EX-99.1 2 ea173596ex99-1_cellebritedi.htm PRESS RELEASE TITLED "CELLEBRITE ANNOUNCES FOURTH QUARTER 2022 RESULTS"

Exhibit 99.1

 

 

 

Cellebrite Announces Fourth Quarter 2022 Results

 

ARR of $249 million, up 33% year-over-year

 

Fourth-quarter revenue of $74.0 million, Increase 9% year-over-year

 

Fourth-quarter adjusted EBITDA of $16.1 million, 21.8% adjusted EBITDA margin

 

PETAH TIKVA, ISRAEL, and TYSONS CORNER, VA, February 15, 2023 – 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 twelve months ending December 31, 2022.

 

“We ended 2022 with solid quarterly results fueled by our industry-leading technology in a healthy Digital Intelligence market. Our market leadership remains strong as a result of the tangible progress and investments we have made in innovating across our platforms and executing on our go-to-market strategy,” said Yossi Carmil, Cellebrite’s CEO. “As data volumes are surging, data complexity is increasing and scrutiny around ethics and accountability are mounting, we are committed to helping customers modernize their investigations by digitizing the evidence workflows end-to-end. We enter 2023 well positioned to accelerate our revenue growth rate and drive improved profitability as we continue to capitalize on the strong demand we see for our offerings.”

 

Fourth Quarter Financial Highlights

 

Annual Recurring Revenue (ARR) of $249 million, up 33% year-over-year

 

Revenue of $74.0 million, up 9% year-over-year, of which subscription revenue was $62.3 million, up 24% year-over-year

 

Recurring revenue dollar-based net retention rate of 130%

 

GAAP gross profit and gross margin of $61.9 million and 83.6%, respectively

 

GAAP net income of $7.1 million; Non-GAAP net income of $15.3 million

 

GAAP diluted EPS of $0.04; Non-GAAP diluted EPS of $0.08

 

Adjusted EBITDA and adjusted EBITDA margin of $16.1 million and 21.8%, respectively

 

Full Year Financial Highlights

 

Revenue of $270.7 million, up 10% year-over-year, of which subscription revenue was $216.0 million, up 18% year-over-year

 

GAAP gross profit and gross margin of $219.9 million and 81.3%, respectively

 

GAAP net income of $120.8 million; Non-GAAP net income of $19.7 million

 

Adjusted EBITDA and Adjusted EBITDA margin of $25.9 million and 10%, respectively

 

 

 

 

Fourth Quarter and Recent Digital Intelligence Highlights

 

Closed 29 large deals in the fourth quarter, each valued at $500,000 or more.

 

Won a $14 million agreement with a leading law enforcement agency in Asia for the company’s Advanced Extraction Solution.

 

Signed a $10+ million deal with a major West European national police force, marking one of the Company’s largest digital intelligence deals, further validating digital intelligence as an essential accelerator for investigators.

 

Announced that its collaboration with the Vanderburgh Co. Cyber Crime Task Force to service 29 agencies across 11 U.S. states has helped accelerate justice by reducing the time it takes to investigate and successfully prosecute felonies.

 

Launched new cloud workplace app collection capability for Cellebrite Endpoint Inspector that aims to improve organizations’ investigation and eDiscovery capabilities. This new functionality will enable customers to collect remote mobile and computer data as well as cloud workplace application data in one unified platform, reducing time and costs associated with the collection of data of these apps.

 

Published the Enterprise Solutions 2023 Industry Trends Report, which highlights major data collection headaches arising from a hybrid work environment that threaten to slow down corporate fraud, IP theft and sexual harassment investigations for eDiscovery professionals and corporate investigators.

 

Partnered with the Gangmasters and Labour Abuse Authority (GLAA), and The Exodus Road to help these organizations advance their efforts to advance their respective missions and eliminate forced labor and human trafficking.

 

Supplemental financial information can be found on the Investor Relations section of our website at https://investors.cellebrite.com/financial-information/quarterly-results.

 

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Financial Outlook

 

“With a strong 33% annual growth in ARR during 2022 and 84% of our fourth-quarter 2022 revenue coming from subscription software licenses, Cellebrite has largely completed a successful, multi-year transition to subscription software,” said Dana Gerner, Chief Financial Officer of Cellebrite. “Looking ahead, we are well positioned to increase our revenue growth rate and sustain solid ARR momentum in 2023 as we continue expanding wallet share with existing customers, complemented by winning new logos. We anticipate that the combination of our top-line growth and prudent investment in our operations will enable us to drive improvement in our profitability during 2023, and keep us on track to reach our original long-term EBITDA margin target of 20% or greater.”

 

December 2023 ARR is expected to be between $300 and $310 million, representing 21-25% year on year growth.

 

Full year 2023 revenue is expected to be between $305 and $315 million, representing 13-16% year on year growth.

 

Full year 2023 Adjusted EBITDA is expected to be between $35.0 and $40.0 million, representing 11-13% margin.

 

Conference Call Information

 

Today, February 15, 2023, at 8:30 a.m. ET, Cellebrite will host a conference call and webcast to discuss the Company’s financial results for the fourth quarter 2022. The call details are below:

 

Telephone participants are advised to register in advance at:

https://register.vevent.com/register/BIa98ecd8f02c04567a1515497e1f850c8.

 

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/6j7zngzy.

 

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

 

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Non-GAAP Financial Information

 

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 compensation expenses utilize varying available valuation methodologies, subjective assumptions and a variety of equity instruments that can impact a company’s non-cash expenses;

 

Acquired intangible assets are valued at the time of acquisition and are amortized over an estimated useful life after the acquisition, and acquisition-related expenses are unrelated to current operations and neither are comparable to the prior period nor predictive of future results;

 

To the extent that the above adjustments have an effect on tax (income) expense, such an effect is excluded in the non-GAAP adjustment to net income;

 

Tax expense, depreciation and amortization expense vary for many reasons that are often unrelated to our underlying performance and make period-to-period comparisons more challenging; and

 

Financial instruments are remeasured according to GAAP and vary for many reasons that are often unrelated to the Company’s current operations and affect financial income.

 

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.

 

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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.

 

Key Performance Indicators

 

This press release also includes key performance indicators, including annual recurring revenue and dollar-based retention rate.

 

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.

 

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.

 

About Cellebrite

 

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.

 

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Caution Regarding 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

Investor Relations

investors@cellebrite.com

 

Media
Victor Cooper

Public Relations and Corporate Communications Director

+1 404 804 5910

Victor.cooper@cellebrite.com

 

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Cellebrite DI Ltd.

Fourth Quarter 2022 Results Summary

(U.S Dollars in thousands)

 

   For the three months ended   For the Year ended 
   December 31,   December 31, 
   2022   2021   2022   2021 
                 
Revenue   74,018    67,908    270,651    246,246 
Gross profit   61,887    55,572    219,905    203,689 
Gross margin   83.6%   81.8%   81.3%   82.7%
Operating income   9,674    4,306    1,044    13,822 
Operating margin   13.1%   6.3%   0.4%   5.6%
Cash flow from operating activities   35,743    29,792    20,577    36,052 
                     
Non-GAAP Financial Data:                    
Operating income   14,428    7,751    19,538    42,869 
Operating margin   19.5%   11.4%   7.2%   17.4%
Adjusted EBITDA   16,114    8,874    25,906    47,905 
Adjusted EBITDA margin   21.8%   13.1%   9.6%   19.5%

 

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Cellebrite DI Ltd.

Condensed Consolidated Balance Sheets

(U.S. Dollars in thousands)

 

   December 31,   December 31, 
   2022   2021 
     
Assets        
Current assets        
Cash and cash equivalents  $87,645   $145,973 
Short-term deposits   51,335    35,592 
Marketable securities   44,643     
Trade receivables (net of allowance for doubtful accounts of $1,904 and $1,040 as of December 31, 2022 and 2021, respectively)   78,761    67,505 
Prepaid expenses and other current assets   17,085    12,818 
Contract acquisition costs   6,286    4,813 
Inventories   10,176    6,511 
Total current assets   295,931    273,212 
           
Non-current assets          
Other non-current assets   1,731    1,958 
Marketable securities   22,125     
Deferred tax assets, net   12,511    9,800 
Property and equipment, net   17,259    16,756 
Intangible assets, net   11,254    11,228 
Goodwill   26,829    26,829 
Operating lease right-of-use assets, net   15,653     
Total non-current assets   107,362    66,571 
           
Total assets  $403,293   $339,783 
           
Liabilities and shareholders’ equity (deficiency)          
           
Current Liabilities          
Trade payables  $4,612   $9,546 
Other accounts payable and accrued expenses   45,453    54,044 
Deferred revenues   152,709    122,983 
Operating lease liabilities   5,003     
Total current liabilities   207,777    186,573 
           
Long-term liabilities          
Other long term liabilities   5,394    9,537 
Deferred revenues   42,173    36,426 
Restricted Sponsor Shares liability   17,532    44,712 
Price Adjustment Shares liability   26,184    79,404 
Warrant liability   20,015    56,478 
Operating lease liabilities   10,353     
Total long-term liabilities   121,651    226,557 
           
Total liabilities  $329,428   $413,130 
           
Shareholders’ equity (deficiency)          
Share capital   *)   *)
Additional paid-in capital   (125,624)   (153,072)
Treasury share, NIS 0.00001 par value; 41,776 ordinary shares   (85)   (85)
Accumulated other comprehensive income   331    1,372 
Retained earnings   199,243    78,438 
Total shareholders’ equity (deficiency)   73,865    (73,347)
           
Total liabilities and shareholders’ equity (deficiency)  $403,293   $339,783 

 

 

*) Less than 1 USD

 

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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 Year ended 
   December 31,   December 31, 
   2022   2021   2022   2021 
                 
Revenue:                
Subscription services  $43,698   $31,999   $153,470   $120,889 
Term-license   18,625    18,088    62,487    62,428 
Total subscription   62,323    50,087    215,957    183,317 
Perpetual license and related   3,666    9,387    21,373    34,169 
Professional services    8,029    8,434    33,321    28,760 
Total revenue   74,018    67,908    270,651    246,246 
                     
Cost of revenue:                    
Subscription services   3,681    2,045    16,875    9,369 
Term-license   50    753    425    2,299 
Total subscription   3,731    2,798    17,300    11,668 
Perpetual license and related   3,381    4,659    12,987    9,817 
Professional services   5,019    4,879    20,459    21,072 
Total cost of revenue   12,131    12,336    50,746    42,557 
                     
Gross profit  $61,887   $55,572   $219,905   $203,689 
                     
Operating expenses:                    
Research and development   19,734    18,833    80,620    65,541 
Sales and marketing   23,669    21,239    97,387    76,389 
General and administrative   8,810    11,194    40,854    47,937 
Total operating expenses  $52,213   $51,266   $218,861   $189,867 
                     
Operating  income  $9,674   $4,306   $1,044   $13,822 
Financial (expense) income, net   (572)   49,809    119,716    68,483 
Income before tax   9,102    54,115    120,760    82,305 
Tax expense (income)   2,024    2,244    (45)   10,909 
Net income  $7,078   $51,871   $120,805   $71,396 
                     
Earnings per share                    
Basic  $0.04   $0.28   $0.64   $0.49 
Diluted  $0.04   $0.25   $0.59   $0.44 
                     
Weighted average shares outstanding                    
Basic   184,952,107    180,170,342    182,693,375    144,002,394 
Diluted   192,786,615    199,082,479    195,393,558    161,538,579 
                     
Other comprehensive income:                    
Unrealized income (loss) on hedging transactions   1,194    495    (953)   (944)
Unrealized income (loss) on marketable securities   44        (502)    
Currency translation adjustments   (133)   955    414    995 
Total other comprehensive income (loss) net of tax   1,105    1,450    (1,041)   51 
Total other comprehensive income  $8,183   $53,321   $119,764   $71,447 

 

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Cellebrite DI Ltd.

Condensed Consolidated Statements of Cash Flow

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

 

   For the three months ended   For the Year ended 
   December 31,   December 31, 
   2022   2021   2022   2021 
                 
Cash flow from operating activities:                
Net income  $7,078   $51,871   $120,805   $71,396 
Adjustments to reconcile net income to net cash provided by operating activities:                    
Share based compensation and RSU’s   3,787    1,661    13,708    6,480 
Amortization of premium, discount and accrued interest on marketable securities   (225)   -      (372)     
Depreciation and amortization   2,520    1,814    9,194    7,007 
Interest income from short term deposits   (318)   -      (684)   -   
Deferred income taxes   (61)   269    (2,392)   (1,638)
Remeasurement of warrant liability   375    (15,506)   (36,463)   (11,967)
Remeasurement of Restricted Sponsor Shares   1,381    (11,181)   (27,180)   (17,635)
Remeasurement of Price Adjustment Shares liabilities   1,211    (23,934)   (53,220)   (38,271)
Decrease (increase) in trade receivables   11,242    8,690    (12,885)   (1,958)
Increase in deferred revenue   18,953    9,152    38,966    21,804 
Decrease (increase) in other non-current assets   94    (1,779)   227    (1,394)
(Increase) decrease in prepaid expenses and other current assets   (4,431)   2,541    (5,692)   (8,304)
Changes in operating lease assets   4,667    -      4,667    -   
Changes in operating lease liability   (5,955)   -      (5,955)   -   
Increase in inventories   (812)   (1,711)   (3,680)   (1,798)
(Decrease) increase in trade payables   (895)   2,955    (5,471)   4,239 
(Decrease) increase in other accounts payable and accrued expenses   (2,060)   2,428    (8,853)   5,107 
(Decrease) increase in other long-term liabilities   (808)   2,522    (4,143)   2,984 
Net cash provided by operating activities   35,743    29,792    20,577    36,052 
                     
Cash flows from investing activities:                    
                     
Purchases of property and equipment   (1,391)   (778)   (6,897)   (5,111)
Cash paid in conjunction with acquisitions, net of acquired cash   -      (20,000)   -      (20,000)
Purchase of Intangible assets   (1,788)   -      (2,188)   -   
Investment in marketable securities   (9,253)   -      (89,364)   -   
Proceeds from maturity of marketable securities   7,445    -      22,277    -   
Assets acquisition   -      -      -      (3,000)
Investment in short term deposits   (51,000)   (21,000)   (76,000)   (21,000)
Redemption of short term deposits   18,544    47,210    60,941    94,337 
Net cash (used in) provided by investing activities   (37,443)   5,432    (91,231)   45,226 
                     
Cash flows from financing activities:                    
                     
Payment of dividend   -      -      -      (100,000)
Exercise of options to shares   1,327    944    12,628    2,305 
Proceeds from Employee Share Purchase Plan, net   657    -      1,337    -   
Exercise of public warrants   -      -      5    -   
Proceeds from Recapitalization transaction, net   -      -      -      29,298 
Net cash provided by (used in) financing activities   1,984    944    13,970    (68,397)
                     
Net increase (decrease) in cash and cash equivalents   284    36,168    (56,684)   12,881 
Net effect of Currency Translation on cash and cash equivalents   2,795    (81)   (1,644)   (754)
Cash and cash equivalents at beginning of period   84,566    109,886    145,973    133,846 
Cash and cash equivalents at end of period  $87,645   $145,973   $87,645   $145,973 
                     
Supplemental cash flow information:                    
Income taxes paid  $3,727   $1,758   $9,053   $8,157 
Non-cash activities                    
Purchase of property and equipment  $-     $749   $-     $814 
Purchase of Intangible assets  $493   $-     $664   $-   

 

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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 year ended 
   December 31,   December 31, 
   2022   2021   2022   2021 
   Unaudited   Unaudited   Unaudited   Unaudited 
                 
Operating income  $9,674   $4,306   $1,044   $13,822 
Issuance expenses               11,835 
Dividend participation compensation               966 
Share based compensation   3,787    1,661    13,708    6,480 
Amortization of intangible assets   834    607    2,826    1,971 
Acquisition related costs   133    1,177    1,960    7,795 
Non-GAAP operating income  $14,428   $7,751   $19,538   $42,869 

 

   For the three months ended   For the year ended 
   December 31,   December 31, 
   2022   2021   2022   2021 
   Unaudited   Unaudited   Unaudited   Unaudited 
                 
Net income  $7,078   $51,871   $120,805   $71,396 
One time tax (income) expense           (2,368)   7,067 
Issuance expenses               11,835 
Dividend participation compensation               966 
Share based compensation   3,787    1,661    13,708    6,480 
Amortization of intangible assets   834    607    2,826    1,971 
Acquisition related costs   133    1,177    1,960    7,795 
Tax expense (income)   516    498    (384)   (1,670)
Finance expense (income) from financial derivatives   2,967    (50,621)   (116,863)   (67,873)
Non-GAAP net income  $15,315   $5,193   $19,684   $37,967 
                     
Non-GAAP Earnings per share:                    
Basic   0.08   $0.03    0.10   $0.26 
Diluted   0.08   $0.03    0.10   $0.24 
                     
Weighted average shares outstanding:                    
Basic   184,952,107    180,170,342    182,693,375    144,002,394 
Diluted   192,786,615    199,082,479    195,393,558    161,538,579 

 

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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 year ended 
   December 31,   December 31, 
   2022   2021   2022   2021 
   Unaudited   Unaudited   Unaudited   Unaudited 
                 
Net income  $7,078   $51,871   $120,805   $71,396 
Financial expense (income), net   572    (49,809)   (119,716)   (68,483)
Tax expense (income)   2,024    2,244    (45)   10,909 
Issuance expenses               11,835 
Dividend participation compensation               966 
Share based compensation   3,787    1,661    13,708    6,480 
Amortization of intangible assets   834    607    2,826    1,971 
Acquisition related costs   133    1,177    1,960    7,795 
Depreciation expenses   1,686    1,123    6,368    5,036 
Adjusted EBITDA  $16,114   $8,874   $25,906   $47,905 

 

 

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