Taboola.com Ltd 6-K, filed Dec 21, 2021
Taboola.com Ltd. (TBLA)
6-K
2021-12-21
For: 2021-12-21
View Original
Added on
April 04, 2026
About this 6-K
Taboola.com Ltd filed this 6-K on December 21, 2021.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of December 2021
Commission File Number: 001-40566
TABOOLA.COM LTD.
(Exact name of registrant as specified in its charter)
16 Madison Square West 7th Floor
New York, NY 10010
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
|
Form 20-F
|
☒
|
Form 40-F
|
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
|
Yes
|
No
|
☒
|
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
|
Yes
|
No
|
☒
|
EXPLANATORY NOTE
Taboola.com Ltd. (the “Company”) has made available certain supplemental historical quarterly financial information, which the Company believes is useful to investors. A copy of the supplemental information is attached
hereto as Exhibit 99.1 and is hereby incorporated by reference.
The supplemental historical quarterly financial information included in Exhibit 99.1 does not present and is not required to present all of the information that would be required to be included in a Form 10-Q filed
with the SEC, does not include notes, and should not be viewed as a substitute for complete interim financial statements prepared in accordance with the SEC requirements for quarterly financial reports. The information in Exhibit 99.1 has been
prepared by, and is the responsibility of, management and is based on a number of assumptions. Neither the Company’s independent auditors, nor any other independent accountant, have audited, reviewed, compiled, examined, or performed any procedures
with respect to the information included in Exhibit 99.1, nor have they expressed any opinion or any other form of assurance on such information, and assume no responsibility for, and disclaim any association with, such information. In addition, the
information set forth in Exhibit 99.1 is not necessarily indicative of the results the Company may achieve in any future periods.
The information contained in Exhibit 99.1 is only a summary and should be read together with the audited or unaudited financial information and related notes included elsewhere in the Company's Securities and Exchange
Commission ("SEC") filings as well as the description of other risks and uncertainties set forth in the section entitled “Risk Factors,” “Cautionary Note Regarding Forward-Looking Statements,” “Unaudited Pro Forma Condensed Combined Financial
Information” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s registration statement on Form F-1, as amended, including the Prospectus that forms a part thereof.
The information in the attached Exhibit 99.1 is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise set forth herein
or as shall be expressly set forth by specific reference in such a filing.
TABLE OF CONTENTS
|
ITEM
|
|
|
Supplemental Quarterly Financial Information
|
SIGNATURE
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.
|
TABOOLA.COM LTD.
|
|||
|
By:
|
/s/ Stephen Walker
|
||
|
Name:
|
Stephen Walker
|
||
|
Title:
|
Chief Financial Officer
|
||
|
Date: December 21, 2021
|
|||
Exhibit 99.1
EXPLANATORY NOTE
Selected Historical Unaudited Quarterly Results of Operations
The following tables set forth select historical unaudited quarterly consolidated statements of operations data of Taboola.com Ltd. for each of the quarters indicated. The information for each quarter does not
present and is not required to present all of the information that would be required to be included in a Form 10-Q filed with the SEC, does not include notes, and should not be viewed as a substitute for complete interim financial statements
prepared in accordance with the SEC requirements for quarterly financial reports. The information for each quarter has been prepared by, and is the responsibility of, management and is based on a number of assumptions. Neither the Company’s
independent auditors, nor any other independent accountant, have audited, reviewed, compiled, examined, or performed any procedures with respect to the information included in the following tables, nor have they expressed any opinion or any other
form of assurance on such information, and assume no responsibility for, and disclaim any association with, such information. In addition, the information set forth in the following tables is not necessarily indicative of the results the Company
may achieve in any future periods. The information contained in the following tables is only a summary and should be read together with the audited or unaudited financial information and related notes included elsewhere in the Company's Securities
and Exchange Commission ("SEC") filings as well as the sections entitled “Risk Factors,” “Cautionary Note Regarding Forward-Looking Statements,” “Unaudited Pro Forma Condensed Combined Financial Information” and “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” in our Registration Statement on Form F-1, as amended, including the Prospectus that forms a part thereof.
1
|
Three Months Ended
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Mar 31,
|
Jun 30,
|
Sep 30,
|
Dec 31,
|
Mar 31,
|
Jun 30,
|
Sep 30,
|
Dec 31,
|
Mar 31,
|
Jun 30,
|
Sep 30,
|
Dec 31,
|
|||||||||||||||||||||||||||||||||||||
|
(U.S. dollars in thousands)
|
2018
|
2018
|
2018
|
2018
|
2019
|
2019
|
2019
|
2019
|
2020
|
2020
|
2020
|
2020
|
||||||||||||||||||||||||||||||||||||
|
Key Measures
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Revenues
|
$
|
204,744
|
$
|
210,579
|
$
|
222,718
|
$
|
271,205
|
$
|
250,247
|
$
|
258,194
|
$
|
274,467
|
$
|
310,922
|
$
|
279,346
|
$
|
267,668
|
$
|
290,585
|
$
|
351,294
|
||||||||||||||||||||||||
|
Gross Profit
|
$
|
50,757
|
$
|
51,889
|
$
|
55,869
|
$
|
75,715
|
$
|
51,586
|
$
|
56,197
|
$
|
54,846
|
$
|
69,340
|
$
|
52,776
|
$
|
84,104
|
$
|
89,596
|
$
|
93,021
|
||||||||||||||||||||||||
|
Net Income (Loss)
|
$
|
(886
|
)
|
$
|
(8,563
|
)
|
$
|
608
|
$
|
19,502
|
$
|
(6,759
|
)
|
$
|
(6,536
|
)
|
$
|
(14,114
|
)
|
$
|
(616
|
)
|
$
|
(23,853
|
)
|
$
|
12,905
|
$
|
16,688
|
$
|
2,753
|
|||||||||||||||||
|
Ratio of Net income (loss) to Gross profit
|
(1.7
|
)%
|
(16.5
|
)%
|
1.1
|
%
|
25.8
|
%
|
(13.1
|
)%
|
(11.6
|
)%
|
(25.7
|
)%
|
(0.9
|
)%
|
(45.2
|
)%
|
15.3
|
%
|
18.6
|
%
|
3.0
|
%
|
||||||||||||||||||||||||
|
Cash Flow from Operations
|
$
|
25,597
|
$
|
3,755
|
$
|
18,031
|
$
|
29,594
|
$
|
(7,670
|
)
|
$
|
12,553
|
$
|
12,920
|
$
|
253
|
$
|
11,008
|
$
|
36,834
|
$
|
33,777
|
$
|
57,468
|
|||||||||||||||||||||||
|
Cash, cash equivalents and short-term deposits
|
$
|
132,733
|
$
|
121,395
|
$
|
133,411
|
$
|
145,259
|
$
|
126,945
|
$
|
121,425
|
$
|
121,529
|
$
|
115,883
|
$
|
118,644
|
$
|
152,740
|
$
|
185,675
|
$
|
242,811
|
||||||||||||||||||||||||
|
Non-GAAP Financial Measures*
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
ex-TAC Gross Profit
|
$
|
61,236
|
$
|
64,036
|
$
|
67,616
|
$
|
88,638
|
$
|
65,470
|
$
|
72,448
|
$
|
71,480
|
$
|
86,431
|
$
|
68,968
|
$
|
98,885
|
$
|
104,297
|
$
|
110,202
|
||||||||||||||||||||||||
|
Adjusted EBITDA
|
$
|
11,856
|
$
|
8,992
|
$
|
14,544
|
$
|
31,540
|
$
|
5,881
|
$
|
7,695
|
$
|
4,936
|
$
|
15,570
|
$
|
(1,720
|
)
|
$
|
34,865
|
$
|
40,055
|
$
|
32,993
|
|||||||||||||||||||||||
|
Ratio of Adjusted EBITDA to ex-TAC Gross Profit
|
19.4
|
%
|
14.0
|
%
|
21.5
|
%
|
35.6
|
%
|
9.0
|
%
|
10.6
|
%
|
6.9
|
%
|
18.0
|
%
|
(2.5
|
)%
|
35.3
|
%
|
38.4
|
%
|
29.9
|
%
|
||||||||||||||||||||||||
|
Free Cash Flow
|
$
|
18,362
|
$
|
(9,737
|
)
|
$
|
12,770
|
$
|
23,425
|
$
|
(17,800
|
)
|
$
|
(3,020
|
)
|
$
|
1,074
|
$
|
(6,526
|
)
|
$
|
4,031
|
$
|
33,177
|
$
|
30,731
|
$
|
53,374
|
||||||||||||||||||||
2
|
Three Months Ended
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Mar 31,
|
Jun 30,
|
Sep 30,
|
Dec 31,
|
Mar 31,
|
Jun 30,
|
Sep 30,
|
Dec 31,
|
Mar 31,
|
Jun 30,
|
Sep 30,
|
Dec 31,
|
|||||||||||||||||||||||||||||||||||||
|
(U.S. dollars in thousands)
|
2018
|
2018
|
2018
|
2018
|
2019
|
2019
|
2019
|
2019
|
2020
|
2020
|
2020
|
2020
|
||||||||||||||||||||||||||||||||||||
|
Revenues
|
$
|
204,744
|
$
|
210,579
|
$
|
222,718
|
$
|
271,205
|
$
|
250,247
|
$
|
258,194
|
$
|
274,467
|
$
|
310,922
|
$
|
279,346
|
$
|
267,668
|
$
|
290,585
|
$
|
351,294
|
||||||||||||||||||||||||
|
Cost of revenues:
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Traffic acquisition cost
|
143,508
|
146,543
|
155,102
|
182,567
|
184,777
|
185,746
|
202,987
|
224,491
|
210,378
|
168,783
|
186,288
|
241,092
|
||||||||||||||||||||||||||||||||||||
|
Other cost of revenues
|
10,479
|
12,147
|
11,747
|
12,923
|
13,884
|
16,251
|
16,634
|
17,091
|
16,192
|
14,781
|
14,701
|
17,181
|
||||||||||||||||||||||||||||||||||||
|
Total cost of revenues
|
153,987
|
158,690
|
166,849
|
195,490
|
198,661
|
201,997
|
219,621
|
241,582
|
226,570
|
183,564
|
200,989
|
258,273
|
||||||||||||||||||||||||||||||||||||
|
Gross profit
|
50,757
|
51,889
|
55,869
|
75,715
|
51,586
|
56,197
|
54,846
|
69,340
|
52,776
|
84,104
|
89,596
|
93,021
|
||||||||||||||||||||||||||||||||||||
|
Operating expenses:
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Research and development expenses
|
17,281
|
19,113
|
17,494
|
19,136
|
19,055
|
21,819
|
21,942
|
21,894
|
21,999
|
21,908
|
21,485
|
34,031
|
||||||||||||||||||||||||||||||||||||
|
Sales and marketing expenses
|
26,299
|
28,879
|
25,786
|
28,707
|
29,729
|
31,309
|
33,342
|
35,973
|
35,436
|
31,396
|
32,663
|
34,246
|
||||||||||||||||||||||||||||||||||||
|
General and administrative expenses
|
7,764
|
9,076
|
10,041
|
7,321
|
7,464
|
7,784
|
10,549
|
10,745
|
15,179
|
12,576
|
13,907
|
18,478
|
||||||||||||||||||||||||||||||||||||
|
Total operating expenses
|
51,344
|
57,068
|
53,321
|
55,164
|
56,248
|
60,912
|
65,833
|
68,612
|
72,614
|
65,880
|
68,055
|
86,755
|
||||||||||||||||||||||||||||||||||||
|
Operating income (loss) before finance expenses
|
(587
|
)
|
(5,179
|
)
|
2,548
|
20,551
|
(4,662
|
)
|
(4,715
|
)
|
(10,987
|
)
|
728
|
(19,838
|
)
|
18,224
|
21,541
|
6,266
|
||||||||||||||||||||||||||||||
|
Finance income (expenses), net
|
358
|
(2,354
|
)
|
(664
|
)
|
1,314
|
(1,215
|
)
|
(482
|
)
|
(1,050
|
)
|
(645
|
)
|
448
|
(654
|
)
|
(844
|
)
|
(1,703
|
)
|
|||||||||||||||||||||||||||
|
Income (loss) before income taxes
|
(229
|
)
|
(7,533
|
)
|
1,884
|
21,865
|
(5,877
|
)
|
(5,197
|
)
|
(12,037
|
)
|
83
|
(19,390
|
)
|
17,570
|
20,697
|
4,563
|
||||||||||||||||||||||||||||||
|
Provision for income taxes
|
(657
|
)
|
(1,030
|
)
|
(1,276
|
)
|
(2,363
|
)
|
(882
|
)
|
(1,339
|
)
|
(2,077
|
)
|
(699
|
)
|
(4,463
|
)
|
(4,665
|
)
|
(4,009
|
)
|
(1,810
|
)
|
||||||||||||||||||||||||
|
Net income (loss)
|
$
|
(886
|
)
|
$
|
(8,563
|
)
|
$
|
608
|
$
|
19,502
|
$
|
(6,759
|
)
|
$
|
(6,536
|
)
|
$
|
(14,114
|
)
|
$
|
(616
|
)
|
$
|
(23,853
|
)
|
$
|
12,905
|
$
|
16,688
|
$
|
2,753
|
|||||||||||||||||
3
Non-GAAP Reconciliations
The following table provides a reconciliation of Revenues to ex-TAC Gross Profit.
|
Three Months Ended
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Mar 31,
|
Jun 30,
|
Sep 30,
|
Dec 31,
|
Mar 31,
|
Jun 30,
|
Sep 30,
|
Dec 31,
|
Mar 31,
|
Jun 30,
|
Sep 30,
|
Dec 31,
|
|||||||||||||||||||||||||||||||||||||
|
(U.S. dollars in thousands)
|
2018
|
2018
|
2018
|
2018
|
2019
|
2019
|
2019
|
2019
|
2020
|
2020
|
2020
|
2020
|
||||||||||||||||||||||||||||||||||||
|
Revenues
|
$
|
204,744
|
$
|
210,579
|
$
|
222,718
|
$
|
271,205
|
$
|
250,247
|
$
|
258,194
|
$
|
274,467
|
$
|
310,922
|
$
|
279,346
|
$
|
267,668
|
$
|
290,585
|
$
|
351,294
|
||||||||||||||||||||||||
|
Traffic acquisition cost
|
143,508
|
146,543
|
155,102
|
182,567
|
184,777
|
185,746
|
202,987
|
224,491
|
210,378
|
168,783
|
186,288
|
241,092
|
||||||||||||||||||||||||||||||||||||
|
Other cost of revenues
|
10,479
|
12,147
|
11,747
|
12,923
|
13,884
|
16,251
|
16,634
|
17,091
|
16,192
|
14,781
|
14,701
|
17,181
|
||||||||||||||||||||||||||||||||||||
|
Gross Profit
|
50,757
|
51,889
|
55,869
|
75,715
|
51,586
|
56,197
|
54,846
|
69,340
|
52,776
|
84,104
|
89,596
|
93,021
|
||||||||||||||||||||||||||||||||||||
|
Add back: Other cost of revenues
|
10,479
|
12,147
|
11,747
|
12,923
|
13,884
|
16,251
|
16,634
|
17,091
|
16,192
|
14,781
|
14,701
|
17,181
|
||||||||||||||||||||||||||||||||||||
|
ex-TAC Gross Profit
|
$
|
61,236
|
$
|
64,036
|
$
|
67,616
|
$
|
88,638
|
$
|
65,470
|
$
|
72,448
|
$
|
71,480
|
$
|
86,431
|
$
|
68,968
|
$
|
98,885
|
$
|
104,297
|
$
|
110,202
|
||||||||||||||||||||||||
4
The following table provides a reconciliation of Net income (loss) to Adjusted EBITDA.
|
Three Months Ended
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Mar 31,
|
Jun 30,
|
Sep 30,
|
Dec 31,
|
Mar 31,
|
Jun 30,
|
Sep 30,
|
Dec 31,
|
Mar 31,
|
Jun 30,
|
Sep 30,
|
Dec 31,
|
|||||||||||||||||||||||||||||||||||||
|
(U.S. dollars in thousands)
|
2018
|
2018
|
2018
|
2018
|
2019
|
2019
|
2019
|
2019
|
2020
|
2020
|
2020
|
2020
|
||||||||||||||||||||||||||||||||||||
|
Net income (loss)
|
$
|
(886
|
)
|
$
|
(8,563
|
)
|
$
|
608
|
$
|
19,502
|
$
|
(6,759
|
)
|
$
|
(6,536
|
)
|
$
|
(14,114
|
)
|
$
|
(616
|
)
|
$
|
(23,853
|
)
|
$
|
12,905
|
$
|
16,688
|
$
|
2,753
|
|||||||||||||||||
|
Adjusted to exclude the following:
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Financials expenses (income), net
|
(358
|
) |
2,354
|
|
664
|
|
(1,314
|
) |
1,215
|
|
482
|
|
1,050
|
|
645
|
|
(448
|
) |
654
|
|
844
|
|
1,703
|
|
||||||||||||||||||||||||
|
Tax expenses
|
657
|
|
1,030
|
|
1,276
|
|
2,363
|
|
882
|
|
1,339
|
|
2,077
|
|
699
|
|
4,463
|
|
4,665
|
|
4,009
|
|
1,810
|
|
||||||||||||||||||||||||
|
Depreciation and amortization
|
8,496
|
|
9,747
|
|
9,069
|
|
7,960
|
|
9,075
|
|
10,041
|
|
10,351
|
|
9,897
|
|
9,751
|
|
9,076
|
|
8,021
|
|
7,109
|
|
||||||||||||||||||||||||
|
Share-based compensation expenses
|
3,065
|
|
2,999
|
|
1,779
|
|
2,608
|
|
1,468
|
|
2,184
|
|
2,370
|
|
2,227
|
|
2,270
|
|
2,223
|
|
6,520
|
|
17,264
|
|
||||||||||||||||||||||||
|
M&A costs (1)
|
-
|
-
|
-
|
-
|
-
|
185
|
|
3,202
|
|
2,718
|
|
6,097
|
|
5,342
|
|
3,973
|
|
2,354
|
|
|||||||||||||||||||||||||||||
|
Revaluation of contingent liability
|
882
|
|
1,425
|
|
1,148
|
|
421
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||||||
|
Adjusted EBITDA
|
$
|
11,856
|
$
|
8,992
|
$
|
14,544
|
$
|
31,540
|
$
|
5,881
|
$
|
7,695
|
$
|
4,936
|
$
|
15,570
|
$
|
(1,720
|
)
|
$
|
34,865
|
$
|
40,055
|
$
|
32,993
|
|||||||||||||||||||||||
| (1) |
Costs primarily related to the proposed strategic transaction with Outbrain Inc., which we elected not to consummate.
|
5
The following table provides a reconciliation of the ratio of Net income (loss) to Gross profit to the Ratio of Adjusted EBITDA to ex-TAC Gross Profit.
|
Three Months Ended
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Mar 31,
|
Jun 30,
|
Sep 30,
|
Dec 31,
|
Mar 31,
|
Jun 30,
|
Sep 30,
|
Dec 31,
|
Mar 31,
|
Jun 30,
|
Sep 30,
|
Dec 31,
|
|||||||||||||||||||||||||||||||||||||
|
(U.S. dollars in thousands)
|
2018
|
2018
|
2018
|
2018
|
2019
|
2019
|
2019
|
2019
|
2020
|
2020
|
2020
|
2020
|
||||||||||||||||||||||||||||||||||||
|
Gross profit
|
$
|
50,757
|
$
|
51,889
|
$
|
55,869
|
$
|
75,715
|
$
|
51,586
|
$
|
56,197
|
$
|
54,846
|
$
|
69,340
|
$
|
52,776
|
$
|
84,104
|
$
|
89,596
|
$
|
93,021
|
||||||||||||||||||||||||
|
Net income (loss)
|
$
|
(886
|
)
|
$
|
(8,563
|
)
|
$
|
608
|
$
|
19,502
|
$
|
(6,759
|
)
|
$
|
(6,536
|
)
|
$
|
(14,114
|
)
|
$
|
(616
|
)
|
$
|
(23,853
|
)
|
$
|
12,905
|
$
|
16,688
|
$
|
2,753
|
|||||||||||||||||
|
Ratio of Net income (loss) to Gross profit
|
(1.7
|
)%
|
(16.5
|
)%
|
1.1
|
%
|
25.8
|
%
|
(13.1
|
)%
|
(11.6
|
)%
|
(25.7
|
)%
|
(0.9
|
)%
|
(45.2
|
)%
|
15.3
|
%
|
18.6
|
%
|
3.0
|
%
|
||||||||||||||||||||||||
|
ex-TAC Gross Profit
|
$
|
61,236
|
$
|
64,036
|
$
|
67,616
|
$
|
88,638
|
$
|
65,470
|
$
|
72,448
|
$
|
71,480
|
$
|
86,431
|
$
|
68,968
|
$
|
98,885
|
$
|
104,297
|
$
|
110,202
|
||||||||||||||||||||||||
|
Adjusted EBITDA
|
$
|
11,856
|
$
|
8,992
|
$
|
14,544
|
$
|
31,540
|
$
|
5,881
|
$
|
7,695
|
$
|
4,936
|
$
|
15,570
|
$
|
(1,720
|
)
|
$
|
34,865
|
$
|
40,055
|
$
|
32,993
|
|||||||||||||||||||||||
|
Ratio of Adjusted EBITDA Margin to ex-TAC Gross Profit
|
19.4
|
%
|
14.0
|
%
|
21.5
|
%
|
35.6
|
%
|
9.0
|
%
|
10.6
|
%
|
6.9
|
%
|
18.0
|
%
|
(2.5
|
)%
|
35.3
|
%
|
38.4
|
%
|
29.9
|
%
|
||||||||||||||||||||||||
6
The following table provides a reconciliation of Net cash provided by (used in) operating activity to Free Cash Flow.
|
Three Months Ended
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Mar 31,
|
Jun 30,
|
Sep 30,
|
Dec 31,
|
Mar 31,
|
Jun 30,
|
Sep 30,
|
Dec 31,
|
Mar 31,
|
Jun 30,
|
Sep 30,
|
Dec 31,
|
|||||||||||||||||||||||||||||||||||||
|
(U.S. dollars in thousands)
|
2018
|
2018
|
2018
|
2018
|
2019
|
2019
|
2019
|
2019
|
2020
|
2020
|
2020
|
2020
|
||||||||||||||||||||||||||||||||||||
|
Net cash provided by (used in) operating activity
|
$
|
25,597
|
$
|
3,755
|
$
|
18,031
|
$
|
29,594
|
$
|
(7,670
|
)
|
$
|
12,553
|
$
|
12,920
|
$
|
253
|
$
|
11,008
|
$
|
36,834
|
$
|
33,777
|
$
|
57,468
|
|||||||||||||||||||||||
|
Purchases of property and equipment, including capitalized platform costs
|
(7,235
|
)
|
(13,492
|
)
|
(5,261
|
)
|
(6,169
|
)
|
(10,130
|
)
|
(15,573
|
)
|
(11,846
|
)
|
(6,779
|
)
|
(6,977
|
)
|
(3,657
|
)
|
(3,046
|
)
|
(4,094
|
)
|
||||||||||||||||||||||||
|
Free Cash Flow
|
$
|
18,362
|
$
|
(9,737
|
)
|
$
|
12,770
|
$
|
23,425
|
$
|
(17,800
|
)
|
$
|
(3,020
|
)
|
$
|
1,074
|
$
|
(6,526
|
)
|
$
|
4,031
|
$
|
33,177
|
$
|
30,731
|
$
|
53,374
|
||||||||||||||||||||
7
*About Non-GAAP Financial Information
This presentation press release includes ex-TAC Gross Profit, Adjusted EBITDA, Ratio of Adjusted EBITDA to ex-TAC Gross Profit and Free Cash Flow, which are non-GAAP financial measures.
We define Ex-TAC Gross Profit as gross profit plus other cost of revenues.
We define Adjusted EBITDA as net income before financial expenses (income), tax expenses, depreciation and amortization, shared-based compensation expenses and M&A costs.
We define Free Cash Flow as net cash provided (used in) operating expenses minus purchases of property and equipment, including capitalized platform costs.
We define Ratio of Net income (loss) to Gross profit as Net income (loss) divided by Gross profit. We define Ratio of Adjusted EBITDA to ex-TAC Gross Profit, a non-GAAP measure, as Adjusted EBITDA divided by ex-TAC Gross Profit.
These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing the Company’s financial results. Therefore, these measures should not
be considered in isolation or as an alternative to revenues, gross profit, net income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. You should be aware that the Company’s presentation of these
measures may not be comparable to similarly titled measures used by other companies.
The Company believes non-GAAP financial measures provide useful information to management and investors regarding future financial and business trends relating to the Company. The Company believes that the use of these measures provides an
additional tool for investors to use in evaluating operating results and trends and in comparing the Company’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. Non-GAAP
financial measures are subject to inherent limitations because they reflect the exercise of judgments by management about which items are excluded or included in calculating them. Please refer to the “Non-GAAP Reconciliations” tables above for
reconciliations to the most directly comparable measures in accordance with GAAP.
8