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Taboola Reports Record Q4 and Full Year 2021 Results

Published

2 years ago

on

  • 2021 Gross Profit grew 38% and ex-TAC Gross Profit grew 36% over 2020
  • Exceeded guidance across all financial measures
  • Q4 2021 Gross Profit and ex-TAC Gross Profit grew over 50%
  • Increasing 2022 guidance to $1.67 billion for Revenues, $556 million for Gross Profit, $665 million for ex-TAC Gross Profit and $204 million for Adjusted EBITDA, representing 30.7% Ratio of Adjusted EBITDA to ex-TAC Gross Profit
  • Taboola to host its inaugural Investor Day on March 29, 2022, live stream will be available on Taboola’s investors website

NEW YORK, Feb. 22, 2022 (GLOBE NEWSWIRE) — Taboola (Nasdaq: TBLA), a global leader in powering recommendations for the open web, helping people discover things they may like, today announced its results for the quarter and year ended December 31, 2021.

“We closed 2021 with the strongest quarter in our history with record Revenues, ex-TAC Gross Profit and Adjusted EBITDA,” said Adam Singolda, Founder and CEO, Taboola. “We’ve continued our strong momentum, launching game changing products such as Homepage for You and SmartBid Dimensions, signing incredible partnerships such as McClatchy and Samsung and making great progress in our premium advertising offerings, including brands/agencies with video, as well as e-Commerce with the acquisition of Connexity. This all comes at a time when the future of advertising is transitioning from user-tracking to contextual, which is where Taboola shines. We are excited to carry this momentum into 2022 and we are laser focused on continual innovation and unlocking greater audience, engagement and monetization for our partners.”

For more commentary on the quarter, please refer to Taboola’s Q4 2021 Shareholder Letter, which was furnished to the SEC and also posted on Taboola’s website today at https://investors.taboola.com.

Fourth Quarter and Full Year 2021 Results Summary (unaudited)

  Three Months Ended
December 31,		   Year Ended
December 31,		    
(dollars in thousands)   2021       2020       2021       2020     % change YoY
                   
Revenues $ 407,668     $ 351,294     $ 1,378,458     $ 1,188,893     15.9 %
Gross Profit $ 143,642     $ 93,021     $ 441,071     $ 319,497     38.1 %
Net Income (loss) $ 585     $ 2,753     $ (24,948 )   $ 8,493     NM  
Ratio of Net Income (loss) to Gross Profit   0.4 %     3.0 %     (5.7 %)     2.7 %   NM  
Cash Flow from Operations $ 22,968     $ 57,469     $ 63,521     $ 139,087     (54.3 %)
Cash, cash equivalents and short-term deposits $ 319,319     $ 242,811     $ 319,319     $ 242,811     31.5 %
                   
Non-GAAP Financial Data*                  
ex-TAC Gross Profit $ 169,210     $ 110,202     $ 518,863     $ 382,352     35.7 %
Adjusted EBITDA $ 65,383     $ 32,993     $ 179,464     $ 106,193     69.0 %
Ratio of Adjusted EBITDA to ex-TAC Gross Profit   38.6 %     29.9 %     34.6 %     27.8 %   24.5 %
Free Cash Flow $ 12,672     $ 53,375     $ 24,451     $ 121,313     (79.8 %)
                                     

NM = Not Meaningful

Fourth Quarter Financial Highlights

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Q4 results exceeded guidance across all financial measures

  Three Months Ended
December 31, 2021		 Q4 Guidance
Revenues $408M $392 – $396M
Gross Profit $144M $129 – $132M
ex-TAC Gross Profit $169M $163 – $165M
Adjusted EBITDA $65M $61 – $63M
     
  • Revenues grew $56 million or 16% year-over-year.
    • New digital property partners1 drove $21 million of growth.
    • Existing digital property partners2 grew $35 million which translates to net dollar retention3 – of 110% driven by improvement in yield as well as the inclusion of Connexity revenue.
  • Gross Profit grew $51 million or 54.4% year-over-year and ex-TAC Gross Profit grew $59 million or 53.5% year-over-year.
    • Growth driven by new digital properties and strong yield improvements as well as from inclusion of Connexity in our Q4 2021 results.
    • Contributing to the year-over-year increase was the voluntary repayment in Q4 of the prior year of $17 million in guaranteed TAC payments withheld in Q2 and Q3 of 2020.
  • Operating expenses grew $38 million or 44.1% year-over-year. The drivers include the inclusion of Connexity expenses, increase in amortization related to intangibles from the Connexity acquisition and higher public company expenses.
  • Net income of $0.6 million compared to net income of $2.8 million in Q4 2020.
  • Adjusted EBITDA of $65 million increased by $32 million year-over-year as higher gross profit more than offset higher operating expenses.
  • EPS was $0.00 per diluted share in the fourth quarter. The EPS was based on fully-diluted shares outstanding of 272 million.
  • Cash Flow from Operations decreased $35 million year-over-year and Free Cash Flow decreased $41 million year-over-year reflecting in part higher publisher prepayments due to the timing of renewals as well as higher tax payments.

1New digital property partners within the first 12 months that were live on our network.

2Net growth of existing digital property partners, including the growth of new digital property partners (beyond the revenue contribution determined based on the run-rate revenue generated by them when they are first on-boarded).

3Net Dollar Retention is the net growth of existing digital property partners for the given period divided by the revenues from the same period in the prior-year.

First Quarter and Full Year 2022 Guidance

The Company’s strong fourth quarter results provide us confidence to raise our full year 2022 guidance above our previous guidance.

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For the First Quarter 2022, the Company currently expects:

  • Revenues of $353 to $359 million
  • Gross Profit of $108 to $112 million
  • ex-TAC Gross Profit of $134 to $138 million
  • Adjusted EBITDA of $32 to $34 million
  • Non-GAAP Net Income of $12 to $14 million

For the Full Year 2022, the Company currently expects:

(dollars in millions) Increased Guidance
(as of 02/22/22)		 Year over Year
Growth		 Previous Guidance
(as of 9/28/21)
Revenues $1,666 – $1,678 21% – 22% $1,588 – $1,633
Gross Profit $552 – $560 25% – 27% $530 – $550
ex-TAC Gross Profit $661 – $669 27% – 29% $645 – $665
Adjusted EBITDA $195 – $213 9% – 19% $193 – $213
Non-GAAP Net Income $111 – $129 NA NA
       

Although we provide guidance for Adjusted EBITDA and Non-GAAP Net Income, we are not able to provide guidance for projected Net income (loss), the most directly comparable GAAP measure. Certain elements of Net income (loss), including share-based compensation expenses and warrant valuations, are not predictable due to the high variability and difficulty of making accurate forecasts. As a result, it is impractical for us to provide guidance on Net Income (loss) or to reconcile our Adjusted EBITDA and Non-GAAP Net Income guidance without unreasonable efforts. Consequently, no disclosure of projected Net income (loss) is included. For the same reasons, we are unable to address the probable significance of the unavailable information.

Our guidance assumes that the global economy continues to recover, with no major COVID-19 related or other setbacks that may cause economic conditions to deteriorate or significantly reduce advertiser demand.

Webcast Details

Taboola’s senior management team will discuss the Company’s earnings on a call that will take place tomorrow, February 23, 2022, at 8:30 AM ET. The call can be accessed via webcast at https://investors.taboola.com, or by conference call by dialing (877) 312-1874, or (470) 495-9527 for international callers, and entering the conference ID 5188107. The webcast will be available for replay for one year, through the close of business on February 22, 2023.

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Q1 Conference Schedule:

Taboola management is scheduled to participate in the following conferences in the first quarter:

  • Susquehanna Eleventh Annual Technology Conference on March 3rd (virtual meetings)
  • JMP Securities Technology Conference on March 7th in San Francisco
  • KeyBanc Emerging Tech Summit on March 8th in San Francisco
  • Deutsche Bank Media, Internet and Telecom Conference on March 15th in Palm Beach, Florida

*About Non-GAAP Financial Information

This press release includes ex-TAC Gross Profit, Adjusted EBITDA, Ratio of Adjusted EBITDA to ex-TAC Gross Profit, Free Cash Flow and Non-GAAP Net Income, which are non-GAAP financial measures. 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.

Non-GAAP Net Income guidance, a new metric used in this press release as part of Q1 2022 guidance, is presented to provide insight to projected future results excluding revaluation of warrant liability, share-based compensation expenses, M&A costs, amortization of acquired intangibles and related income tax effects. The type of adjustments made may vary from period to period.

The Company believes non-GAAP financial measures provide useful supplemental 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, which may vary from period to period. Please refer to the appendix at the end of this press release for reconciliations to the most directly comparable measures in accordance with GAAP.

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Note Regarding Forward-Looking Statements

Certain statements in this press release are forward-looking statements. Forward-looking statements generally relate to future events including future financial or operating performance of Taboola.com Ltd. (the “Company”). In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements.

These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by the Company and its management, are inherently uncertain. Uncertainties and risk factors that could affect the Company’s future performance and cause results to differ from the forward-looking statements in this press release include, but are not limited to: the ability to recognize the anticipated benefits of the recent acquisition of Connexity and the business combination between the Company and ION Acquisition Corp. 1 Ltd. (together, the “Business Combinations”), which may be affected by, among other things, competition, the ability of the Company to grow and manage growth profitably, maintain relationships with customers and retain its management and key employees; the Company’s ability to successfully integrate the Connexity acquisition; costs related to the Business Combinations; changes in applicable laws or regulations; the Company’s estimates of expenses and profitability and underlying assumptions with respect to accounting presentations and purchase price and other adjustments; ability to attract new digital properties and advertisers; ability to meet minimum guarantee requirements in contracts with digital properties; intense competition in the digital advertising space, including with competitors who have significantly more resources; ability to grow and scale the Company’s ad and content platform through new relationships with advertisers and digital properties; ability to secure high quality content from digital properties; ability to maintain relationships with current advertiser and digital property partners; ability to make continued investments in the Company’s AI-powered technology platform; the need to attract, train and retain highly-skilled technical workforce; changes in the regulation of, or market practice with respect to, “third party cookies” and its impact on digital advertising; continued engagement by users who interact with the Company’s platform on various digital properties; the impact of the ongoing COVID-19 pandemic; reliance on a limited number of partners for a significant portion of the Company’s revenue; changes in laws and regulations related to privacy, data protection, advertising regulation, competition and other areas related to digital advertising; ability to enforce, protect and maintain intellectual property rights; and risks related to the fact that we are incorporated in Israel and governed by Israeli law; and other risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s registration statement on Form F-1, as amended, and in subsequent filings with the Securities and Exchange Commission.

Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on these forward-looking statements, which speak only as of the date they were made. The Company undertakes no duty to update these forward-looking statements except as may be required by law.

About Taboola
Taboola powers recommendations for the open web, helping people discover things they may like.

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The company’s platform, powered by artificial intelligence, is used by digital properties, including websites, devices and mobile apps, to drive monetization and user engagement. Taboola has long-term partnerships with some of the top digital properties in the world, including CNBC, BBC, NBC News, Business Insider, The Independent and El Mundo.

More than 14,000 advertisers use Taboola to reach over 500 million daily active users in a brand-safe environment. Following the acquisition of Connexity in 2021, Taboola is a leader in powering e-commerce recommendations, driving more than 1 million monthly transactions each month. Leading brands including Walmart, Macy’s, Wayfair, Skechers and eBay are among key customers.

Learn more at www.taboola.com and follow @taboola on Twitter.

Investor Contact: Press Contact:
Jennifer Horsley Dave Struzzi
[email protected] [email protected]
   

CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands, except share and per share data

  December 31,   December 31,
  2021   2020
  Unaudited   Unaudited
       
ASSETS      
CURRENT ASSETS      
Cash and cash equivalents $ 319,319   $ 242,811
Restricted deposits   1,000     3,664
Trade receivables   245,235     158,050
Prepaid expenses and other current assets   63,394     21,609
Total current assets   628,948     426,134
NON-CURRENT ASSETS      
Long-term prepaid expenses   32,926     5,289
Restricted deposits   3,897     3,300
Deferred tax assets   1,876     1,382
Right of use assets   65,105     68,058
Property and equipment, net   63,259     52,894
Intangible assets, net   252,498     3,905
Goodwill   549,338     19,206
TOTAL LONG-TERM ASSETS   968,899     154,034
Total assets $ 1,597,847   $ 580,168
           

CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands, except share and per share data

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  December 31,   December 31,
    2021       2020  
  Unaudited   Unaudited
       
LIABILITIES, CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS’ EQUITY      
CURRENT LIABILITIES      
Trade payables $ 261,557     $ 189,352  
Lease liability   12,958       15,746  
Accrued expenses and other current liabilities   123,046       95,135  
Loan   3,000       –  
Total current liabilities   400,561       300,233  
LONG TERM LIABILITIES      
Deferred tax liabilities   51,560       45  
Warrant liability   31,227       –  
Loan   285,402       –  
Lease liability   61,526       63,044  
Total long-term liabilities   429,715       63,089  
CONVERTIBLE PREFERRED SHARES      
Preferred A, B, B-1, B-2, C, D and E shares with no par value – Authorized: 0 and 123,389,750 shares at December 31, 2021 and at December 31, 2020 respectively; Issued and outstanding: 0 and 121,472,152 shares at December 31, 2021 and December 31, 2020 respectively.   –       170,206  
SHAREHOLDERS’ EQUITY      
Ordinary shares with no par value- Authorized: 700,000,000 and 176,535,661 shares as of December 31, 2021 and December 31, 2020 respectively; 234,031,897 and 41,357,049 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively.   –       –  
Additional paid-in capital   824,016       78,137  
Accumulated deficit   (56,445 )     (31,497 )
Total shareholders’ equity   767,571       46,640  
Total liabilities, convertible preferred shares, and shareholders’ equity $ 1,597,847     $ 580,168  
               

CONSOLIDATED STATEMENT OF INCOME (LOSS)
U.S. dollars in thousands, except share and per share data

  Three months ended
December 31,		   Year ended
December 31,
    2021       2020       2021       2020  
  Unaudited   Unaudited
               
Revenues $ 407,668     $ 351,294     $ 1,378,458     $ 1,188,893  
Cost of revenues:              
Traffic acquisition cost   238,458       241,092       859,595       806,541  
Other cost of revenues   25,568       17,181       77,792       62,855  
Total cost of revenues   264,026       258,273       937,387       869,396  
Gross profit   143,642       93,021       441,071       319,497  
Operating expenses:              
Research and development expenses   34,044       34,031       117,933       99,423  
Sales and marketing expenses   59,127       34,246       206,089       133,741  
General and administrative expenses   31,826       18,478       130,314       60,140  
Total operating expenses   124,997       86,755       454,336       293,304  
Operating income (loss) before finance expenses   18,645       6,266       (13,265 )     26,193  
Finance income (expenses), net   (1,783 )     (1,703 )     11,293       (2,753 )
Income (loss) before income taxes   16,862       4,563       (1,972 )     23,440  
Provision for income taxes   (16,277 )     (1,810 )     (22,976 )     (14,947 )
Net income (loss) $ 585     $ 2,753     $ (24,948 )   $ 8,493  
Less: Undistributed earnings allocated to participating securities   –       (5,885 )     (11,944 )     (22,932 )
Net Income (loss) attributable to ordinary shares – basic and diluted $ 585     $ (3,132 )   $ (36,892 )   $ (14,439 )
Net Income (loss) per share attributable to ordinary shareholders, basic $ 0.00     $ (0.08 )   $ (0.26 )   $ (0.36 )
Weighted-average shares used in computing net income (loss) per share attributable to ordinary shareholders, basic   243,850,858       40,372,255       142,883,475       40,333,870  
Net income (loss) per share attributable to ordinary shareholders, diluted $ 0.00     $ (0.08 )   $ (0.26 )   $ (0.36 )
Weighted-average shares used in computing net income (loss) per share attributable to ordinary shareholders, diluted   271,857,016       40,372,255       142,883,475       40,333,870  
                               

SHARE BASED COMPENSATION BREAK-DOWN BY EXPENSE LINE
U.S. dollars in thousands

  Three months ended
December 31,		   Year ended
December 31,
    2021       2020       2021       2020  
  Unaudited   Unaudited
Cost of revenues $ 794     $ 209     $ 1,891     $ 788  
Research and development   8,738       12,148       29,022       16,491  
Sales and marketing   4,518       2,528       44,834       6,930  
General and administrative   9,474       2,379       52,210       4,068  
Total share-based compensation expense $ 23,523     $ 17,264     $ 127,957     $ 28,277  
                               

DEPRECIATION AND AMORTIZATION BREAK-DOWN BY EXPENSE LINE
U.S. dollars in thousands

  Three months ended
December 31,		   Year ended
December 31,
    2021       2020       2021       2020  
  Unaudited   Unaudited
Cost of revenues $ 8,590     $ 5,749     $ 27,417     $ 22,520  
Research and development   704       469       3,574       6,573  
Sales and marketing   13,709       895       21,267       4,118  
General and administrative   58       (4 )     853       746  
Total depreciation and amortization expense $ 23,061     $ 7,109     $ 53,111     $ 33,957  
               

CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands, except share and per share data

  Three months ended
December 31,		   Year ended
December 31,
    2021       2020       2021       2020  
  Unaudited   Unaudited
Cash flows from operating activities:              
Net income (loss) $ 585     $ 2,753     $ (24,948 )   $ 8,493  
Adjustments to reconcile net income (loss) to net cash flows provided by operating activities:              
Depreciation and amortization   23,061       7,109       53,111       33,957  
Share based compensation expenses   23,523       17,264       127,957       28,277  
Net gain from financing expenses   (463 )     (2,381 )     (2,320 )     (3,318 )
Revaluation of the warrant liability   (5,565 )     –       (22,656 )     –  
Accrued interest, net   283       1       402       520  
Change in operating assets and liabilities:              
Increase in trade receivables   (54,657 )     (41,136 )     (40,113 )     (3,294 )
Decrease (increase) in prepaid expenses and other current assets and long-term prepaid expenses   (26,544 )     3,144       (64,923 )     17,975  
Increase in trade payables   52,663       50,830       25,478       23,434  
Increase in accrued expenses and other current liabilities   14,026       18,887       14,566       34,344  
Decrease in deferred taxes, net   (4,297 )     (1,745 )     (1,581 )     (3,380 )
Change in operating lease right of use assets   3,651       3,615       14,529       13,758  
Change in operating lease liabilities   (3,298 )     (872 )     (15,981 )     (11,679 )
Net cash provided by operating activities   22,968       57,469       63,521       139,087  
Cash flows from investing activities              
Purchase of property and equipment, including capitalized platform costs   (10,296 )     (4,094 )     (39,070 )     (17,774 )
Cash paid in connection with acquisitions, net of cash acquired   (171 )     –       (583,457 )     (202 )
Decrease (increase) in restricted deposits   (258 )     (172 )     2,067       (104 )
Decrease in short-term deposits   –       –       –       28,963  
Net cash provided by (used in) investing activities   (10,725 )     (4,266 )     (620,460 )     10,883  
Cash flows from financing activities              
Exercise of options and vested RSUs   2,539       1,554       10,018       2,603  
Issuance of share, net of offering costs   (792 )     –       285,378       –  
Payments of tax withholding for share based compensation   (6,152 )     –       (6,152 )     –  
Issuance of warrant   –       –       53,883       –  
Proceeds from long term loans, net of debt issuance cost   –       –       288,750       –  
Repayment of short term loan   (750 )     –       (750 )     –  
Net cash provided by (used in) financing activities   (5,155 )     1,554       631,127       2,603  
Exchange differences on balances of cash and cash equivalents   463       2,381       2,320       3,318  
Increase in cash and cash equivalents   7,551       57,138       76,508       155,891  
Cash and cash equivalents – at the beginning of the period   311,768       185,673       242,811       86,920  
Cash and cash equivalents – at end of the period $ 319,319     $ 242,811     $ 319,319     $ 242,811  
                               
  Three months ended
December 31,		   Year ended
December 31,
    2021       2020       2021       2020  
  Unaudited   Unaudited
Supplemental disclosures of cash flow information:        
Cash paid during the year for:              
Income taxes $ 1,997     $ 497     $ 15,475     $ 9,980  
Interest $ –     $ 129     $ 1,125     $ 715  
Non-cash investing and financing activities:              
Purchase of property and equipment, including capitalized platform costs $ 1,120     $ 1,879     $ 1,120     $ 1,879  
Creation of operating lease right-of-use assets $ 6,902     $ 3,440     $ 4,520     $ 14,635  
Deferred offering costs incurred during the period included in the Long-term prepaid expenses $ –     $ 2,096     $ –     $ 2,096  
Fair value of ordinary shares issued as consideration of the acquisition $ –     $ –     $ 157,689     $ –  
                               

APPENDIX A: Non-GAAP Reconciliation

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RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR Q4 AND FULL YEARS 2021 AND 2020

(Unaudited)

The following table provides a reconciliation of Revenues to ex-TAC Gross Profit.

  Three months ended
December 31,		   Year ended
December 31,
    2021       2020       2021       2020  
  Unaudited   Unaudited
  (dollars in thousands)   (dollars in thousands)
Revenues $ 407,668     $ 351,294     $ 1,378,458     $ 1,188,893  
Traffic acquisition cost   238,458       241,092       859,595       806,541  
Other cost of revenues   25,568       17,181       77,792       62,855  
Gross Profit $ 143,642     $ 93,021     $ 441,071     $ 319,497  
Add back: Other cost of revenues   25,568       17,181       77,792       62,855  
ex-TAC Gross Profit $ 169,210     $ 110,202     $ 518,863     $ 382,352  
                               

The following table provides a reconciliation of Net income (loss) to Adjusted EBITDA.

  Three months ended
December 31,		   Year ended
December 31,
    2021       2020       2021       2020  
  Unaudited   Unaudited
  (dollars in thousands)   (dollars in thousands)
Net Income (loss) $ 585     $ 2,753     $ (24,948 )   $ 8,493  
Adjusted to exclude the following:              
Financial expenses (income), net   1,783       1,703       (11,293 )     2,753  
Tax expenses   16,277       1,810       22,976       14,947  
Depreciation and amortization   23,061       7,109       53,111       33,957  
Share-based compensation expenses (1)   20,641       17,264       124,235       28,277  
M&A costs (2)   154       2,354       11,661       17,766  
Holdback compensation expenses (3)   2,882       –       3,722       –  
Adjusted EBITDA $ 65,383     $ 32,993     $ 179,464     $ 106,193  
                               

1For the 2021 periods, a substantial majority is Share-based compensation expenses related to going public.

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2 For 2020 periods, represents costs associated with the proposed strategic transaction with Outbrain Inc.which we elected not to consummate, and for 2021 periods, relates to the acquisition of ION Acquisition Corp. 1 Ltd., the acquisition of Connexity and going public.

3 Represents share based compensation due to holdback of Taboola ordinary shares issuable under compensatory arrangements relating to Connexity acquisition.

We calculate Ratio of Net income (loss) to Gross profit as Net income (loss) divided by Gross profit. We calculate the Ratio of Adjusted EBITDA to ex-TAC Gross Profit, a non-GAAP measure, as Adjusted EBITDA divided by ex-TAC Gross Profit. We believe that the Ratio of Adjusted EBITDA to ex-TAC Gross Profit is useful because TAC is what we must pay digital properties to obtain the right to place advertising on their websites, and we believe focusing on ex-TAC Gross Profit better reflects the profitability of our business. The following table reconciles Ratio of Net income (loss) to Gross Profit and Ratio of Adjusted EBITDA to ex-TAC Gross Profit for the period shown.

  Three months ended
December 31,		   Year ended
December 31,
    2021       2020       2021       2020  
  Unaudited   Unaudited
  (dollars in thousands)   (dollars in thousands)
Gross Profit $ 143,642     $ 93,021     $ 441,071     $ 319,497  
Net Income (loss) $ 585     $ 2,753     $ (24,948 )   $ 8,493  
Ratio of Net income (loss) to Gross profit   0.4 %     3.0 %     (5.7 %)     2.7 %
               
ex-TAC Gross Profit $ 169,210     $ 110,202     $ 518,863     $ 382,352  
Adjusted EBITDA $ 65,383     $ 32,993     $ 179,464     $ 106,193  
Ratio of Adjusted EBITDA Margin to ex-TAC Gross Profit   38.6 %     29.9 %     34.6 %     27.8 %
                               

The following table provides a reconciliation of Net cash provided by operating activities to Free Cash Flow.

  Three months ended
December 31,		   Year ended
December 31,
    2021       2020       2021       2020  
  Unaudited   Unaudited
  (dollars in thousands)   (dollars in thousands)
Net cash provided by operating activities $ 22,968     $ 57,469     $ 63,521     $ 139,087  
Purchases of property and equipment, including capitalized platform costs   (10,296 )     (4,094 )     (39,070 )     (17,774 )
Free Cash Flow $ 12,672     $ 53,375     $ 24,451     $ 121,313  
                               

APPENDIX A: Non-GAAP Reconciliation

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RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR Q1 2022 and FULL YEAR 2022 GUIDANCE

(Unaudited)

The following table provides a reconciliation of Gross Profit to ex-TAC Gross Profit guidance.

    Q1 2022     FY 2022  
    Unaudited
    (dollars in millions)
Revenues   $353 – $359     $1,666 – $1,678  
Traffic acquisition cost   ($218 – $222 )   ($1,003 – $1,011 )
Other cost of revenues   ($25 – $27 )   ($106 – $112 )
Gross Profit   $108 – $112     $552 – $560  
Add back: Other cost of revenues   $25 – $27     $106 – $112  
ex-TAC Gross Profit   $134 – $138     $661 – $669  
             

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Complyport’s new AI tool – ViCA.Chat – set to revolutionise compliance support services

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June 14, 2024

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LONDON, June 14, 2024 /PRNewswire/ — ViCA.Chat, the Virtual Compliance Assistant powered by AI technology, is set to transform regulatory compliance consulting. Developed by ComplyMAP Group’s AI engineers and Complyport’s compliance consulting teams, ViCA redefines compliance support services and propels governance, risk and compliance consulting into a new era of innovation. 

Offering real-time assistance across a vast array of UK and EU regulatory frameworks, ViCA delivers unparalleled efficiency, detail and precision in disentangling and dealing with complicated regulatory frameworks.
The key differentiator of ViCA is its specialised and purposely constructed unique databases that leverage Complyport’s 22 years of regulatory expertise, combined with tailored AI training tools, enabling ViCA to operate as an experienced compliance consultant. A dedicated human support team continuously improves and updates ViCA’s knowledge and responses through a feedback loop process and quality assurance sessions. This powerful symbiosis of AI and human expertise sets ViCA apart and ensures businesses have the latest regulatory information instantaneously and seamlessly.
As a result, ViCA’s specialised regulatory database goes beyond readily available online resources which feature into traditional AI tools. ViCA offers exclusive insights, proprietary regulatory interpretations, historical data, bespoke and purposely structured compliance documentation and templates. With advanced scraping capabilities, ViCA also extracts relevant data from selected websites and publicly available information, ensuring an up-to-date and comprehensive understanding of compliance requirements across industries.
From agile fintech startups to established law firms, financial institutions, regulatory bodies, insurance providers, as well as compliance consultants, ViCA seamlessly adapts to unique compliance needs. Its user-friendly interface ensures navigating and analysing regulatory data is swift and intuitive, streamlining the compliance workflow.
“ViCA is a game-changer in how regulatory compliance advice will be provided in the future”, commented Luis Parra, Managing Director of ViCA. “With ViCA, compliance insights become available to all. No longer are regulated firms and responsible people overly dependent on advisors and compliance consultants. Through ViCA, the financial system will not only meet but exceed regulatory standards. Moreover, the level of information made available to the public will benefit society as a whole, in its interactions with the financial services sector.”
Among ViCA’s revolutionary features is its cost-effective model, allowing businesses to significantly reduce reliance on traditional spending with external consultants and advisors.
Visit ViCA.Chat to experience the future of compliance support.
Contact:
Name: Luis ParraTitle: Managing DirectorCompany: Vica.ChatTelephone: +44 20 7399 4980 Email: [email protected]
About ViCA.Chat:
ViCA.Chat is a revolutionary Virtual Compliance Assistant powered by cutting-edge AI technology, designed to demystify the complexities of regulatory compliance. Utilising Complyport’s 22 years of regulatory expertise, ViCA offers real-time assistance and guidance across a wide range of regulatory frameworks, setting a new standard for efficiency and precision in compliance support. From fintech start-ups to established law firms, financial services institutions, regulators, regulatory firms, compliance consultants and insurance firms, ViCA caters to the diverse needs of professionals across all levels in the broader UK financial services sector.
Visit ViCA.Chat to learn more.
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LoRa and LoRaWAN IoT Market worth $32.7 billion by 2029- Exclusive Report by MarketsandMarkets™

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CHICAGO, June 14, 2024 /PRNewswire/ — The LoRa and LoRaWAN IoT Market is expected to reach USD 32.7 billion by 2029 from USD 8.0 billion in 2024, at a Compound Annual Growth Rate (CAGR) of 32.4 % during 2024–2029, according to a new report by MarketsandMarkets™.

Browse in-depth TOC on “LoRa and LoRaWAN IoT Market”
320 – Tables 58 – Figures294 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2018-2029
Base year considered
2023
Forecast period
2024–2029
Forecast units
Value (USD Billion)
Segments Covered
Offering, Network Deployment, Application, End User, and Region
Region covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
List of Companies in LoRa and LoRaWAN IoT
The Bosch Group (Germany),  Cisco (US), Orange SA (France), Comcast Corporation (US), Semtech (US), NEC Corporation(Japan), Tata Communications (India), AWS (US), Advantech (Taiwan), SK Telecom (South Korea), Murata (Japan), Kerlink (France), Actility (France), Digi International (US), MultiTech (US), Ezurio (US), Sensoterra (Netherlands), Nwave Technologies (US), RAKwireless (China), TheThings.io (Spain), Datacake (Germany), Milesight (China), LORIOT (Switzerland), Exosite (US), Orbiwise (Switzerland), Netmore Group (Sweden), and Radio Bridge Inc (US).
The LoRaWAN ecosystem influences development of tools, software libraries, and cloud-based platforms that streamline the creation, deployment, and management of IoT solutions. Continuously evolving, this ecosystem boasts a burgeoning array of vendors providing LoRa-compliant devices, gateways, and network management solutions. This vibrant competition within the ecosystem propels innovation while driving down costs for end-users. Moreover, the development of interoperable solutions fosters seamless integration and deployment of LoRaWAN networks, simplifying the implementation process for businesses and organizations. As the ecosystem continues to expand and mature, it empowers developers, system integrators, and IoT enthusiasts to unleash their creativity, accelerate time-to-market, and unlock the full potential of LoRaWAN technology in diverse applications and industries.
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Based on network deployment, the public network segment to hold the largest market size during the forecast period.
The robust security features integrated into public LoRaWAN networks play a significant role in driving the growth and adoption of LoRaWAN technology in the market. End-to-end encryption ensures that data transmitted between devices and gateways is protected from unauthorized access or interception, safeguarding sensitive information such as sensor readings, location data, and command messages. Message integrity checks verify the integrity of data packets, detecting any tampering or alteration during transmission and ensuring data authenticity and reliability. Additionally, mutual authentication mechanisms establish trust between devices and gateways, verifying the identity of both parties before allowing communication to occur. These security measures provide organizations and end-users with confidence in the integrity and confidentiality of their data, mitigating concerns related to data privacy, cybersecurity threats, and regulatory compliance. As a result, implementing robust security features in public LoRaWAN networks enhances trust and credibility in the technology, driving increased adoption and market growth as organizations seek reliable and secure connectivity solutions for their IoT deployments.
By offering, the services segment is expected to hold a higher growth rate during the forecast period.
IoT service providers are pivotal in driving adoption by developing vertical-specific solutions finely tuned to the distinct needs of industries like agriculture, healthcare, logistics, and smart cities. In agriculture, for instance, IoT services offer solutions for precision farming, crop monitoring, and livestock management, enabling farmers to optimize irrigation, monitor soil health, and enhance yields. Similarly, IoT services facilitate remote patient monitoring, asset tracking, and inventory management in healthcare, improving patient care, reducing costs, and ensuring compliance with regulatory standards such as HIPAA. In logistics, IoT services provide real-time tracking of shipments, fleet management, and predictive maintenance, enhancing supply chain visibility, efficiency, and reliability. For smart cities, IoT services offer solutions for traffic management, waste management, energy optimization, and public safety, transforming urban infrastructure and enhancing the quality of life for residents. By addressing industry-specific challenges, compliance requirements, and use cases, vertical-specific IoT solutions deliver tangible business value, driving adoption and fueling the growth of the IoT services market across diverse sectors.
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Asia Pacific is expected to hold a higher growth rate during the forecast period.
In the Asia Pacific region, where agriculture serves as a cornerstone of many economies, adopting IoT technologies, particularly LoRa and LoRaWAN, is revolutionizing traditional farming practices. LoRaWAN’s long-range connectivity and low-power consumption make it well-suited for deployment in rural agricultural settings, where access to reliable connectivity may be limited. Through LoRa-based IoT solutions, farmers can implement precision agriculture techniques to address pressing challenges such as water scarcity, soil degradation, and unpredictable weather patterns. LoRa-enabled sensors facilitate real-time monitoring of soil moisture levels, temperature, and humidity, allowing farmers to optimize irrigation schedules and conserve water resources. Remote sensing technologies powered by LoRaWAN enable farmers to gather actionable insights on crop health, pest infestations, and nutrient deficiencies, facilitating timely interventions and improving overall crop management practices. Furthermore, LoRa-based crop analytics platforms provide farmers with data-driven decision support tools, helping them optimize planting strategies, improve yield forecasting, and mitigate the impact of climate change on agricultural productivity. By harnessing the power of LoRa and LoRaWAN IoT solutions, farmers in the Asia Pacific region can increase yields, conserve resources, and enhance resilience to environmental challenges, driving the adoption and growth of the LoRaWAN IoT market in the agricultural sector.
Top Key Companies in LoRa and LoRaWAN IoT Market:
The major vendors covered in the LoRa and LoRaWAN IoT Market are The Bosch Group (Germany),  Cisco (US), Orange SA (France), Comcast Corporation (US), Semtech (US), NEC Corporation(Japan), Tata Communications (India), AWS (US), Advantech (Taiwan), SK Telecom (South Korea), Murata (Japan), Kerlink (France), Actility (France), Digi International (US), MultiTech (US), Ezurio (US), Sensoterra (Netherlands), Nwave Technologies (US), RAKwireless (China), TheThings.io (Spain), Datacake (Germany), Milesight (China), LORIOT (Switzerland), Exosite (US), Orbiwise (Switzerland), Netmore Group (Sweden), and Radio Bridge Inc (US). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches, enhancements, and acquisitions to expand their footprint in the LoRa and LoRaWAN IoT Market.
Browse Adjacent Markets: Digitalization and Internet of Things (IoT) Market Research Reports & Consulting
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Get access to the latest updates on LoRa and LoRaWAN IoT Companies and LoRa and LoRaWAN IoT Industry
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
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Scoring a Seat at UEFA EURO 2024™ with Top-Performing AI-Powered TOSHIBA TV Lineup

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June 14, 2024

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HONG KONG, June 14, 2024 /PRNewswire/ — Football fans are in for a treat as they gear up for UEFA EURO 2024™ with Toshiba TV’s top-performing Gaming TV Z670. As the OFFICIAL TV OF UEFA EURO 2024™, Toshiba TVs present immersive viewing of the football game by their AI-powered TV lineup. To celebrate the brilliant moments it can bring, Toshiba TV are gifting USD100 Amazon Gift Card via their social platform! By simply like, follow and comment on @ToshibaTVGlobal, fans can boost their chances of scoring this prize.

Optimized Visuals Tailored for Football Dynamics
The Toshiba REGZA Engine ZRi in Z670 transports football fans into the heart of the action. With the AI Football Mode, they’ll be able to see fast-moving objects crystal clear and football field actions much enriched. To see their favourite player score that winning goal, the AI Picture Optimizer automatically adjusts visual contrast and precision adapted to the game. From vivid green fields and vibrant player kits, every play comes to life with AI 4K Upscaling and Quantum Dot Color, transforming lower-resolution broadcasts into near-4K quality and unleashing lifelike visual color.
Powerful Audio Effects for a Live Stadium Experience
The Toshiba TV Z670’s powerful audio system makes viewers feel like they’re right in the game. With the REGZA Bass Woofer Pro, Tru Bass Booster, and Dolby Atmos, they’ll experience heart-thumping 3D surround sound that captures the live stadium atmosphere. Whether it’s the roar of the crowd or the intensity of each play, the rich audio brings the excitement of each game right into their room.
Bringing Everyone Together for UEFA EURO 2024™
Available in sizes ranging from 55″ to 85″, Z670 is equipped with a Wide Viewing Angle and Anti-reflection features that ensures a clear picture from all viewing positions with the non-glare panel. Gather everyone for “Brilliant Every Moment” in UEFA EURO 2024™ with Toshiba TV!
Please find the high-resolution TVC here: Link
About Toshiba TV:
With 70+ years of history in TV production, Toshiba TV is known for its exquisite craftsmanship, innovative ideas and groundbreaking inventions. By prioritizing superior image quality and auditory experiences, Toshiba TV sets new standards in entertainment. Toshiba TV stems from the excellence quest of customers, providing the world with responsible products to make the world a better place. Emphasizing attention to product details and technological advancement, Toshiba TV integrates aesthetically pleasing design, quality assurance, and brand reputation to underscore its commitment to authenticity in the actual world and a sincere dedication to its consumers, showcasing Toshiba TV’s long-standing design philosophy and continuous pursuit of product quality.
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