6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 6-K

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Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

Under the Securities Exchange Act of 1934

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For the month of November, 2022

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Commission File Number 001-40772

Cellebrite DI Ltd.

**(**Translationof registrant’s name into English)

94 Shlomo Shmelzer Road

Petah Tikva 4970602, Israel

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

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EXPLANATORY NOTE

On November 17, 2022, Cellebrite DI Ltd. (the “Registrant” or “Cellebrite”) issued a press release titled “Cellebrite Announces Third Quarter 2022 Results.” A copy of this press release is furnished as Exhibit 99.1 herewith.

The GAAP financial statements tables contained in the press release attached to this report on Form 6-K are incorporated by reference into the Registrant’s registration statements on Form S-8 (File No. 333-260878) and Form F-3 (File No. 333-259826).

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EXHIBIT INDEX

Exhibit	Description
99.1	Press release titled “Cellebrite Announces Third Quarter 2022 Results” (furnished herewith).

2

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Cellebrite DI Ltd.
Date: November 17, 2022	By:	/s/ Dana Gerner
		Dana Gerner
		Chief Financial Officer

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Exhibit 99.1

Cellebrite Announces Third Quarter 2022 Results

ARR of$232 million, up 35% year-over-year

Third Quarter revenue of $71.7 million, Increase9% year-over-year

PETAH TIKVA, ISRAEL, and TYSONS CORNER, VA, November 17, 2022 – Cellebrite (NASDAQ: CLBT), a global leader in Digital Intelligence (“DI”) solutions for the public and private sectors, today announced financial results for the three and nine months ending September 30, 2022.

“We are pleased to report a solid third quarter, delivering strong ARR growth as we continue to execute on our full-year targets set forth last quarter. The demand we are seeing in the market demonstrates that our innovative solutions are highly relevant as public safety organizations and private enterprises recognize the need to modernize their investigative workflow in the face of the ever-growing digital sophistication of crimes and evidence. We are particularly proud of our best-in-class retention rates which prove that our go to market strategy is bearing fruit,” said Yossi Carmil, Cellebrite’s CEO. “We have made progress on the initiatives we outlined last quarter, and we remain excited about the opportunity in front of us as we pursue our mission to protect and save lives, accelerate justice and preserve privacy.”

ThirdQuarter Financial Highlights

●	Revenue<br> of $71.7 million, up 9% year-over-year, of which subscription revenue was $55.6 million,<br> up 8% year-over-year
●	Annual<br> Recurring Revenue (ARR) of $232 million, up 35% year-over-year
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●	Recurring<br> revenue dollar-based net retention rate of 129%
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●	GAAP<br> gross profit and gross margin of $57.1 million and 79.7%, respectively
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●	GAAP<br> net income of $25.1 million; Non-GAAP net income of $3.0 million
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●	GAAP<br> Diluted EPS of $0.13; Non-GAAP Diluted EPS of $0.01
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●	Adjusted<br> EBITDA and Adjusted EBITDA margin of $5.1 million and 7.0%, respectively
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ThirdQuarter and Recent Digital Intelligence Highlights

●	Closed<br> 25 key deals, each valued at $500,000 or more.
●	Released<br> the next generation of Cellebrite Guardian which provides critical features aiding law enforcement<br> in handling digital evidence in an ethical way, including storing, managing, and sharing<br> evidence, with unmatched instant review of digital evidence. Additional enhancements create<br> increased flexibility for law enforcement and help them secure privacy to address key pain<br> points in the investigative workflow, including physical duplication, transportation of evidence,<br> and time-consuming evidence review.
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●	Enhanced<br> Collect & Review offerings by launching an automated and secure system that enables investigative<br> analytics stakeholders to rapidly collect, review, and analyze data in an integrated workflow.<br> By streamlining the transfer of data to the investigative team, customers shave hours off<br> the workflow to bring evidence to prosecutors faster.
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●	Announced<br> Sandline Global as first private sector customer for Cellebrite Guardian. This multi-year<br> investment is expected to enhance Sandline’s in-house investigative and evidence management<br> operations.
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●	Won<br> all categories for which the company was nominated at the 2022 Forensic Focus 4:cast awards,<br> including DFIR Commercial Tool of the Year and the Investigator of the Year for the third<br> year in a row, proving our continual leadership in digital forensics
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Supplemental financial information can be found on the Investor Relations section of our website at https://investors.cellebrite.com/financial-information/quarterly-results.

FinancialOutlook

“We are proud to deliver ARR growth of 35% year-on-year during the third quarter reflecting a strong demand market for our Digital Intelligence solutions. However, given the strengthening of the USD to the European and other currencies we expect to finish FYE 2022 at the lower end of our guidance” said Dana Gerner, Chief Financial Officer of Cellebrite.

“We remain focused on efficiently investing in our innovations and solutions to deliver on our targets for the year we outlined last quarter,” Gerner concluded.

ConferenceCall Information

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Today, November 17, 2022, at 8:30 a.m. ET, Cellebrite will host a conference call and webcast to discuss the Company’s financial results for the third quarter 2022. The call details are below:

Telephone participants are advised to register in advance at:

https://register.vevent.com/register/BIaf596aa015be4fe19064526f1015b7b6

Upon registration, participants will receive a confirmation email detailing how to join the conference call, including the dial-in number and a unique registrant ID.

The live conference call will be webcast in listen-only mode at: https://edge.media-server.com/mmc/p/7dttnkrq

The webcast will remain available after the call at: https://investors.cellebrite.com/events-presentations

Non-GAAPFinancial Information and Key Performance Indicators

This press release includes non-GAAP financial measures. Cellebrite believes that the use of non-GAAP net income, non-GAAP operating income and Adjusted EBITDA is helpful to investors. These measures, which the Company refers to as our non-GAAP financial measures, are not prepared in accordance with GAAP.

The Company believes that the non-GAAP financial measures provide a more meaningful comparison of its operational performance from period to period and offers investors and management greater visibility to the underlying performance of its business. Mainly:

●	Share-based<br> compensation expenses utilize varying available valuation methodologies, subjective assumptions<br> and a variety of equity instruments that can impact a company’s non-cash expenses;
●	Acquired<br> intangible assets are valued at the time of acquisition and are amortized over an estimated<br> useful life after the acquisition, and acquisition-related expenses are unrelated to current<br> operations and neither are comparable to the prior period nor predictive of future results;
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●	To<br> the extent that the above adjustments have an effect on tax (income) expense, such an effect<br> is excluded in the non-GAAP adjustment to net income;
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●	Tax<br> (income) expense, depreciation and amortization expense vary for many reasons that are often<br> unrelated to our underlying performance and make period-to-period comparisons more challenging;<br> and
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●	Financial<br> instruments are remeasured according to GAAP and vary for many reasons that are often unrelated<br> to the Company’s current operations and affect financial income.
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Each of our non-GAAP financial measures is an important tool for financial and operational decision making and for evaluating our own operating results over different periods of time. The non-GAAP financial measures do not represent our financial performance under U.S. GAAP and should not be considered as alternatives to operating income or net income or any other performance measures derived in accordance with GAAP. Non-GAAP measures should not be considered in isolated from, or as an alternative to, financial measures determined in accordance with GAAP. Non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in our industry, as other companies in our industry may calculate non-GAAP financial results differently, particularly related to non-recurring, unusual items. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP, and exclude expenses that may have a material impact on our reported financial results. Further, share-based compensation expense has been, and will continue to be for the foreseeable future, significant recurring expenses in our business and an important part of the compensation provided to our employees. In addition, the amortization of intangible assets is expected recurring expense over the estimated useful life of the underlying intangible asset and acquisition-related expenses will be incurred to the extent acquisitions are made in the future. Furthermore, foreign exchange rates may fluctuate from one period to another, and the Company does not estimate movements in foreign currencies.

A reconciliation of each of these non-GAAP financial measures to their most comparable GAAP measure is set forth in a table included at the end of this press release, which is also available on our website at https://investors.cellebrite.com.

Annual recurring revenue (“ARR”) is defined as the annualized value of active term-based subscription license contracts and maintenance contracts related to perpetual licenses in effect at the end of that period. Term-based license contracts and maintenance contracts for perpetual licenses are annualized by multiplying the revenue of the last month of the period by 12. The annualized value of contracts is a legal and contractual determination made by assessing the contractual terms with our customers. The annualized value of maintenance contracts is not determined by reference to historical revenue, deferred revenue or any other GAAP financial measure over any period. ARR is not a forecast of future revenues, which can be impacted by contract start and end dates and renewal rates.

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Dollar-based net retention rate (“NRR”) is calculated by dividing customer recurring revenue by base revenue. We define base revenue as recurring revenue we recognized from all customers with a valid license at the last quarter of the previous year period, during the four quarters ended one year prior to the date of measurement. We define our customer revenue as the recurring revenue we recognized during the four quarters ended on the date of measurement from the same customer base included in our measure of base revenue, including recurring revenue resulting from additional sales to those customers.

AboutCellebrite

Cellebrite’s (NASDAQ: CLBT) mission is to enable its customers to protect and save lives, accelerate justice, and preserve privacy in communities around the world. We are a global leader in Digital Intelligence solutions for the public and private sectors, empowering organizations in mastering the complexities of legally sanctioned digital investigations by streamlining intelligence processes. Trusted by thousands of leading agencies and companies worldwide, Cellebrite’s Digital Intelligence platform and solutions transform how customers collect, review, analyze and manage data in legally sanctioned investigations. To learn more, visit us at www.cellebrite.com and https://investors.cellebrite.com.

CautionRegarding Forward Looking Statements

This document includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward looking statements may be identified by the use of words such as “forecast,” “intend,” “seek,” “target,” “anticipate,” “will,” “appear,” “approximate,” “foresee,” “might,” “possible,” “potential,” “believe,” “could,” “predict,” “should,” “could,” “continue,” “expect,” “estimate,” “may,” “plan,” “outlook,” “future” and “project” and other similar expressions that predict, project or indicate future events or trends or that are not statements of historical matters. Such forward looking statements include estimated financial information. Such forward looking statements with respect to revenues, earnings, performance, strategies, prospects, and other aspects of Cellebrite’s business are based on current expectations that are subject to risks and uncertainties. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward looking statements. These factors include, but are not limited to: Cellebrite’s ability to keep pace with technological advances and evolving industry standards; Cellebrite’s material dependence on the acceptance of its solutions by law enforcement and government agencies; real or perceived errors, failures, defects or bugs in Cellebrite’s DI solutions; Cellebrite’s failure to maintain the productivity of sales and marketing personnel, including relating to hiring, integrating and retaining personnel; uncertainties regarding the impact of macroeconomic and/or global conditions, including COVID-19 and military actions involving Russia and Ukraine; intense competition in all of Cellebrite’s markets; the inadvertent or deliberate misuse of Cellebrite’s solutions; political and reputational factors related to Cellebrite’s business or operations; risks relating to estimates of market opportunity and forecasts of market growth; Cellebrite’s ability to properly manage its growth; risks associated with Cellebrite’s credit facilities and liquidity; Cellebrite’s reliance on third-party suppliers for certain components, products, or services; challenges associated with large transactions and long sales cycle; risks that Cellebrite’s customers may fail to honor contractual or payment obligations; risks associated with a significant amount of Cellebrite’s business coming from government customers around the world; risks related to Cellebrite’s intellectual property; security vulnerabilities or defects, including cyber-attacks, information technology system breaches, failures or disruptions; the mishandling or perceived mishandling of sensitive or confidential information; the complex and changing regulatory environments relating to Cellebrite’s operations and solutions; the regulatory constraints to which we are subject; risks associated with different corporate governance requirements applicable to Israeli companies and risks associated with being a foreign private issuer and an emerging growth company; market volatility in the price of Cellebrite’s shares; changing tax laws and regulations; risks associated with joint, ventures, partnerships and strategic initiatives; risks associated with Cellebrite’s significant international operations; risks associated with Cellebrite’s failure to comply with anti-corruption, trade compliance, anti-money-laundering and economic sanctions laws and regulations; risks relating to the adequacy of Cellebrite’s existing systems, processes, policies, procedures, internal controls and personnel for Cellebrite’s current and future operations and reporting needs; and other factors, risks and uncertainties set forth in the section titled “Risk Factors” in Cellebrite’s annual report on Form 20-F filed with the SEC on March 29, 2022,as amended on April 14, 2022 and in other documents filed by Cellebrite with the U.S. Securities and Exchange Commission (“SEC”), which are available free of charge at www.sec.gov. You are cautioned not to place undue reliance upon any forward looking statements, which speak only as of the date made, in this communication or elsewhere. Cellebrite undertakes no obligation to update its forward looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.

Contacts:

Investors

Investors Relations

investors@cellebrite.com

Media

Victor Cooper

Public Relations and Corporate Communications Director

+1 404 804 5910

Victor.cooper@cellebrite.com

3

Cellebrite DI Ltd.

Third Quarter 2022 Results Summary

(U.S Dollars in thousands)

	For the three months ended						For the nine months ended
	September 30,						September 30,
	2022			2021			2022			2021
	Unaudited			Unaudited			Unaudited			Unaudited
Revenue		71,675			65,887			196,633			178,338
Gross profit		57,141			53,933			158,018			148,117
Gross margin		79.7	%		81.9	%		80.4	%		83.1	%
Operating (loss) income		(1,085	)		(3,092	)		(8,630	)		9,516
Operating margin		(1.5	)%		(4.7	)%		(4.4	)%		5.3	%
Cash flow from operating activities		(556	)		(8,047	)		(15,166	)		6,260
Non-GAAP Financial Data:
Operating income		3,412			13,468			5,110			35,117
Operating margin		4.8	%		20.4	%		2.6	%		19.7	%
Adjusted EBITDA		5,053			15,025			9,792			39,030
Adjusted EBITDA margin		7.0	%		22.8	%		5.0	%		21.9	%

4

Cellebrite DI Ltd.

Condensed Consolidated Balance Sheets

(U.S. Dollars in thousands)

			December 31,
			2021
			Audited
Assets
Current assets
Cash and cash equivalents	84,566		$	145,973
Short-term deposits	18,561			35,592
Marketable securities	43,409			—
Trade receivables (net of allowance for doubtful accounts of 1,693 and 1,040 as of September 30, 2022  and December 31, 2021, respectively)	88,581			67,505
Prepaid expenses and other current assets	13,019			12,818
Contract acquisition costs	5,018			4,813
Inventories	9,350			6,511
Total current assets	262,504			273,212
Non-current assets
Other non-current assets	1,825			1,958
Marketable securities	21,266			—
Deferred tax assets, net	12,628			9,800
Property and equipment, net	17,634			16,756
Intangible assets, net	9,808			11,228
Goodwill	26,829			26,829
Total non-current assets	89,990			66,571
Total assets	352,494		$	339,783
Liabilities and shareholders’ equity (deficiency)
Current Liabilities
Trade payables	4,716		$	9,546
Other accounts payable and accrued expenses	49,424			54,044
Deferred revenues	135,642			122,983
Total current liabilities	189,782			186,573
Long-term liabilities
Other long term liabilities	6,202			9,537
Deferred revenues	36,285			36,426
Restricted Sponsor Shares liability	16,151			44,712
Price Adjustment Shares liability	24,973			79,404
Warrant liability	19,640			56,478
Total long-term liabilities	103,251			226,557
Total liabilities	293,033		$	413,130
Shareholders’ equity  (deficiency)
Share capital	*	)		*	)
Additional paid-in capital	(131,845	)		(153,072	)
Treasury share, NIS 0.00001 par value; 41,776 ordinary shares	(85	)		(85	)
Accumulated other comprehensive (loss) income	(774	)		1,372
Retained earnings	192,165			78,438
Total shareholders’ equity (deficiency)	59,461			(73,347	)
Total liabilities and shareholders’ equity (deficiency)	352,494		$	339,783

All values are in US Dollars.

*)	Less<br>than 1 USD

5

Cellebrite DI Ltd.

Condensed Consolidated Statements of Income

(U.S Dollars in thousands, except share and per share data)

	For the three months ended						For the nine months ended
	September 30,						September 30,
	2022			2021			2022			2021
	Unaudited			Unaudited			Unaudited			Unaudited
Revenue:
Subscription services	$	39,385		$	30,046		$	109,772		$	88,890
Term-license		16,209			21,205			43,862			44,340
Total subscription		55,594			51,251			153,634			133,230
Perpetual license and other		7,407			6,657			17,707			24,782
Professional services		8,674			7,979			25,292			20,326
Total revenue		71,675			65,887			196,633			178,338
Cost of revenue:
Subscription services		5,082			2,650			13,194			7,324
Term-license		7			651			375			1,546
Total subscription		5,089			3,301			13,569			8,870
Perpetual license and other		4,108			2,282			9,606			5,158
Professional services		5,337			6,371			15,440			16,193
Total cost of revenue		14,534			11,954			38,615			30,221
Gross profit	$	57,141		$	53,933		$	158,018		$	148,117
Operating expenses:
Research and development		21,635			16,427			60,886			46,708
Sales and marketing		25,567			20,123			73,718			55,150
General and administrative		11,024			20,475			32,044			36,743
Total operating expenses	$	58,226		$	57,025		$	166,648		$	138,601
Operating (loss) income	$	(1,085	)	$	(3,092	)	$	(8,630	)	$	9,516
Financial income, net		25,422			17,812			120,288			18,674
Income before tax		24,337			14,720			111,658			28,190
Tax (income) expense		(755	)		6,581			(2,069	)		8,665
Net income	$	25,092		$	8,139		$	113,727		$	19,525
Earnings per share
Basic	$	0.13		$	0.06		$	0.60		$	0.15
Diluted	$	0.13		$	0.05		$	0.56		$	0.13
Weighted average shares outstanding
Basic		183,275,256			144,845,163			181,931,507			131,086,877
Diluted		193,188,295			163,348,212			194,967,665			148,164,411
Other comprehensive income:
Unrealized income (loss) on hedging transactions		760			(174	)		(2,147	)		(1,440	)
Unrealized loss on Marketable securities		(260	)		—			(546	)		—
Currency translation adjustments		(265	)		(15	)		547			40
Total other comprehensive  income (loss), net of tax		235			(189	)		(2,146	)		(1,400	)
Total other comprehensive income	$	25,327		$	7,950		$	111,581		$	18,125

6

Cellebrite DI Ltd.

CondensedConsolidated Statements of Cash Flow

(U.S Dollars in thousands, except share and per share data)

	For the three months ended						For the nine months ended
	September 30,						September 30,
	2022			2021			2022			2021
	Unaudited			Unaudited			Unaudited			Unaudited
Cash flow from operating activities:
Net income	$	25,092		$	8,139		$	113,727		$	19,525
Adjustments to reconcile net income to net cash provided by operating activities:
Share based compensation and RSU’s		3,458			1,417			9,921			4,819
Amortization of premium, discount and accrued interest on marketable securities		(109	)		—			(147	)		—
Depreciation and amortization		2,305			2,097			6,674			5,277
Interest income from short term deposits		(167	)		—			(366	)		—
Deferred income taxes		(489	)		(1,338	)		(2,331	)		(1,907	)
Remeasurement of warrant liability		(5,817	)		3,539			(36,838	)		3,539
Remeasurement of Restricted Sponsor Shares		(6,449	)		(6,454	)		(28,561	)		(6,454	)
Remeasurement of  Price Adjustment Shares liabilities		(12,825	)		(14,337	)		(54,431	)		(14,337	)
Increase in trade receivables		(23,377	)		(24,357	)		(24,127	)		(10,648	)
Increase in deferred revenue		18,071			15,344			20,013			12,652
Decrease in other non-current assets		—			4,693			133			385
Increase in prepaid expenses and other current assets		(2,191	)		(5,687	)		(1,261	)		(10,845	)
(Increase) Decrease in inventories		(1,247	)		36			(2,868	)		(87	)
Increase (Decrease)  in trade payables		1,197			1,494			(4,576	)		1,200
Increase (Decrease) in other accounts payable and accrued expenses		2,370			7,249			(6,793	)		2,679
(Decrease)  increase in other long-term liabilities		(378	)		118			(3,335	)		462
Net cash (used in) provided by  operating activities		(556	)		(8,047	)		(15,166	)		6,260
Cash flows from investing activities:
Purchases of property and equipment		(1,630	)		(1,479	)		(5,506	)		(4,333	)
Purchase of Intangible assets		(400	)		—			(400	)		—
Investment in marketable securities		(19,426	)		—			(80,111	)		—
Proceed from marketable securities		9,660			—			14,832			—
Assets acquisition		—			—			—			(3,000	)
Investment in short term deposits		—			—			(25,000	)		(21,000	)
Redemption of short term deposits		—			18,047			42,397			68,127
Net cash (used in) provided by investing activities		(11,796	)		16,568			(53,788	)		39,794
Cash flows from financing activities:
Payment of dividend		—			(100,000	)		—			(100,000	)
Exercise of options to shares		6,618			1,174			11,301			1,361
Exercise of public warrants		—			—			5			—
Proceeds from Employee Share Purchase Plan		680			—			680			—
Proceeds from Recapitalization transaction, net		—			29,298			—			29,298
Net cash provided by (used in) financing activities		7,298			(69,528	)		11,986			(69,341	)
Net decrease  in cash and cash equivalents		(5,054	)		(61,007	)		(56,968	)		(23,287	)
Net effect of Currency Translation on cash and cash equivalents		(2,065	)		(500	)		(4,439	)		(673	)
Cash and cash equivalents at beginning of period		91,685			171,393			145,973			133,846
Cash and cash equivalents  at end of period	$	84,566		$	109,886		$	84,566		$	109,886
Supplemental cash flow information:
Income taxes paid		1,437			738			5,326			6,399
Non-cash activities
Purchase of property and equipment		79			119			142			65
Purchase of Intangible assets		171			—			171			—

7

Cellebrite DI Ltd.

Reconciliation of GAAP to Non-GAAP Financial Information

(U.S Dollars in thousands, except share and per share data)

	For the three months ended						For the nine months ended
	September 30,						September 30,
	2022			2021			2022			2021
	Unaudited			Unaudited			Unaudited			Unaudited
Operating (loss) income	$	(1,085	)	$	(3,092	)	$	(8,630	)	$	9,516
Issuance expenses		—			11,834			—			11,834
Dividend participation compensation		—			966			—			966
Share based compensation		3,458			1,417			9,921			4,819
Amortization of intangible assets		664			541			1,992			1,364
Acquisition related costs		375			1,802			1,827			6,618
Non-GAAP operating income	$	3,412		$	13,468		$	5,110		$	35,117
	For the three months ended						For the nine months ended
---	---	---	---	---	---	---	---	---	---	---	---	---
	September 30,						September 30,
	2022			2021			2022			2021
	Unaudited			Unaudited			Unaudited			Unaudited
Net income	$	25,092		$	8,139		$	113,727		$	19,525
One time tax (income) expense		(543	)		7,067			(2,368	)		7,067
Issuance expenses		—			11,834			—			11,834
Dividend participation compensation		—			966			—			966
Share based compensation		3,458			1,417			9,921			4,819
Amortization of intangible assets		664			541			1,992			1,364
Acquisition related costs		375			1,802			1,827			6,618
Tax expense (income)		(981	)		(1,210	)		(900	)		(2,168	)
Finance income from financial derivatives		(25,091	)		(17,252	)		(119,830	)		(17,252	)
Non-GAAP net income	$	2,974		$	13,304		$	4,369		$	32,773
Non-GAAP Earnings per share:
Basic	$	0.02		$	0.09		$	0.02		$	0.25
Diluted	$	0.01		$	0.08		$	0.02		$	0.22
Weighted average shares outstanding:
Basic		183,275,256			144,845,163			181,931,507			131,086,877
Diluted		193,188,295			163,348,212			194,967,665			148,164,411
	For the three months ended						For the nine months ended
---	---	---	---	---	---	---	---	---	---	---	---	---
	September 30,						September 30,
	2022			2021			2022			2021
	Unaudited			Unaudited			Unaudited			Unaudited
Net income	$	25,092		$	8,139		$	113,727		$	19,525
Financial income, net		(25,422	)		(17,811	)		(120,288	)		(18,674	)
Tax (income) expense		(755	)		6,581			(2,069	)		8,665
Issuance expenses		—			11,834			—			11,834
Dividend participation compensation		—			966			—			966
Share based compensation		3,458			1,417			9,921			4,819
Amortization of intangible assets		664			541			1,992			1,364
Acquisition related costs		375			1,802			1,827			6,618
Depreciation expenses		1,641			1,556			4,682			3,913
Adjusted EBITDA	$	5,053		$	15,025		$	9,792		$	39,030

8