EX-99.1 2 exhibit_99-1.htm EXHIBIT 99.1 exhibit_99-1.htm



Exhibit 99.1
ATTUNITY REPORTS THIRD QUARTER 2014 FINANCIAL RESULTS
---
Total non-GAAP revenue grew 45% to a new record of $9.5 million
---
Non-GAAP operating income of $1.2 million

Burlington, MA October 30, 2014 – Attunity, Ltd. (NASDAQ CM: ATTU), a leading provider of information availability software solutions, today reported its unaudited financial results for the three-month period ended September 30, 2014.

Recent Operational Highlights:
 
·
Big Data product - Attunity Replicate total license revenues increased by 53%, compared with the third quarter of 2013
 
·
Increased activity with go-to-market partners including Teradata, Microsoft PDW and Pivotal led to growth in volume and size of Attunity Replicate deals
 
·
Closed a $0.8 million follow-on deal with a U.S.-based managed healthcare provider, amounting to over  $1.0 million in total revenue
 
·
Launched Attunity solution for Hadoop designed to accelerate Big Data movement into and out of the leading Hadoop platforms, including Cloudera and Hortonworks
 
·
Expanded Attunity Maestro with new capabilities, introduced at Oracle OpenWorld, for the database market, supporting large-scale data movement processes on a global scale
 
·
New leads generated from the SAP TechEd show increased by 50% year-over-year
 
·
Grew Cloud business revenue and customer on-boarding following successful launch of Attunity CloudBeam’s free trial program in the Amazon marketplace
 
Financial Highlights for the Third Quarter of 2014, compared with the Third Quarter of 2013:
 
·
Total non-GAAP revenue  grew 45% to $9.5 million, a new record quarter1
 
·
Total GAAP revenue grew 43% to $9.4 million
 
·
Total license revenue grew 56% to $5.5 million
 
·
Non-GAAP operating income of $1.2 million
 
·
GAAP operating income of $0.4 million
 
·
Cash, cash equivalents and restricted cash of $19.3 million as of September 30, 2014 compared with $16.5 million as of December 31, 2013
 
“We are generating strong momentum across all aspects of our business and through different sales channels, which has resulted in record revenues, and in achieving profitability. Our focus on global sales and marketing is a major catalyst for this growth and has driven increased adoption of our Big Data suite of solutions,” stated Shimon Alon, Chairman and CEO of Attunity. “In addition to the successful execution of our sales team and growing market awareness, stimulated by our marketing team, we significantly increased activity with our go-to-market partners. As a result, we saw positive traction in all geographic territories. Each of these efforts played a role in positioning the Company to build momentum in the fourth quarter and beyond.”
 
 
 

 

Mr. Alon continued, “Our newest product, Attunity Maestro, an automated workflow management platform for managing Big Data integration, is also making significant headway. Recently, during Oracle OpenWorld, we launched the new and expanded Attunity Maestro platform for databases and files. We received strong feedback from new prospects and existing users, with several deals expected to close during the fourth quarter 2014 and early-2015. In addition, given its rapid penetration in the Big Data ecosystem, we are proud to support Hadoop with our newly launched Attunity for Hadoop solution. We believe this solution is an unmatched offering in today’s market, enabling the accelerated movement of Big Data for the Hadoop environment, simplifying its use for analytics and BI, as well as materially reducing implementation costs."

“Our Cloud business on the Amazon Web Services (AWS) platform continues to flourish with our Cloud offering becoming a substantial lead generator for Replicate deals. Since the launch of Attunity CloudBeam as an AMI and free trial promotion on Amazon’s marketplace, our Cloud offering has increased revenue as a result of high conversion rates from the initial trials. We continue to drive this growth through targeted marketing efforts, including joint activities with AWS such as customer success videos, blogs, and webinars.”

Sales and Marketing
Attunity continues to execute upon its sales strategy as each team member contributed to revenue during the quarter. The marketing team generated a significant number of quality leads across all territories as Attunity executed an aggressive content marketing program and increased outreach to industry analysts such as Gartner and Forrester. The Company expanded its visibility and generated increased customer interest, participating in recent industry events such as its debut at the Strata + Hadoop World and annual presence at SAP Tech Ed. During the quarter, the Company continued to grow awareness with its presence at Oracle OpenWorld and the HP Vertica Big Data Conference as well as its first time participation in the SAP for Utilities Show.

“We remain focused on building our enhanced product portfolio and brand recognition for the growing Big Data and Hadoop markets. We are seeing a substantial increase in our sales pipeline, which is expected to accelerate revenue growth in the fourth quarter of 2014 and beyond. Based on our success, we intend to continue executing upon our strategy and expand our sales force in 2015,” concluded Mr. Alon.

Financial Results for Q3 2014

Total revenue for the third quarter of 2014 increased 43% to $9.4 million, compared with revenue of $6.6 million for the same period of 2013.

Total non-GAAP revenue for the third quarter of 2014 increased 45% to $9.5 million, compared with revenue of $6.6 million for the same period of 2013. This includes a 56% increase of  license revenue to $5.5 million, compared with $3.5 million for the same period of 2013, as well as non-GAAP maintenance and service revenue which grew 31% to $4.0 million, compared with $3.0 million for the same period of 2013.1

The growth in total revenue is mainly attributable to an increase in Attunity Replicate revenue, the Hayes acquisition, increased activity with go-to-market partners, and additional revenues from one of the Company’s OEM partners due to certain royalty adjustments.
 
 
 

 

Non-GAAP maintenance and service revenue includes approximately $0.1 million of acquired maintenance revenue from Hayes that was not recognized before due to business combination accounting rules.1

Operating income for the third quarter of 2014 was $0.4 million, compared with $1.0 million for the same period of 2013.

Non-GAAP operating income for the third quarter of 2014 was $1.2 million, compared with $1.4 million for the same period of 2013. This decline was primarily due to an increase in sales and marketing activities, associated with the execution of the Company’s growth strategy. Non-GAAP operating income for the third quarter of 2014 excludes $0.8 million in expenses and amortization associated with acquisitions and equity based compensation expenses. This is compared with a $0.4 million of similar expenses for the same period last year. 1

Net income for the third quarter of 2014 was $0.3 million, or $0.02 per diluted share, compared with a net income of $0.7 million, or $0.06 per diluted share in the third quarter of 2013.

Non-GAAP net income for the third quarter of 2014 was $1.1 million, or $0.07 per diluted share, compared with a non-GAAP net income of $1.3 million, or $0.10 per diluted share, for the same period last year. Non-GAAP net income for the third quarter of 2014 excludes a total of $0.8 million in expenses mostly attributable to expenses and amortization associated with acquisitions and equity based compensation expenses. This is compared with $0.6 million in similar expenses for the same period in 2013. 1

Cash, cash equivalents and restricted cash were $19.3 million as of September 30, 2014, compared with $16.5 million as of December 31, 2013. This increase is mainly attributable to positive cash flow from operations of $2.4 million. Shareholders' equity was $30.1 million as of September 30, 2014, which was virtually the same as of December 31, 2013.
 
1See "Use of Non-GAAP Financial Information" below for more information regarding Attunity's use of Non-GAAP financial measures.

Conference Call Information

The Company will host a conference call with the investment community on Thursday, October 30th at 10:00 a.m. Eastern Time featuring remarks by Shimon Alon, Chairman and CEO of Attunity, and 
Dror Harel-Elkayam, CFO of Attunity. The dial-in numbers for the conference call are +1- 800-946-0774 (U.S. Toll Free), 180-924-6042 (Israel Toll Free), or +1-719-325-2418 (International). All dial-in participants must use the following code to access the call: 8368312.
 
Please call at least five minutes before the scheduled start time.  The conference call will also be available via webcast, which can be accessed through the Events section of Attunity's website, http://www.attunity.com/events, and http://www.kcsa.com.  Please allow extra time prior to the call to visit the site and download any necessary software to listen to the live broadcast.

For interested individuals unable to join the conference call, a replay of the call will be available through November 13, 2014 at +1-877-870-5176 (U.S. Toll Free) or 1-858-384-5517 (International). Participants must use the following code to access the replay of the call: 8368312. The online archive of the webcast will be available on http://www.attunity.com/events or http://www.kcsa.com for 30 days following the call.
 
 
 

 

About Attunity
Attunity is a leading provider of information availability software solutions that enable access, management, sharing and distribution of data, including Big Data, across heterogeneous enterprise platforms, organizations, and the cloud. Our software solutions include data replication, data flow management, test data management, change data capture (CDC), data connectivity, enterprise file replication (EFR), managed-file-transfer (MFT), and cloud data delivery. Using Attunity's software solutions, our customers enjoy significant business benefits by enabling real-time access and availability of data and files where and when needed, across the maze of heterogeneous systems making up today's IT environment.
 
Attunity has supplied innovative software solutions to its enterprise-class customers for nearly 20 years and has successful deployments at thousands of organizations worldwide. Attunity provides software directly and indirectly through a number of partners such as Microsoft, Oracle, IBM and HP. Headquartered in Boston, Attunity serves its customers via offices in North America, Europe, and Asia Pacific and through a network of local partners. For more information, visit http://www.attunity.com or our In Tune blog and join our community on Twitter, Facebook, LinkedIn and YouTube, the content of which is not part of this press release.
 
Use of Non-GAAP Financial Information
In addition to reporting financial results in accordance with U.S. generally accepted accounting principles, or GAAP, Attunity uses Non-GAAP measures of revenue, net income,  operating income, operating profit margin, revenue and net income per share, which are adjustments from results based on GAAP to exclude expenses and amortization associated with the acquisitions of RepliWeb and Hayes, net of related tax, stock-based compensation expenses in accordance with ASC 718, and non-cash financial expenses such as the effect of a revaluation of liabilities presented at fair value. Attunity’s management believes the non-GAAP financial information provided in this release is useful to investors' understanding and assessment of Attunity's on-going core operations and prospects for the future. Management uses both GAAP and non-GAAP information in evaluating and operating its business internally and as such has determined that it is important to provide this information to investors. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. For further details, see the Reconciliation of Selected GAAP Measures to Non-GAAP Measures table later in this press release.
 
 
 

 

Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other Federal Securities laws. Statements preceded by, followed by, or that otherwise include the words "believes", "expects", "anticipates", "intends", "estimates", "plans", and similar expressions or future or conditional verbs such as "will", "should", "would", "may" and "could" are generally forward-looking in nature and not historical facts. For example, when we say that the increase in our sales pipeline is expected to accelerate revenue growth in the fourth quarter of 2014, 2015 and beyond or that we intend to expand our sales force in 2015, we use a forward-looking statement. Because such statements deal with future events, they are subject to various risks and uncertainties and actual results, expressed or implied by such forward-looking statements, could differ materially from Attunity's current expectations. Factors that could cause or contribute to such differences include, but are not limited to: our reliance on strategic relationships with our distributors, OEM, VAR and "go-to-market" and other business partners, and on our other significant customers; our ability to expand our business into the SAP market and the success of our Gold Client offering; risks and uncertainties relating to acquisitions, including costs and difficulties related to integration of acquired businesses; timely availability and customer acceptance of Attunity's new and existing products, including Attunity Maestro; risks and uncertainties relating to fluctuations in our quarterly operating results, which may not necessarily be indicative of future periods; changes in the competitive landscape, including new competitors or the impact of competitive pricing and products; a shift in demand for products such as Attunity's products; the impact on revenue of economic and political uncertainties and weaknesses in various regions of the world, including the commencement or escalation of hostilities or acts of terrorism; and other factors and risks on which Attunity may have little or no control. This list is intended to identify only certain of the principal factors that could cause actual results to differ. For a more detailed description of the risks and uncertainties affecting Attunity, reference is made to Attunity's latest Annual Report on Form 20-F which is on file with the Securities and Exchange Commission (SEC) and the other risk factors discussed from time to time by Attunity in reports filed with, or furnished to, the SEC. Except as otherwise required by law, Attunity undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

© 2014 Attunity Ltd. All rights reserved. Attunity is a trademark of Attunity Inc.

For more information, please contact:
Garth Russell / Lilly Barker
KCSA Strategic Communications
P: + 1 212-682-6300
grussell@kcsa.com  / lbarker@kcsa.com

Dror Harel-Elkayam, CFO
Attunity Ltd.
Tel. +972 9-899-3000
dror.elkayam@attunity.com
 
 
 

 
 
ATTUNITY LTD. AND ITS SUBSIDIARIES
 
 INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
AS OF SEPTEMBER 30, 2014
 
U.S. DOLLARS IN THOUSANDS
 
Unaudited
 
 
INDEX

 
 
 

 

ATTUNITY LTD. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands, except share and per share data
 
   
September 30,
   
December 31,
 
   
2014
   
2013
 
   
Unaudited
   
Audited
 
             
ASSETS
           
             
CURRENT ASSETS:
           
Cash and cash equivalents
  $ 18,424     $ 16,481  
Restricted cash
    850       -  
Trade receivables (net of allowance for doubtful accounts of $ 15 at September 30, 2014 and December 31, 2013)
    3,877       5,224  
Other accounts receivable and prepaid expenses
    645       685  
                 
Total current assets
  $ 23,796       22,390  
                 
Other long-term assets
    468       385  
Severance pay fund
    3,307       3,233  
Property and equipment, net
    1,019       879  
Intangible assets, net
    4,458       5,345  
Goodwill
    17,543       17,748  
                 
Total long-term assets
    26,795       27,590  
                 
Total assets
  $ 50,591     $ 49,980  


 
2

 

ATTUNITY LTD. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands, except share and per share data
 
   
September 30,
   
December 31,
 
   
2014
   
2013
 
   
Unaudited
   
Audited
 
             
LIABILITIES AND SHAREHOLDERS' EQUITY
           
             
CURRENT LIABILITIES:
           
             
Trade payables
  $ 545     $ 458  
Contingent purchase consideration
    2,006       -  
Deferred revenues
    6,672       5,175  
Employees and payroll accruals
    2,080       3,210  
Accrued expenses and other current liabilities
    1,456       1,365  
                 
Total current liabilities
  $ 12,759       10,208  
                 
LONG-TERM LIABILITIES:
               
                 
Long-term deferred revenue
    693       847  
Liabilities presented at fair value and other long-term liabilities
    828       1,219  
Contingent purchase consideration
    1,786       3,280  
Accrued severance pay
    4,465       4,328  
                 
Total long-term liabilities
    7,772       9,674  
                 
SHAREHOLDERS' EQUITY:
               
Share capital - Ordinary shares of NIS 0.4 par value -
               
Authorized: 32,500,000 shares at September 30, 2014 and December 31, 2013; Issued and outstanding:
   15,179,468 shares at September 30, 2014 and 14,527,292 shares at December 31, 2013
    1,752       1,677  
Additional paid-in capital
    132,728       130,944  
Receipt on account of shares
    -       81  
Accumulated other comprehensive loss
    (800 )     (621 )
Accumulated deficit
    (103,620 )     (101,983 )
                 
Total shareholders' equity
    30,060       30,098  
                 
Total liabilities and shareholders' equity
  $ 50,591     $ 49,980  

 
3

 

ATTUNITY LTD. AND ITS SUBSIDIARIES
 
CONSOLIDATED STATEMENTS OF OPERATIONS

 U.S. dollars in thousands, except per share data

   
Nine months ended
   
Three months ended
 
   
September 30,
   
September 30,
 
   
2014
   
2013
   
2014
   
2013
 
   
Unaudited
   
Unaudited
 
                         
Software licenses
    13,459       8,582       5,530       3,539  
Maintenance and services
    11,312       8,673       3,868       3,029  
                                 
Total revenue
    24,771       17,255       9,398       6,568  
                                 
Operating expenses:
                               
                                 
Cost of revenues
    2,315       1,553       843       507  
Research and development
    7,102       5,708       2,265       1,839  
Selling and marketing
    13,743       8,042       4,883       2,586  
General and administrative
    2,924       2,186       1,036       675  
                                 
Total operating expenses
    26,084       17,489       9,027       5,607  
                                 
Operating income (loss)
    (1,313 )     (234 )     371       961  
Financial expenses, net
    316       348       127       263  
                                 
Income (loss) before taxes on income
    (1,629 )     (582 )     244       698  
Taxes on income (benefit)
    8       (116 )     (34 )     (11 )
                                 
Net income (loss)
    (1,637 )     (466 )     278       709  
                                 
Basic net income (loss) per share
    (0.11 )     (0.04 )     0.02       0.06  
                                 
Weighted average number of shares used in computing basic net income (loss) per share
    14,950       11,107       15,179       11,330  
                                 
Diluted net income (loss) per share
    (0.11 )     (0.04 )     0.02       0.06  
                                 
Weighted average number of shares used in computing diluted net  loss per share
    14,950       11,107       15,837       12,571  

 
4

 
 
ATTUNITY LTD. AND ITS SUBSIDIARIES
 
CONSOLIDATED STATEMENTS OF CASH FLOWS

U.S. dollars in thousands

   
Nine months ended
September 30,
 
   
2014
   
2013
 
   
Unaudited
 
Cash  flows  activities:
           
Net loss
    (1,637 )     (466 )
Adjustments required to reconcile net loss to net cash provided by operating activities:
               
Depreciation
    255       178  
Stock based compensation
    1,083       554  
Amortization of  intangible assets
    887       560  
Accretion of payment obligation
    512       66  
Change in operating assets and liabilities:
               
Accrued severance pay, net
    63       84  
Trade receivables
    1,347       746  
Other accounts receivable and prepaid expenses
    161       (144 )
Other assets
    (1 )     -  
Trade payables
    87       107  
Deferred revenues
    1,318       85  
Employees and payroll accruals
    (1,130 )     (687 )
Accrued expenses and other liabilities
    91       (414 )
Liabilities presented at fair value and other long-term liabilities
    (391 )     187  
Change in deferred taxes, net
    (203 )     (262 )
                 
Net cash provided by operating activities
    2,442       594  
                 
Cash flows from investing activities:
               
Purchase of property and equipment
    (395 )     (626 )
Increase in restricted cash
    (850 )     -  
                 
Net cash used in investing activities
    (1,245 )     (626 )
                 
Cash flows from financing activities:
               
Proceeds from exercise of stock options, warrants and rights
    695       354  
Receipts on account of shares
    -       85  
Payment of contingent consideration
    -       (2,000 )
                 
Net cash provided by (used in) financing activities
    695       (1,561 )
                 
Foreign currency translation adjustments on cash and cash equivalents
    51       (56 )
                 
Increase (decrease) in cash and cash equivalents
    1,943       (1,649 )
Cash and cash equivalents at the beginning of the period
    16,481       3,778  
                 
Cash and cash equivalents at the end of the period
    18,424       2,129  
                 
Supplemental disclosure of cash flow activities:
               
Cash paid during the period for:
               
Income taxes
    417       425  
 
 
5

 
 
ATTUNITY LTD. AND ITS SUBSIDIARIES
 
RECONCILIATION OF SUPPLEMENTAL NON-GAAP FINANCIAL INFORMATION

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

   
Three months ended
September 30, 2014
   
Three months ended
September 30, 2013
 
   
Unaudited
   
Unaudited
 
   
GAAP
   
Adj.
     
Non-GAAP
   
GAAP
   
Adj.
     
Non-GAAP
 
                                         
Software licenses
    5,530               5,530       3,539               3,539  
Maintenance and services
    3,868       94  
(a)
    3,962       3,029       -         3,029  
                                                     
Total revenue
    9,398                 9,492       6,568                 6,568  
                                                     
Operating expenses:
                                                   
Cost of revenues
    843       215  
(b)
    628       507       129  
(b)
    378  
Research and development
    2,265       119  
(c)
    2,146       1,839       50  
(c)
    1,789  
Selling and marketing
    4,883       257  
(b), (c)
    4,626       2,586       208  
(b), (c)
    2,378  
General and administrative
    1,036       110  
(c)
    926       675       47  
(c)
    628  
                                                     
Total operating expenses
    9,027                 8,326       5,607                 5,173  
                                                     
Operating income
    371                 1,166       961                 1,395  
Financial expenses, net
    127       31  
(d)
    96       263       250  
(d)
    13  
Income before taxes on income (benefit)
    244                 1,070       698                 1,382  
Taxes on income (benefit)
    (34 )     (46 )
(e)
    12       (11 )     (72 )
(e)
    61  
                                                     
Net income
    278                 1,058       709                 1,321  
                                                     
Basic net income per share
    0.02                 0.07       0.06                 0.12  
Weighted average number of shares used in computing basic net income per share
    15,179                 15,179       11,330                 11,330  
Diluted net income per share
    0.02                 0.07       0.06                 0.10  
Weighted average number of shares used in computing diluted net income per share
    15,837                 15,862       12,571                 12,646  

(a)        Valuation adjustment on acquired deferred services revenue

     
Three months ended
September 30,
 
     
2014
   
2013
 
(b)
Operating  acquisition-related expenses and amortization:
           
               
 
Cost of revenues - amortization of technology
    215       129  
 
Selling and marketing - amortization of customers relationship
    81       57  
                   
        296       186  
(c)
Stock-based compensation expenses  under ASC 718  included in:
               
                   
 
Research and development
    119       50  
 
Selling and marketing
    176       151  
 
General and administrative
    110       47  
                   
        405       248  
(d)
Acquisition-related financial expenses and revaluation of liabilities presented at fair value:
         
                   
 
Revaluation of liabilities presented at fair value
    (140 )     250  
 
Acquisition-related financial expenses
    171       -  
                   
        31       250  
(e)
Taxes related to acquisitions
               

 
 
6

 
 
ATTUNITY LTD. AND ITS SUBSIDIARIES
 
RECONCILIATION OF SUPPLEMENTAL NON-GAAP FINANCIAL INFORMATION

U.S. dollars in thousands, except share and per share data
 
   
Nine months ended
September 30, 2014
   
Nine months ended
September 30, 2013
 
   
Unaudited
   
Unaudited
 
   
GAAP
   
Adj.
     
Non-GAAP
   
GAAP
   
Adj.
     
Non-GAAP
 
                                         
Software licenses
    13,459               13,459       8,582               8,582  
Maintenance and services
    11,312       284  
(a)
    11,596       8,673       -         8,673  
                                                     
Total revenue
    24,771                 25,055       17,255                 17,255  
                                                     
Operating expenses:
                                                   
Cost of revenues
    2,315       643  
(b)
    1,672       1,553       386  
(b)
    1,167  
Research and development
    7,102       311  
(c)
    6,791       5,708       182  
(c)
    5,526  
Selling and marketing
    13,743       717  
(b), (c)
    13,026       8,042       412  
(b), (c)
    7,630  
General and administrative
    2,924       299  
(c)
    2,625       2,186       133  
(c)
    2,053  
                                                     
Total operating expenses
    26,084                 24,114       17,489                 16,376  
                                                     
Operating loss
    (1,313 )               941       (234 )               879  
Financial expenses, net
    316       119  
(d)
    197       348       253  
(d)
    95  
                                                     
Loss before taxes on income
    (1,629 )               744       (582 )               784  
Taxes on income (benefit)
    8       (225 )
(e)
    233       (116 )     (216 )
(e)
    100  
                                                     
Net income (loss)
    (1,637 )               511       (466 )               684  
                                                     
Basic net income (loss) per share
    (0.11 )               0.03       (0.04 )               0.06  
Weighted average number of shares used in computing basic net income per share
    14,950                 14,950       11,107                 11,107  
Diluted net income (loss) per share
    (0.11 )               0.03       (0.04 )               0.05  
Weighted average number of shares used in computing diluted net income (loss) per share
    14,950                 15,832       11,107                 12,589  

(a)      Valuation adjustment on acquired deferred services revenue

     
Nine months ended
September 30,
 
     
2014
   
2013
 
(b)
Operating  acquisition-related expenses and amortization:
           
               
 
Cost of revenues - amortization of technology
    643       386  
 
Selling and marketing - amortization of customers relationship
    244       173  
                   
        887       559  
(c)
Stock-based compensation expenses  under ASC 718  included in:
               
                   
 
Research and development
    311       182  
 
Selling and marketing
    473       239  
 
General and administrative
    299       133  
                   
        1,083       554  
(d)
Acquisition-related financial expenses and revaluation of liabilities presented at fair value:
         
                   
 
Revaluation of liabilities presented at fair value
    (393 )     187  
 
Acquisition-related financial expenses
    512       66  
                   
        119       253  
(e)
Taxes related to acquisitions
               
 

7