Issuance costs (456) --
Exercise of options and vested RSUs 1,809 1,335
Payment of tax withholding for share-based
compensation expenses (709) (791)
Repurchase of Ordinary shares (27,758) --
Payments on account of repurchase of
Ordinary shares (1,658) --
Repayment of long-term loan -- (750)
------- -------
Net cash used in financing activities (28,772) (206)
------- -------
Exchange rate differences on balances of cash
and cash equivalents 408 328
------- -------
Increase in cash and cash equivalents 2,426 52,956
Cash and cash equivalents - at the beginning
of the period 176,108 165,893
------- -------
Cash and cash equivalents - at end of the
period $178,534 $218,849
------- -------
Three months ended
March 31,
------------------------
2024 2023
Unaudited
------------------------
Supplemental disclosures of cash flow information:
Cash paid during the year for:
----------------------------------------------
Income taxes $ 3,243 $ 4,258
Interest $ 3,610 $ 5,067
Non-cash investing and financing activities:
----------------------------------------------
Purchase of property and equipment, including
capitalized internal-use software $ 4,262 $ 36
Share-based compensation included in
capitalized internal-use software $ 606 $ 652
Creation of operating lease right-of-use
assets $ 12 $ 5,045
APPENDIX: Non-GAAP Reconciliation
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023
(UNAUDITED)
The following table provides a reconciliation of revenues
to ex-TAC Gross Profit.
Three months ended
March 31,
----------------------------
2024 2023
(dollars in thousands)
Revenues $ 414,008 $ 327,686
Traffic acquisition cost 275,120 211,946
Other cost of revenues 29,935 26,148
---------- ---------
Gross profit $ 108,953 $ 89,592
---------- ---------
Add back: Other cost of revenues 29,935 26,148
---------- ---------
ex-TAC Gross Profit $ 138,888 $ 115,740
---------- ---------
The following table provides a reconciliation of net
income (loss) to Adjusted EBITDA.
Three months ended
March 31,
----------------------------
2024 2023
(dollars in thousands)
Net loss $ (26,158) $ (31,313)
Adjusted to exclude the following:
Finance expenses, net 3,638 3,154
Income tax expenses (benefit) 4,287 (639)
Depreciation and amortization 25,321 22,601
Share-based compensation expenses 13,756 13,527
Holdback compensation expenses (1) 2,645 2,555
Other costs (2) -- 237
--- -------- --------
Adjusted EBITDA $ 23,489 $ 10,122
--- -------- --------
(1) Represents share-based compensation due to holdback
of Taboola Ordinary shares issuable under compensatory
arrangements relating to Connexity acquisition.
(2) The three months ended March 31, 2023 includes
one-time costs related to the Commercial agreement.
The following table provides a reconciliation of net
income (loss) to Non-GAAP Net Income (loss).
Three months ended
March 31,
----------------------------
2024 2023
(dollars in thousands)
Net loss $ (26,158) $ (31,313)
Amortization of acquired intangibles 15,935 15,969
Share-based compensation expenses 13,756 13,527
Holdback compensation expenses (1) 2,645 2,555
Other costs (2) -- 237
Revaluation of Warrants 39 (1,676)
Foreign currency exchange rate losses (3) 1,041 429
Income tax effects (3,426) (3,829)
--------- --------
Non-GAAP Net Income (Loss) $ 3,832 $ (4,101)
--------- --------
(1) Represents share-based compensation due to holdback
of Taboola Ordinary shares issuable under compensatory
arrangements relating to Connexity acquisition.
(2) The three months ended March 31, 2023 includes
one-time costs related to the Commercial agreement.
(3) Represents income or loss related to the remeasurement
of monetary assets and liabilities to the Company's
functional currency using exchange rates in effect
at the end of the reporting period.
The following table provides a reconciliation of net
cash provided by operating activities to Free Cash
Flow.
Three months ended
March 31,
----------------------------
2024 2023
(dollars in thousands)
Net cash provided by operating activities $ 32,395 $ 17,524
Purchases of property and equipment,
including capitalized internal-use
software (5,589) (6,350)
--------- --------
Free Cash Flow $ 26,806 $ 11,174
--------- --------
APPENDIX: Non-GAAP Guidance Reconciliation
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
FOR Q2 2024 AND FULL YEAR 2024 GUIDANCE
(Unaudited)
The following table provides a reconciliation of projected
Gross profit to ex-TAC Gross Profit.
Q2 2024 FY 2024
Guidance Guidance
Unaudited
------------------------------------------
(dollars in millions)
Revenues $410 - $440 $1,892 - $1,942
Traffic acquisition cost ($270) - ($290) ($1,237) - ($1,264)
Other cost of revenues ($30) - ($30) ($121) - ($124)
Gross profit $110 - $120 $535 - $555
Add back: Other cost of revenues ($30) - ($30) ($121) - ($124)
ex-TAC Gross Profit $140 - $150 $656 - $679
Although we provide a projection for Free Cash Flow, we are not able to provide a projection for net cash provided by operating activities, the most directly comparable GAAP measure. Certain elements of net cash provided by operating activities, including taxes and timing of collections and payments, are not predictable therefore projecting an accurate forecast is difficult. As a result, it is impractical for us to provide projections on net cash provided by operating activities or to reconcile our Free Cash Flow projections without unreasonable efforts. Consequently, no disclosure of projected net cash provided by operating activities is included. For the same reasons, we are unable to address the probable significance of the unavailable information.
(END) Dow Jones Newswires
May 08, 2024 06:15 ET (10:15 GMT)
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