | ) | |||||
Change in trade and other payables | (43,077 | ) | (100,145 | ) | 26,845 | ||||
Change in employee benefits | (1 | ) | (179 | ) | (69 | ) | |||
Income taxes received | 352 | 1,175 | 2,231 | ||||||
Income taxes paid | (8,721 | ) | (14,784 | ) | (3,185 | ) | |||
Interest received | 8,016 | 2,103 | 496 | ||||||
Interest paid | (8,486 | ) | (587 | ) | (570 | ) | |||
Net cash provided by operating activities | 60,741 | 83,008 | 170,088 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||
Change in pledged deposits, net | 1,498 | (213 | ) | (11 | ) | ||||
Payments on finance lease receivable | 1,112 | 1,306 | 2,454 | ||||||
Repayment of long-term loans | 51 | - | - | ||||||
Acquisition of fixed assets | (4,495 | ) | (6,433 | ) | (3,378 | ) | |||
Acquisition and capitalization of intangible assets | (15,126 | ) | (8,750 | ) | (4,966 | ) | |||
Proceeds from sale of business unit | - | 1,180 | 415 | ||||||
Investment in shares | - | (25,000 | ) | - | |||||
Acquisition of subsidiaries, net of cash acquired | - | (195,084 | ) | (11,001 | ) | ||||
Net cash used in investing activities | (16,960 | ) | (232,994 | ) | (16,487 | ) | |||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||
Acquisition of own shares | (9,518 | ) | (86,048 | ) | (6,643 | ) | |||
Proceeds from exercise of share options | 233 | 2,205 | 1,370 | ||||||
Leases repayment | (17,262 | ) | (12,018 | ) | (10,009 | ) | |||
Issuance of shares, net of issuance cost | - | - | 134,558 | ||||||
Receipt of long-term debt, net of transaction cost | - | 98,917 | - | ||||||
Payment of financial liability | - | - | (2,414 | ) | |||||
Net cash provided by (used in) financing activities | (26,547 | ) | 3,056 | 116,862 | |||||
Net increase (decrease) in cash and cash equivalents | 17,234 | (146,930 | ) | 270,463 | |||||
CASH AND CASH EQUIVALENTS AS OF THE BEGINNING OF YEAR | 217,500 | 367,717 | 97,463 | ||||||
EFFECT OF EXCHANGE RATE FLUCTUATIONS ON CASH AND CASH EQUIVALENTS | (426 | ) | (3,287 | ) | (209 | ) | |||
CASH AND CASH EQUIVALENTS AS OF THE END OF YEAR | 234,308 | 217,500 | 367,717 |
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