Nexxen International Ltd. (AIM/NASDAQ: NEXN) (“Nexxen” or the
“Company”), a global, unified advertising technology platform with
deep expertise in video and Connected TV (“CTV”), announced today
its financial results for the fourth quarter and year
ended December 31, 2023. The Company’s financial results for
the fourth quarter and year ended December 31, 2023, as well as the
fourth quarter ended December 31, 2022, reflect the combined
financial performance of Nexxen and Amobee, while comparative
figures for the year ended December 31, 2022 include Amobee
contribution only from September 12, 2022 through December 31,
2022.
Financial Summary
- Contribution
ex-TAC: Generated Contribution ex-TAC of $90.5 million in
Q4 2023, reflecting a 12% decrease from $103.0 million in Q4 2022,
and Contribution ex-TAC of $314.2 million for the year ended
December 31, 2023, reflecting a 1% increase compared to $309.7
million for the year ended December 31, 2022. Weakness in Q4 2023
Contribution ex-TAC was a byproduct of reduced managed service,
video, and CTV spending from some of the Company’s highest-spending
agency customers it is heavily indexed to, as well as Nexxen
discontinuing less profitable relationships with certain customers.
Full year 2023 Contribution ex-TAC was also affected by challenging
advertising conditions throughout the year which disproportionately
impacted budgets and spending for several of the Company’s small-
and mid-sized agency customers, a notable decline in the Company’s
non-core business focused on legacy non-programmatic
performance-related activities, and challenges stemming from the
initial integration of Amobee’s and Nexxen’s sales teams,
technology stack, and management teams. Nexxen believes its sales
team is well-positioned to drive growth in 2024 as it is now
exclusively focused on selling as opposed to integration
initiatives and is equipped with a significantly enhanced platform
featuring in-demand tech and data capabilities. Nexxen is
cautiously optimistic that macroeconomic and advertising conditions
will improve in 2024, potentially driving increased budgets and
spending for its larger customers.
- Programmatic
Revenue: Programmatic revenue was $86.0 million in Q4
2023, reflecting a 9% decrease from $94.5 million in Q4 2022, while
programmatic revenue was $299.0 million for the year ended December
31, 2023, reflecting a 9% increase compared to $274.4 million for
the year ended December 31, 2022. Reduced programmatic revenue in
Q4 2023 compared to Q4 2022 was a byproduct of lower overall
Contribution ex-TAC driven by weaker comparative advertising demand
and spending from some of the Company’s larger customers, while
increases for the year ended December 31, 2023, compared to the
year ended December 31, 2022, were driven largely by the completed
integration of Amobee, which included a strong programmatic revenue
footprint.
- CTV Revenue: CTV
revenue was $19.9 million in Q4 2023, compared to $33.0 million in
Q4 2022. CTV revenue was impacted by a combination of factors
including the SAG-AFTRA strike, and reduced CTV spending from some
of the Company’s largest small- and mid-sized agency customers.
Importantly, these customers continued to spend within Nexxen’s
broader platform offerings during Q4 2023 but largely selected the
Company’s lower-cost, performance-based programmatic solutions,
such as mobile video and display. The Company believes this was a
result of cost-savings efforts and the continued evolution of
on-the-go streaming preferences as consumers increasingly stream
content on mobile phones and tablets, in addition to CTVs, all of
which are options the Company can flexibly service advertising
customers across. CTV revenue was $85.5 million for the year ended
December 31, 2023, reflecting a 12% decrease from $97.2 million for
the year ended December 31, 2022. The Company believes it will
achieve CTV revenue growth in 2024 amidst optimism that
macroeconomic conditions will improve, and its larger customers’
budgets and spending will increase.
- CTV and Programmatic
Revenue Percentages: CTV revenue during the three and
twelve months ended December 31, 2023 represented 23% and 29% of
programmatic revenue, respectively, compared to 35% for the same
prior year periods. Programmatic revenue increased to 90% of
revenue for the three and twelve months ended December 31, 2023,
compared to 88% and 82% of revenue, respectively, for the same
prior year periods.
- Adjusted EBITDA:
Generated Adjusted EBITDA of $32.0 million for the three months
ended December 31, 2023, and $83.2 million for the twelve months
ended December 31, 2023, compared to $36.9 million and $144.9
million for the same prior year periods. Year-over-year decreases
were attributable to the integration of Amobee, whose business
lines operate at a lower profitability profile than Nexxen’s
pre-acquisition standalone business, and reduced spending from some
of the Company’s largest customers throughout 2023 compared to
2022.
- Adjusted EBITDA
Margins: Achieved a 35% Adjusted EBITDA Margin on a
Contribution ex-TAC basis, and 33% on a revenue basis, for the
three months ended December 31, 2023, compared to 36% on a
Contribution ex-TAC basis, and 34% on a revenue basis for the three
months ended December 31, 2022. Nexxen achieved an Adjusted EBITDA
Margin of 26% on a Contribution ex-TAC basis, and 25% on a revenue
basis, for the twelve months ended December 31, 2023, compared to
47% on a Contribution ex-TAC basis, and 43% on a revenue basis for
the twelve months ended December 31, 2022. The Company anticipates
Adjusted EBITDA Margins will expand in full year 2024 compared to
full year 2023 amidst expectations for increased Contribution
ex-TAC.
- Video Revenue:
Video revenue continued to represent most of the Company’s
programmatic revenue at 67% and 69% for the three and twelve months
ended December 31, 2023, respectively, compared to 80% and 89% for
the three and twelve months ended December 31, 2022,
respectively.
- Liquidity
Resources: As of December 31, 2023, the Company had net
cash of $134.3 million, consisting of cash and cash equivalents of
$234.3 million, offset by approximately $100.0 million in principal
long-term debt, as well as $80 million undrawn on its revolving
credit facility. The Company’s net cash balance as of March 4,
2024, increased to approximately $146.0 million. The Company
intends to prioritize near-term cash resources on strategic
internal growth investments and initiatives and its ongoing
Ordinary share repurchase program, as well as future potential
share repurchase programs. The Company does not anticipate any
major near-term acquisitions as it believes its technology and data
stack now offers the necessary components to enable market share
gains within the digital advertising ecosystem.
“Q4 2023 capped off a transformational year for
Nexxen. In 2023 we achieved a key milestone by rebranding from
Tremor International. Also, through the significant investment of
focus and resources, we efficiently combined two massive technology
platforms and employee bases, successfully completing the
integration of Amobee, our largest acquisition ever. This
combination created a state-of-the-art data-driven end-to-end
platform built through approximately $1 billion of cumulative
R&D investment, and loaded with in-demand tech, planning,
video, CTV, and data capabilities critical to helping our customers
succeed in the digital advertising ecosystem,” said Ofer Druker,
CEO of Nexxen.
Mr. Druker added, “In 2024, we are continuing to
focus on expanding our base of end-to-end customers leveraging us
for multiple enterprise tech and data solutions, growing our data
licensing revenue, and expanding our streaming, TV, and agency
partnerships to drive growth and increased profitability, against a
macroeconomic backdrop we are cautiously optimistic is showing
signs of improvement. With the integration of Amobee now complete,
we believe we can shift our primary investment focus towards
innovation and our share repurchase program to generate long-term
value for our customers and shareholders.”
Operational Highlights
- Completed rebrand to Nexxen
(from Tremor International), better positioning the Company with
customers and investors
- Simplified and enhanced the
holistic value proposition of the Company’s advanced data-driven
tech stack.
- Updated the Company’s parent name
to Nexxen International Ltd. and changed its stock tickers in the
U.S. and U.K. markets from “TRMR” to “NEXN” in January 2024.
- Celebrated the Company’s rebranding
at NASDAQ’s Closing Bell ceremony on February 28, 2024, generating
further momentum with customers and investors, and increased
industry awareness.
- Investment in VIDAA enabled
the creation of new data licensing revenue streams, reflecting an
exciting growth opportunity
- Nexxen is generating notable
initial demand for automatic content recognition (“ACR”) data
licensing partnerships from major third-party DSPs, agencies, and
key research and measurement players within the industry seeking to
leverage the Company’s exclusive global access to VIDAA’s rapidly
growing smart TV data footprint.
- This high-margin annually recurring
data licensing revenue is expected to reflect a significant growth
opportunity for Nexxen, while also enabling greater resiliency in
the Company’s revenue base, as the Company believes the revenue is
less susceptible to volatility in advertising demand
conditions.
- Significantly expanded TV
Intelligence data footprint through exclusive partnership with
PeerLogix and continued growth by VIDAA; now offering solution in
U.S. and U.K. with further international expansion expected in
2024
- Nexxen entered a new exclusive
partnership with PeerLogix, an audience discovery platform, to
augment the Company’s TV Intelligence solution with premium
on-the-go streaming viewership data from platforms like Netflix,
Hulu, and Disney+. TV Intelligence is an expansive dataset
inclusive of Set-Top Box (“STB”), ACR, and cross-screen panel data
that can offer insights on TV and streaming viewership data across
approximately 50 million households in the U.S. alone, enabling
more effective targeting for customers across the TV and streaming
ecosystem.
- VIDAA, Hisense’s primary CTV
operating system, whose global ACR data can be exclusively
monetized and distributed by Nexxen through at least the end of
2026, grew its reach to over 25 million Connected TVs during 2023,
significantly expanding and enhancing Nexxen’s TV viewership data
footprint. According to VIDAA, this number has already increased to
over 26 million Connected TVs thus far in 2024.
- Launched TV Viewership Audiences in
the U.K. while expanding the Company’s TV Intelligence offering in
the U.S., generating notable and increased adoption during Q4 2023.
The Company expects further growth in both markets in 2024.
- The Company expects to launch its
TV Intelligence solution in additional major international markets
in 2024, enhancing and expanding the Company’s international CTV
growth opportunity.
- Scaled and expanded CTV partnership roster; established
relationships with more of the world’s major smart TV OEMs
- Expanded the Company’s strategic
partnership with TCL FFALCON (“TCL”) beyond solely granting
advertising customers access to CTV and OTT supply in the TCL
channel, to also exclusively sell TCL’s native display inventory as
a preferred supply partner.
- Following Nexxen’s settlement and
partnership agreement with Alphonso Inc. and LG Electronics, Inc.,
the Company now holds relationships with a larger base of the
world’s major smart TV OEMs.
- Partnered with out-of-home (“OOH”)
advertising group, Taiv, to broaden Nexxen’s CTV OOH opportunities
for clients across the advertising ecosystem. The partnership
delivers immersive, high impact ad experiences by reaching
audiences on screens in U.S. sports bars and restaurants, hitting
another CTV touchpoint within Nexxen’s larger CTV OOH
offering.
- Nexxen Discovery’s audience finding and targeting
capabilities generating increased adoption and significant interest
ahead of the 2024 U.S. election cycle
- Nexxen Discovery, the Company’s
data fueled B.I. tool, has been adopted by key industry partners
and is generating significant interest with political advertisers
and agencies ahead of the 2024 U.S. election cycle.
- While political has not
historically been a material vertical for Nexxen, with the addition
of Nexxen Discovery to the Company’s product portfolio, and an
increased dedicated sales focus on the vertical, Nexxen anticipates
growth within the vertical in 2024 in an election year where
eMarketer estimates over $12 billion in U.S. political ad spending.
- Added a significant number
of new customers on the buy- and sell-sides of the ecosystem during
the three and twelve months ended December 31, 2023, while
retaining the vast majority of the Company’s highest-spending
customers throughout 2023
- Nexxen DSP added 111 new actively-spending first-time
advertiser customers during Q4 2023 across entertainment, food and
beverage, automotive, and finance verticals, as well as others.
This figure included 14 new enterprise self-service advertiser
customers, highlighted by some of the world’s largest and
most-recognized CTV publishers, broadcasters, and Consumer Packaged
Goods (“CPG”) companies, as well as three new independent agencies
leveraging the Company’s solutions in a self-service capacity. The
Company added 334 new actively-spending first-time advertiser
customers for the twelve months ended December 31, 2023.
- Nexxen SSP added 89 new supply partners, including 78 in the
U.S., during Q4 2023, across several verticals and formats,
including CTV, broadcast TV, mobile, and mobile gaming. The Company
added 372 new supply partners during the twelve months ended
December 31, 2023, including 327 in the U.S.
- The Company achieved a 73% net revenue retention rate for the
year ended December 31, 2023, compared to 80% for the year ended
December 31, 2022. The decrease was driven by reduced budgets for
some of the Company’s largest small- and mid-sized agency customers
due to challenging macroeconomic conditions, which drove lower
overall spending and shifts to lower-cost options within Nexxen’s
broader product ecosystem, as well as Nexxen discontinuing less
profitable relationships with certain customers.
Launched $20 Million Ordinary Share
Repurchase Program
- On December 20, 2023, the Company
launched a new $20 million Ordinary share repurchase program,
following approval from the Israeli Court and the Company’s Board
of Directors.
- The Company repurchased 221,506
shares during Q4 2023 at an average price of 201.01 pence,
reflecting a total investment of £446,139, or $565,714.
- The Company’s Ordinary share
repurchase program will continue until the earlier of June 18, 2024
and the date the program is completed. The share repurchase program
does not obligate Nexxen to repurchase any particular amount of
Ordinary Shares and the program may be suspended, modified, or
discontinued at any time at the Company’s discretion, subject to
applicable law.
- Upon completion of the current
share repurchase program, the Company’s Board of Directors intends
to evaluate the implementation of an additional share repurchase
program, subject to then current market conditions and obtaining
requisite regulatory approval, including, if required, approval
from the Israeli Court.
Reached Favorable Settlement Agreement
with Alphonso Inc. and LG Electronics, Inc. (“LGE”) and Entered
into Multi-Year Strategic Partnership
- On February 28, 2024, Nexxen
announced it reached a favorable settlement agreement and launched
a three-year strategic partnership with Alphonso Inc. and LGE,
resolving the disputes underlying the complaints, and concluding
the parties’ litigation.
- The executed settlement agreement
includes a cash component and a commercial strategic partnership.
Through the partnership and settlement agreement, Alphonso Inc.
will grant Nexxen limited access to monetize a portion of LG’s
premium CTV inventory and will also leverage Nexxen’s data-driven
discovery and segmentation tools.
Financial Guidance
- Management believes ongoing
macroeconomic headwinds and uncertainty may continue to limit
near-term budgets and spending for some of the Company’s largest
small- and mid-sized agency customers, drive continued managed
service softness, and cause customers to continue to focus spending
on lower-cost solutions within Nexxen’s broad suite of offerings,
but is cautiously optimistic these customers will revert to the
Company’s premium solutions amidst anticipated improvement in
macroeconomic and advertising demand conditions.
- Management also believes the
Company is well-placed to capitalize on industry growth trends
following the completed integration of Amobee given its unique
positioning to flexibly serve customers on both sides of the
ecosystem across formats and devices, expand its end-to-end
customer base, increase its base of customers leveraging multiple
enterprise tech and data solutions, grow its data licensing
revenue, and increase its agency and TV partnerships. Management
also anticipates Adjusted EBITDA Margin expansion and CTV revenue
growth in full year 2024 compared to full year 2023, and Nexxen
provides the following financial guidance:
- Full year 2024 Contribution ex-TAC in a range of
approximately $340 - $345 million
- Full year 2024 Adjusted EBITDA of approximately $100
million
- Full year 2024 Programmatic revenue to reflect approximately
90% of full year 2024 revenue
Fourth Quarter and Full Year 2023
Financial Highlights ($ in millions, except per share
amounts)
| |
Three months
ended December 31 |
Twelve
months ended December 31 |
| |
2023 |
|
2022 |
|
% |
2023 |
|
2022 |
|
% |
| IFRS highlights |
|
|
|
|
|
|
|
|
|
Revenues |
95.9 |
|
107.7 |
|
(11%) |
332.0 |
|
335.3 |
|
(1%) |
| Programmatic
Revenues |
86.0 |
|
94.5 |
|
(9%) |
299.0 |
|
274.4 |
|
9% |
| Operating
Profit (loss) |
9.6 |
|
10.8 |
|
(11%) |
(17.0) |
|
44.8 |
|
(138%) |
| |
|
|
|
|
|
|
|
|
|
|
| Net Income
(loss) Margin on a Gross Profit basis |
5% |
|
6% |
|
|
(10%) |
|
9% |
|
|
| |
|
|
|
|
|
|
|
|
|
|
| Total
Comprehensive Income (loss) |
5.3 |
|
9.8 |
|
(45%) |
(18.1) |
|
16.2 |
|
(212%) |
| Diluted
earnings (loss) per share |
0.02 |
|
0.03 |
|
(36%) |
(0.15) |
|
0.15 |
|
(201%) |
| |
|
|
|
|
|
|
|
|
|
|
|
Non-IFRS highlights |
|
|
|
|
|
|
|
|
|
|
| Contribution
ex-TAC |
90.5 |
|
103.0 |
|
(12%) |
314.2 |
|
309.7 |
|
1% |
| |
|
|
|
|
|
|
|
|
|
|
| Adjusted
EBITDA |
32.0 |
|
36.9 |
|
(13%) |
83.2 |
|
144.9 |
|
(43%) |
| Adjusted
EBITDA Margin on a Contribution ex-TAC basis |
35% |
|
36% |
|
|
26% |
|
47% |
|
|
| |
|
|
|
|
|
|
|
|
|
|
| Non-IFRS net
Income |
14.5 |
|
22.2 |
|
(35%) |
32.2 |
|
91.8 |
|
(65%) |
| Non-IFRS
Diluted earnings per share |
0.10 |
|
0.15 |
|
(35%) |
0.22 |
|
0.60 |
|
(63%) |
Fourth Quarter and Full Year 2023
Financial Results Webcast and Conference Call Details
- Nexxen International Fourth Quarter and Twelve Months Ended
December 31, 2023 Earnings Webcast and Conference Call
- March 6, 2024, at 6:00 AM PT / 9:00 AM ET / 2:00 PM
GMT
- Webcast Link:
https://edge.media-server.com/mmc/p/93my32xz
- Participant Dial-In Numbers:
- U.S. / Canada Participant Toll-Free Dial-In Number: (888)
596-4144
- U.K. Participant Toll-Free Dial-In Number: +44 800 260
6470
- International Participant Toll-Free Dial-In Number: (646)
968-2525
- Conference ID: 5462475
Use of Non-IFRS Financial
Information
In addition to our IFRS results, we review
certain non-IFRS financial measures to help us evaluate our
business, measure our performance, identify trends affecting our
business, establish budgets, measure the effectiveness of
investments in our technology and development and sales and
marketing, and assess our operational efficiencies. These non-IFRS
measures include Contribution ex-TAC, Adjusted EBITDA, Adjusted
EBITDA Margin, Non-IFRS Net Income, and Non-IFRS Earnings per
share, each of which is discussed below.
These non-IFRS financial measures are not
intended to be considered in isolation from, as substitutes for, or
as superior to, the corresponding financial measures prepared in
accordance with IFRS. You are encouraged to evaluate these
adjustments and review the reconciliation of these non-IFRS
financial measures to their most comparable IFRS measures, and the
reasons we consider them appropriate. It is important to note that
the particular items we exclude from, or include in, our non-IFRS
financial measures may differ from the items excluded from, or
included in, similar non-IFRS financial measures used by other
companies. See "Reconciliation of Revenue to Contribution ex-TAC,"
"Reconciliation of Total Comprehensive Income (Loss) to Adjusted
EBITDA," and "Reconciliation of Net Income (Loss) to Non-IFRS Net
Income," included as part of this press release.
- Contribution
ex-TAC: Contribution ex-TAC for Nexxen is defined as gross
profit plus depreciation and amortization attributable to cost of
revenues and cost of revenues (exclusive of depreciation and
amortization) minus the Performance media cost (“traffic
acquisition costs” or “TAC”). Performance media cost represents the
costs of purchases of impressions from publishers on a
cost-per-thousand impression basis in our non-core Performance
activities. Contribution ex-TAC is a supplemental measure of our
financial performance that is not required by, or presented in
accordance with, IFRS. Contribution ex-TAC should not be considered
as an alternative to gross profit as a measure of financial
performance. Contribution ex-TAC is a non-IFRS financial measure
and should not be viewed in isolation. We believe Contribution
ex-TAC is a useful measure in assessing the performance of Nexxen,
because it facilitates a consistent comparison against our core
business without considering the impact of traffic acquisition
costs related to revenue reported on a gross basis.
- Adjusted EBITDA:
We define Adjusted EBITDA for Nexxen as total comprehensive income
(loss) for the period adjusted for foreign currency translation
differences for foreign operations, foreign currency translation
for subsidiary sold reclassified to profit and loss, financing
expenses (income), net, tax expenses, depreciation and
amortization, stock-based compensation, restructuring,
acquisition-related costs and other expenses, net. Adjusted EBITDA
is included in the press release because it is a key metric used by
management and our board of directors to assess our financial
performance. Adjusted EBITDA is frequently used by analysts,
investors, and other interested parties to evaluate companies in
our industry. Management believes that Adjusted EBITDA is an
appropriate measure of operating performance because it eliminates
the impact of expenses that do not relate directly to the
performance of the underlying business.
- Adjusted EBITDA Margin: We
define Adjusted EBITDA Margin as Adjusted EBITDA on a Contribution
ex-TAC basis.
- Non-IFRS Income (Loss) and
Non-IFRS Earnings (Loss) per Share: We define non-IFRS
earnings (loss) per share as non-IFRS income (loss) divided by
non-IFRS weighted-average shares outstanding. Non-IFRS income
(loss) is equal to net income (loss) excluding stock-based
compensation, and cash- and non-cash-based acquisition and related
expenses, including amortization of acquired intangible assets,
merger-related severance costs, and transaction expenses. In
periods in which we have non-IFRS income, non-IFRS weighted-average
shares outstanding used to calculate non-IFRS earnings per share
includes the impact of potentially dilutive shares. Potentially
dilutive shares consist of stock options, restricted stock awards,
restricted stock units, and performance stock units, each computed
using the treasury stock method. We believe non-IFRS earnings
(loss) per share is useful to investors in evaluating our ongoing
operational performance and our trends on a per share basis, and
also facilitates comparison of our financial results on a per share
basis with other companies, many of which present a similar
non-IFRS measure. However, a potential limitation of our use of
non-IFRS earnings (loss) per share is that other companies may
define non-IFRS earnings per share differently, which may make
comparison difficult. This measure may also exclude expenses that
may have a material impact on our reported financial results.
Non-IFRS earnings (loss) per share is a performance measure and
should not be used as a measure of liquidity. Because of these
limitations, we also consider the comparable IFRS measure of net
income.
We do not provide a reconciliation of
forward-looking non-IFRS financial metrics, because reconciling
information is not available without an unreasonable effort, such
as attempting to make assumptions that cannot reasonably be made on
a forward-looking basis to determine the corresponding IFRS
metric.
The information contained within this
announcement is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 (as implemented into English law) ("MAR"). With the
publication of this announcement via a Regulatory Information
Service, this inside information is now considered to be in the
public domain.
About Nexxen
Nexxen empowers advertisers, agencies,
publishers and broadcasters around the world to utilize video and
Connected TV in the ways that are most meaningful to them.
Comprised of a demand-side platform (DSP), supply-side platform
(SSP), ad server and data management platform (DMP), Nexxen
delivers a flexible and unified technology stack with advanced and
exclusive data at its core. Our robust capabilities span discovery,
planning, activation, measurement and optimization – available
individually or in combination – all designed to enable our
partners to reach their goals, no matter how far-reaching or hyper
niche they may be. For more information, visit www.nexxen.com
Nexxen is headquartered in Israel and maintains
offices throughout the United States, Canada, Europe and
Asia-Pacific, and is traded on the London Stock Exchange (AIM:
NEXN) and NASDAQ (NEXN).
For further information please
contact:
Nexxen International Ltd. Billy
Eckert, Vice President of Investor Relations ir@nexxen.com
Caroline Smith, Vice President of Communications
csmith@nexxen.com
KCSA (U.S. Investor
Relations) David Hanover, Investor Relations
nexxenir@kcsa.com
Vigo Consulting (U.K. Financial
PR & Investor Relations) Jeremy Garcia / Peter Jacob /
Aisling Fitzgerald Tel: +44 20 7390 0230
or nexxen@vigoconsulting.com
Cavendish Capital Markets Limited
Jonny Franklin-Adams / Charlie Beeson / George Dollemore (Corporate
Finance) Tim Redfern / Harriet Ward (ECM) Tel: +44
20 7220 0500
Forward Looking Statements
This press release contains forward-looking
statements, including forward-looking statements within the meaning
of Section 27A of the United States Securities Act of 1933, as
amended, and Section 21E of the United States
Securities and Exchange Act of 1934, as amended.
Forward-looking statements are identified by words such as
“anticipates,” “believes,” “expects,” “intends,” “may,” “can,”
“will,” “estimates,” and other similar expressions. However, these
words are not the only way Nexxen identifies forward-looking
statements. All statements contained in this press release that do
not relate to matters of historical fact should be considered
forward-looking statements, including without limitation statements
regarding anticipated financial results for full year 2024 and
beyond; anticipated benefits of Nexxen’s strategic transactions and
commercial partnerships; anticipated features and benefits of
Nexxen’s products and service offerings; Nexxen’s positioning for
accelerated growth and continued future growth in both the US and
international markets in 2024 and beyond; Nexxen’s medium- to
long-term prospects; management’s belief that Nexxen is
well-positioned to benefit from future industry growth trends and
Company-specific catalysts; the Company’s expectations with respect
to Video revenue; the potential negative impact of ongoing
macroeconomic headwinds and uncertainty that have limited
advertising activity and the anticipation that these challenges
could continue to have an impact for the remainder of 2024 and
beyond; the Company’s plans with respect to its cash reserves and
its intent to not undertake any major acquisitions in the
near-term; its continued focus in 2024 on expanding its base of
end-to-end customers, growing data licensing revenue and expanding
its streaming, TV, and agency partnerships to drive growth and
increased profitability; the expectation of launching its TV
Intelligence solution in additional major international markets in
2024, enhancing and expanding the Company’s international CTV
growth opportunity; the anticipated benefits from the Company’s
investment in VIDAA and its enhanced strategic relationship with
Hisense; the anticipated benefits of the rebranding of the Tremor
group to Nexxen, and the Company’s plans with respect thereto, as
well as any other statements related to Nexxen’s future financial
results and operating performance. These statements are neither
promises nor guarantees but involve known and unknown risks,
uncertainties and other important factors that may cause Nexxen’s
actual results, performance or achievements to be materially
different from its expectations expressed or implied by the
forward-looking statements, including, but not limited to, the
following: negative global economic conditions; global conflicts
and war, including the current terrorist attacks by Hamas, and the
war and hostilities between Israel and Hamas and Israel and
Hezbollah, and how those conditions may adversely impact Nexxen’s
business, customers, and the markets in which Nexxen competes;
changes in industry trends; the risk that Nexxen will not realize
the anticipated benefits of its acquisition of Amobee and strategic
investment in VIDAA; and, other negative developments in Nexxen’s
business or unfavourable legislative or regulatory developments.
Nexxen cautions you not to place undue reliance on these
forward-looking statements. For a more detailed discussion of these
factors, and other factors that could cause actual results to vary
materially, interested parties should review the risk factors
listed in the Company’s most recent Annual Report on Form 20-F,
filed with the U.S. Securities and Exchange
Commission (www.sec.gov)
on March 7, 2023. Any forward-looking statements made by
Nexxen in this press release speak only as of the date of this
press release, and Nexxen does not intend to update these
forward-looking statements after the date of this press release,
except as required by law.
Nexxen, and the Nexxen logo are trademarks
of Nexxen International Ltd. in the United
States and other countries. All other trademarks are the
property of their respective owners. The use of the word “partner”
or “partnership” in this press release does not mean a legal
partner or legal partnership.
Reconciliation of Total Comprehensive
Income (Loss) to Adjusted EBITDA
| |
Three months endedDecember
31 |
|
Twelve months ended December
31 |
|
| |
2023 |
|
2022 |
|
% |
|
2023 |
|
2022 |
|
% |
| ($ in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss) |
5,341 |
|
9,796 |
|
(45%) |
|
(18,127) |
|
16,238 |
|
(212%) |
|
Foreign currency translation differences for foreign operation |
(2,114) |
|
(4,735) |
|
|
|
(2,126) |
|
6,499 |
|
|
|
Foreign currency translation for subsidiary sold reclassified to
profit and loss |
- |
|
- |
|
|
|
(1,234) |
|
- |
|
|
|
Tax expenses |
6,487 |
|
5,040 |
|
|
|
2,503 |
|
19,688 |
|
|
|
Financial expense (income), net |
(105) |
|
717 |
|
|
|
2,008 |
|
2,327 |
|
|
|
Depreciation and amortization |
21,047 |
|
17,184 |
|
|
|
78,285 |
|
42,700 |
|
|
|
Stock-based compensation |
1,386 |
|
7,986 |
|
|
|
19,169 |
|
50,505 |
|
|
|
Acquisition related costs |
- |
|
93 |
|
|
|
171 |
|
6,085 |
|
|
|
Restructuring |
- |
|
307 |
|
|
|
796 |
|
307 |
|
|
|
Other expense |
- |
|
540 |
|
|
|
1,765 |
|
540 |
|
|
|
Adjusted EBITDA |
32,042 |
|
36,928 |
|
(13%) |
|
83,210 |
|
144,889 |
|
(43%) |
Reconciliation of Revenue to Contribution
ex-TAC
| |
Three months ended December
31 |
|
Twelve months endedDecember
31 |
| |
2023 |
|
2022 |
|
% |
|
2023 |
|
2022 |
% |
| ($ in thousands) |
|
|
|
|
|
|
|
|
|
Revenues |
95,916 |
|
107,697 |
|
(11%) |
|
331,993 |
|
335,250 |
(1%) |
|
Cost of revenues (exclusive of depreciation and amortization) |
(17,886) |
|
(17,265) |
|
|
|
(62,270) |
|
(60,745) |
|
|
Depreciation and amortization attributable to Cost of Revenues |
(13,682) |
|
(11,810) |
|
|
|
(50,825) |
|
(25,367) |
|
|
Gross profit (IFRS) |
64,348 |
|
78,622 |
|
(18%) |
|
218,898 |
|
249,138 |
(12%) |
|
Depreciation and amortization attributable to Cost of Revenues |
13,682 |
|
11,810 |
|
|
|
50,825 |
|
25,367 |
|
|
Cost of revenues (exclusive of depreciation and amortization) |
17,886 |
|
17,265 |
|
|
|
62,270 |
|
60,745 |
|
|
Performance media cost |
(5,392) |
|
(4,695) |
|
|
|
(17,810) |
|
(25,524) |
|
|
Contribution ex-TAC (Non-IFRS) |
90,524 |
|
103,002 |
|
(12%) |
|
314,183 |
|
309,726 |
1% |
| |
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Income (Loss) to
Non-IFRS Net Income
| |
Three months endedDecember
31 |
Twelve months endedDecember
31 |
| ($ in
thousands) |
2023 |
|
2022 |
|
% |
2023 |
2022 |
% |
| |
|
|
|
|
|
|
|
|
| Net
Income (loss) |
3,227 |
|
5,061 |
|
(36%) |
(21,487) |
22,737 |
(195%) |
|
Acquisition related costs |
- |
|
93 |
|
|
171 |
6,085 |
|
|
Amortization of acquired intangibles |
14,931 |
|
8,496 |
|
|
42,952 |
20,768 |
|
|
Restructuring |
- |
|
307 |
|
|
796 |
307 |
|
|
Stock-based compensation expense |
1,386 |
|
7,986 |
|
|
19,169 |
50,505 |
|
|
Other expense |
- |
|
540 |
|
|
1,765 |
540 |
|
|
Tax effect of Non-IFRS adjustments(1) |
(5,086) |
|
(262) |
|
|
(11,153) |
(9,130) |
|
|
Non-IFRS Income |
14,458 |
|
22,221 |
|
(35%) |
32,213 |
91,812 |
(65%) |
| |
|
|
|
|
|
|
|
|
| Weighted
average shares outstanding—diluted (in millions) (2) |
147.5 |
|
147.6 |
|
|
145.2 |
153.1 |
|
| |
|
|
|
|
|
|
|
|
|
Non-IFRS diluted Earnings Per Share (in USD) |
0.10 |
|
0.15 |
|
(35%) |
0.22 |
0.60 |
(63%) |
(1) Non-IFRS income includes the estimated tax impact from the
expense items reconciling between net income (loss) and non-IFRS
income(2) Non-IFRS earnings per share is computed using the same
weighted-average number of shares that are used to compute IFRS
earnings per share
|
NEXXEN INTERNATIONAL LTD. (FORMERLY TREMOR INTERNATIONAL
LTD.)CONSOLIDATED STATEMENTS OF FINANCIAL
POSITION(Audited) |
| |
|
|
|
December 31 |
|
|
|
|
|
2023 |
|
2022 |
| |
|
Note |
|
USD thousands |
|
Assets |
|
|
|
|
|
|
|
ASSETS: |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
10 |
|
234,308 |
|
217,500 |
|
Trade receivables, net |
|
8 |
|
201,973 |
|
219,837 |
|
Other receivables |
|
8 |
|
8,293 |
|
23,415 |
|
Current tax assets |
|
|
|
7,010 |
|
750 |
| |
|
|
|
|
|
|
|
TOTAL CURRENT ASSETS |
|
|
|
451,584 |
|
461,502 |
| |
|
|
|
|
|
|
|
Fixed assets, net |
|
5 |
|
21,401 |
|
29,874 |
|
Right-of-use assets |
|
6 |
|
31,900 |
|
23,122 |
|
Intangible assets, net |
|
7 |
|
362,000 |
|
398,096 |
|
Deferred tax assets |
|
4 |
|
12,393 |
|
18,161 |
|
Investment in shares |
|
18 |
|
25,000 |
|
25,000 |
|
Other long-term assets |
|
|
|
525 |
|
406 |
| |
|
|
|
|
|
|
|
TOTAL NON-CURRENT ASSETS |
|
|
|
453,219 |
|
494,659 |
| |
|
|
|
|
|
|
|
TOTAL ASSETS |
|
|
|
904,803 |
|
956,161 |
|
|
|
|
|
|
|
|
| Liabilities
and shareholders’ equity |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
|
|
Current maturities of lease liabilities |
|
6 |
|
12,106 |
|
14,104 |
|
Trade payables |
|
9 |
|
183,296 |
|
212,690 |
|
Other payables |
|
9 |
|
29,098 |
|
44,355 |
|
Current tax liabilities |
|
|
|
4,937 |
|
9,417 |
| |
|
|
|
|
|
|
|
TOTAL CURRENT LIABILITIES |
|
|
|
229,437 |
|
280,566 |
|
|
|
|
|
|
|
|
|
Employee benefits |
|
|
|
237 |
|
238 |
|
Long-term lease liabilities |
|
6 |
|
24,955 |
|
15,234 |
|
Long-term debt |
|
11 |
|
99,072 |
|
98,544 |
|
Other long-term liabilities |
|
|
|
6,800 |
|
8,802 |
|
Deferred tax liabilities |
|
4 |
|
754 |
|
1,162 |
| |
|
|
|
|
|
|
|
TOTAL NON-CURRENT LIABILITIES |
|
|
|
131,818 |
|
123,980 |
| |
|
|
|
|
|
|
|
TOTAL LIABILITIES |
|
|
|
361,255 |
|
404,546 |
| |
|
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY: |
|
15 |
|
|
|
|
|
Share capital |
|
|
|
417 |
|
413 |
|
Share premium |
|
|
|
410,563 |
|
400,507 |
|
Other comprehensive loss |
|
|
|
(2,441) |
|
(5,801) |
|
Retained earnings |
|
|
|
135,009 |
|
156,496 |
| |
|
|
|
|
|
|
|
TOTAL SHAREHOLDERS’ EQUITY |
|
|
|
543,548 |
|
551,615 |
| |
|
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
904,803 |
|
956,161 |
| |
Chairman of the Board of Directors |
|
CEO |
|
CFO |
|
| Date of approval of the financial statements: March
6, 2024. |
|
NEXXEN INTERNATIONAL (FORMERLY TREMOR INTERNATIONAL
LTD.)CONSOLIDATED STATEMENTS OF OPERATION AND
OTHER COMPREHENSIVE INCOME
(LOSS)(Audited) |
| |
|
|
Year endedDecember 31 |
|
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
| |
Note |
|
USD thousands |
| |
|
|
|
|
|
|
|
|
Revenues |
12 |
|
331,993 |
|
|
335,250 |
|
|
341,945 |
|
| |
|
|
|
|
|
|
|
| Cost of
Revenues (Exclusive of depreciation and amortization shown
separately below) |
13 |
|
62,270 |
|
|
60,745 |
|
|
71,651 |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| Research and
development expenses |
|
|
49,684 |
|
|
33,659 |
|
|
18,422 |
|
| Selling and
marketing expenses |
|
|
105,914 |
|
|
89,953 |
|
|
74,611 |
|
| General and
administrative expenses |
14 |
|
51,051 |
|
|
68,005 |
|
|
63,499 |
|
| Depreciation
and amortization |
|
|
78,285 |
|
|
42,700 |
|
|
40,259 |
|
| Other
expenses (income), net |
|
|
1,765 |
|
|
(4,564 |
) |
|
(959 |
) |
| |
|
|
|
|
|
|
|
| Total
operating costs |
|
|
286,699 |
|
|
229,753 |
|
|
195,832 |
|
| |
|
|
|
|
|
|
|
| Operating
Profit (loss) |
|
|
(16,976 |
) |
|
44,752 |
|
|
74,462 |
|
| |
|
|
|
|
|
|
|
| Financing
income |
|
|
(8,192 |
) |
|
(2,284 |
) |
|
(483 |
) |
| Financing
expenses |
|
|
10,200 |
|
|
4,611 |
|
|
2,670 |
|
| |
|
|
|
|
|
|
|
|
Financing expenses, net |
|
|
2,008 |
|
|
2,327 |
|
|
2,187 |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
Profit (loss) before taxes on income |
|
|
(18,984 |
) |
|
42,425 |
|
|
72,275 |
|
| |
|
|
|
|
|
|
|
| Tax benefit
(expenses) |
4 |
|
(2,503 |
) |
|
(19,688 |
) |
|
948 |
|
| |
|
|
|
|
|
|
|
|
Profit (loss) for the year |
|
|
(21,487 |
) |
|
22,737 |
|
|
73,223 |
|
| |
|
|
|
|
|
|
|
|
Other comprehensive income (loss) items: |
|
|
|
|
|
|
|
| Foreign
currency translation differences for foreign operations |
|
|
2,126 |
|
|
(6,499 |
) |
|
(2,632 |
) |
| Foreign
currency translation for subsidiary sold reclassified to profit and
loss |
|
|
1,234 |
|
|
- |
|
|
- |
|
| |
|
|
|
|
|
|
|
|
Total other comprehensive income (loss) for the
year |
|
|
3,360 |
|
|
(6,499 |
) |
|
(2,632 |
) |
| |
|
|
|
|
|
|
|
|
Totalcomprehensive
income(loss) for the year |
|
|
(18,127 |
) |
|
16,238 |
|
|
70,591 |
|
| |
|
|
|
|
|
|
|
|
Earnings per share |
|
|
|
|
|
|
|
| Basic
earnings (loss) per share (in USD) |
16 |
|
(0.15 |
) |
|
0.15 |
|
|
0.51 |
|
| Diluted
earnings (loss) per share (in USD) |
16 |
|
(0.15 |
) |
|
0.15 |
|
|
0.48 |
|
|
NEXXEN INTERNATIONAL LTD. (FORMERLY TREMOR INTERNATIONAL
LTD.)CONSOLIDATED STATEMENTS OF CHANGES IN
EQUITY(Audited) |
| |
Sharecapital |
|
Sharepremium |
|
Other comprehensiveincome (loss) |
|
RetainedEarnings |
|
Total |
| |
USD thousands |
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
Balance as of January 1, 2021 |
380 |
|
|
264,831 |
|
|
3,330 |
|
|
60,472 |
|
329,013 |
|
|
Total Comprehensive income (loss) for the
year |
|
|
|
|
|
|
|
|
|
|
Profit for the year |
- |
|
|
- |
|
|
- |
|
|
73,223 |
|
73,223 |
|
|
Other comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
Foreign currency translation |
- |
|
|
- |
|
|
(2,632 |
) |
|
- |
|
(2,632 |
) |
| |
|
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss) for the
year |
- |
|
|
- |
|
|
(2,632 |
) |
|
73,223 |
|
70,591 |
|
|
Transactions with owners, recognized directly in
equity |
|
|
|
|
|
|
|
|
|
|
Revaluation of liability for put option on non- controlling
interests |
- |
|
|
- |
|
|
- |
|
|
64 |
|
64 |
|
|
Own shares acquired |
(3 |
) |
|
(6,640 |
) |
|
- |
|
|
- |
|
(6,643 |
) |
|
Share based compensation |
- |
|
|
41,822 |
|
|
- |
|
|
- |
|
41,822 |
|
|
Exercise of share options |
17 |
|
|
1,353 |
|
|
- |
|
|
- |
|
1,370 |
|
|
Issuance of shares |
47 |
|
|
136,111 |
|
|
- |
|
|
- |
|
136,158 |
|
|
Issuance of Restricted shares |
1 |
|
|
(1 |
) |
|
- |
|
|
- |
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2021 |
442 |
|
|
437,476 |
|
|
698 |
|
|
133,759 |
|
572,375 |
|
| |
|
|
|
|
|
|
|
|
|
|
Total Comprehensive Income (loss) for the
year |
|
|
|
|
|
|
|
|
|
|
Profit for the year |
- |
|
|
- |
|
|
- |
|
|
22,737 |
|
22,737 |
|
|
Other comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
Foreign Currency Translation |
- |
|
|
- |
|
|
(6,499 |
) |
|
- |
|
(6,499 |
) |
| |
|
|
|
|
|
|
|
|
|
|
Total comprehensive Income (loss) for the
year |
- |
|
|
- |
|
|
(6,499 |
) |
|
22,737 |
|
16,238 |
|
| |
|
|
|
|
|
|
|
|
|
|
Transactions with owners, recognized directly in
equity |
|
|
|
|
|
|
|
|
|
|
Own shares acquired |
(50 |
) |
|
(86,202 |
) |
|
- |
|
|
- |
|
(86,252 |
) |
|
Share based compensation |
- |
|
|
47,049 |
|
|
- |
|
|
- |
|
47,049 |
|
|
Exercise of share options |
21 |
|
|
2,184 |
|
|
- |
|
|
- |
|
2,205 |
|
| |
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2022 |
413 |
|
|
400,507 |
|
|
(5,801 |
) |
|
156,496 |
|
551,615 |
|
|
NEXXEN INTERNATIONAL LTD. (FORMERLY TREMOR INTERNATIONAL
LTD.)CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Cont.)(Audited) |
| |
Sharecapital |
|
Sharepremium |
|
Othercomprehensiveincome (loss) |
|
RetainedEarnings |
|
Total |
| |
USD thousands |
| |
|
|
|
|
|
|
|
|
|
|
Balance as of January 1, 2023 |
413 |
|
400,507 |
|
(5,801 |
) |
|
156,496 |
|
551,615 |
|
Total Comprehensive Income (loss) for the
year |
|
|
|
|
|
|
|
|
|
|
Loss for the year |
- |
|
|
- |
|
|
- |
|
|
(21,487 |
) |
|
(21,487 |
) |
|
Other comprehensive income: |
|
|
|
|
|
|
|
|
|
|
Foreign Currency Translation |
- |
|
|
- |
|
|
2,126 |
|
|
- |
|
|
2,126 |
|
|
Foreign Currency Translation for subsidiary sold |
- |
|
|
- |
|
|
1,234 |
|
|
- |
|
|
1,234 |
|
| |
|
|
|
|
|
|
|
|
|
|
Total comprehensive Income (loss) for the
year |
- |
|
|
- |
|
|
3,360 |
|
|
(21,487 |
) |
|
(18,127 |
) |
| |
|
|
|
|
|
|
|
|
|
|
Transactions with owners, recognized directly in
equity |
|
|
|
|
|
|
|
|
|
|
Own shares acquired |
(8 |
) |
|
(9,306 |
) |
|
- |
|
|
- |
|
|
(9,314 |
) |
|
Share based compensation |
- |
|
|
19,141 |
|
|
- |
|
|
- |
|
|
19,141 |
|
|
Exercise of share options |
12 |
|
|
221 |
|
|
- |
|
|
- |
|
|
233 |
|
| |
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2023 |
417 |
|
|
410,563 |
|
|
(2,441 |
) |
|
135,009 |
|
|
543,548 |
|
|
NEXXEN INTERNATIONAL LTD. (FORMERLY TREMOR INTERNATIONAL
LTD.)CONSOLIDATED STATEMENTS OF CASH
FLOWS(Audited) |
| |
|
Year ended December 31 |
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
| |
|
USD thousands |
| |
|
|
|
|
|
|
| CASH
FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
Profit (loss) for the year |
|
(21,487 |
) |
|
22,737 |
|
|
73,223 |
|
|
Adjustments for: |
|
|
|
|
|
|
|
Depreciation and amortization |
|
78,285 |
|
|
42,700 |
|
|
40,259 |
|
|
Net financing expense |
|
1,699 |
|
|
2,147 |
|
|
2,023 |
|
|
Loss from disposals of fixed and intangible assets |
|
2 |
|
|
542 |
|
|
- |
|
|
Loss (gain) on leases modification |
|
119 |
|
|
56 |
|
|
(377 |
) |
|
Loss (gain) on sale of business unit |
|
1,765 |
|
|
- |
|
|
(982 |
) |
|
Share-based compensation and restricted shares |
|
19,169 |
|
|
50,505 |
|
|
42,818 |
|
|
Tax (benefit) expense |
|
2,503 |
|
|
19,688 |
|
|
(948 |
) |
|
Change in trade and other receivables |
|
30,603 |
|
|
57,050 |
|
|
(11,676 |
) |
|
Change in trade and other payables |
|
(43,077 |
) |
|
(100,145 |
) |
|
26,845 |
|
|
Change in employee benefits |
|
(1 |
) |
|
(179 |
) |
|
(69 |
) |
|
Income taxes received |
|
352 |
|
|
1,175 |
|
|
2,231 |
|
|
Income taxes paid |
|
(8,721 |
) |
|
(14,784 |
) |
|
(3,185 |
) |
|
Interest received |
|
8,016 |
|
|
2,103 |
|
|
496 |
|
|
Interest paid |
|
(8,486 |
) |
|
(587 |
) |
|
(570 |
) |
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
|
60,741 |
|
|
83,008 |
|
|
170,088 |
|
|
|
|
|
|
|
|
|
| CASH
FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
Change in pledged deposits, net |
|
1,498 |
|
|
(213 |
) |
|
(11 |
) |
|
Payments on finance lease receivable |
|
1,112 |
|
|
1,306 |
|
|
2,454 |
|
|
Repayment of long-term loans |
|
51 |
|
|
- |
|
|
- |
|
|
Acquisition of fixed assets |
|
(4,495 |
) |
|
(6,433 |
) |
|
(3,378 |
) |
|
Acquisition and capitalization of intangible assets |
|
(15,126 |
) |
|
(8,750 |
) |
|
(4,966 |
) |
|
Proceeds from sale of business unit |
|
- |
|
|
1,180 |
|
|
415 |
|
|
Investment in shares |
|
- |
|
|
(25,000 |
) |
|
- |
|
|
Acquisition of subsidiaries, net of cash acquired |
|
- |
|
|
(195,084 |
) |
|
(11,001 |
) |
|
|
|
|
|
|
|
|
|
Net cash used in investing activities |
|
(16,960 |
) |
|
(232,994 |
) |
|
(16,487 |
) |
|
|
|
|
|
|
|
|
| CASH
FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
Acquisition of own shares |
|
(9,518 |
) |
|
(86,048 |
) |
|
(6,643 |
) |
|
Proceeds from exercise of share options |
|
233 |
|
|
2,205 |
|
|
1,370 |
|
|
Leases repayment |
|
(17,262 |
) |
|
(12,018 |
) |
|
(10,009 |
) |
|
Issuance of shares, net of issuance cost |
|
- |
|
|
- |
|
|
134,558 |
|
|
Receipt of long-term debt, net of transaction cost |
|
- |
|
|
98,917 |
|
|
- |
|
|
Payment of financial liability |
|
- |
|
|
- |
|
|
(2,414 |
) |
|
Net cash provided by (used in) financing activities |
|
(26,547 |
) |
|
3,056 |
|
|
116,862 |
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
|
17,234 |
|
|
(146,930 |
) |
|
270,463 |
|
| |
|
|
|
|
|
|
| CASH
AND CASH EQUIVALENTS AS OF THE BEGINNING OF YEAR |
|
217,500 |
|
|
367,717 |
|
|
97,463 |
|
|
EFFECT OF EXCHANGE RATE FLUCTUATIONS ON CASH AND CASH
EQUIVALENTS |
|
(426 |
) |
|
(3,287 |
) |
|
(209 |
) |
| |
|
|
|
|
|
|
| CASH
AND CASH EQUIVALENTS AS OF THE END OF YEAR |
|
234,308 |
|
|
217,500 |
|
|
367,717 |
|
Nexxen (NASDAQ:NEXN)
Graphique Historique de l'Action
De Déc 2024 à Jan 2025
Nexxen (NASDAQ:NEXN)
Graphique Historique de l'Action
De Jan 2024 à Jan 2025
