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Name | Symbol | Market | Type |
---|---|---|---|
Tremor International Ltd | NASDAQ:TRMR | NASDAQ | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.02 | 4.16 | 5.52 | 0 | 01:00:00 |
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:
Strong Margin Profile and Healthy Balance Sheet Enabled by Scaled and Efficient Operating Model:
Continued Strong CTV and Video Performance:
Ongoing Progress Delivering Further Shareholder Value Through Share Repurchase Program:
“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:
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
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
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.
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 |
1 Year Tremor Chart |
1 Month Tremor Chart |
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