| | |
Per Common
Share |
| |
Total
|
| ||||||
Initial price to public
|
| | | $ | | | | | $ | | | ||
Underwriting discount
|
| | | $ | | | | | | $ | | | |
Proceeds, before expenses, to the selling shareholder
|
| | | $ | | | | | | $ | | | |
| Goldman Sachs & Co. LLC | | |
J.P. Morgan
|
|
| | |
Page
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| | | | S-17 | | | |
| | | | S-19 | | | |
| | | | S-20 | | | |
| | | | S-21 | | | |
| | | | S-29 | | | |
| | | | S-34 | | |
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Three months ended
March 31, |
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Year ended
December 31, |
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2018
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2017
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2017
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2016
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2015
|
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(in thousands, except for percentages and per share data)
|
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Consolidated Statements of profit or loss and other comprehensive income:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenues(1) | | | | $ | 119,712 | | | | | $ | 88,742 | | | | | $ | 413,439 | | | | | $ | 322,856 | | | | | $ | 253,796 | | |
Cost of revenues(2)
|
| | | | (74,543) | | | | | | (55,494) | | | | | | (263,171) | | | | | | (191,395) | | | | | | (160,292) | | |
Gross profit
|
| | | | 45,169 | | | | | | 33,248 | | | | | | 150,268 | | | | | | 131,461 | | | | | | 93,504 | | |
Selling, general and administrative expenses(3)
|
| | | | (31,199) | | | | | | (24,255) | | | | | | (110,812) | | | | | | (80,961) | | | | | | (71,389) | | |
Net impairment (losses) gain on financial assets(4)
|
| | | | (11) | | | | | | 360 | | | | | | (6,290) | | | | | | (928) | | | | | | 1,615 | | |
Profit from operations
|
| | | $ | 13,959 | | | | | $ | 9,353 | | | | | $ | 33,166 | | | | | $ | 49,572 | | | | | $ | 23,730 | | |
Gain on transactions with bonds(5)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 19,102 | | |
Finance income
|
| | | | 2,353 | | | | | | 2,085 | | | | | | 7,956 | | | | | | 16,215 | | | | | | 27,555 | | |
Finance expense
|
| | | | (3,244) | | | | | | (2,135) | | | | | | (11,036) | | | | | | (19,227) | | | | | | (20,952) | | |
Finance expense, net(6)
|
| | | | (891) | | | | | | (50) | | | | | | (3,080) | | | | | | (3,012) | | | | | | 6,603 | | |
Other income, net(7)
|
| | | | 14 | | | | | | 1,728 | | | | | | 8,458 | | | | | | 3,629 | | | | | | 605 | | |
Profit before income tax
|
| | | | 13,082 | | | | | | 11,031 | | | | | | 38,544 | | | | | | 50,189 | | | | | | 50,040 | | |
Income tax(8)
|
| | | | (2,941) | | | | | | (2,175) | | | | | | (8,081) | | | | | | (14,327) | | | | | | (18,420) | | |
Net income for the period
|
| | | $ | 10,141 | | | | | $ | 8,856 | | | | | $ | 30,463 | | | | | $ | 35,862 | | | | | $ | 31,620 | | |
|
| | |
Three months ended
March 31, |
| |
Year ended
December 31, |
| ||||||||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2017
|
| |
2016
|
| |
2015
|
| |||||||||||||||
| | |
(in thousands, except for percentages and per share data)
|
| |||||||||||||||||||||||||||
Earnings per share | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | $ | 0.29 | | | | | $ | 0.26 | | | | | $ | 0.87 | | | | | $ | 1.04 | | | | | $ | 0.93 | | |
Diluted
|
| | | $ | 0.28 | | | | | $ | 0.25 | | | | | $ | 0.84 | | | | | $ | 1.01 | | | | | $ | 0.90 | | |
Weighted average of outstanding shares (in thousands)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | | 35,429 | | | | | | 34,682 | | | | | | 34,919 | | | | | | 34,402 | | | | | | 33,960 | | |
Diluted
|
| | | | 36,549 | | | | | | 35,583 | | | | | | 36,094 | | | | | | 35,413 | | | | | | 35,013 | | |
Other Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Adjusted gross profit(9)
|
| | | $ | 46,823 | | | | | $ | 34,628 | | | | | $ | 160,273 | | | | | $ | 136,659 | | | | | $ | 98,680 | | |
Adjusted gross profit margin percentage(9)
|
| | | | 39.1% | | | | | | 39.0% | | | | | | 38.8% | | | | | | 42.3% | | | | | | 38.9% | | |
Adjusted selling, general and administrative expenses(9)
|
| | | $ | (24,921) | | | | | $ | (20,773) | | | | | $ | (89,095) | | | | | $ | (71,065) | | | | | $ | (64,545) | | |
Adjusted profit from operations(10)
|
| | | $ | 17,578 | | | | | $ | 10,895 | | | | | $ | 56,739 | | | | | $ | 54,670 | | | | | $ | 24,629 | | |
Adjusted profit from operations margin percentage(10)
|
| | | | 14.7% | | | | | | 12.3% | | | | | | 13.7% | | | | | | 16.9% | | | | | | 9.7% | | |
Adjusted net income for the period(11)
|
| | | $ | 13,892 | | | | | $ | 8,896 | | | | | $ | 46,066 | | | | | $ | 38,771 | | | | | $ | 32,519 | | |
Adjusted net income margin percentage
for the period(11) |
| | | | 11.6% | | | | | | 10.0% | | | | | | 11.1% | | | | | | 12.0% | | | | | | 12.8% | | |
Adjusted Diluted EPS(11)
|
| | | | 0.38 | | | | | | 0.25 | | | | | | 1.28 | | | | | | 1.09 | | | | | | 0.93 | | |
| | |
Three months ended
March 31, |
| |
Year ended
December 31, |
| ||||||||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2017
|
| |
2016
|
| |
2015
|
| |||||||||||||||
| | |
(in thousands, except for percentages)
|
| |||||||||||||||||||||||||||
Reconciliation of adjusted gross profit | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross Profit
|
| | | $ | 45,169 | | | | | $ | 33,248 | | | | | $ | 150,268 | | | | | $ | 131,461 | | | | | $ | 93,504 | | |
Adjustment
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization expense
|
| | | | 993 | | | | | | 1,102 | | | | | | 4,339 | | | | | | 4,281 | | | | | | 4,441 | | |
Share-based compensation expense
|
| | | | 661 | | | | | | 278 | | | | | | 5,666 | | | | | | 917 | | | | | | 735 | | |
Adjusted gross profit
|
| | | $ | 46,823 | | | | | $ | 34,628 | | | | | $ | 160,273 | | | | | $ | 136,659 | | | | | $ | 98,680 | | |
Reconciliation of selling, general and administrative expenses
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Selling, general and administrative expenses(1)
|
| | | | (31,199) | | | | | | (24,255) | | | | | | (110,812) | | | | | | (80,961) | | | | | | (71,389) | | |
Adjustment
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Acquisition-related charges
|
| | | | 558 | | | | | | 287 | | | | | | 1,131 | | | | | | 556 | | | | | | 337 | | |
Depreciation and amortization expense
|
| | | | 3,512 | | | | | | 2,596 | | | | | | 11,789 | | | | | | 6,637 | | | | | | 4,860 | | |
Share-based compensation expense
|
| | | | 2,208 | | | | | | 599 | | | | | | 8,798 | | | | | | 2,703 | | | | | | 1,647 | | |
Adjusted selling, general and administrative expenses
|
| | | | (24,921) | | | | | | (20,773) | | | | | | (89,094) | | | | | | (71,065) | | | | | | (64,545) | | |
Reconciliation of Adjusted Profit from Operations
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Profit (Loss) from operations
|
| | | $ | 13,959 | | | | | $ | 9,353 | | | | | $ | 33,166 | | | | | $ | 49,572 | | | | | $ | 23,730 | | |
Adjustment
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Acquisition-related charges
|
| | | | 750 | | | | | | 665 | | | | | | 7,523 | | | | | | 1,478 | | | | | | 337 | | |
Impairment of tax credits, net of
recoveries |
| | | | — | | | | | | — | | | | | | 1,586 | | | | | | — | | | | | | (1,820) | | |
Share-based compensation expense
|
| | | | 2,869 | | | | | | 877 | | | | | | 14,464 | | | | | | 3,620 | | | | | | 2,382 | | |
Adjusted Profit from Operations
|
| | | $ | 17,578 | | | | | $ | 10,895 | | | | | $ | 56,739 | | | | | $ | 54,670 | | | | | $ | 24,629 | | |
Reconciliation of Adjusted Net income for the period
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income for the period
|
| | | $ | 10,141 | | | | | $ | 8,856 | | | | | $ | 30,463 | | | | | $ | 35,862 | | | | | $ | 31,620 | | |
Adjustment
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Acquisition-related charges(2)
|
| | | | 882 | | | | | | (837) | | | | | | (447) | | | | | | (1,556) | | | | | | 337 | | |
Share-based compensation expense
|
| | | | 2,869 | | | | | | 877 | | | | | | 14,464 | | | | | | 3,620 | | | | | | 2,382 | | |
Impairment of tax credits, net of
recoveries |
| | | | — | | | | | | — | | | | | | 1,586 | | | | | | — | | | | | | (1,820) | | |
US settlement agreement, net
|
| | | | — | | | | | | — | | | | | | — | | | | | | 845 | | | | | | — | | |
Adjusted net income for the period
|
| | | $ | 13,892 | | | | | $ | 8,896 | | | | | $ | 46,066 | | | | | $ | 38,771 | | | | | $ | 32,519 | | |
Calculation of adjusted diluted EPS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Adjusted Net income
|
| | | | 13,892 | | | | | | 8,896 | | | | | | 46,066 | | | | | | 38,771 | | | | | | 32,519 | | |
Diluted shares
|
| | | | 36,549 | | | | | | 35,583 | | | | | | 36,094 | | | | | | 35,413 | | | | | | 35,013 | | |
Adjusted Diluted EPS
|
| | | | 0.38 | | | | | | 0.25 | | | | | | 1.28 | | | | | | 1.09 | | | | | | 0.93 | | |
| | |
Three months
ended March 31, 2018 |
| |
Year ended December 31,
|
| ||||||||||||||||||
| | |
2017
|
| |
2016
|
| |
2015
|
| |||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||
Consolidated statements of financial position data:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Cash and bank balances
|
| | | $ | 35,589 | | | | | $ | 52,525 | | | | | $ | 50,532 | | | | | $ | 36,720 | | |
Investments
|
| | | | 9,450 | | | | | | 8,147 | | | | | | 9,355 | | | | | | 25,660 | | |
Trade receivables
|
| | | | 91,324 | | | | | | 80,078 | | | | | | 54,170 | | | | | | 45,952 | | |
Other receivables (current and non-current)
|
| | | | 51,793 | | | | | | 46,093 | | | | | | 46,334 | | | | | | 38,692 | | |
Deferred tax assets
|
| | | | 15,247 | | | | | | 13,186 | | | | | | 7,691 | | | | | | 7,983 | | |
Investment in associates
|
| | | | 1,550 | | | | | | 1,550 | | | | | | 800 | | | | | | 300 | | |
Other financial assets (current and non-current)
|
| | | | 1,355 | | | | | | 1,428 | | | | | | 1,219 | | | | | | 2,121 | | |
Property and equipment
|
| | | | 43,764 | | | | | | 43,879 | | | | | | 35,676 | | | | | | 25,720 | | |
Intangible assets
|
| | | | 11,863 | | | | | | 11,365 | | | | | | 13,791 | | | | | | 7,209 | | |
Goodwill
|
| | | | 98,743 | | | | | | 98,926 | | | | | | 65,180 | | | | | | 32,532 | | |
Total assets
|
| | | $ | 360,678 | | | | | $ | 357,177 | | | | | $ | 284,748 | | | | | $ | 222,889 | | |
Trade payables
|
| | | | 7,069 | | | | | | 11,640 | | | | | | 5,603 | | | | | | 4,436 | | |
Payroll and social security taxes payable
|
| | | | 36,999 | | | | | | 40,472 | | | | | | 30,328 | | | | | | 25,551 | | |
Borrowings (current and non-current)
|
| | | | 6,007 | | | | | | 6,011 | | | | | | 217 | | | | | | 548 | | |
Other financial liabilities (current and non-current)
|
| | | | 20,552 | | | | | | 29,238 | | | | | | 31,826 | | | | | | 21,285 | | |
Tax liabilities
|
| | | | 7,068 | | | | | | 5,253 | | | | | | 6,249 | | | | | | 10,225 | | |
Other liabilities and provisions
|
| | | | 1,497 | | | | | | 1,199 | | | | | | 1,965 | | | | | | 659 | | |
Total liabilities
|
| | | $ | 79,192 | | | | | $ | 93,813 | | | | | $ | 76,188 | | | | | $ | 62,704 | | |
Total equity
|
| | | $ | 281,486 | | | | | $ | 263,364 | | | | | $ | 208,560 | | | | | $ | 160,185 | | |
Total equity and liabilities
|
| | | $ | 360,678 | | | | | $ | 357,177 | | | | | $ | 284,748 | | | | | $ | 222,889 | | |
| | | | | | | | | | | | | | |
Shares Beneficially
Owned After This Offering |
| |||||||||||||||||||||
Name
|
| |
Shares Beneficially
Owned Prior to This Offering |
| |
Excluding
Exercise of the Underwriters’ Option to Purchase Additional Common Shares |
| |
Including Exercise
in Full of the Underwriters’ Option to Purchase Additional Common Shares |
| |||||||||||||||||||||||||||
|
Number
|
| |
Percent
|
| |
Number
|
| |
Percent
|
| |
Number
|
| |
Percent
|
| ||||||||||||||||||||
WPP Luxembourg Gamma Three S.à r.l.(1)
|
| | | | 6,687,548 | | | | | | 18.40% | | | | | | 872,289 | | | | | | 2.40% | | | | | | — | | | | | | — | | |
Underwriters
|
| |
Number of
Common Shares |
| |||
Goldman Sachs & Co LLC
|
| | | | | | |
J.P. Morgan Securities LLC
|
| | | | | | |
Total
|
| | | | | | |
|
Paid by the Selling Shareholder
|
| |
No Exercise
|
| |
Full Exercise
|
| ||||||
Per Share
|
| | | $ | | | | | $ | | | ||
Total
|
| | | $ | | | | | | $ | | | |
| | |
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