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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 8/30/22 Aleph Group, Inc. F-1/A 5:11M Toppan Merrill/FA |
Document/Exhibit Description Pages Size 1: F-1/A Pre-Effective Amendment to Registration Statement HTML 6.81M by a Foreign Issuer 2: EX-10.4 Material Contract HTML 35K 3: EX-10.5 Material Contract HTML 29K 4: EX-21.1 Subsidiaries List HTML 71K 5: EX-23.1 Consent of Expert or Counsel HTML 6K
tm2128749-12_f1a - block - 96.2034937s |
|
The Cayman Islands
(State or other jurisdiction of
incorporation or organization) |
| |
(Primary Standard Industrial
Classification Code Number) |
| |
N/A
(I.R.S. Employer
Identification Number) |
|
| | | |
| | | |
Per Class A
common share |
| |
Total(1)
|
|
| Initial public offering price | | | U.S.$ | | | U.S.$ | |
| Underwriting discounts and commissions | | | U.S.$ | | | U.S.$ | |
| Proceeds, before expenses, to us(2) | | | U.S.$ | | | U.S.$ | |
| Proceeds, before expenses, to the selling shareholders(2) | | | U.S.$ | | | U.S.$ | |
|
J.P. Morgan
|
| | Citigroup | | |
Goldman Sachs & Co. LLC
|
| |
BofA Securities
|
|
|
UBS Investment Bank
|
| |
Deutsche Bank Securities
|
| |
BNP PARIBAS
|
| |
Macquarie Capital
|
|
| | |
Page
|
| |||
| | | | 1 | | | |
| | | | 4 | | | |
| | | | 17 | | | |
| | | | 38 | | | |
| | | | 41 | | | |
| | | | 46 | | | |
| | | | 77 | | | |
| | | | 78 | | | |
| | | | 79 | | | |
| | | | 80 | | | |
| | | | 82 | | | |
| | | | 84 | | | |
| | | | 85 | | | |
| | | | 93 | | | |
| | | | 120 | | | |
| | | | 154 | | | |
| | | | 160 | | | |
| | | | 163 | | | |
| | | | 165 | | | |
| | | | 184 | | | |
| | | | 186 | | | |
| | | | 190 | | | |
| | | | 205 | | | |
| | | | 206 | | | |
| | | | 206 | | | |
| | | | 207 | | | |
| | | | 208 | | | |
| | | | F-1 | | |
| | |
Six Month Period Ended June 30,
|
| |
Year Ended December 31,
|
| ||||||||||||||||||
| | | | |
2021
|
| |
2021
|
| |
2020
|
| |||||||||||||
| | |
(in thousands of U.S.$)
|
| |||||||||||||||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| | | | | | | | | | | | | ||||||
Net income
|
| | | | 13,613 | | | | | | 14,906 | | | | | | 26,315 | | | | | | 2,207 | | |
Adjustments: | | | | | | | | | | | | | | | | ||||||||||
Income tax expense
|
| | | | 5,371 | | | | | | 4,857 | | | | | | 8,577 | | | | | | 7,315 | | |
Net loss on foreign currency transactions
|
| | | | 5,306 | | | | | | 173 | | | | | | 1,081 | | | | | | 7,405 | | |
Interest expense, net
|
| | | | 1,551 | | | | | | 479 | | | | | | 1,057 | | | | | | 736 | | |
Result on investments
|
| | | | (240) | | | | | | — | | | | | | — | | | | | | — | | |
Depreciation and amortization expense
|
| | | | 7,026 | | | | | | 1,078 | | | | | | 2,265 | | | | | | 1,978 | | |
Long-term incentive plan
|
| | | | 177 | | | | | | 2,798 | | | | | | 2,798 | | | | | | 337 | | |
IPO expenses (not capitalized)
|
| | | | 1,518 | | | | | | — | | | | | | 1,722 | | | | | | — | | |
Stamp tax on Akuma’s Flip-up
|
| | | | — | | | | | | — | | | | | | 1,512 | | | | | | — | | |
Stock option plan — Shared-based
compensation |
| | | | 2,685 | | | | | | — | | | | | | 2,916 | | | | | | — | | |
Transaction-related expenses on acquisition of businesses
|
| | | | 654 | | | | | | — | | | | | | 601 | | | | | | 71 | | |
Adjusted EBITDA (Unaudited)
|
| | | | 37,661 | | | | | | 24,291 | | | | | | 48,844 | | | | | | 20,049 | | |
|
| | |
For the Six Month Period
Ended June 30, 2022 |
| |
Year Ended December 31, 2021
|
| ||||||
| | |
(in thousands of U.S.$)
|
| |||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||
Pro forma net income
|
| | | | 13,505 | | | | | | 34,689 | | |
Adjustments: | | | | | | | | | |||||
Pro forma income tax expense
|
| | | | 5,310 | | | | | | 10,536 | | |
Pro forma net loss (gain) on foreign currency transactions
|
| | | | 5,300 | | | | | | (452) | | |
Pro forma interest expense, net
|
| | | | 1,742 | | | | | | 3,309 | | |
Pro forma depreciation and amortization expense
|
| | | | 7,867 | | | | | | 12,503 | | |
Pro forma results on investments(1)
|
| | | | (240) | | | | | | — | | |
Pro forma long-term incentive plan(1)
|
| | | | 177 | | | | | | 2,798 | | |
Pro forma IPO expenses (not capitalized)(1)
|
| | | | 1,518 | | | | | | 1,722 | | |
Pro forma stamp tax on Akuma’s Flip-up(1)
|
| | | | — | | | | | | 1,512 | | |
Pro forma stock option plan — Shared-based compensation(1)
|
| | | | 2,685 | | | | | | 2,916 | | |
Pro forma transaction-related expenses on acquisition of businesses
|
| | | | 654 | | | | | | 601 | | |
Pro Forma Adjusted EBITDA
|
| | | | 38,518 | | | | | | 70,134 | | |
|
| | |
Six Month Period, Ended June 30
|
| |||||||||||||||||||||||||||||||||
| | |
as reported
|
| |
FX Neutral Measures
|
| ||||||||||||||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
Percentage
Change |
| |
2022
|
| |
2021
|
| |
Percentage
Change |
| ||||||||||||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| | | | | | | |
(Unaudited)
|
| |
(Unaudited)
|
| | |||||||||||||||||
Total Advertising Volume (Unaudited)
|
| | | | 680,134 | | | | | | 436,544 | | | | | | 55.8% | | | | | | 756,123 | | | | | | 436,544 | | | | | | 73.2% | | |
Revenues, Net
|
| | | | 99,292 | | | | | | 57,412 | | | | | | 72.9% | | | | | | 112,791 | | | | | | 57,412 | | | | | | 96.5% | | |
| | |
Source
|
| |||||||||||||||||||||||||||||||||||||||
Countries
|
| |
Company
|
| |
Economic Intelligence Unit
|
| |
GlobalData
|
| |
eMarketer
|
| ||||||||||||||||||||||||||||||
| | |
Countries
where Aleph operates |
| |
Countries
included in the TAM (Total Addressable Market) definition |
| |
Countries
included in Population metric |
| |
Countries
included in Real GDP metric |
| |
Countries
included in Internet Users metric |
| |
Countries
included in Social Media & Smartphone metric |
| |
Countries
included in Digital Advertising Spending metric |
| |||||||||||||||||||||
Developed Countries | | | | | | | | | |||||||||||||||||||||||||||||||||||
Australia
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
Austria
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
Belgium
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
Canada
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
Denmark
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
Finland
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
France
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
Germany
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
Hong Kong
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
Ireland
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
Israel
|
| | | | x | | | | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
Italy
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
Japan
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
Netherlands
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
New Zealand
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
Norway
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
Portugal
|
| | | | x | | | | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
Singapore
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
Spain
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
Sweden
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
Switzerland
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
UK
|
| | | | x | | | | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
USA
|
| | | | x | | | | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
Emerging Countries | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Afghanistan
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | | | |
Albania
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Algeria
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
Angola
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | | | |
Antigua and Barbuda
|
| | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Argentina
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
Armenia
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Aruba
|
| | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Azerbaijan
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | x | | |
Bahamas
|
| | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Bahrain
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | x | | |
| | |
Source
|
| |||||||||||||||||||||||||||||||||||||||
Countries
|
| |
Company
|
| |
Economic Intelligence Unit
|
| |
GlobalData
|
| |
eMarketer
|
| ||||||||||||||||||||||||||||||
| | |
Countries
where Aleph operates |
| |
Countries
included in the TAM (Total Addressable Market) definition |
| |
Countries
included in Population metric |
| |
Countries
included in Real GDP metric |
| |
Countries
included in Internet Users metric |
| |
Countries
included in Social Media & Smartphone metric |
| |
Countries
included in Digital Advertising Spending metric |
| |||||||||||||||||||||
Bangladesh
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | x | | |
Barbados
|
| | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Belarus
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Belize
|
| | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Benin
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | | | |
Bermuda
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | | | |
Bhutan
|
| | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Bolivia
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | x | | |
Bosnia & Herz.
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Botswana
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | | | |
Brazil
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
Brunei Darussalam
|
| | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Bulgaria
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
Burkina Faso
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | | | |
Burundi
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | | | |
Cambodia
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Cameroon
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | | | |
Cape Verde
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | | | |
Cayman Islands
|
| | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Central African Republic
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | | | |
Chad
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | | | |
Chile
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
China
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
Colombia
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
Comoros
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | | | |
Congo. Dem. Rep.
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | | | |
Congo. Rep.
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | | | |
Costa Rica
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | x | | |
Cote d’Ivoire
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | | | |
Croatia
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Cuba
|
| | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Curacao
|
| | | | | | | | | | | | | | | | x | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cyprus
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Czech Republic
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
Djibouti
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | | | |
Dominica
|
| | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
| | |
Source
|
| |||||||||||||||||||||||||||||||||||||||
Countries
|
| |
Company
|
| |
Economic Intelligence Unit
|
| |
GlobalData
|
| |
eMarketer
|
| ||||||||||||||||||||||||||||||
| | |
Countries
where Aleph operates |
| |
Countries
included in the TAM (Total Addressable Market) definition |
| |
Countries
included in Population metric |
| |
Countries
included in Real GDP metric |
| |
Countries
included in Internet Users metric |
| |
Countries
included in Social Media & Smartphone metric |
| |
Countries
included in Digital Advertising Spending metric |
| |||||||||||||||||||||
Dominican Republic
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | x | | |
Ecuador
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
Egypt
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
El Salvador
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | x | | |
Equatorial Guinea
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | | | |
Eritrea
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | | | |
Estonia
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Eswatini
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | | | |
Ethiopia
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | | | |
Fiji
|
| | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Gabon
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | | | |
Gambia
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | | | |
Georgia
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Ghana
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | | | |
Greece
|
| | | | x | | | | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x(1) | | |
Grenada
|
| | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Guatemala
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | x | | |
Guinea
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | | | |
Guinea-Bissau
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | | | |
Guyana
|
| | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Haiti
|
| | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Honduras
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | x | | |
Hungary
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
Iceland
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x(1) | | |
India
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
Indonesia
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
Iran
|
| | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
Iraq
|
| | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | x | | |
Jamaica
|
| | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Jordan
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | x | | |
Kazakhstan
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | x | | |
Kenya
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | | | |
Kiribati
|
| | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Kosovo
|
| | | | x | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Kuwait
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | x | | |
Kyrgyz Republic
|
| | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
| | |
Source
|
| |||||||||||||||||||||||||||||||||||||||
Countries
|
| |
Company
|
| |
Economic Intelligence Unit
|
| |
GlobalData
|
| |
eMarketer
|
| ||||||||||||||||||||||||||||||
| | |
Countries
where Aleph operates |
| |
Countries
included in the TAM (Total Addressable Market) definition |
| |
Countries
included in Population metric |
| |
Countries
included in Real GDP metric |
| |
Countries
included in Internet Users metric |
| |
Countries
included in Social Media & Smartphone metric |
| |
Countries
included in Digital Advertising Spending metric |
| |||||||||||||||||||||
Laos
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Latvia
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Lebanon
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Lesotho
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | | | |
Liberia
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | | | |
Libya
|
| | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Lithuania
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Luxembourg
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x(1) | | |
Macau
|
| | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Madagascar
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | | | |
Malawi
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | | | |
Malaysia
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
Maldives
|
| | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | x | | |
Mali
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | | | |
Malta
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x(1) | | |
Marshall Islands
|
| | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Mauritania
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | | | |
Mauritius
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | | | |
Mexico
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
Micronesia
|
| | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Moldova
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Mongolia
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Montenegro
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Morocco
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | x | | |
Mozambique
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | | | |
Myanmar
|
| | | | x | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | | | |
Namibia
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | | | |
Nauru
|
| | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Nepal
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
New Caledonia
|
| | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Nicaragua
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | x | | |
Niger
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | | | |
Nigeria
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | | | |
North Macedonia
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Oman
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | | | |
Pakistan
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
| | |
Source
|
| |||||||||||||||||||||||||||||||||||||||
Countries
|
| |
Company
|
| |
Economic Intelligence Unit
|
| |
GlobalData
|
| |
eMarketer
|
| ||||||||||||||||||||||||||||||
| | |
Countries
where Aleph operates |
| |
Countries
included in the TAM (Total Addressable Market) definition |
| |
Countries
included in Population metric |
| |
Countries
included in Real GDP metric |
| |
Countries
included in Internet Users metric |
| |
Countries
included in Social Media & Smartphone metric |
| |
Countries
included in Digital Advertising Spending metric |
| |||||||||||||||||||||
Palau
|
| | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Panama
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | x | | |
Papua New Guinea
|
| | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Paraguay
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | x | | |
Peru
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
Philippines
|
| | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
Poland
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
Puerto Rico
|
| | | | x | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | | | |
Qatar
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | x | | |
Romania
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
Russia
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
Rwanda
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | | | |
Samoa
|
| | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Sao Tome and Principe
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | | | |
Saudi Arabia
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
Senegal
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | | | |
Serbia
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Seychelles
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | | | |
Sierra Leone
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | | | |
Slovakia
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
Slovenia
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | x | | |
Solomon Islands
|
| | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Somalia
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | | | |
South Africa
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | | | |
South Korea
|
| | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
Sri Lanka
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
St. Kitts and Nevis
|
| | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
St. Lucia
|
| | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
St. Vincent and the Grenadines
|
| | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | | | | | | | |
Sudan
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | | | |
Suriname
|
| | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Syrian Arab Republic
|
| | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Taiwan
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
Tajikistan
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Tanzania
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | | | |
| | |
Source
|
| |||||||||||||||||||||||||||||||||||||||
Countries
|
| |
Company
|
| |
Economic Intelligence Unit
|
| |
GlobalData
|
| |
eMarketer
|
| ||||||||||||||||||||||||||||||
| | |
Countries
where Aleph operates |
| |
Countries
included in the TAM (Total Addressable Market) definition |
| |
Countries
included in Population metric |
| |
Countries
included in Real GDP metric |
| |
Countries
included in Internet Users metric |
| |
Countries
included in Social Media & Smartphone metric |
| |
Countries
included in Digital Advertising Spending metric |
| |||||||||||||||||||||
Thailand
|
| | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
Timor-Leste
|
| | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Togo
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | | | |
Tonga
|
| | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Trinidad and Tobago
|
| | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Tunis
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | x | | |
Turkey
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
Turkmenistan
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Turks and Caicos Islands
|
| | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Tuvalu
|
| | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Uganda
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | | | |
Ukraine
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
United Arab Emirates
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
Uruguay
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | x | | |
Uzbekistan
|
| | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Vanuatu
|
| | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Venezuela
|
| | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
Vietnam
|
| | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | | | | | x | | |
Virgin Islands
|
| | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Yemen
|
| | | | | | | | | | x | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | x | | |
Zambia
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | x | | | | | | | | |
Zimbabwe
|
| | | | | | | | | | | | | | | | x | | | | | | x | | | | | | | | | | | | | | | | | | | | |
| | | | |
As of December 31,
|
| |||||||||||||
| | | | |
2020
|
| |||||||||||||
| | |
(Unaudited)
|
| |
(in thousands of U.S.$)
|
| ||||||||||||
Total current assets
|
| | | | 396,002 | | | | | | 317,827 | | | | | | 194,060 | | |
Total non-current assets
|
| | | | 282,280 | | | | | | 74,427 | | | | | | 44,982 | | |
Total assets
|
| | | | 678,282 | | | | | | 392,254 | | | | | | 239,042 | | |
Total current liabilities
|
| | | | 415,114 | | | | | | 330,890 | | | | | | 186,547 | | |
Total non-current liabilities
|
| | | | 74,425 | | | | | | 5,949 | | | | | | 9,907 | | |
Total liabilities
|
| | | | 489,539 | | | | | | 336,839 | | | | | | 196,454 | | |
Redeemable Non-controlling Interest
|
| | | | 41,869 | | | | | | — | | | | | | — | | |
Total shareholders’ equity attributable to Aleph Group, Inc shareholders
|
| | | | 124,291 | | | | | | 54,972 | | | | | | 32,698 | | |
Non-controlling interests
|
| | | | 22,583 | | | | | | 443 | | | | | | 9,890 | | |
Total shareholders’ equity
|
| | | | 146,874 | | | | | | 55,415 | | | | | | 42,588 | | |
Total liabilities and shareholders’ equity and Redeemable Non-controlling interest
|
| | | | 678,282 | | | | | | 392,254 | | | | | | 239,042 | | |
| | |
Six-Month Periods Ended
June 30, |
| |
Year Ended December 31,
|
| ||||||||||||||||||
| | | | |
2021
|
| |
2021
|
| |
2020
|
| |||||||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| | | | | | | | | | | | | ||||||
| | |
(in thousands of U.S.$, except for per share amounts)
|
| |||||||||||||||||||||
Revenues, net
|
| | | | 99,292 | | | | | | 57,412 | | | | | | 131,139 | | | | | | 70,272 | | |
Costs of revenue
|
| | | | (11,431) | | | | | | (7,773) | | | | | | (16,480) | | | | | | (13,579) | | |
Selling, general and administrative expenses
|
| | | | (55,234) | | | | | | (28,146) | | | | | | (75,364) | | | | | | (37,052) | | |
Depreciation and amortization expense
|
| | | | (7,026) | | | | | | (1,078) | | | | | | (2,265) | | | | | | (1,978) | | |
Income from operations
|
| | | | 25,601 | | | | | | 20,415 | | | | | | 37,030 | | | | | | 17,663 | | |
Interest expense, net
|
| | | | (1,551) | | | | | | (479) | | | | | | (1,057) | | | | | | (736) | | |
Other financial results, net
|
| | | | (5,066) | | | | | | (173) | | | | | | (1,081) | | | | | | (7,405) | | |
Net income before income tax
|
| | | | 18,984 | | | | | | 19,763 | | | | | | 34,892 | | | | | | 9,522 | | |
Income tax expense
|
| | | | (5,371) | | | | | | (4,857) | | | | | | (8,577) | | | | | | (7,315) | | |
Net income
|
| | | | 13,613 | | | | | | 14,906 | | | | | | 26,315 | | | | | | 2,207 | | |
Less: Net income attributable to non-controlling interests
|
| | | | (1,029) | | | | | | (4,355) | | | | | | (5,340) | | | | | | (5,258) | | |
Less: Net income attributable to redeemable Non-controlling interests
|
| | | | (727) | | | | | | — | | | | | | — | | | | | | — | | |
Net income (loss) attributable to Aleph Group, Inc shareholders
|
| | |
|
11,857
|
| | | |
|
10,551
|
| | | |
|
20,975
|
| | | |
|
(3,051)
|
| |
Net (loss) earnings per share: | | | | | | | | | | | | | | | | ||||||||||
Basic (loss) earnings per share, attributable to shareholders per common share
|
| | | | (0.09) | | | | | | 0.18 | | | | | | 0.31 | | | | | | (0.05) | | |
Diluted (loss) earnings per share, attributable to shareholders per common share
|
| | | | (0.09) | | | | | | 0.18 | | | | | | 0.31 | | | | | | (0.05) | | |
| | |
Six-month period ended June 30,
|
| |
Year Ended December 31,
|
| ||||||||||||||||||
| | | | |
2021
|
| |
2021
|
| |
2020
|
| |||||||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| | | | | | | | | | | | | ||||||
| | |
(in thousands of U.S.$)
|
| |||||||||||||||||||||
Net cash provided by operating activities
|
| | | | 60,666 | | | | | | 40,668 | | | | | | 79,142 | | | | | | 59,900 | | |
Net cash used in investing activities
|
| | | | (55,817) | | | | | | (2,801) | | | | | | (16,250) | | | | | | (1,187) | | |
Net cash provided by (used in) financing activities
|
| | | | 8,780 | | | | | | 583 | | | | | | (5,226) | | | | | | 1,973 | | |
Effect of foreign currency exchange rate changes on
cash and cash equivalents |
| | | | (4,285) | | | | | | (1,707) | | | | | | (4,106) | | | | | | 813 | | |
Net increase in cash, cash equivalents and restricted
cash |
| | | | 9,344 | | | | | | 36,743 | | | | | | 53,560 | | | | | | 61,499 | | |
| | |
Pro Forma
Year Ended December 31, 2021 |
| ||||||
| | |
(in thousands of U.S.$, except for
per share amounts) |
| ||||||
Pro Forma Revenues, net
|
| | | | | | | 168,138 | | |
Pro Forma Costs of revenue
|
| | | | | | | (18,768) | | |
Pro Forma Selling, general and administrative expenses
|
| | | | | | | (88,785) | | |
Pro Forma Depreciation and amortization expense
|
| | | | | | | (12,503) | | |
| | | | | | | | | | |
| | |
Pro Forma
Year Ended December 31, 2021 |
| ||||||
| | |
(in thousands of U.S.$, except for
per share amounts) |
| ||||||
Pro Forma Income from operations
|
| | | | | | | 48,082 | | |
Pro Forma Interest expense, net
|
| | | | | | | (3,309) | | |
Pro Forma Net gain on foreign currency transactions
|
| | | | | |
|
452
|
| |
Pro Forma Net income before income tax
|
| | | | | |
|
45,225
|
| |
Pro Forma Income tax expense
|
| | | | | | | (10,536) | | |
Pro Forma Net income
|
| | | | | | | 34,689 | | |
Less: Pro Forma Net income attributable to non-controlling interests
|
| | | | | |
|
(8,600)
|
| |
Pro Forma Net income attributable to Aleph Group, Inc shareholders
|
| | | | | |
|
26,089
|
| |
Pro Forma Net earnings per share:
|
| | | | | | | | | |
Pro Forma basic earnings per share, attributable to shareholders per common share
|
| | | | | | | 0.35 | | |
Pro Forma diluted earnings per share, attributable to shareholders per common share
|
| | | | | | | 0.35 | | |
| | |
Pro Forma
Six-Month Period Ended June 30, 2022 |
| | | | ||||||
| | |
(in thousands of U.S.$,
except for per share amounts) |
| | ||||||||
Pro Forma Revenues, net
|
| | | | | | | 101,584 | | | | ||
Pro Forma Costs of revenue
|
| | | | | | | (11,601) | | | | ||
Pro Forma Selling, general and administrative expenses
|
| | | | | | | (56,499) | | | | ||
Pro Forma Depreciation and amortization expense
|
| | | | | | | (7,867) | | | | ||
Pro Forma Income from operations
|
| | | | | | | 25,617 | | | | ||
Pro Forma Interest expense, net
|
| | | | | | | (1,742) | | | | ||
Pro Forma Net loss on foreign currency transactions
|
| | | | | | | (5,300) | | | | ||
Pro Forma Results on investments
|
| | | | | | | 240 | | | | ||
Pro Forma Net income before income tax
|
| | | | | | | 18,815 | | | | ||
Pro Forma Income tax expense
|
| | | | | | | (5,310) | | | | ||
Pro Forma Net income
|
| | | | | | | 13,505 | | | | ||
Less: Pro Forma Net income attributable to non-controlling interests
|
| | | | | | | (1,431) | | | | ||
Less: Net income attributable to redeemable Non-controlling interests
|
| | | | | | | (727) | | | | ||
Pro Forma Net income attributable to Aleph Group, Inc shareholders
|
| | | | | |
|
11,347
|
| | | ||
Pro Forma Net earnings per share: | | | | | | | | | | | | ||
Pro Forma basic earnings per share, attributable to shareholders per common share
|
| | | | | | | 0.13 | | | | ||
Pro Forma diluted earnings per share, attributable to shareholders per common share
|
| | | | | | | 0.13 | | | |
| | |
Six-month period ended June 30,
|
| |
Year Ended December 31,
|
| ||||||||||||||||||
| | | | |
2021
|
| |
2021
|
| |
2020
|
| |||||||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| | | | | | | | | | | | | ||||||
| | |
(in thousands of U.S.$)
|
| |||||||||||||||||||||
Total advertising volume(1) (Unaudited)
|
| | | | 680,134 | | | | | | 436,544 | | | | | | 971,821 | | | | | | 432,730 | | |
Revenues, net
|
| | | | 99,292 | | | | | | 57,412 | | | | | | 131,139 | | | | | | 70,272 | | |
Net income
|
| | | | 13,613 | | | | | | 14,906 | | | | | | 26,315 | | | | | | 2,207 | | |
Adjusted EBITDA(2) (Unaudited)
|
| | | | 37,661 | | | | | | 24,291 | | | | | | 48,844 | | | | | | 20,049 | | |
Pro Forma Adjusted EBITDA(3) (Unaudited)
|
| | | | 38,518 | | | | | | N/A | | | | | | 70,134 | | | | | | N/A | | |
| | |
Six-month period ended June 30,
|
| |
Year Ended December 31,
|
| ||||||||||||||||||
| | | | |
2021
|
| |
2021
|
| |
2020
|
| |||||||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| | | | | | | | | | | | | ||||||
| | |
(in thousands of U.S.$)
|
| |||||||||||||||||||||
Net income
|
| | | | 13,613 | | | | | | 14,906 | | | | | | 26,315 | | | | | | 2,207 | | |
Adjustments: | | | | | | | | | | | | | | | | ||||||||||
Income tax expense
|
| | | | 5,371 | | | | | | 4,857 | | | | | | 8,577 | | | | | | 7,315 | | |
Net loss on foreign currency transactions
|
| | | | 5,306 | | | | | | 173 | | | | | | 1,081 | | | | | | 7,405 | | |
Interest expense, net
|
| | | | 1,551 | | | | | | 479 | | | | | | 1,057 | | | | | | 736 | | |
Result on investments
|
| | | | (240) | | | | | | — | | | | | | — | | | | | | — | | |
Depreciation and amortization expense
|
| | | | 7,026 | | | | | | 1,078 | | | | | | 2,265 | | | | | | 1,978 | | |
Long-term incentive plan
|
| | | | 177 | | | | | | 2,798 | | | | | | 2,798 | | | | | | 337 | | |
IPO expenses (not capitalized)
|
| | | | 1,518 | | | | | | — | | | | | | 1,722 | | | | | | — | | |
Stamp tax on Akuma’s Flip-up
|
| | | | — | | | | | | — | | | | | | 1,512 | | | | | | — | | |
Stock option plan – Shared-based compensation
|
| | | | 2,685 | | | | | | — | | | | | | 2,916 | | | | | | — | | |
Transaction-related expenses on acquisition of
businesses |
| | | | 654 | | | | | | — | | | | | | 601 | | | | | | 71 | | |
Adjusted EBITDA (Unaudited)
|
| | | | 37,661 | | | | | | 24,291 | | | | | | 48,844 | | | | | | 20,049 | | |
| | |
For the Six Month Period
Ended June 30, 2022 |
| |
Year Ended December 31 2021,
|
| | | | ||||||||||||
| | |
(in thousands of U.S.$)
|
| |
(in thousands of U.S.$)
|
| | | | ||||||||||||
| | |
(Unaudited)
|
| | | | |||||||||||||||
Pro forma net income
|
| | | | | | | 13,505 | | | | | | | | | 34,689 | | | | ||
Adjustments:
|
| | | | | | | | | | | | | |||||||||
Pro forma income tax expense
|
| | | | | | | 5,310 | | | | | | | | | 10,536 | | | | ||
Pro forma net loss (gain) on foreign currency transactions
|
| | | | | | | 5,300 | | | | | | | | | (452) | | | | ||
Pro forma interest expense, net
|
| | | | | | | 1,742 | | | | | | | | | 3,309 | | | | ||
Pro forma depreciation and amortization expense
|
| | | | | | | 7,867 | | | | | | | | | 12,503 | | | | ||
Pro forma results on investments(1)
|
| | | | | | | (240) | | | | | | | | | — | | | | ||
Pro forma long-term incentive plan(1)
|
| | | | | | | 177 | | | | | | | | | 2,798 | | | | ||
Pro forma IPO expenses (not capitalized)(1)
|
| | | | | | | 1,518 | | | | | | | | | 1,722 | | | | ||
Pro forma stamp tax on Akuma’s Flip-up(1)
|
| | | | | | | — | | | | | | | | | 1,512 | | | | ||
Pro forma stock option plan – shared-based compensation(1)
|
| | | | | | | 2,685 | | | | | | | | | 2,916 | | | | ||
Pro forma transaction-related expenses on acquisition of businesses
|
| | | | | | | 654 | | | | | | | | | 601 | | | | ||
Pro Forma Adjusted EBITDA
|
| | | | | | | 38,518 | | | | | | | | | 70,134 | | | |
| | | | | | | | |
As of June 30, 2022
|
| |||
| | |
Actual
|
| |
As adjusted to
reflect the exercise of Connect Ads put option |
| |
As further
adjusted to reflect this offering |
| |||
| | |
(Unaudited)
|
| |||||||||
| | |
(in thousands of U.S.$)
|
| |||||||||
Cash and cash equivalents
|
| | | | 126,166 | | | | | | | ||
Restricted cash
|
| | | | 7,366 | | | | | | | ||
Cash, cash equivalents and restricted cash
|
| | |
|
133,532
|
| | | | | | ||
Loans payable and other financial liabilities
|
| | | | 59,581 | | | | | | | ||
Redeemable Non-controlling Interest
|
| | |
|
41,869
|
| | | | | | ||
Shareholders’ equity: | | | | | | | | | | | | ||
Common stock
|
| | | | 21,308 | | | | | | | ||
Additional paid-in capital
|
| | | | 101,282 | | | | | | | ||
Retained earnings
|
| | | | 7,603 | | | | | | | ||
Accumulated other comprehensive loss
|
| | | | (5,902) | | | | | | | ||
Total shareholders’ equity attributable to Aleph Group, Inc shareholders
|
| | | | 124,291 | | | | | | | ||
Non-controlling interests
|
| | | | 22,583 | | | | | | | ||
Total Shareholders’ equity
|
| | | | 146,874 | | | | | | | ||
Total capitalization
|
| | | | 248,324 | | | | | | |
| | |
Actual
|
|
Assumed initial public offering price per Class A common share(1)
|
| |
U.S.$
|
|
Net tangible book value per common share at June 30, 2022
|
| |
U.S.$
|
|
Increase in net tangible book value per share attributable to existing shareholders
|
| |
U.S.$
|
|
Pro forma net tangible book value per common share after completion of this offering
|
| |
U.S.$
|
|
Dilution per Class A common share to new investors
|
| |
U.S.$
|
|
Dilution in pro forma net tangible book value per common share attributable to new shareholders
|
| |
%
|
|
| | |
Shares purchased
|
| |
Total consideration
|
| |
Average price
per share |
| |||||||||
| | |
Number
|
| |
Percentage
|
| |
Amount
|
| |
Percentage
|
| ||||||
Existing holders
|
| |
|
| | | | | | | | | | | | | |||
New investors in this offering
|
| | | | | | | | | | | | | | | | | | |
Total
|
| |
|
| | | | | | | | | | | | |
| | | | | | |
Pro forma
Transaction Accounting Adjustments |
| |
Note 3
Ref. |
| |
Aleph Group, Inc
Pro forma |
| |||||||||||||||||
Revenues, net
|
| | | | 131,139 | | | | | | 36,999 | | | | | | — | | | | | | | | | | | | 168,138 | | |
Costs of revenues
|
| | | | (16,480) | | | | | | (2,288) | | | | | | — | | | | | | | | | | | | (18,768) | | |
Selling, general and administrative
expenses |
| | | | (75,364) | | | | | | (13,421) | | | | | | — | | | | | | | | | | | | (88,785) | | |
Depreciation and amortization expense
|
| | | | (2,265) | | | | | | (136) | | | | | | (10,102) | | | | | | (a) | | | | | | (12,503) | | |
Income from operations
|
| | | | 37,030 | | | | | | 21,154 | | | | | | (10,102) | | | | | | | | | | | | 48,082 | | |
Interest expense, net
|
| | | | (1,057) | | | | | | 254 | | | | | | (2,506) | | | | | | (b) | | | | | | (3,309) | | |
Net loss on foreign currency
transactions |
| | | | (1,081) | | | | | | 1,533 | | | | | | — | | | | | | | | | | | | 452 | | |
Net income before income
tax |
| | | | 34,892 | | | | | | 22,941 | | | | | | (12,608) | | | | | | | | | | | | 45,225 | | |
Income tax expense
|
| | | | (8,577) | | | | | | (5,287) | | | | | | 3,328 | | | | | | (c) | | | | | | (10,536) | | |
Net income
|
| | | | 26,315 | | | | | | 17,654 | | | | | | (9,280) | | | | | | | | | | | | 34,689 | | |
Less: Net income attributable to non-controlling
interests |
| | | | (5,340) | | | | | | (3,596) | | | | | | 336 | | | | | | (d) | | | | | | (8,600) | | |
Net income attributable to
Aleph Group, Inc Shareholders |
| | | | 20,975 | | | | | | 14,058 | | | | | | (8,944) | | | | | | | | | | | | 26,089 | | |
Net earnings per share
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic earnings per share,
attributable to Aleph Group, Inc Shareholders per common share |
| | | | 0.31 | | | | | | | | | | | | | | | | | | (e) | | | | | | 0.35 | | |
Diluted earnings per share, attributable to Aleph Group, Inc Shareholders per common share
|
| | | | 0.31 | | | | | | | | | | | | | | | | | | (e) | | | | | | 0.35 | | |
Weighted average shares
outstanding (basic) |
| | | | 67,961,449.3744 | | | | | | | | | | | | 7,056,703.3719 | | | | | | (e) | | | | | | 75,018,152.7463 | | |
Weighted average shares
outstanding (diluted) |
| | | | 68,011,026.6908 | | | | | | | | | | | | 7,056,703.3719 | | | | | | (e) | | | | | | 75,067,730.0627 | | |
|
| | | | |
Historical
For the period prior to closing of the Connect Ads’ acquisition |
| |
Pro forma
Transaction Accounting Adjustments |
| |
Note 3
Ref. |
| |
Aleph Group, Inc
Pro forma |
| ||||||||||||||||
Revenues, net
|
| | | | 99,292 | | | | | | 2,292 | | | | | | — | | | | | | | | | | | | 101,584 | | |
Costs of revenues
|
| | | | (11,431) | | | | | | (170) | | | | | | — | | | | | | | | | | | | (11,601) | | |
Selling, general and administrative expenses
|
| | | | (55,234) | | | | | | (1,265) | | | | | | — | | | | | | | | | | | | (56,499) | | |
Depreciation and amortization expense
|
| | | | (7,026) | | | | | | (11) | | | | | | (830) | | | | | | (a) | | | | | | (7,867) | | |
Income from operations
|
| | | | 25,601 | | | | | | 846 | | | | | | (830) | | | | | | | | | | | | 25,617 | | |
Interest expense, net
|
| | | | (1,551) | | | | | | 15 | | | | | | (206) | | | | | | (b) | | | | | | (1,742) | | |
Other financial results, net
|
| | | | (5,066) | | | | | | 6 | | | | | | — | | | | | | | | | | | | (5,060) | | |
Net income (loss) before income tax
|
| | | | 18,984 | | | | | | 867 | | | | | | (1,036) | | | | | | | | | | | | 18,815 | | |
Income tax expense
|
| | | | (5,371) | | | | | | (213) | | | | | | 274 | | | | | | (c) | | | | | | (5,310) | | |
Net income (loss)
|
| | | | 13,613 | | | | | | 654 | | | | | | (762) | | | | | | | | | | | | 13,505 | | |
Less: Net income attributable
to non-controlling interests |
| | | | (1,029) | | | | | | (430) | | | | | | 28 | | | | | | (d) | | | | | | (1,431) | | |
Less: Net income attributable
to redeemable Non- controlling interests |
| | | | (727) | | | | | | — | | | | | | — | | | | | | | | | | | | (727) | | |
Net income (loss) attributable to Aleph Group, Inc
Shareholders |
| | | | 11,857 | | | | | | 224 | | | | | | (734) | | | | | | | | | | | | 11,347 | | |
Net (loss)/earnings per share:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic loss per share, attributable to Aleph Group, Inc Shareholders per common share
|
| | | | (0.09) | | | | | | | | | | | | | | | | | | (e) | | | | | | 0.13 | | |
Diluted loss per share, attributable to Aleph Group, Inc Shareholders per common share
|
| | | | (0.09) | | | | | | | | | | | | | | | | | | (e) | | | | | | 0.13 | | |
Weighted average shares outstanding (basic)
|
| | | | 84,039,869.9081 | | | | | | | | | | | | 2,178,192.7589 | | | | | | (e) | | | | | | 86,218,062.6670 | | |
Weighted average shares outstanding (diluted)
|
| | | | 84,039,869.9081 | | | | | | | | | | | | 2,415,422.9242 | | | | | | (e) | | | | | | 86,455,292.8323 | | |
|
| | |
(amount in U.S.$
thousands) |
| |||
Cash | | | | | 52,400 | | |
Deferred consideration | | | | | 900 | | |
Leakage consideration | | | | | 400 | | |
Earn Out 1 | | | | | 430 | | |
Earn Out 2 | | | | | 1,450 | | |
Consideration Shares | | | | | 86,000 | | |
Total purchase price consideration
|
| | |
|
141,580
|
| |
Fair value of NCI | | | | | 23,042 | | |
Total value of NCI
|
| | |
|
23,042
|
| |
Total purchase price consideration and NCI | | | | | 164,622 | | |
| | |
(in thousands of U.S.$)
|
| |||
Assets acquired: | | | | | | | |
Cash and cash equivalents | | | | | 10,930 | | |
Accounts receivable (net of allowance) | | | | | 79,624 | | |
Other current assets | | | | | 3,571 | | |
Identifiable intangible assets | | | | | 98,750 | | |
Other non-current assets | | | | | 2,118 | | |
Liabilities assumed: | | | | | | | |
Accounts payable and advances from customers | | | | | (74,860) | | |
Loans payable and other financial liabilities | | | | | (5,310) | | |
Other current liabilities | | | | | (7,359) | | |
Other non-current liabilities | | | | | (1,873) | | |
Deferred income tax liability | | | | | (26,070) | | |
Non-controlling interest in Connect Ads subsidiary | | | | | (23,600) | | |
Total identifiable net assets and NCI | | | | | 55,921 | | |
Goodwill | | | | | 108,701 | | |
Total assets acquired and liabilities assumed | | | | | 164,622 | | |
Intangible assets
|
| |
Estimated Fair Value
|
| |
Estimated
Useful Life (in years) |
| |
Estimated Pro forma
Amortization for the period before closing of Connect Ads’ Acquisition |
| | | ||||||||||
| | |
(in thousands of U.S.$)
|
| | | | |
(in thousands of U.S.$)
|
| |
(in thousands of U.S.$)
|
| |||||||||
Digital platforms
relationships |
| | | | 96,000 | | | |
11
|
| | | | (717) | | | | | | (8,727) | | |
Tradenames | | | | | 2,750 | | | |
2
|
| | | | (113) | | | | | | (1,375) | | |
Pro forma original cost
|
| | | | 98,750 | | | | | | | | | (830) | | | | | | (10,102) | | |
Historical Amortization Expense
|
| | | | | | | | | | | | | — | | | | | | — | | |
Pro forma
Adjustment to income statement |
| | | | | | | | | | | | | (830) | | | | | | (10,102) | | |
| | | | |
Numerator
Adjustment to EPS |
| |
Aleph Group, Inc
Pro forma |
| ||||||||||
Net (loss) earnings per share
|
| | | | (0.09) | | | | | | | | | | | | 0.13 | | |
Numerator: | | | | | |||||||||||||||
Net income
|
| | | | 13,613 | | | | | | | | | | | | 13,505 | | |
Less: Net income attributable to non-controlling interests
|
| | | | (1,029) | | | | | | | | | | | | (1,431) | | |
Less: Net income attributable to redeemable non-controlling interest
|
| | | | (727) | | | | | | | | | | | | (727) | | |
Less: Accretion of redeemable non-controlling interest
|
| | | | (19,639) | | | | | | 19,639 | | | | | | — | | |
Net (loss) income corresponding to Aleph Group, Inc Shareholders
|
| | | | (7,782) | | | | | | | | | | | | 11,347 | | |
| | |
Six-month period ended June 30,
|
| |
Year Ended December 31,
|
| ||||||||||||||||||
| | |
2022
(Unaudited) |
| |
2021
(Unaudited) |
| |
2021
|
| |
2020
|
| ||||||||||||
| | |
(in thousands of U.S.$)
|
| |||||||||||||||||||||
Total advertising volume(1) (Unaudited)
|
| | | | 680,134 | | | | | | 436,544 | | | | | | 971,821 | | | | | | 432,730 | | |
Revenues, net
|
| | | | 99,292 | | | | | | 57,412 | | | | | | 131,139 | | | | | | 70,272 | | |
Net income
|
| | | | 13,613 | | | | | | 14,906 | | | | | | 26,315 | | | | | | 2,207 | | |
Adjusted EBITDA(2) (Unaudited)
|
| | | | 37,661 | | | | | | 24,291 | | | | | | 48,844 | | | | | | 20,049 | | |
Pro Forma Adjusted EBITDA(3) (Unaudited)
|
| | | | 38,518 | | | | | | N/A | | | | | | 70,134 | | | | | | N/A | | |
| | |
Six-month Period Ended
June 30, |
| |
Change
|
| ||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
U.S.$
|
| |
%
|
| ||||||||||||
| | |
(Unaudited)
|
| | | | | | | | | | | | | |||||||||
| | |
(in thousands of U.S.$ except for per share amounts)
|
| |||||||||||||||||||||
Revenues, net
|
| | | | 99,292 | | | | | | 57,412 | | | | | | 41,880 | | | | | | 72.9% | | |
Costs of revenues
|
| | | | (11,431) | | | | | | (7,773) | | | | | | (3,658) | | | | | | 47.1% | | |
Selling, general and administrative expenses
|
| | | | (55,234) | | | | | | (28,146) | | | | | | (27,088) | | | | | | 96.2% | | |
Depreciation and amortization expense
|
| | | | (7,026) | | | | | | (1,078) | | | | | | (5,948) | | | | | | 551.8% | | |
Income from operations
|
| | |
|
25,601
|
| | | |
|
20,415
|
| | | |
|
5,186
|
| | | | | 25.4% | | |
Interest expense, net
|
| | | | (1,551) | | | | | | (479) | | | | | | (1,072) | | | | | | 223.8% | | |
Other financial results, net
|
| | | | (5,066) | | | | | | (173) | | | | | | (4,893) | | | | | | 2,828.3% | | |
Net income before income tax
|
| | | | 18,984 | | | | | | 19,763 | | | | | | (779) | | | | | | (3,9)% | | |
Income tax expense
|
| | | | (5,371) | | | | | | (4,857) | | | | | | (514) | | | | | | 10.6% | | |
Net income
|
| | | | 13,613 | | | | | | 14,906 | | | | | | (1,293) | | | | | | (8.7)% | | |
Less: Net income attributable to non-controlling interests
|
| | | | (1,029) | | | | | | (4,355) | | | | | | 3,326 | | | | | | (76.4)% | | |
Less: Net income attributable to redeemable Non-controlling interests
|
| | | | (727) | | | | | | — | | | | | | (727) | | | | | | 100.0% | | |
Net income (loss) attributable to Aleph Group, Inc Shareholders
|
| | | | 11,857 | | | | | | 10,551 | | | | | | 1,306 | | | | | | 12.4% | | |
Net (loss) earnings per share:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Basic (loss) earnings per share, attributable to shareholders per common share(1)
|
| | | | (0.09) | | | | | | 0.18 | | | | | | | | | | | | | | |
Diluted (loss) earnings per share, attributable to shareholders per common share
|
| | | | (0.09) | | | | | | 0.18 | | | | | | | | | | | | | | |
| | |
Six-month Period Ended
June 30, |
| |
Change
|
| ||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
U.S.$
|
| |
%
|
| ||||||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| | | | | | | | | | | | | ||||||
| | |
(in thousands of U.S.$)
|
| | | | | | | |||||||||||||||
Representation
|
| | | | 93,996 | | | | | | 53,322 | | | | | | 40,674 | | | | | | 76.3% | | |
White label / cross channel services
|
| | | | 3,211 | | | | | | 2,626 | | | | | | 585 | | | | | | 22.3% | | |
Others
|
| | | | 2,085 | | | | | | 1,464 | | | | | | 621 | | | | | | 42.4% | | |
Total Revenues, net
|
| | | | 99,292 | | | | | | 57,412 | | | | | | 41,880 | | | | | | 72.9% | | |
| | |
Six- Month Period Ended
June 30, |
| |
Change
|
| ||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
U.S.$
|
| |
%
|
| ||||||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| | | | | | | | | | | | | ||||||
| | |
(in thousands of U.S.$)
|
| | | | | | | |||||||||||||||
Costs of revenues
|
| | | | 11,431 | | | | | | 7,773 | | | | | | 3,658 | | | | | | 47.1% | | |
| | |
Six-Month Period Ended
June 30, |
| |
Change
|
| ||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
U.S.$
|
| |
%
|
| ||||||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| | | | | | | | | | | | | ||||||
| | |
(in thousands of U.S.$)
|
| | | | | | | |||||||||||||||
Salaries and social security taxes
|
| | | | 27,505 | | | | | | 16,020 | | | | | | 11,485 | | | | | | 71.7% | | |
Professional fees
|
| | | | 9,643 | | | | | | 2,787 | | | | | | 6,856 | | | | | | 246.0% | | |
Expected credit losses
|
| | | | 2,394 | | | | | | 1,306 | | | | | | 1,088 | | | | | | 83.3% | | |
Sales commissions
|
| | | | 5,058 | | | | | | 2,987 | | | | | | 2,071 | | | | | | 69.3% | | |
Office expenses
|
| | | | 2,233 | | | | | | 1,116 | | | | | | 1,117 | | | | | | 100.1% | | |
Rent
|
| | | | 1,450 | | | | | | 712 | | | | | | 738 | | | | | | 103.7% | | |
Travel and marketing expenses
|
| | | | 3,362 | | | | | | 784 | | | | | | 2,578 | | | | | | 328.8% | | |
Technology
|
| | | | 974 | | | | | | 470 | | | | | | 504 | | | | | | 107.2% | | |
Other taxes
|
| | | | 1,754 | | | | | | 1,393 | | | | | | 361 | | | | | | 25.9% | | |
Other expenses
|
| | | | 861 | | | | | | 571 | | | | | | 290 | | | | | | 50.8% | | |
Total selling, general and administrative expenses
|
| | | | 55,234 | | | | | | 28,146 | | | | | | 27,088 | | | | | | 96.2% | | |
| | |
Six-Month Period Ended
June 30, |
| |
Change
|
| ||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
U.S.$
|
| |
%
|
| ||||||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| | | | | | | | | | | | | ||||||
| | |
(in thousands of U.S.$)
|
| | | | | | | |||||||||||||||
Depreciation and amortization expense
|
| | | | (7,026) | | | | | | (1,078) | | | | | | 5,948 | | | | | | 551.8% | | |
| | |
Six- Month Period Ended
June 30, |
| |
Change
|
| ||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
U.S.$
|
| |
%
|
| ||||||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| | | | | | | | | | | | | ||||||
| | |
(in thousands of U.S.$)
|
| | | | | | | |||||||||||||||
Interest expense, net
|
| | | | (1,551) | | | | | | (479) | | | | | | 1,072 | | | | | | 223.8% | | |
| | |
Six-Month Period Ended
June 30, |
| |
Change
|
| ||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
U.S.$
|
| |
%
|
| ||||||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| | | | | | | | | | | | | ||||||
| | |
(in thousands of U.S.$)
|
| | | | | | | |||||||||||||||
Other financial results, net
|
| | | | (5,066) | | | | | | (173) | | | | | | 4,893 | | | | | | 2,828.3% | | |
| | |
Six-Month Period Ended
June 30, |
| |
Change
|
| ||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
U.S.$
|
| |
%
|
| ||||||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| | | | | | | | | | | | | ||||||
| | |
(in thousands of U.S.$)
|
| | | | | | | |||||||||||||||
Total income tax expense
|
| | | | 5,371 | | | | | | 4,857 | | | | | | 514 | | | | | | 10.6% | | |
| | |
Year Ended December 31,
|
| |
Change
|
| ||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
U.S.$
|
| |
%
|
| ||||||||||||
| | |
(in thousands of U.S.$ except for per share amounts)
|
| |||||||||||||||||||||
Revenues, net
|
| | | | 131,139 | | | | | | 70,272 | | | | | | 60,867 | | | | | | 86.6% | | |
Costs of revenues
|
| | | | (16,480) | | | | | | (13,579) | | | | | | 2,901 | | | | | | 21.4% | | |
Selling, general and administrative expenses
|
| | | | (75,364) | | | | | | (37,052) | | | | | | 38,312 | | | | | | 103.4% | | |
Depreciation and amortization expense
|
| | | | (2,265) | | | | | | (1,978) | | | | | | 287 | | | | | | 14.5% | | |
Income from operations
|
| | | | 37,030 | | | | | | 17,663 | | | | | | 19,367 | | | | | | 109.6% | | |
Interest expense, net
|
| | | | (1,057) | | | | | | (736) | | | | | | 321 | | | | | | 43.6% | | |
Net loss on foreign currency transactions
|
| | | | (1,081) | | | | | | (7,405) | | | | | | (6,324) | | | | | | (85.4%) | | |
Net income before income tax
|
| | | | 34,892 | | | | | | 9,522 | | | | | | 25,370 | | | | | | 266.4% | | |
Income tax expense
|
| | | | (8,577) | | | | | | (7,315) | | | | | | 1,262 | | | | | | 17.3% | | |
Net income
|
| | | | 26,315 | | | | | | 2,207 | | | | | | 24,108 | | | | | | 1,092.3% | | |
Less: Net income attributable to non-controlling interests
|
| | | | (5,340) | | | | | | (5,258) | | | | | | 82 | | | | | | 1.6% | | |
Net income (loss) attributable to Aleph Group, Inc
Shareholders |
| | | | 20,975 | | | | | | (3,051) | | | | | | 24,026 | | | | | | 787.5% | | |
Net earnings (loss) per share:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Basic earnings (loss) per share, attributable to shareholders per common share(1)
|
| | | | 0.31 | | | | | | (0.05) | | | | | | | | | | | | | | |
Diluted earnings (loss) per share, attributable to shareholders per common share
|
| | | | 0.31 | | | | | | (0.05) | | | | | | | | | | | | | | |
| | |
Year Ended December 31,
|
| |
Change
|
| | ||||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
U.S.$
|
| |
%
|
| | ||||||||||||||
| | |
(in thousands of U.S.$)
|
| | | | |||||||||||||||||||||
Representation
|
| | | | 122,220 | | | | | | 61,829 | | | | | | 60,391 | | | | | | 97.7% | | | | ||
White label / cross channel services
|
| | | | 4,636 | | | | | | 6,094 | | | | | | (1,458) | | | | | | (23.9)% | | | | ||
Others
|
| | | | 4,283 | | | | | | 2,349 | | | | | | 1,934 | | | | | | 82.3% | | | | ||
Total Revenues, net
|
| | | | 131,139 | | | | | | 70,272 | | | | | | 60,867 | | | | | | 86.6% | | | |
| | |
Year Ended December 31,
|
| |
Change
|
| | ||||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
U.S.$
|
| |
%
|
| | ||||||||||||||
| | |
(in thousands of U.S.$)
|
| | | | |||||||||||||||||||||
Costs of revenues
|
| | | | 16,480 | | | | | | 13,579 | | | | | | 2,901 | | | | | | 21.4% | | | |
| | |
Year Ended December 31,
|
| |
Change
|
| | ||||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
U.S.$
|
| |
%
|
| | ||||||||||||||
| | |
(in thousands of U.S.$)
|
| | | | |||||||||||||||||||||
Salaries and social security taxes
|
| | | | 35,585 | | | | | | 17,387 | | | | | | 18,198 | | | | | | 104.7% | | | | ||
Professional fees
|
| | | | 13,282 | | | | | | 4,433 | | | | | | 8,849 | | | | | | 199.6% | | | | ||
Expected credit losses
|
| | | | 3,881 | | | | | | 3,937 | | | | | | (56) | | | | | | (1.4%) | | | | ||
Sales commissions
|
| | | | 6,292 | | | | | | 3,059 | | | | | | 3,233 | | | | | | 105.7% | | | | ||
Office expenses
|
| | | | 2,555 | | | | | | 1,568 | | | | | | 987 | | | | | | 62.9% | | | | ||
Rent
|
| | | | 1,762 | | | | | | 1,531 | | | | | | 231 | | | | | | 15.1% | | | | ||
Travel and marketing expenses
|
| | | | 3,230 | | | | | | 1,181 | | | | | | 2,049 | | | | | | 173.5% | | | | ||
Technology
|
| | | | 1,372 | | | | | | 655 | | | | | | 717 | | | | | | 109.5% | | | | ||
Other taxes
|
| | | | 5,493 | | | | | | 2,170 | | | | | | 3,323 | | | | | | 153.1% | | | | ||
Other expenses
|
| | | | 1,912 | | | | | | 1,132 | | | | | | 781 | | | | | | 69.1% | | | | ||
Total selling, general and administrative expenses
|
| | | | 75,364 | | | | | | 37,052 | | | | | | 38,312 | | | | | | 103.4% | | | |
| | |
Year Ended December 31,
|
| |
Change
|
| | ||||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
U.S.$
|
| |
%
|
| | ||||||||||||||
| | |
(in thousands of U.S.$)
|
| | | | |||||||||||||||||||||
Depreciation and amortization expense
|
| | | | 2,265 | | | | | | 1,978 | | | | | | 287 | | | | | | 14.5% | | | |
| | |
Year Ended December 31,
|
| |
Change
|
| | ||||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
U.S.$
|
| |
%
|
| | ||||||||||||||
| | |
(in thousands of U.S.$)
|
| | | | |||||||||||||||||||||
Interest expense, net
|
| | | | 1,057 | | | | | | 736 | | | | | | 321 | | | | | | 43.6% | | | |
| | |
Year Ended December 31,
|
| |
Change
|
| | ||||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
U.S.$
|
| |
%
|
| | ||||||||||||||
| | |
(in thousands of U.S.$)
|
| | | | |||||||||||||||||||||
Net loss on foreign currency transactions
|
| | | | 1,081 | | | | | | 7,405 | | | | | | (6,324) | | | | | | (85.4%) | | | |
| | |
Year Ended December 31,
|
| |
Change
|
| | ||||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
U.S.$
|
| |
%
|
| | ||||||||||||||
| | |
(in thousands of U.S.$)
|
| | | | |||||||||||||||||||||
Current tax expense
|
| | | | 11,640 | | | | | | 6,962 | | | | | | 4,678 | | | | | | 67.2% | | | | ||
Deferred tax (income) expense
|
| | | | (3,063) | | | | | | 353 | | | | | | (3,416) | | | | | | (967.7%) | | | | ||
Total income tax expense
|
| | | | 8,577 | | | | | | 7,315 | | | | | | 1,262 | | | | | | 17.3% | | | |
| | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||
Total Advertising
Volume (1) |
| | | | 363,991 | | | | | | 316,144 | | | | | | 297,835 | | | | | | 237,442 | | | | | | 244,339 | | | | | | 192,205 | | | | | | 164,834 | | | | | | 112,734 | | |
| | |
For the Three Month Period Ended
|
| |||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | ||||||||||||||||||||||||
| | |
(in thousands of U.S.$)
|
| | | |||||||||||||||||||||||||||||||
Revenues, net
|
| | | | 55,518 | | | | | | 43,774 | | | | | | 43,487 | | | | | | 30,240 | | | | | | 33,075 | | | | | | 24,337 | | |
Costs of revenues
|
| | | | (5,700) | | | | | | (5,731) | | | | | | (3,899) | | | | | | (4,808) | | | | | | (4,196) | | | | | | (3,577) | | |
Operating margin
|
| | | | 49,818 | | | | | | 38,043 | | | | | | 39,588 | | | | | | 25,432 | | | | | | 28,879 | | | | | | 20,760 | | |
Selling, general and administrative expenses
|
| | | | (29,693) | | | | | | (25,541) | | | | | | (27,406) | | | | | | (19,812) | | | | | | (17,401) | | | | | | (10,745) | | |
Depreciation and amortization expense
|
| | | | (3,194) | | | | | | (3,832) | | | | | | (698) | | | | | | (489) | | | | | | (552) | | | | | | (526) | | |
Income from operations
|
| | | | 16,931 | | | | | | 8,670 | | | | | | 11,484 | | | | | | 5,131 | | | | | | 10,926 | | | | | | 9,489 | | |
Interest expense, net
|
| | | | (984) | | | | | | (567) | | | | | | (347) | | | | | | (231) | | | | | | (321) | | | | | | (158) | | |
Other financial results
|
| | | | (3,264) | | | | | | (1,802) | | | | | | (543) | | | | | | (365) | | | | | | (87) | | | | | | (86) | | |
Net income before income tax
|
| | | | 12,683 | | | | | | 6,301 | | | | | | 10,594 | | | | | | 4,535 | | | | | | 10,518 | | | | | | 9,245 | | |
Income tax expense
|
| | | | (4,111) | | | | | | (1,260) | | | | | | (2,605) | | | | | | (1,115) | | | | | | (2,585) | | | | | | (2,272) | | |
Net income
|
| | | | 8,572 | | | | | | 5,041 | | | | | | 7,989 | | | | | | 3,420 | | | | | | 7,933 | | | | | | 6,973 | | |
Less: Net income attributable
to non-controlling interests |
| | | | (351) | | | | | | (678) | | | | | | (233) | | | | | | (752) | | | | | | (2,386) | | | | | | (1,969) | | |
Less: Net income attributable
to redeemable non- controlling interests |
| | | | (727) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net income attributable to Aleph Group, Inc Shareholders
|
| | | | 7,494 | | | | | | 4,363 | | | | | | 7,756 | | | | | | 2,668 | | | | | | 5,547 | | | | | | 5,004 | | |
Other comprehensive (loss) income:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Foreign currency translation
|
| | | | 2,262 | | | | | | (2,372) | | | | | | (1,705) | | | | | | (310) | | | | | | 73 | | | | | | (1,398) | | |
Total comprehensive income
|
| | | | 10,834 | | | | | | 2,669 | | | | | | 6,284 | | | | | | 3,110 | | | | | | 8,006 | | | | | | 5,575 | | |
Less: Comprehensive income
attributable to non-controlling interests |
| | | | 119 | | | | | | (509) | | | | | | (146) | | | | | | (766) | | | | | | (2,374) | | | | | | (1,912) | | |
Less: Net income attributable to
redeemable non-controlling interests |
| | | | (777) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total comprehensive income attributable to Aleph Group, Inc Shareholders
|
| | |
|
10,176
|
| | | |
|
2,160
|
| | | |
|
6,138
|
| | | |
|
2,344
|
| | | |
|
5,632
|
| | | |
|
3,663
|
| |
Basic EPS | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
(Loss) Earnings per share
|
| | |
|
(0.14)
|
| | | |
|
0.05
|
| | | |
|
0.10
|
| | | |
|
0.04
|
| | | |
|
0.09
|
| | | |
|
0.08
|
| |
Weighted average number of common shares
outstanding |
| | | | 85,232,394.7248 | | | | | | 82,820,546.7811 | | | | | | 80,215,028.2668 | | | | | | 73,320,439.5604 | | | | | | 59,040,000 | | | | | | 59,040,000 | | |
Diluted EPS | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
(Loss) Earnings per share
|
| | |
|
(0.14)
|
| | | |
|
0.05
|
| | | |
|
0.10
|
| | | |
|
0.04
|
| | | |
|
0.09
|
| | | |
|
0.08
|
| |
Weighted average number of common shares
outstanding |
| | | | 85,232,394.7248 | | | | | | 83,001,310.4849 | | | | | | 80,332,211.0148 | | | | | | 73,400,278.3556 | | | | | | 59,040,000 | | | | | | 59,040,000 | | |
| | |
For the Three-Month Period Ended
|
| |||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | ||||||||||||||||||||||||
| | |
(in thousands of US$)
|
| | | |||||||||||||||||||||||||||||||
Net income
|
| | |
|
8,572
|
| | | |
|
5,041
|
| | | |
|
7,989
|
| | | |
|
3,420
|
| | | |
|
7,933
|
| | | |
|
6,973
|
| |
Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income tax expense
|
| | | | 4,111 | | | | | | 1,260 | | | | | | 2,605 | | | | | | 1,115 | | | | | | 2,585 | | | | | | 2,272 | | |
Net loss on foreign currency transactions
|
| | | | 3,264 | | | | | | 2,042 | | | | | | 543 | | | | | | 365 | | | | | | 87 | | | | | | 86 | | |
Interest expense, net
|
| | | | 984 | | | | | | 567 | | | | | | 347 | | | | | | 231 | | | | | | 321 | | | | | | 158 | | |
Result on investments
|
| | | | — | | | | | | (240) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Depreciation and amortization expense
|
| | | | 3,194 | | | | | | 3,832 | | | | | | 698 | | | | | | 489 | | | | | | 552 | | | | | | 526 | | |
Long-term incentive plan
|
| | | | 177 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,798 | | | | | | — | | |
IPO expenses (not capitalized)
|
| | | | 657 | | | | | | 861 | | | | | | 1,612 | | | | | | 110 | | | | | | — | | | | | | — | | |
Stamp tax on Akuma’s Flip-up
|
| | | | — | | | | | | — | | | | | | — | | | | | | 1,512 | | | | | | — | | | | | | — | | |
Stock option plan – Shared-based compensation
|
| | | | 1,342 | | | | | | 1,343 | | | | | | 1,260 | | | | | | 1,656 | | | | | | — | | | | | | — | | |
Transaction-related expenses on acquisition of
businesses |
| | | | 279 | | | | | | 375 | | | | | | 542 | | | | | | 59 | | | | | | — | | | | | | — | | |
Adjusted EBITDA by Q
|
| | | | 22,580 | | | | | | 15,081 | | | | | | 15,596 | | | | | | 8,957 | | | | | | 14,276 | | | | | | 10,015 | | |
Adjusted EBITDA YTD
|
| | | | 37,661 | | | | | | 15,081 | | | | | | 48,844 | | | | | | 33,248 | | | | | | 24,291 | | | | | | 10,015 | | |
|
| | |
Six- Months Ended June 30,
|
| |
Year Ended December 31,
|
| ||||||||||||||||||
| | | | |
2021
|
| |
2021
|
| |
2020
|
| |||||||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| | | | | | | | | | | | | ||||||
| | |
(in thousands of U.S.$)
|
| |||||||||||||||||||||
Net cash provided by operating activities
|
| | | | 60,666 | | | | | | 40,668 | | | | | | 79,142 | | | | | | 59,900 | | |
Net cash used in investing activities
|
| | | | (55,817) | | | | | | (2,801) | | | | | | (16,250) | | | | | | (1,187) | | |
Net cash (used in) provided by financing activities
|
| | | | 8,780 | | | | | | 583 | | | | | | (5,226) | | | | | | 1,973 | | |
| | |
Total
|
| |
Less than
1 year |
| |
1 - 3 years
|
| |
3 - 5 years
|
| |
More than
5 years |
| |||||||||||||||
| | |
(in thousands of U.S.$)
|
| |||||||||||||||||||||||||||
Loans payable and other financial liabilities
|
| | | | 59,581 | | | | | | 18,578 | | | | | | 41,003 | | | | | | — | | | | | | — | | |
Leases
|
| | | | 4,148 | | | | | | 1,951 | | | | | | 1,720 | | | | | | 404 | | | | | | 73 | | |
| | |
As of June 30,
|
| |
As of December 31,
|
| ||||||||||||
| | | | |
2021
|
| |
2020
|
| ||||||||||
| | |
(Unaudited)
|
| | | | | | | | | | | | | |||
| | |
(in thousands of U.S.$ unless otherwise noted)
|
| |||||||||||||||
Cash and cash equivalents
|
| | | | 74,123 | | | | | | 57,980 | | | | | | 27,030 | | |
Accounts receivable, net and accrued revenue
|
| | | | 84,028 | | | | | | 63,867 | | | | | | 28,210 | | |
Accounts payable and accrued expenses
|
| | | | (162,581) | | | | | | (135,634) | | | | | | (55,444) | | |
Accounts receivable with related parties
|
| | | | 76,913 | | | | | | 75,842 | | | | | | 33,782 | | |
Accounts payable with related parties
|
| | | | (112,884) | | | | | | (90,348) | | | | | | (67,143) | | |
Exchange rate change
|
| | | | 10.0% | | | | | | 10.0% | | | | | | 10.0% | | |
Impact on net income before income tax
|
| | | | (3,673) | | | | | | (2,572) | | | | | | (3,051) | | |
| | |
As of June 30,
|
| |
As of December 31,
|
| ||||||||||||
| | | | |
2021
|
| |
2020
|
| ||||||||||
Corporate
|
| | | | 10 | | | | | | 9 | | | | | | 5 | | |
Sales and Marketing
|
| | | | 512 | | | | | | 390 | | | | | | 237 | | |
Operations
|
| | | | 482 | | | | | | 376 | | | | | | 249 | | |
General & Administrative
|
| | | | 415 | | | | | | 289 | | | | | | 167 | | |
Total | | | | | 1,419 | | | | | | 1,064 | | | | | | 658 | | |
|
| | |
As of June 30,
|
| |
As of December 31,
|
| ||||||||||||
| | | | |
2021
|
| |
2020
|
| ||||||||||
Americas
|
| | | | 317 | | | | | | 292 | | | | | | 261 | | |
Europe and Asia Pacific
|
| | | | 817 | | | | | | 690 | | | | | | 391 | | |
Africa
|
| | | | 98 | | | | | | 82 | | | | | | — | | |
MENA | | | | | 187 | | | | | | 25 | | | | | | 6 | | |
Total | | | | | 1,419 | | | | | | 1,064 | | | | | | 658 | | |
|
Name
|
| |
Age
|
| |
Position
|
|
Imran Khan | | |
45
|
| |
Chairman
|
|
Christian Gaston Taratuta | | |
50
|
| |
Director
|
|
Ignacio Martin Vidaguren | | |
51
|
| |
Director
|
|
Steven Buyse | | |
53
|
| |
Director
|
|
Aljoša Jenko | | |
44
|
| |
Director
|
|
Pedro Arnt | | |
49
|
| |
Director
|
|
Juan Manuel Ruiz | | |
51
|
| |
Director
|
|
Marius Ivanovas | | |
44
|
| |
Director
|
|
Name
|
| |
Age
|
| |
Position
|
|
Christian Gaston Taratuta | | |
50
|
| |
Chief Executive Officer
|
|
Ignacio Martin Vidaguren | | |
51
|
| |
Chief Operating Officer
|
|
Aljoša Jenko | | |
44
|
| |
Chief Strategy Officer
|
|
Juan Manuel Ruiz | | |
51
|
| |
Chief Financial Officer
|
|
Marius Ivanovas | | |
44
|
| |
Chief Revenue Officer
|
|
Victoria Hitce | | |
45
|
| |
Chief Legal Officer
|
|
Elyse Estrada | | |
41
|
| |
Chief Marketing Officer
|
|
Michal Mullor | | |
48
|
| |
Chief People Officer
|
|
| | |
Shares Beneficially Owned
Prior to Offering |
| |
% of Total
Beneficial Ownership Before Offering(1) |
| |
Shares to
be Sold in Offering |
| |
Shares Beneficially
Owned After Offering Without Exercise of Underwriters’ Option |
| |
% of Total
Beneficial Ownership After Offering Without Exercise of Underwriters’ Option(1) |
| |
Shares Beneficially
Owned After Offering With Full Exercise of Underwriters’ Option |
| |
% of Total
Beneficial Ownership After Offering With Full Exercise of Underwriters’ Option(1) |
| |||||||||||||||||||||||||||
| | |
Class A
|
| |
Class B
|
| |
Class A
|
| |
Class B
|
| |
Class A
|
| |
Class B
|
| ||||||||||||||||||||||||||||||
| | |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| ||||||||||||
5% Shareholders
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Aleph Internet Media Services, LLC(2)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Aleph Maradona LP(3)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sony Pictures Television Advertising Sales Company
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Akuma Ventures Ltd.(4)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Executive Officers and Directors(5)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Imran Khan(6)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pedro Arnt(7)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
All directors and executive officers as a group (12 persons)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Others
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Public float
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Underwriter
|
| |
Number of Class A
Common Shares |
|
J.P. Morgan Securities LLC
|
| | | |
Citigroup Global Markets Inc.
|
| | | |
Goldman Sachs & Co. LLC
|
| | | |
BofA Securities, Inc.
|
| |
|
|
UBS Securities LLC
|
| | | |
Deutsche Bank Securities Inc.
|
| | | |
BNP Paribas Securities Corp.
|
| | | |
Macquarie Capital (USA) Inc.
|
| | | |
Total
|
| | | |
|
| | |
Per Class A
Common Share |
| |
Without exercise
of the option to purchase additional shares |
| |
With full exercise
of the option to purchase additional shares |
| |||||||||
| | |
(in U.S.$)
|
| |
(in U.S.$ millions)
|
| ||||||||||||
Public offering price
|
| | | | | | | | | | | | | | | | | | |
Underwriting discounts and commissions payable by us
|
| | | | | | | | | | | | | | | | | | |
Underwriting discounts and commissions payable by the selling shareholders
|
| | | | | | | | | | | | | | | | | | |
Proceeds, before expenses, to us
|
| | | | | | | | | | | | | | | | | | |
Proceeds, before expenses, to the selling shareholders
|
| | | | | | | | | | | | | | | | |||
Total
|
| | | | | | | | | | | | | | | | | | |
|
Expenses
|
| |
Amount
|
|
U.S. Securities and Exchange Commission registration fee
|
| | U.S.$ | |
NYSE listing fee
|
| | | |
FINRA filing fee
|
| | | |
Printing and engraving expenses
|
| | | |
Legal fees and expenses
|
| | | |
Accounting fees and expenses
|
| | | |
Miscellaneous costs
|
| | | |
Total | | | U.S.$ | |
|
| | |
Page
|
| |||
Unaudited Interim Condensed Consolidated Financial Statements as of June 30, 2022 and for the six and three-month periods then ended and comparative information
|
| | | | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7 | | | |
| | | | F-9 | | | |
| | | | F-10 | | |
Audited Consolidated Financial Statements of Aleph Group, Inc as of and for the year ended December 31, 2021,
presented comparatively with figures corresponding to fiscal year ended December 31, 2020 |
| | | | | | |
| | | | F-35 | | | |
| | | | F-36 | | | |
| | | | F-37 | | | |
| | | | F-38 | | | |
| | | | F-39 | | | |
| | | | F-40 | | | |
| | | | F-41 | | | |
Audited Consolidated Financial Statements of Connect Ads DMCC as of and for the year ended December 31, 2021, presented comparatively with figures corresponding to fiscal year ended December 31, 2020
|
| | | | | | |
| | | | F-81 | | | |
| | | | F-83 | | | |
| | | | F-84 | | | |
| | | | F-85 | | | |
| | | | F-86 | | | |
| | | | F-87 | | | |
| | | | F-88 | | |
| Unaudited Interim Condensed Consolidated Financial Statements | | | | | | | |
| | | | | F-4 | | | |
| | | | | F-5 | | | |
| | | | | F-6 | | | |
| | | | | F-7 | | | |
| | | | | F-9 | | | |
| | | | | F-10 – F-34 | | |
| | |
Note
|
| | | | | ||||||||
| | | | | |
(Unaudited)
|
| |
(Audited)
|
| ||||||
ASSETS | | | | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| |
3
|
| | | | 126,166 | | | | | | 113,053 | | |
Restricted cash
|
| |
3
|
| | | | 7,366 | | | | | | 11,135 | | |
Short-term investments
|
| | | | | | | 1,504 | | | | | | 2,500 | | |
Accounts receivable and accrued receivables
|
| |
4
|
| | | | 255,831 | | | | | | 189,541 | | |
Allowance for credit losses
|
| |
4
|
| | | | (11,027) | | | | | | (7,880) | | |
Prepaid expenses
|
| | | | | | | 4,886 | | | | | | 2,362 | | |
Other current assets
|
| | | | | | | 11,276 | | | | | | 7,116 | | |
Total current assets
|
| | | | | | | 396,002 | | | | | | 317,827 | | |
Non-current assets | | | | | | | | | | | | | | | | |
Property and equipment, net
|
| | | | | | | 2,092 | | | | | | 1,360 | | |
Right of use asset
|
| |
17
|
| | | | 4,128 | | | | | | — | | |
Goodwill
|
| |
6
|
| | | | 151,810 | | | | | | 41,704 | | |
Intangible assets, net
|
| |
5
|
| | | | 111,204 | | | | | | 20,574 | | |
Deferred tax assets, net
|
| | | | | | | 12,219 | | | | | | 10,258 | | |
Other assets and deposits
|
| | | | | | | 827 | | | | | | 531 | | |
Total non-current assets
|
| | | | | | | 282,280 | | | | | | 74,427 | | |
Total assets
|
| | | | | | | 678,282 | | | | | | 392,254 | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | |
Accounts payable and accrued expenses
|
| |
9
|
| | | | 337,473 | | | | | | 244,837 | | |
Advances from customers
|
| |
10
|
| | | | 23,359 | | | | | | 11,110 | | |
Loans payable and other financial liabilities
|
| |
11
|
| | | | 18,578 | | | | | | 32,148 | | |
Salaries and social security payable
|
| | | | | | | 13,399 | | | | | | 13,773 | | |
Lease liabilities
|
| |
17
|
| | | | 1,951 | | | | | | — | | |
Liabilities with related parties
|
| |
16
|
| | | | — | | | | | | 6,977 | | |
Income tax payable
|
| | | | | | | 4,619 | | | | | | 6,347 | | |
Other taxes payable
|
| | | | | | | 15,351 | | | | | | 15,588 | | |
Other current liabilities
|
| | | | | | | 384 | | | | | | 110 | | |
Total current liabilities
|
| | | | | | | 415,114 | | | | | | 330,890 | | |
Non-current liabilities | | | | | | | | | | | | | | | | |
Loans payable and other financial liabilities
|
| |
11
|
| | | | 41,003 | | | | | | — | | |
Lease liabilities
|
| |
17
|
| | | | 2,197 | | | | | | — | | |
Defined benefit pension plan
|
| |
1.1
|
| | | | 1,529 | | | | | | — | | |
Deferred tax liability, net
|
| |
15
|
| | | | 29,696 | | | | | | 5,949 | | |
Total non-current liabilities
|
| | | | | | | 74,425 | | | | | | 5,949 | | |
Total liabilities
|
| | | | | | | 489,539 | | | | | | 336,839 | | |
Commitments and contingencies – see note 18 | | | | | | | | | | | | | | | | |
Redeemable Non-controlling Interest
|
| |
21
|
| | |
|
41,869
|
| | | |
|
—
|
| |
Shareholders’ equity | | | | | | | | | | | | | | | | |
Common stock ($0.25 par value, 200,000,000 shares authorized, and
85,232,394.7248 and 80,353,884.1116 shares issued and outstanding as of June 30, 2022, and December 31, 2021, respectively), see note 1 |
| | | | | | | 21,308 | | | | | | 20,088 | | |
Additional Paid-in Capital
|
| | | | | | | 101,282 | | | | | | 44,306 | | |
Retained earnings / (Accumulated Deficit)
|
| | | | | | | 7,603 | | | | | | (2,991) | | |
Accumulated other comprehensive loss
|
| | | | | | | (5,902) | | | | | | (6,431) | | |
Total Shareholders’ equity attributable to Aleph Group, Inc Shareholders
|
| | | | | | | 124,291 | | | | | | 54,972 | | |
Non-controlling interests
|
| | | | | | | 22,583 | | | | | | 443 | | |
Total Shareholders’ equity
|
| | | | | | | 146,874 | | | | | | 55,415 | | |
Total Liabilities, Shareholders’ equity and Redeemable Non-controlling Interest
|
| | | | | | | 678,282 | | | | | | 392,254 | | |
| | |
Six-month period ended June 30,
|
| |
Three-month period ended June 30,
|
| |||||||||||||||||||||
| | |
Note
|
| |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| ||||||||||||
| | | | | |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||||||||
Revenues, net
|
| |
12
|
| | | | 99,292 | | | | | | 57,412 | | | | | | 55,518 | | | | | | 33,075 | | |
Costs of revenues
|
| |
13
|
| | | | (11,431) | | | | | | (7,773) | | | | | | (5,700) | | | | | | (4,196) | | |
Selling, general and administrative expenses
|
| |
13
|
| | | | (55,234) | | | | | | (28,146) | | | | | | (29,693) | | | | | | (17,401) | | |
Depreciation and amortization expense
|
| | | | | | | (7,026) | | | | | | (1,078) | | | | | | (3,194) | | | | | | (552) | | |
Income from operations
|
| | | | | | | 25,601 | | | | | | 20,415 | | | | | | 16,931 | | | | | | 10,926 | | |
Interest expense, net
|
| | | | | | | (1,551) | | | | | | (479) | | | | | | (984) | | | | | | (321) | | |
Other financial results, net
|
| |
14
|
| | | | (5,066) | | | | | | (173) | | | | | | (3,264) | | | | | | (87) | | |
Net income before income tax
|
| | | | | | | 18,984 | | | | | | 19,763 | | | | | | 12,683 | | | | | | 10,518 | | |
Income tax expense
|
| |
15
|
| | | | (5,371) | | | | | | (4,857) | | | | | | (4,111) | | | | | | (2,585) | | |
Net income
|
| | | | | | | 13,613 | | | | | | 14,906 | | | | | | 8,572 | | | | | | 7,933 | | |
Less: Net income attributable to Non-controlling interests
|
| | | | | | | (1,029) | | | | | | (4,355) | | | | | | (351) | | | | | | (2,386) | | |
Less: Net income attributable to redeemable
Non-controlling interests |
| | | | | | | (727) | | | | | | — | | | | | | (727) | | | | | | — | | |
Net income attributable to Aleph Group, Inc Shareholders
|
| | | | | | | 11,857 | | | | | | 10,551 | | | | | | 7,494 | | | | | | 5,547 | | |
Net (loss) earnings per share: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic (loss) earnings per share, attributable
to Aleph Group, Inc Shareholders per common share |
| |
2
|
| | | | (0.09) | | | | | | 0.18 | | | | | | (0.14) | | | | | | 0.09 | | |
Diluted (loss) earnings per share, attributable to Aleph Group, Inc Shareholders per common share
|
| |
2
|
| | | | (0.09) | | | | | | 0.18 | | | | | | (0.14) | | | | | | 0.09 | | |
| | |
Six-month period ended June 30,
|
| |
Three-month period ended June 30,
|
| ||||||||||||||||||
| | | | |
2021
|
| |
2022
|
| |
2021
|
| |||||||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||||||||
Net income
|
| | | | 13,613 | | | | | | 14,906 | | | | | | 8,572 | | | | | | 7,933 | | |
Other comprehensive income (loss):(1) | | | | | | | | | | | | | | | | | | | | | | | | | |
Foreign currency translation
|
| | | | (110) | | | | | | (1,325) | | | | | | 2,262 | | | | | | 73 | | |
Total comprehensive income
|
| | | | 13,503 | | | | | | 13,581 | | | | | | 10,834 | | | | | | 8,006 | | |
Less: Comprehensive (income) loss attributable to non-controlling interests
|
| | | | (390) | | | | | | (4,286) | | | | | | 119 | | | | | | (2,374) | | |
Less: Comprehensive income attributable to redeemable non-controlling interests
|
| | | | (777) | | | | | | — | | | | | | (777) | | | | | | — | | |
Total comprehensive income attributable
to Aleph Group, Inc Shareholders |
| | | | 12,336 | | | | | | 9,295 | | | | | | 10,176 | | | | | | 5,632 | | |
| | |
Six-month period ended June 30, 2021
|
| |||||||||||||||||||||||||||||||||
| | |
Common
Stock |
| |
Additional
Paid-in Capital |
| |
Retained
earnings/ (Accumulated deficit) |
| |
Accumulated
Other Comprehensive Loss |
| |
Non-controlling
Interests |
| |
Total
|
| ||||||||||||||||||
Balances as of January 1, 2021
|
| | | | 14,760 | | | | | | 25,438 | | | | | | (4,267) | | | | | | (3,233) | | | | | | 9,890 | | | | | | 42,588 | | |
Dividend distribution
|
| | | | — | | | | | | — | | | | | | (8,000) | | | | | | — | | | | | | (3,365) | | | | | | (11,365) | | |
Net income
|
| | | | — | | | | | | — | | | | | | 10,551 | | | | | | — | | | | | | 4,355 | | | | | | 14,906 | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (1,256) | | | | | | (69) | | | | | | (1,325) | | |
Balances as of June 30, 2021
|
| | |
|
14,760
|
| | | |
|
25,438
|
| | | |
|
(1,716)
|
| | | |
|
(4,489)
|
| | | |
|
10,811
|
| | | |
|
44,804
|
| |
| | |
Three-month period ended June 30, 2021
|
| |||||||||||||||||||||||||||||||||
| | |
Common
Stock |
| |
Additional
Paid-in Capital |
| |
Retained
earnings/ (Accumulated deficit) |
| |
Accumulated
Other Comprehensive Loss |
| |
Non-controlling
Interests |
| |
Total
|
| ||||||||||||||||||
Balances as of April 1, 2021
|
| | | | 14,760 | | | | | | 25,438 | | | | | | 737 | | | | | | (4,574) | | | | | | 11,802 | | | | | | 48,163 | | |
Dividend distribution
|
| | | | — | | | | | | — | | | | | | (8,000) | | | | | | — | | | | | | (3,365) | | | | | | (11,365) | | |
Net income
|
| | | | — | | | | | | — | | | | | | 5,547 | | | | | | — | | | | | | 2,386 | | | | | | 7,933 | | |
Other comprehensive income
(loss) |
| | | | — | | | | | | — | | | | | | — | | | | | | 85 | | | | | | (12) | | | | | | 73 | | |
Balances as of June 30, 2021
|
| | |
|
14,760
|
| | | |
|
25,438
|
| | | |
|
(1,716)
|
| | | |
|
(4,489)
|
| | | |
|
10,811
|
| | | |
|
44,804
|
| |
| | |
Six-month period ended June 30, 2022
|
| |||||||||||||||||||||||||||||||||
| | |
Common
Stock |
| |
Additional
Paid-in Capital |
| |
Retained
earnings/ (Accumulated deficit) |
| |
Accumulated
Other Comprehensive Loss |
| |
Non-controlling
Interests |
| |
Total
|
| ||||||||||||||||||
Balances as of January 1, 2022
|
| | | | 20,088 | | | | | | 44,306 | | | | | | (2,991) | | | | | | (6,431) | | | | | | 443 | | | | | | 55,415 | | |
Non-Controlling Interest of Connect
Ads(1) |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 23,600 | | | | | | 23,600 | | |
Shares issuance in exchange
for acquisition of shares of acquired company(1) |
| | | | 1,220 | | | | | | 84,780 | | | | | | — | | | | | | — | | | | | | — | | | | | | 86,000 | | |
Stock option plan(2)
|
| | | | — | | | | | | 2,685 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,685 | | |
Dividend distribution(3)
|
| | | | — | | | | | | (10,850) | | | | | | (1,263) | | | | | | — | | | | | | — | | | | | | (12,113) | | |
Dividend distribution to non-controlling interest(4)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,850) | | | | | | (1,850) | | |
Accretion of redeemable non-controlling interest
|
| | | | — | | | | | | (19,639) | | | | | | — | | | | | | — | | | | | | — | | | | | | (19,639) | | |
Net income
|
| | | | — | | | | | | — | | | | | | 11,857 | | | | | | — | | | | | | 1,029 | | | | | | 12,886 | | |
Other comprehensive income (loss)
|
| | | | — | | | | | | — | | | | | | — | | | | | | 529 | | | | | | (639) | | | | | | (110) | | |
Balances as of June 30, 2022
|
| | |
|
21,308
|
| | | |
|
101,282
|
| | | |
|
7,603
|
| | | |
|
(5,902)
|
| | | |
|
22,583
|
| | | |
|
146,874
|
| |
| | |
Three-month period ended June 30, 2022
|
| |||||||||||||||||||||||||||||||||
| | |
Common
Stock |
| |
Additional
Paid-in Capital |
| |
Retained
earnings/ (Accumulated deficit) |
| |
Accumulated
Other Comprehensive Loss |
| |
Non-controlling
Interests |
| |
Total
|
| ||||||||||||||||||
Balances as of April 1, 2022
|
| | | | 21,308 | | | | | | 130,429 | | | | | | 1,372 | | | | | | (8,634) | | | | | | 25,252 | | | | | | 169,727 | | |
Non-Controlling Interest of Connect
Ads(1) |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (700) | | | | | | (700) | | |
Stock option plan(2)
|
| | | | — | | | | | | 1,342 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,342 | | |
Dividend distribution(3)
|
| | | | — | | | | | | (10,850) | | | | | | (1,263) | | | | | | — | | | | | | — | | | | | | (12,113) | | |
Dividend distribution to non-controlling interest(4)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,850) | | | | | | (1,850) | | |
Accretion of redeemable non-controlling interest
|
| | | | — | | | | | | (19,639) | | | | | | — | | | | | | — | | | | | | — | | | | | | (19,639) | | |
Net income
|
| | | | — | | | | | | — | | | | | | 7,494 | | | | | | — | | | | | | 351 | | | | | | 7,845 | | |
Other comprehensive income (loss)
|
| | | | — | | | | | | — | | | | | | — | | | | | | 2,732 | | | | | | (470) | | | | | | 2,262 | | |
Balances as of June 30, 2022
|
| | |
|
21,308
|
| | | |
|
101,282
|
| | | |
|
7,603
|
| | | |
|
(5,902)
|
| | | |
|
22,583
|
| | | |
|
146,874
|
| |
| | | | | | ||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||
Net income
|
| | | | 13,613 | | | | | | 14,906 | | |
Adjustments to reconcile consolidated net income to net cash provided by operating activities: | | | | | | | | | | | | | |
Unrealized foreign exchange
|
| | | | 4,515 | | | | | | (955) | | |
Allowance for credit losses
|
| | | | 2,394 | | | | | | 1,306 | | |
Depreciation and amortization expense
|
| | | | 7,026 | | | | | | 1,078 | | |
Amortization of right of use
|
| | | | 1,388 | | | | | | — | | |
Defined benefit plan
|
| | | | 126 | | | | | | — | | |
Stock option plan
|
| | | | 2,685 | | | | | | — | | |
Accrued unpaid Long-Term Incentive Plan
|
| | | | — | | | | | | 2,798 | | |
Write off of Property plant and equipment
|
| | | | — | | | | | | 18 | | |
Results on investments
|
| | | | (240) | | | | | | — | | |
Interest expense accrued, net
|
| | | | 1,530 | | | | | | 184 | | |
Deferred taxes
|
| | | | (3,206) | | | | | | 86 | | |
Changes in assets and liabilities: | | | | | | | | | | | | | |
Decrease / (Increase) in accounts receivable and accrued receivables
|
| | | | 16,662 | | | | | | (23,925) | | |
(Increase) / Decrease in other current assets
|
| | | | (3,040) | | | | | | 745 | | |
Increase in prepaid expenses
|
| | | | (2,133) | | | | | | (387) | | |
Increase in accounts payable and accrued expenses
|
| | | | 26,538 | | | | | | 38,798 | | |
(Decrease) / Increase in salaries and social security payable
|
| | | | (2,263) | | | | | | 1,274 | | |
Increase in advances from customers
|
| | | | 3,989 | | | | | | 6,093 | | |
Increase in other current liabilities
|
| | | | 1,148 | | | | | | — | | |
Decrease in lease, net
|
| | | | (1,368) | | | | | | — | | |
Decrease in income tax payable
|
| | | | (4,743) | | | | | | (2,652) | | |
Payments of interests
|
| | | | (764) | | | | | | (174) | | |
(Decrease) / Increase in other taxes payable
|
| | | | (3,191) | | | | | | 1,475 | | |
Net cash provided by operating activities
|
| | | | 60,666 | | | | | | 40,668 | | |
Cash flows from investing activities: | | | | | | | | | | | | | |
Acquisitions of property and equipment
|
| | | | (806) | | | | | | (278) | | |
Acquisition of Intangible assets
|
| | | | (835) | | | | | | (523) | | |
Decrease in short term investments
|
| | | | 1,000 | | | | | | — | | |
Acquisition of investments in equity shares (note 8)
|
| | | | (3,025) | | | | | | — | | |
Sales of investments in equity shares (note 8)
|
| | | | 3,265 | | | | | | — | | |
Disbursement of loan to related party
|
| | | | — | | | | | | (2,000) | | |
Payments for acquired business, net of cash acquired (note 21)
|
| | | | (55,416) | | | | | | — | | |
Net cash used in investing activities
|
| | | | (55,817) | | | | | | (2,801) | | |
Cash flows from financing activities: | | | | | | | | | | | | | |
Proceeds from loans
|
| | | | 69,753 | | | | | | 19,121 | | |
Payment of loans
|
| | | | (35,000) | | | | | | (21) | | |
Dividends payment
|
| | | | (12,113) | | | | | | (9,545) | | |
Dividends payments to non-controlling interest
|
| | | | (1,299) | | | | | | — | | |
Dividends payments to former owners of acquired business
|
| | | | (5,971) | | | | | | — | | |
Payments of deferred consideration related to the acquisition of non-controlling interest
|
| | | | (6,590) | | | | | | (8,972) | | |
Net cash provided by financing activities
|
| | | | 8,780 | | | | | | 583 | | |
Effect of foreign currency exchange rate changes on cash and cash equivalents
|
| | | | (4,285) | | | | | | (1,707) | | |
Net increase in cash, cash equivalents and restricted cash
|
| | | | 9,344 | | | | | | 36,743 | | |
Cash, cash equivalents and restricted cash, beginning of year
|
| | | | 124,188 | | | | | | 70,628 | | |
Cash, cash equivalents and restricted cash, end of period
|
| | | | 133,532 | | | | | | 107,371 | | |
Supplemental disclosures of non-cash transactions and other cash flows information: | | | | | | | | | | | | | |
Debt settlement with loan receivables
|
| | | | — | | | | | | 923 | | |
Dividend settlement with loan receivables
|
| | | | — | | | | | | 1,820 | | |
Withholdings taxes on distributed dividends
|
| | | | 170 | | | | | | — | | |
Dividends approved and not paid
|
| | | | 381 | | | | | | — | | |
Leases assets acquired but not paid
|
| | | | 1,462 | | | | | | — | | |
Issuance of share in exchange for Connect Ads acquisition (note 21)
|
| | | | 86,000 | | | | | | — | | |
Cash paid during the period for interest
|
| | | | (764) | | | | | | (174) | | |
Cash paid during the period for income taxes
|
| | | | (12,013) | | | | | | (3,582) | | |
Shareholder
|
| |
Equity interest
in Aleph (%) |
| |||
AIMS
|
| | | | 44.3 | | |
Akuma
|
| | | | 21.2 | | |
Aleph Maradona LP (“CVC”)
|
| | | | 23.4 | | |
Sony Pictures Television Advertising Sales Company (“SPT”)
|
| | | | 5.1 | | |
A15 Holding Netherlands BV (“A15”)
|
| | | | 4.4 | | |
Other
|
| | | | 1.6 | | |
Total | | | | | 100.0 | | |
| | | | | |
%Holding(2)
|
|
| |
Country
|
| |
Six-month period ended
June 30, 2022 |
| |
Connect Ads DMCC
|
| |
United Arab Emirates
|
| |
86.00%
|
|
Connect Ads Italy S.R.L.
|
| |
Italy
|
| |
81.70%
|
|
4G for Advanced Technology LLC
|
| |
Egypt
|
| |
84.28%
|
|
Connect Ads for Advertising and Programming S.A.E.
|
| |
Egypt
|
| |
84.28%
|
|
Techno Dev LLC
|
| |
Egypt
|
| |
84.28%
|
|
Genart Medya Reklamcilik Iletisim Ticaret Anonim Sirketi(1)
|
| |
Turkey
|
| |
43.86%
|
|
Connect Ads KSA LLC
|
| |
Saudi Arabia
|
| |
86.00%
|
|
| |
Country
|
| |
%Holding
|
| |
Httpool, s.r.o.
|
| |
Slovakia
|
| |
100%
|
|
Httpool Israel l.t.d.
|
| |
Israel
|
| |
100%
|
|
Skystart Technologies FZ-LLC
|
| |
United Arab Emirates
|
| |
75%
|
|
Httpool Taiwan
|
| |
Taiwan
|
| |
100%
|
|
Httpool Cyprus L.t.d.
|
| |
Cyprus
|
| |
100%
|
|
Mediam Bangladesh L.t.d.
|
| |
Bangladesh
|
| |
100%
|
|
| |
Country
|
| |
%Holding
|
| |
Ad Dynamo Digital Marketing L.t.d.
|
| |
Nigeria
|
| |
100%
|
|
| |
Country
|
| |
%Holding
|
| |
CADS Moroc SARLAU
|
| |
Marocco
|
| |
100%
|
|
| |
Country
|
| |
%Holding
|
| |
Httpool Digital LLC
|
| |
Uzbekistan
|
| |
100%
|
|
| | |
June 30, 2022
(Unaudited) |
| |||||||||||||||||||||||||||||||||||||||||||||
Currency
|
| |
Euro (€)
|
| |
S.A. Rand
|
| |
Mexican
Peso |
| |
United
Arab Emirates Dirham |
| |
U.S. Dollar
|
| |
Brazilian
Real |
| |
Others
|
| |
Total
|
| ||||||||||||||||||||||||
Assets
|
| | | | 20,996 | | | | | | 112 | | | | | | 2,906 | | | | | | 1 | | | | | | 192,252 | | | | | | 2,619 | | | | | | 16,178 | | | | | | 235,064 | | |
Liabilities
|
| | | | (35,772) | | | | | | (28) | | | | | | (33) | | | | | | (10,966) | | | | | | (211,568) | | | | | | (389) | | | | | | (16,709) | | | | | | (275,465) | | |
Assets/(Liabilities), net
|
| | | | (14,776) | | | | | | 84 | | | | | | 2,873 | | | | | | (10,965) | | | | | | (19,316) | | | | | | 2,230 | | | | | | (531) | | | | | | (40,401) | | |
| | |
Six-month period ended
June 30, 2022 |
| |||
| | |
(Unaudited)
|
| |||
Service cost(1)
|
| | | | 147 | | |
Payments
|
| | | | 72 | | |
| | |
Expected as of
December 31, 2022 |
| |||
Payments
|
| | | | 78 | | |
|
Discount rate
|
| |
1.3%-14.7%(1)
|
|
|
Rate of annual compensation increase
|
| |
0.75%-12% (1)
|
|
| | | | ||||
| | |
(Unaudited)
|
| |||
Balance, beginning of year
|
| | | | — | | |
Initial fair value of redeemable non-controlling interest of acquired business
|
| | | | 23,042 | | |
Effect of exchange rates changes
|
| | | | (1,589) | | |
Net income attributable to redeemable non-controlling interest
|
| | | | 727 | | |
Other comprehensive income attributable to redeemable non-controlling interest
|
| | | | 50 | | |
Adjustment to redemption value
|
| | | | 19,639 | | |
Balance, end of period
|
| | | | 41,869 | | |
| | | | | | ||||||||||||||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||||||||
| | |
Basic
|
| |
Diluted
|
| |
Basic
|
| |
Diluted
|
| ||||||||||||
Net loss per share
|
| | | | (0.09) | | | | | | (0.09) | | | | | | (0.14) | | | | | | (0.14) | | |
Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income
|
| | | | 13,613 | | | | | | 13,613 | | | | | | 8,572 | | | | | | 8,572 | | |
Less: Net income attributable to
non-controlling interests |
| | | | (1,029) | | | | | | (1,029) | | | | | | (351) | | | | | | (351) | | |
Less: Net income attributable to
redeemable non-controlling interest |
| | | | (727) | | | | | | (727) | | | | | | (727) | | | | | | (727) | | |
Less: Accretion of redeemable non-controlling interest
|
| | | | (19,639) | | | | | | (19,639) | | | | | | (19,639) | | | | | | (19,639) | | |
Net loss corresponding to Aleph
Group, Inc Shareholders |
| | | | (7,782) | | | | | | (7,782) | | | | | | (12,145) | | | | | | (12,145) | | |
Denominator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average number of common shares
outstanding |
| | | | 84,039,869.9081 | | | | | | 84,039,869.9081 | | | | | | 85,232,394.7248 | | | | | | 85,232,394.7248 | | |
| | | | | | ||||||||||||||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||||||||
| | |
Basic
|
| |
Diluted
|
| |
Basic
|
| |
Diluted
|
| ||||||||||||
Net earnings per share
|
| | | | 0.18 | | | | | | 0.18 | | | | | | 0.09 | | | | | | 0.09 | | |
Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income
|
| | | | 14,906 | | | | | | 14,906 | | | | | | 7,933 | | | | | | 7,933 | | |
Less: Net income attributable to non-controlling interests
|
| | | | (4,355) | | | | | | (4,355) | | | | | | (2,386) | | | | | | (2,386) | | |
Net income corresponding to Aleph Group, Inc
Shareholders |
| | | | 10,551 | | | | | | 10,551 | | | | | | 5,547 | | | | | | 5,547 | | |
Denominator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average number of common shares
outstanding |
| | | | 59,040,000 | | | | | | 59,040,000 | | | | | | 59,040,000 | | | | | | 59,040,000 | | |
| | | | | | ||||||||
| | |
(Unaudited)
|
| |
(Audited)
|
| ||||||
Cash and cash in banks in U.S. dollars
|
| | | | 55,232 | | | | | | 38,260 | | |
Cash and cash in banks in foreign currencies
|
| | | | 70,934 | | | | | | 69,789 | | |
Time deposits in U.S. dollars
|
| | | | — | | | | | | 5,004 | | |
Total cash and cash equivalents
|
| | | | 126,166 | | | | | | 113,053 | | |
| | | | | | ||||||||
| | |
(Unaudited)
|
| |
(Audited)
|
| ||||||
Restricted cash(1)
|
| | | | 7,366 | | | | | | 11,135 | | |
Total restricted cash
|
| | | | 7,366 | | | | | | 11,135 | | |
| | | | | | ||||||||
| | |
(Unaudited)
|
| |
(Audited)
|
| ||||||
Accounts receivable | | | | | | | | | | | | | |
Trade receivables(1)
|
| | | | 201,168 | | | | | | 149,584 | | |
Receivables in litigation
|
| | | | 1,918 | | | | | | 1,957 | | |
Total accounts receivable
|
| | | | 203,086 | | | | | | 151,541 | | |
| | | | | | ||||||||
| | |
(Unaudited)
|
| |
(Audited)
|
| ||||||
Accrued receivables | | | | | | | | | | | | | |
Representation
|
| | | | 47,076 | | | | | | 33,044 | | |
White label / cross channel services
|
| | | | 4,315 | | | | | | 4,299 | | |
Others
|
| | | | 1,354 | | | | | | 657 | | |
Total accrued receivables
|
| | | | 52,745 | | | | | | 38,000 | | |
Total accounts receivable and accrued receivables
|
| | | | 255,831 | | | | | | 189,541 | | |
| | | | | | ||||||||
| | |
(Unaudited)
|
| |
(Audited)
|
| ||||||
Balances at the beginning of the year
|
| | | | 38,000 | | | | | | 27,671 | | |
Amount invoiced (without VAT)
|
| | | | (38,000) | | | | | | (27,671) | | |
Increase of accrued receivables
|
| | | | 52,745 | | | | | | 38,000 | | |
Balance at the end of the period / year
|
| | |
|
52,745
|
| | | |
|
38,000
|
| |
| | | | | | ||||||||
| | |
(Unaudited)
|
| |
(Audited)
|
| ||||||
Not overdue
|
| | | | 129,203 | | | | | | 106,085 | | |
Overdue less than 3 months
|
| | | | 54,577 | | | | | | 35,092 | | |
Overdue between 4-12 months
|
| | | | 14,061 | | | | | | 7,175 | | |
Overdue more than 12 months
|
| | | | 5,245 | | | | | | 3,189 | | |
Total | | | | | 203,086 | | | | | | 151,541 | | |
| | | | | | ||||||||
| | |
(Unaudited)
|
| |
(Audited)
|
| ||||||
Specific client allowance
|
| | | | (5,895) | | | | | | (4,096) | | |
Global expected credit losses
|
| | | | (5,132) | | | | | | (3,784) | | |
Total allowance for credit losses
|
| | | | (11,027) | | | | | | (7,880) | | |
| | |
Six-month period ended June 30,
|
| |||||||||
| | | | |
2021
|
| |||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||
Balance at the beginning of the year
|
| | | | (7,880) | | | | | | (4,967) | | |
Write off during the period
|
| | | | 541 | | | | | | 938 | | |
Increase in allowance for credit losses
|
| | | | (4,308) | | | | | | (1,306) | | |
Foreign currency translation adjustment
|
| | | | 620 | | | | | | — | | |
Balance at the end of the period
|
| | | | (11,027) | | | | | | (5,335) | | |
| | | | | | ||||||||
| | |
(Unaudited)
|
| |
(Audited)
|
| ||||||
Tradename
|
| | | | 2,808 | | | | | | 911 | | |
Partnerships
|
| | | | 103,739 | | | | | | 14,937 | | |
Customer relationships
|
| | | | 160 | | | | | | 414 | | |
Software development
|
| | | | 3,847 | | | | | | 3,540 | | |
Software purchased
|
| | | | 650 | | | | | | 772 | | |
Total Intangible assets, net
|
| | | | 111,204 | | | | | | 20,574 | | |
| | | | | | ||||||||
| | |
(Unaudited)
|
| |
(Audited)
|
| ||||||
MENA(1) | | | | | 106,628 | | | | | | — | | |
America(2) | | | | | 21,813 | | | | | | 21,813 | | |
South Africa(3)
|
| | | | 16,736 | | | | | | 13,258 | | |
Europe and APAC(4)
|
| | | | 6,633 | | | | | | 6,633 | | |
Total goodwill
|
| | | | 151,810 | | | | | | 41,704 | | |
| | |
Six-month ended June, 30
|
| |
Three-month ended June, 30
|
| ||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| ||||||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||||||||
Revenues, net
|
| | | | 99,292 | | | | | | 57,412 | | | | | | 55,518 | | | | | | 33,075 | | |
Adjusted EBITDA(1)
|
| | | | 37,661 | | | | | | 24,291 | | | | | | 22,580 | | | | | | 14,276 | | |
| | |
Six-month period ended June 30,
|
| |
Three-month period ended June 30,
|
| ||||||||||||||||||
| | | | |
2021
|
| |
2022
|
| |
2021
|
| |||||||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||||||||
Net income
|
| | | | 13,613 | | | | | | 14,906 | | | | | | 8,572 | | | | | | 7,933 | | |
Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | |
Income tax expense
|
| | | | 5,371 | | | | | | 4,857 | | | | | | 4,111 | | | | | | 2,585 | | |
Net loss on foreign currency transactions
|
| | | | 5,306 | | | | | | 173 | | | | | | 3,264 | | | | | | 87 | | |
Interest expense
|
| | | | 1,551 | | | | | | 479 | | | | | | 984 | | | | | | 321 | | |
Results on investments
|
| | | | (240) | | | | | | — | | | | | | — | | | | | | — | | |
Depreciation and amortization expense
|
| | | | 7,026 | | | | | | 1,078 | | | | | | 3,194 | | | | | | 552 | | |
Long-Term Incentive Plan
|
| | | | 177 | | | | | | 2,798 | | | | | | 177 | | | | | | 2,798 | | |
IPO expenses (not capitalized)
|
| | | | 1,518 | | | | | | — | | | | | | 657 | | | | | | — | | |
Stock option plan-Shared based compensation
|
| | | | 2,685 | | | | | | — | | | | | | 1,342 | | | | | | — | | |
Transaction-related expenses on acquisition
of businesses |
| | | | 654 | | | | | | — | | | | | | 279 | | | | | | — | | |
Adjusted EBITDA
|
| | | | 37,661 | | | | | | 24,291 | | | | | | 22,580 | | | | | | 14,276 | | |
| | |
Six-month period ended June 30,
|
| |
Three-month period ended June 30,
|
| ||||||||||||||||||
| | | | |
2021
|
| |
2022
|
| |
2021
|
| |||||||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||||||||
Europe | | | | | | | | | | | | | | | | | | | | | | | | | |
Latvia
|
| | | | 10,254 | | | | | | 8,064 | | | | | | 6,517 | | | | | | 4,422 | | |
Slovenia
|
| | | | 8,792 | | | | | | 8,871 | | | | | | 4,797 | | | | | | 4,696 | | |
Estonia
|
| | | | 6,656 | | | | | | 3,985 | | | | | | 3,950 | | | | | | 2,172 | | |
Austria
|
| | | | 3,401 | | | | | | 2,842 | | | | | | 1,912 | | | | | | 1,618 | | |
Others(*) | | | | | 27,604 | | | | | | 18,979 | | | | | | 15,852 | | | | | | 11,305 | | |
Sub-Total Europe
|
| | | | 56,707 | | | | | | 42,741 | | | | | | 33,028 | | | | | | 24,213 | | |
APAC | | | | | | | | | | | | | | | | | | | | | | | | | |
Cambodia
|
| | | | 5,896 | | | | | | 1,734 | | | | | | 3,209 | | | | | | 1,154 | | |
Turkey
|
| | | | 2,989 | | | | | | — | | | | | | 1,296 | | | | | | — | | |
Bangladesh
|
| | | | 1,997 | | | | | | 1,276 | | | | | | 1,231 | | | | | | 770 | | |
India
|
| | | | 1,783 | | | | | | 980 | | | | | | 951 | | | | | | 442 | | |
Others(*) | | | | | 1,652 | | | | | | 1,576 | | | | | | 783 | | | | | | 822 | | |
Sub-Total APAC
|
| | | | 14,317 | | | | | | 5,566 | | | | | | 7,470 | | | | | | 3,188 | | |
Total Europe and APAC
|
| | | | 71,024 | | | | | | 48,307 | | | | | | 40,498 | | | | | | 27,401 | | |
MENA | | | | | | | | | | | | | | | | | | | | | | | | | |
Saudi Arabia
|
| | | | 7,150 | | | | | | — | | | | | | 3,216 | | | | | | — | | |
United Arab Emirates
|
| | | | 5,172 | | | | | | 621 | | | | | | 2,456 | | | | | | 312 | | |
Others(*) | | | | | 808 | | | | | | — | | | | | | 313 | | | | | | — | | |
Total MENA
|
| | | | 13,130 | | | | | | 621 | | | | | | 5,985 | | | | | | 312 | | |
| | |
Six-month period ended June 30,
|
| |
Three-month period ended June 30,
|
| ||||||||||||||||||
| | | | |
2021
|
| |
2022
|
| |
2021
|
| |||||||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||||||||
America | | | | | | | | | | | | | | | | | | | | | | | | | |
Mexico
|
| | | | 4,076 | | | | | | 2,587 | | | | | | 2,993 | | | | | | 1,856 | | |
United States
|
| | | | 3,757 | | | | | | 3,181 | | | | | | 1,507 | | | | | | 2,308 | | |
Argentina
|
| | | | 1,561 | | | | | | 169 | | | | | | 1,154 | | | | | | (112) | | |
Panama
|
| | | | 863 | | | | | | 797 | | | | | | 492 | | | | | | 366 | | |
Others(*) | | | | | 2,248 | | | | | | 1,750 | | | | | | 1,224 | | | | | | 944 | | |
Total America
|
| | | | 12,505 | | | | | | 8,484 | | | | | | 7,370 | | | | | | 5,362 | | |
South Africa | | | | | | | | | | | | | | | | | | | | | | | | | |
South Africa
|
| | | | 2,448 | | | | | | — | | | | | | 1,480 | | | | | | — | | |
Others(*) | | | | | 185 | | | | | | — | | | | | | 185 | | | | | | — | | |
Total South Africa
|
| | | | 2,633 | | | | | | — | | | | | | 1,665 | | | | | | — | | |
Total Revenues
|
| | | | 99,292 | | | | | | 57,412 | | | | | | 55,518 | | | | | | 33,075 | | |
| | | | | | ||||||||
| | |
(Unaudited)
|
| |
(Audited)
|
| ||||||
MENA | | | | | | | | | | | | | |
United Arab Emirates
|
| | | | 92,050 | | | | | | 77 | | |
Others(*)
|
| | | | 221 | | | | | | — | | |
Total MENA
|
| | | | 92,271 | | | | | | 77 | | |
South Africa | | | | | | | | | | | | | |
South Africa
|
| | | | 14,327 | | | | | | 15,419 | | |
Total Africa
|
| | | | 14,327 | | | | | | 15,419 | | |
Europe and APAC | | | | | | | | | | | | | |
Slovenia
|
| | | | 4,243 | | | | | | 3,818 | | |
Others(*)
|
| | | | 1,097 | | | | | | 911 | | |
Total Europe and APAC
|
| | | | 5,340 | | | | | | 4,729 | | |
America | | | | | | | | | | | | | |
United States
|
| | | | 872 | | | | | | 1,209 | | |
Argentina
|
| | | | 262 | | | | | | 197 | | |
Others(*)
|
| | | | 224 | | | | | | 303 | | |
Total America
|
| | | | 1,358 | | | | | | 1,709 | | |
Total Property and equipment and Intangible assets
|
| | | | 113,296 | | | | | | 21,934 | | |
| | | | | | ||||||||
| | |
(Unaudited)
|
| |
(Audited)
|
| ||||||
Trade payable
|
| | | | 223,084 | | | | | | 175,355 | | |
Media expense accrual
|
| | | | 114,389 | | | | | | 69,482 | | |
Total accounts payable and accrued expenses
|
| | | | 337,473 | | | | | | 244,837 | | |
| | | | | | ||||||||
| | |
(Unaudited)
|
| |
(Audited)
|
| ||||||
Balances at the beginning of the year
|
| | | | 11,110 | | | | | | 3,197 | | |
Advances from customers incorporated from Connect Ads
|
| | | | 8,327 | | | | | | — | | |
Services rendered to customers(1)
|
| | | | (19,437) | | | | | | (3,197) | | |
Customer’s payments collected in advance
|
| | | | 23,359 | | | | | | 11,110 | | |
Balance at the end of the period /year
|
| | | | 23,359 | | | | | | 11,110 | | |
Type
|
| |
Institution
|
| |
Currency
|
| |
Accrued
interest |
| |
Weighed Average
interest rate |
| |
June 30, 2022
(Unaudited) |
| |||||||||
Loan
|
| |
Citibank
|
| |
U.S. dollars
|
| | | | 56 | | | | | | 4.51% | | | | | | 5,056(1) | | |
Loan
|
| |
Sindicate
|
| |
U.S. dollars
|
| | | | 534 | | | | | | 6.88% | | | | | | 49,287(2) | | |
Total other financial liabilities(3)
|
| | | | | | | | | | | | | | | | | | | | | | 5,238 | | |
Total loans payable and other financial liabilities
|
| | | | | | | | | | | | | | | | | | | | | | 59,581 | | |
Type
|
| |
Institution
|
| |
Currency
|
| |
Accrued
interest |
| |
Weighed Average
interest rate |
| |
December 31, 2021
(Audited) |
| |||||||||
Loan
|
| |
Citibank
|
| |
U.S. dollars
|
| | | | 69 | | | | | | 3.05% | | | | | | 19,069(1) | | |
Total loans payable
|
| | | | | | | | | | | | | | | | | | | | |
|
19,069
|
| |
Total other financial liabilities(2)
|
| | | | | | | | | | | | | | | | | | | | | | 13,079 | | |
Total loans payable and other financial liabilities
|
| | | | | | | | | | | | | | | | | | | | | | 32,148 | | |
| | | | | | ||||||||
| | |
(Unaudited)
|
| |
(Audited)
|
| ||||||
Balance at the beginning of the year
|
| | | | 32,148 | | | | | | 5,087 | | |
Proceeds from loans (including lines of credit)
|
| | | | 69,753 | | | | | | 28,450 | | |
Payments of loans
|
| | | | (35,000) | | | | | | (13,995) | | |
Deferred consideration related to Ad Dynamo acquisition
|
| | | | 2,790 | | | | | | 13,079 | | |
Deferred consideration related to Connect Ads acquisition
|
| | | | 3,206 | | | | | | — | | |
Payments of debt – Ad Dynamo acquisition
|
| | | | (13,067) | | | | | | — | | |
Payments of debt – Connect Ads acquisition
|
| | | | (884) | | | | | | — | | |
Interest paid
|
| | | | (764) | | | | | | (513) | | |
Accrued interest
|
| | | | 1,534 | | | | | | 516 | | |
Exchanges differences, foreign currency translation, interests and others
|
| | | | (135) | | | | | | (476) | | |
Balance at the end of the period / year
|
| | |
|
59,581
|
| | | |
|
32,148
|
| |
| | |
Six-month period ended June 30,
|
| |
Three-month period ended June 30,
|
| ||||||||||||||||||
| | | | |
2021
|
| |
2022
|
| |
2021
|
| |||||||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||||||||
Representation(1) | | | | | 93,996 | | | | | | 53,322 | | | | | | 53,206 | | | | | | 30,664 | | |
White label / cross channel services(1)
|
| | | | 3,211 | | | | | | 2,626 | | | | | | 1,120 | | | | | | 1,628 | | |
Others(1) | | | | | 2,085 | | | | | | 1,464 | | | | | | 1,192 | | | | | | 783 | | |
Total revenues, net
|
| | | | 99,292 | | | | | | 57,412 | | | | | | 55,518 | | | | | | 33,075 | | |
| | |
Six-month period ended June 30,
|
| |
Three-month period ended June 30,
|
| ||||||||||||||||||
| | | | |
2021
|
| |
2022
|
| |
2021
|
| |||||||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||||||||
Salaries and social security taxes
|
| | | | 10,660 | | | | | | 6,869 | | | | | | 5,311 | | | | | | 3,569 | | |
Others
|
| | | | 771 | | | | | | 904 | | | | | | 389 | | | | | | 627 | | |
Total costs of revenues
|
| | | | 11,431 | | | | | | 7,773 | | | | | | 5,700 | | | | | | 4,196 | | |
| | |
Six-month period ended June 30,
|
| |
Three-month period ended June 30,
|
| ||||||||||||||||||
| | | | |
2021
|
| |
2022
|
| |
2021
|
| |||||||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||||||||
Salaries and social security taxes
|
| | | | 27,505 | | | | | | 16,020 | | | | | | 14,655 | | | | | | 10,288 | | |
Professional fees
|
| | | | 9,643 | | | | | | 2,787 | | | | | | 4,573 | | | | | | 1,572 | | |
Expected credit losses(1)
|
| | | | 2,394 | | | | | | 1,306 | | | | | | 1,808 | | | | | | 717 | | |
Sales commissions
|
| | | | 5,058 | | | | | | 2,987 | | | | | | 2,807 | | | | | | 1,936 | | |
Office expenses
|
| | | | 2,233 | | | | | | 1,116 | | | | | | 1,128 | | | | | | 674 | | |
Rent
|
| | | | 1,450 | | | | | | 712 | | | | | | 785 | | | | | | 358 | | |
Travel and marketing expenses
|
| | | | 3,362 | | | | | | 784 | | | | | | 1,973 | | | | | | 482 | | |
Technology
|
| | | | 974 | | | | | | 470 | | | | | | 543 | | | | | | 304 | | |
Other taxes
|
| | | | 1,754 | | | | | | 1,393 | | | | | | 914 | | | | | | 774 | | |
Other expenses
|
| | | | 861 | | | | | | 571 | | | | | | 507 | | | | | | 296 | | |
Total selling, general and administrative
expenses |
| | | | 55,234 | | | | | | 28,146 | | | | | | 29,693 | | | | | | 17,401 | | |
| | |
Six-month period ended June 30,
|
| |
Three-month period ended June 30,
|
| ||||||||||||||||||
| | | | |
2021
|
| |
2022
|
| |
2021
|
| |||||||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||||||||
Net loss on foreign currency transactions
|
| | | | (5,306) | | | | | | (173) | | | | | | (3,264) | | | | | | (87) | | |
Results on investments (see note 8)
|
| | | | 240 | | | | | | — | | | | | | — | | | | | | — | | |
Total financial results, net
|
| | |
|
(5,066)
|
| | | |
|
(173)
|
| | | |
|
(3,264)
|
| | | |
|
(87)
|
| |
| | |
Six-month period ended June 30,
|
| |
Three-month period ended June 30,
|
| ||||||||||||||||||
| | | | |
2021
|
| |
2022
|
| |
2021
|
| |||||||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||||||||
Income before income tax
|
| | | | 18,984 | | | | | | 19,763 | | | | | | 12,683 | | | | | | 10,518 | | |
Weigthed average income tax rate(1)
|
| |
28.29%
|
| |
24.58%
|
| |
32.41%
|
| |
24.58%
|
| ||||||||||||
Total income tax expense at statutory rate
|
| | | | 5,371 | | | | | | 4,857 | | | | | | 4,111 | | | | | | 2,585 | | |
| | | | | | ||||||||
| | |
(Unaudited)
|
| |
(Audited)
|
| ||||||
Current liabilities: | | | | | | | | | | | | | |
Liabilities with related parties – Akuma(1)
|
| | | | — | | | | | | 6,977 | | |
Total liabilities with related parties
|
| | | | — | | | | | | 6,977 | | |
| | |
Six-month period ended June 30,
|
| |
Three-month period ended June 30,
|
| ||||||||||||||||||
| | | | |
2021
|
| |
2022
|
| |
2021
|
| |||||||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||||||||
Interests – Latam Media
|
| | | | — | | | | | | 50 | | | | | | — | | | | | | 25 | | |
Interests income – Akuma
|
| | | | — | | | | | | (242) | | | | | | — | | | | | | (116) | | |
Financial discounts on debts – Akuma
|
| | | | (99) | | | | | | — | | | | | | (49) | | | | | | — | | |
Total
|
| | | | (99) | | | | | | (192) | | | | | | (49) | | | | | | (91) | | |
| | | | |
January, 2022
|
| |||||||
Right of use asset
|
| | | | 4,128 | | | | | | 3,046 | | |
Lease liability(1)
|
| | | | (4,148) | | | | | | (3,046) | | |
| | |
Europe and APAC
|
| |
America
|
| |
South Africa
|
| |
MENA
|
| ||||||||||||
Weighted average lease term (months)
|
| | | | 40 | | | | | | 9 | | | | | | 19 | | | | | | 31 | | |
Weighted average discount rate
|
| |
1.94%
|
| |
3.39%
|
| |
7.00%
|
| |
6.70%
|
|
| | | | ||||
| | |
(Unaudited)
|
| |||
One year or less
|
| | | | 2,066 | | |
From 1 year to 2 years
|
| | | | 1,151 | | |
From 2 years to 3 years
|
| | | | 696 | | |
Thereafter
|
| | | | 515 | | |
Total future lease payments
|
| | | | 4,428 | | |
Less lease interest
|
| | | | (280) | | |
Total Lease liabilities
|
| | | | 4,148 | | |
| | |
(in million)
|
| |||
Consideration | | | | | | | |
Cash paid
|
| | | | 52.4 | | |
Shares consideration
|
| | | | 86.0 | | |
Deferred consideration(1)
|
| | | | 2.8 | | |
Leakage Consideration
|
| | | | 0.4 | | |
Fair value of NCI
|
| | | | 23.0 | | |
Fair value of total consideration transferred
|
| | | | 164.6 | | |
Recognized amounts of identifiable assets acquired and liabilities assumed | | | | | | | |
Cash
|
| | | | 10.9 | | |
Accounts receivable
|
| | | | 79.6 | | |
Property, plant and equipment
|
| | | | 0.4 | | |
Identifiable intangible assets
|
| | | | 98.8 | | |
Other Assets
|
| | | | 5.3 | | |
Accounts payable
|
| | | | (74.9) | | |
Deferred income tax liabilities
|
| | | | (26.1) | | |
Loans payables and other financial liabilities
|
| | | | (5.3) | | |
Other Current Liabilities
|
| | | | (9.2) | | |
Non-controlling interest in Connect Ads subsidiary
|
| | | | (23.6) | | |
| | | | | 55.9 | | |
Goodwill(2) | | | | | 108.7 | | |
| | | | | 164.6 | | |
| | | | ||||
Revenues
|
| | | | 14,287 | | |
Net income
|
| | | | 2,367 | | |
| | |
(in million)
|
| |||
Consideration | | | | | | | |
Cash paid(1)
|
| | | | 27.4 | | |
Deferred consideration(2)
|
| | | | 2.9 | | |
Fair value of total consideration transferred
|
| | | | 30.3 | | |
Recognized amounts of identifiable assets acquired and liabilities assumed | | | | | | | |
Cash
|
| | | | 2.8 | | |
Accounts receivable
|
| | | | 7.0 | | |
Property, plant and equipment
|
| | | | 0.1 | | |
Identifiable intangible assets
|
| | | | 15.5 | | |
Other Assets
|
| | | | 0.1 | | |
Accounts payable
|
| | | | (5.5) | | |
Deferred income tax liabilities
|
| | | | (4.3) | | |
Other Current Liabilities
|
| | | | (2.5) | | |
| | | | | 13.2 | | |
Goodwill(3) | | | | | 17.1 | | |
| | | | | 30.3 | | |
Acquisition-related costs (to be included in selling, general, and administrative expenses in the Company’s statements of income)
|
| | | | 0.4 | | |
| | |
Note
|
| |
2021
|
| |
2020
|
| ||||||
ASSETS | | | | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| |
4
|
| | | | 113,053 | | | | | | 70,628 | | |
Restricted cash
|
| |
4
|
| | | | 11,135 | | | | | | — | | |
Short-term investments
|
| | | | | | | 2,500 | | | | | | — | | |
Accounts receivable and accrued receivables
|
| |
5
|
| | | | 189,541 | | | | | | 118,375 | | |
Allowance for credit losses
|
| |
5
|
| | | | (7,880) | | | | | | (4,967) | | |
Prepaid expenses
|
| | | | | | | 2,362 | | | | | | 1,714 | | |
Other current assets
|
| |
6
|
| | | | 7,116 | | | | | | 8,310 | | |
Total current assets
|
| | | | | | | 317,827 | | | | | | 194,060 | | |
Non-current assets | | | | | | | | | | | | | | | | |
Property and equipment, net
|
| |
7
|
| | | | 1,360 | | | | | | 1,077 | | |
Goodwill
|
| |
9
|
| | | | 41,704 | | | | | | 28,446 | | |
Intangible assets, net
|
| |
8
|
| | | | 20,574 | | | | | | 4,608 | | |
Receivables from related party
|
| |
19
|
| | | | — | | | | | | 4,214 | | |
Deferred tax assets, net
|
| |
18
|
| | | | 10,258 | | | | | | 6,226 | | |
Other assets and deposits
|
| | | | | | | 531 | | | | | | 411 | | |
Total non-current assets
|
| | | | | | | 74,427 | | | | | | 44,982 | | |
Total assets
|
| | | | | | | 392,254 | | | | | | 239,042 | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | |
Accounts payable and accrued expenses
|
| |
12
|
| | | | 244,837 | | | | | | 142,938 | | |
Advances from customers
|
| |
14
|
| | | | 11,110 | | | | | | 3,197 | | |
Loans payable and other financial liabilities
|
| |
15
|
| | | | 32,148 | | | | | | 5,087 | | |
Salaries and social security payable
|
| | | | | | | 13,773 | | | | | | 6,363 | | |
Liabilities with related parties
|
| |
19
|
| | | | 6,977 | | | | | | 10,423 | | |
Income tax payable
|
| |
18
|
| | | | 6,347 | | | | | | 7,206 | | |
Other taxes payable
|
| |
18
|
| | | | 15,588 | | | | | | 11,333 | | |
Other current liabilities
|
| | | | | | | 110 | | | | | | — | | |
Total current liabilities
|
| | | | | | | 330,890 | | | | | | 186,547 | | |
Non-current liabilities | | | | | | | | | | | | | | | | |
Liabilities with related parties
|
| |
19
|
| | | | — | | | | | | 7,340 | | |
Deferred tax liability
|
| |
18
|
| | | | 5,949 | | | | | | 2,567 | | |
Total non-current liabilities
|
| | | | | | | 5,949 | | | | | | 9,907 | | |
Total liabilities
|
| | | | | | | 336,839 | | | | | | 196,454 | | |
Commitments and contingencies – See Note 21 | | | | | | | | | | | | | | | | |
Shareholders’ equity | | | | | | | | | | | | | | | | |
Common stock ($0.25 par value, 200,000,000 shares authorized, and 80,353,884.1116 and 59,040,000 shares issued and outstanding as of December 31, 2021 and 2020, respectively), see Note 1 and Note 13.
|
| | | | | | | 20,088 | | | | | | 14,760 | | |
Additional Paid-in Capital
|
| | | | | | | 44,306 | | | | | | 25,438 | | |
Accumulated deficit
|
| | | | | | | (2,991) | | | | | | (4,267) | | |
Accumulated other comprehensive loss
|
| | | | | | | (6,431) | | | | | | (3,233) | | |
Total Shareholders’ equity attributable to Aleph Group, Inc Shareholders
|
| | | | | | | 54,972 | | | | | | 32,698 | | |
Non-controlling interests
|
| | | | | |
|
443
|
| | | |
|
9,890
|
| |
Total Shareholders’ equity
|
| | | | | | | 55,415 | | | | | | 42,588 | | |
Total liabilities and Shareholders’ equity
|
| | | | | | | 392,254 | | | | | | 239,042 | | |
| | |
Note
|
| |
2021
|
| |
2020
|
| ||||||
Revenues, net
|
| |
16
|
| | | | 131,139 | | | | | | 70,272 | | |
Costs of revenues
|
| |
17
|
| | | | (16,480) | | | | | | (13,579) | | |
Selling, general and administrative expenses
|
| |
17
|
| | | | (75,364) | | | | | | (37,052) | | |
Depreciation and amortization expense
|
| | | | | | | (2,265) | | | | | | (1,978) | | |
Income from operations
|
| | | | | | | 37,030 | | | | | | 17,663 | | |
Interest expense, net
|
| | | | | | | (1,057) | | | | | | (736) | | |
Net loss on foreign currency transactions
|
| | | | | | | (1,081) | | | | | | (7,405) | | |
Net income before income tax
|
| | | | | | | 34,892 | | | | | | 9,522 | | |
Income tax expense
|
| |
18
|
| | | | (8,577) | | | | | | (7,315) | | |
Net income
|
| | | | | | | 26,315 | | | | | | 2,207 | | |
Less: Net income attributable to non-controlling interests
|
| | | | | | | (5,340) | | | | | | (5,258) | | |
Net income (loss) attributable to Aleph Group, Inc Shareholders
|
| | | | | | | 20,975 | | | | | | (3,051) | | |
Net earnings (loss) per share: | | | | | | | | | | | | | | | | |
Basic earnings (loss) per share, attributable to Aleph Group, Inc Shareholders per
common share |
| |
3
|
| | | | 0.31 | | | | | | (0.05) | | |
Diluted earnings (loss) per share, attributable to Aleph Group, Inc Shareholders per common share
|
| |
3
|
| | | | 0.31 | | | | | | (0.05) | | |
| | |
2021
|
| |
2020
|
| ||||||
Net income
|
| | | | 26,315 | | | | | | 2,207 | | |
Other comprehensive (loss) income:(1) | | | | | | | | | | | | | |
Foreign currency translation
|
| | | | (3,340) | | | | | | 2,595 | | |
Total comprehensive income
|
| | | | 22,975 | | | | | | 4,802 | | |
Less: Comprehensive income attributable to non-controlling interests
|
| | | | (5,198) | | | | | | (6,237) | | |
Total comprehensive income (loss) attributable to Aleph Group, Inc Shareholders
|
| | | | 17,777 | | | | | | (1,435) | | |
| | |
Common
stock(1) |
| |
Additional
paid-in capital(2) |
| |
Accumulated
deficit |
| |
Accumulated
other comprehensive loss |
| |
Non-controlling
interests |
| |
Total
|
| ||||||||||||||||||
Balances as of January 1, 2020
|
| | | | 14,760 | | | | | | 11,716 | | | | | | (1,619) | | | | | | (4,849) | | | | | | 8,581 | | | | | | 28,589 | | |
Employees Compensation
Benefits – Phantom Option Plan (see note 24) |
| | | | — | | | | | | — | | | | | | 403 | | | | | | — | | | | | | 131 | | | | | | 534 | | |
Capitalization performed on Sony
buyout transaction (see note 15) |
| | | | — | | | | | | 24,327 | | | | | | — | | | | | | — | | | | | | — | | | | | | 24,327 | | |
Additional purchase of HHLUK shares (see note 19)
|
| | | | — | | | | | | (10,605) | | | | | | — | | | | | | — | | | | | | (5,059) | | | | | | (15,664) | | |
Net (loss) income
|
| | | | — | | | | | | — | | | | | | (3,051) | | | | | | — | | | | | | 5,258 | | | | | | 2,207 | | |
Other comprehensive income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 1,616 | | | | | | 979 | | | | | | 2,595 | | |
Balances as of December 31, 2020
|
| | | | 14,760 | | | | | | 25,438 | | | | | | (4,267) | | | | | | (3,233) | | | | | | 9,890 | | | | | | 42,588 | | |
Shares issuance in exchange for non-controlling interest (see note 13)
|
| | | | 5,240 | | | | | | 6,040 | | | | | | — | | | | | | — | | | | | | (11,280) | | | | | | — | | |
Capital contribution (see note 13)
|
| | | | 88 | | | | | | 9,912 | | | | | | — | | | | | | — | | | | | | — | | | | | | 10,000 | | |
Stock option plan – Shared-based compensation (see note 13)
|
| | | | — | | | | | | 2,916 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,916 | | |
Dividend distribution (see note 13)
|
| | | | — | | | | | | — | | | | | | (16,082) | | | | | | — | | | | | | (3,365) | | | | | | (19,447) | | |
Deemed dividend distribution(3)
|
| | | | — | | | | | | — | | | | | | (3,617) | | | | | | — | | | | | | — | | | | | | (3,617) | | |
Net income
|
| | | | — | | | | | | — | | | | | | 20,975 | | | | | | — | | | | | | 5,340 | | | | | | 26,315 | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (3,198) | | | | | | (142) | | | | | | (3,340) | | |
Balances as of December 31, 2021
|
| | | | 20,088 | | | | | | 44,306 | | | | | | (2,991) | | | | | | (6,431) | | | | | | 443 | | | | | | 55,415 | | |
| | |
2021
|
| |
2020
|
| ||||||
Net income
|
| | | | 26,315 | | | | | | 2,207 | | |
Adjustments to reconcile consolidated net income to net cash provided by operating activities: | | | | | | | | | | | | | |
Unrealized foreign exchange
|
| | | | 911 | | | | | | 6,355 | | |
Allowance for credit losses
|
| | | | 3,881 | | | | | | 3,937 | | |
Depreciation and amortization expense
|
| | | | 2,265 | | | | | | 1,978 | | |
Accrued unpaid Long-term incentive plan
|
| | | | 1,003 | | | | | | — | | |
Phantom Option Plan
|
| | | | — | | | | | | 534 | | |
Stock option plan
|
| | | | 2,916 | | | | | | | | |
Write off of Property and equipment
|
| | | | 37 | | | | | | — | | |
Interest expense accrued, net
|
| | | | 455 | | | | | | — | | |
Deferred taxes
|
| | | | (3,063) | | | | | | 353 | | |
Changes in assets and liabilities: | | | | | | | | | | | | | |
Increase in accounts receivable and accrued receivables
|
| | | | (63,590) | | | | | | (46,212) | | |
(Increase) / Decrease in other current assets
|
| | | | 1,120 | | | | | | 1,036 | | |
(Increase) / Decrease in prepaid expenses
|
| | | | (670) | | | | | | 399 | | |
Increase in accounts payable and accrued expenses
|
| | | | 94,453 | | | | | | 78,679 | | |
Increase in salaries and social securities payable
|
| | | | 6,145 | | | | | | 3,594 | | |
Increase in advances from customers
|
| | | | 7,110 | | | | | | 349 | | |
Increase in other liabilities
|
| | | | 108 | | | | | | — | | |
(Decrease) / Increase in income tax payable
|
| | | | (3,372) | | | | | | 2,992 | | |
Payments of interests
|
| | | | (513) | | | | | | (150) | | |
Increase in other taxes payable
|
| | | | 3,631 | | | | | | 3,849 | | |
Net cash provided by operating activities
|
| | | | 79,142 | | | | | | 59,900 | | |
Cash flows from investing activities: | | | | | | | | | | | | | |
Acquisitions of property and equipment
|
| | | | (802) | | | | | | (197) | | |
Acquisition of Intangible assets
|
| | | | (2,231) | | | | | | (990) | | |
Increase in short term investments
|
| | | | (2,500) | | | | | | — | | |
Disbursement of loans to related parties
|
| | | | (2,017) | | | | | | — | | |
Collections from loans to related parties
|
| | | | 2,880 | | | | | | — | | |
Payments for acquired business, net of cash acquired
|
| | | | (11,580) | | | | | | — | | |
Net cash used in investing activities
|
| | | | (16,250) | | | | | | (1,187) | | |
Cash flows from financing activities: | | | | | | | | | | | | | |
Proceeds from loans
|
| | | | 28,450 | | | | | | 2,536 | | |
Payment of lines of credit
|
| | | | (13,995) | | | | | | (563) | | |
Dividends payment
|
| | | | (20,709) | | | | | | — | | |
Capital contributions
|
| | | | 10,000 | | | | | | — | | |
Payment of deferred consideration related to the acquisition of non-controlling interest
|
| | | | (8,972) | | | | | | — | | |
Net cash (used in) provided by financing activities
|
| | | | (5,226) | | | | | | 1,973 | | |
Effect of foreign currency exchange rate changes on cash and cash equivalents
|
| | | | (4,106) | | | | | | 813 | | |
Net increase in cash, cash equivalents and restricted cash
|
| | | | 53,560 | | | | | | 61,499 | | |
Cash, cash equivalents and restricted cash, beginning of year
|
| | | | 70,628 | | | | | | 9,129 | | |
Cash, cash equivalents and restricted cash, end of year
|
| | | | 124,188 | | | | | | 70,628 | | |
Supplemental disclosures of other cash flows information: | | | | | | | | | | | | | |
Cash paid during the year for interest
|
| | | | (513) | | | | | | (150) | | |
Cash paid during the year for income taxes
|
| | | | (8,677) | | | | | | (3,970) | | |
Non-cash investing activities: | | | | | | | | | | | | | |
Acquisition of Ad Dynamo (Note 25)
|
| | | | 13,079 | | | | | | — | | |
Non-cash financing activities: | | | | | | | | | | | | | |
Debt capitalization (Note 15)
|
| | | | — | | | | | | 24,327 | | |
Dividend settlement with loan receivables (Note 13)
|
| | | | 1,820 | | | | | | — | | |
Withholdings taxes on distributed dividends
|
| | | | 535 | | | | | | — | | |
Debt settlement with loan receivables (Note 19)
|
| | | | 1,336 | | | | | | 3,000 | | |
Acquisition of Non-controlling Interest (Akuma flip-up, Note 13)
|
| | | | 11,280 | | | | | | — | | |
Acquisition of Non-controlling Interest (Note 19)
|
| | | | — | | | | | | 15,664 | | |
Shareholder
|
| |
Equity interest
in Aleph (%) |
| |||
AIMS
|
| | | | 48.9(1) | | |
Akuma
|
| | | | 22.2(2) | | |
SPT
|
| | | | 5.4 | | |
CVC
|
| | | | 23.5 | | |
Total | | | | | 100.0 | | |
Shareholder
|
| |
Equity interest
in Aleph (%) |
| |||
AIMS
|
| | | | 47.4 | | |
Akuma
|
| | | | 22.1 | | |
SPT
|
| | | | 5.4 | | |
CVC
|
| | | | 23.4 | | |
Other
|
| | | | 1.7 | | |
Total | | | | | 100.0 | | |
| | |
Common
Stock |
| |
Additional
Paid-in Capital |
| |
Retained
Earnings (Accumulated deficit) |
| |
Accumulated
Other Comprehensive Loss |
| |
Non-
controlling Interests |
| |
Total
|
| ||||||||||||||||||
Balances of IMS as of January 1, 2020
|
| | | | 18 | | | | | | 26,458 | | | | | | (1,352) | | | | | | (4,849) | | | | | | 8,581 | | | | | | 28,856 | | |
Change in reporting entity
|
| | | | 14,742 | | | | | | (14,742) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Other adjustments(1)
|
| | | | — | | | | | | — | | | | | | (267) | | | | | | — | | | | | | — | | | | | | (267) | | |
| | | | 14,760 | | | | | | 11,716 | | | | | | (1,619) | | | | | | (4,849) | | | | | | 8,581 | | | | | | 28,589 | | |
| | | | | |
% Holding
|
| |||
| |
Country
|
| |
2021
|
| |
2020
|
| |
IMS Internet Media Services, Inc.
|
| |
United States
|
| |
100.00%
|
| |
100.00%
|
|
10 Midia Publicidade e Propaganda Ltda.
|
| |
Brazil
|
| |
100.00%
|
| |
100.00%
|
|
Personal Corp. IMM Mexico, S. de R.L. de C.V.(4)
|
| |
Mexico
|
| |
—
|
| |
100.00%
|
|
IMM Internet Media Mexico, S. de R.L. de C.V.
|
| |
Mexico
|
| |
100.00%
|
| |
100.00%
|
|
IMS Media, LLC and its subsidiary:
|
| |
United States
|
| |
100.00%
|
| |
100.00%
|
|
•
Internet Media Services Europe S.L.
|
| |
Spain
|
| |
100.00%
|
| |
100.00%
|
|
| | | | | |
% Holding
|
| |||
| |
Country
|
| |
2021
|
| |
2020
|
| |
•
Internet Media Services Europe S.L. (Italian Branch)
|
| |
Italy
|
| |
100.00%
|
| |
100.00%
|
|
Internet Media Services Colombia S.A.S.
|
| |
Colombia
|
| |
100.00%
|
| |
100.00%
|
|
Radobel S.A. and its subsidiaries:
|
| |
Uruguay
|
| |
100.00%
|
| |
100.00%
|
|
•
IMS Argentina S.R.L.
|
| |
Argentina
|
| |
100.00%
|
| |
100.00%
|
|
•
IMS Chile SpA
|
| |
Chile
|
| |
100.00%
|
| |
100.00%
|
|
•
Blue Sky Servicios de Publicidade Ltda.
|
| |
Brazil
|
| |
100.00%
|
| |
100.00%
|
|
•
IMS-Brasil Marketing e Publicidade Ltda.
|
| |
Brazil
|
| |
100.00%
|
| |
100.00%
|
|
•
Internet Media Services Peru, S.R.L.
|
| |
Perú
|
| |
100.00%
|
| |
100.00%
|
|
•
Neokei S.A.:
|
| |
Uruguay
|
| |
75.00%
|
| |
75.00%
|
|
–
Social Media S.A. (Argentina)
|
| |
Argentina
|
| |
74.91%
|
| |
74.91%
|
|
–
Social Media S.A. (Panama)
|
| |
Panama
|
| |
75.00%
|
| |
75.00%
|
|
–
Snack Media S.A. de C.V. (México)
|
| |
Mexico
|
| |
71.25%
|
| |
71.25%
|
|
–
Social Snack S.L.(3)
|
| |
Spain
|
| |
75.00%
|
| |
—
|
|
IMS Internet Media Services Panama, S. de R.L.
|
| |
Panamá
|
| |
100.00%
|
| |
100.00%
|
|
IMS-Internet Media Services Ecuador, S.A.
|
| |
Ecuador
|
| |
100.00%
|
| |
100.00%
|
|
HHLUK, a holding company and its subsidiaries(1):
|
| |
UK
|
| |
100.00%
|
| |
75.50%
|
|
•
Httpool Online Marketing GmbH
|
| |
Austria
|
| |
100.00%
|
| |
75.50%
|
|
•
Httpool Bulgaria EEOD
|
| |
Bulgaria
|
| |
100.00%
|
| |
75.50%
|
|
•
Httpool a.s
|
| |
Czech Republic
|
| |
100.00%
|
| |
75.50%
|
|
•
Httpool Asia Limited
|
| |
Hong Kong
|
| |
100.00%
|
| |
75.50%
|
|
•
Httpool Digital Private Limited
|
| |
India
|
| |
100.00%
|
| |
75.47%
|
|
•
Httpool Online and Mobile advertising SRL
|
| |
Romania
|
| |
100.00%
|
| |
75.50%
|
|
•
Httpool LLC
|
| |
Russia
|
| |
100.00%
|
| |
75.50%
|
|
•
Httpool Hellas S.M.P.C
|
| |
Greece
|
| |
100.00%
|
| |
75.50%
|
|
•
Httpool Baltics OU
|
| |
Estonia
|
| |
100.00%
|
| |
75.50%
|
|
•
Httpool Digital Marketing FZE
|
| |
United Arab Emirates
|
| |
100.00%
|
| |
75.50%
|
|
•
Httpool Polska Sp. Z.o.o
|
| |
Poland
|
| |
100.00%
|
| |
75.50%
|
|
•
Httpool sh.p.k
|
| |
Kosovo
|
| |
100.00%
|
| |
75.50%
|
|
•
Httpool Internet Marketing, d.o.o.
|
| |
Slovenia
|
| |
100.00%
|
| |
75.50%
|
|
•
Httpool Ukraine LLC
|
| |
Ukraine
|
| |
100.00%
|
| |
75.50%
|
|
•
Httpool DOO Beograd
|
| |
Serbia
|
| |
100.00%
|
| |
75.50%
|
|
•
Httpool Drushtvo za Internet Marketing DOOEL Skopje
|
| |
Macedonia
|
| |
100.00%
|
| |
75.50%
|
|
•
Httpool Digital Malaysia sdn. bhd.
|
| |
Malaysia
|
| |
100.00%
|
| |
75.50%
|
|
•
Httpool Hungary Kft.
|
| |
Hungary
|
| |
100.00%
|
| |
75.50%
|
|
•
Noovo Internet d.o.o.
|
| |
Croatia
|
| |
100.00%
|
| |
75.50%
|
|
•
Httpool Digital Indonesia(2)
|
| |
Indonesia
|
| |
100.00%
|
| |
38.50%
|
|
•
Httpool Latvia SIA
|
| |
Latvia
|
| |
100.00%
|
| |
75.50%
|
|
•
Httpool Lithuania UAB
|
| |
Lithuania
|
| |
100.00%
|
| |
75.50%
|
|
•
Httpool Bangladesh Limited
|
| |
Bangladesh
|
| |
100.00%
|
| |
75.50%
|
|
•
Httpool Lao Sole Co., Ltd.
|
| |
Laos
|
| |
100.00%
|
| |
75.50%
|
|
•
Httpool Myanmar Limited
|
| |
Myanmar
|
| |
100.00%
|
| |
75.50%
|
|
•
Httpool (CAMBODIA) Co., Ltd.
|
| |
Cambodia
|
| |
100.00%
|
| |
75.50%
|
|
•
Httpool AB
|
| |
Sweden
|
| |
100.00%
|
| |
75.50%
|
|
•
Httpool OY
|
| |
Finland
|
| |
100.00%
|
| |
75.50%
|
|
•
Httpool Denmark ApS(3)
|
| |
Denmark
|
| |
100.00%
|
| |
—
|
|
| | | | | |
% Holding
|
| |||
| |
Country
|
| |
2021
|
| |
2020
|
| |
•
Httpool Norway AS(3)
|
| |
Norway
|
| |
100.00%
|
| |
—
|
|
•
Httpool Kazakhstan LLC(3)
|
| |
Kazakhstan
|
| |
100.00%
|
| |
—
|
|
•
Httpool Digital Pte. Ltd.(3)
|
| |
Singapore
|
| |
100.00%
|
| |
—
|
|
•
Httpool Digital Mongolia LLC(3)
|
| |
Mongolia
|
| |
100.00%
|
| |
—
|
|
•
Httpool Pvt. Ltd.(3)
|
| |
Nepal
|
| |
100.00%
|
| |
—
|
|
•
Httpool BY Limited Liability Company(3)
|
| |
Belarus
|
| |
100.00%
|
| |
—
|
|
•
Ad Dynamo International (Pty) Limited and its subsidiaries:(3)
|
| |
South Africa
|
| |
100.00%
|
| |
—
|
|
–
Bangers and Mash (Pty) (South Africa)(3)
|
| |
South Africa
|
| |
100.00%
|
| |
—
|
|
–
Ad Dynamo Holdings Limited and its subsidiaries:(3)
|
| |
UK
|
| |
100.00%
|
| |
—
|
|
•
Ad Dynamo Kenya Limited(3)
|
| |
Kenya
|
| |
100.00%
|
| |
—
|
|
•
Ad Dynamo UK Limited(3)
|
| |
UK
|
| |
100.00%
|
| |
—
|
|
•
Ad Dynamo Ireland Limited(3)
|
| |
Ireland
|
| |
100.00%
|
| |
—
|
|
| | |
Revenues’ growth annual rates
considered(1) |
| |
Long-term growth
rates |
| |
Average discount rate(1)
|
| |||||||||
| | |
31.12.2021(3)
|
| |
31.12.2020
|
| |
31.12.2021
|
| |
31.12.2020
|
| |
31.12.2021
|
| |
31.12.2020
|
|
America
|
| |
21% to 41%
|
| |
20% to 40%
|
| |
2%
|
| |
2%
|
| |
8%
|
| |
9%
|
|
Europe and APAC
|
| |
36%
|
| |
26% to 40%
|
| |
2%
|
| |
2%
|
| |
20%
|
| |
20%
|
|
Africa(2) | | |
8% to 73%
|
| |
—
|
| |
2%
|
| |
—
|
| |
38%
|
| |
—
|
|
| | | | ||||||||||||||||||||||||||||||||||||||||||||||
Currency
|
| |
Euro(€)
|
| |
S.A.
Rand |
| |
Argentinian
Peso |
| |
Russian
Ruble |
| |
U.S.
Dollar |
| |
Brazilian
Real |
| |
Others
|
| |
Total
|
| ||||||||||||||||||||||||
Assets
|
| | | | 18,943 | | | | | | — | | | | | | 8,072 | | | | | | 1,034 | | | | | | 154,680 | | | | | | 2,424 | | | | | | 12,536 | | | | | | 197,689 | | |
Liabilities
|
| | | | (43,158) | | | | | | (7,151) | | | | | | (11,068) | | | | | | (2,209) | | | | | | (152,381) | | | | | | (361) | | | | | | (9,654) | | | | | | (225,982) | | |
Assets/ (Liabilities), net
|
| | | | (24,215) | | | | | | (7,151) | | | | | | (2,996) | | | | | | (1,175) | | | | | | 2,299 | | | | | | 2,063 | | | | | | 2,882 | | | | | | (28,293) | | |
| | |
2021
|
| |
2020
|
| ||||||||||||||||||
| | |
Basic EPS
|
| |
Diluted EPS
|
| |
Basic LPS
|
| |
Diluted LPS
|
| ||||||||||||
Net earnings (loss) per share
|
| | | | 0.31 | | | | | | 0.31 | | | | | | (0.05) | | | | | | (0.05) | | |
Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income
|
| | | | 26,315 | | | | | | 26,315 | | | | | | 2,207 | | | | | | 2,207 | | |
Less: Net income attributable to non-controlling interests
|
| | | | (5,340) | | | | | | (5,340) | | | | | | (5,258) | | | | | | (5,258) | | |
Net income (loss) corresponding to Aleph Group, Inc Shareholders
|
| | | | 20,975 | | | | | | 20,975 | | | | | | (3,051) | | | | | | (3,051) | | |
Denominator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average number of common shares
outstanding |
| | | | 67,961,449.3744 | | | | | | 68,011,026.6908 | | | | | | 59,040,000 | | | | | | 59,040,000 | | |
| | |
2021
|
| |
2020
|
| ||||||
Cash and cash in banks in U.S. dollars
|
| | | | 38,260 | | | | | | 22,953 | | |
Cash and cash in banks in foreign currencies
|
| | | | 69,789 | | | | | | 47,675 | | |
Time deposits in U.S. dollars
|
| | | | 5,004 | | | | | | — | | |
Total cash and cash equivalents
|
| | | | 113,053 | | | | | | 70,628 | | |
| | |
2021
|
| |
2020
|
| ||||||
Restricted cash(1)
|
| | | | 11,135 | | | | | | — | | |
Total restricted cash
|
| | | | 11,135 | | | | | | — | | |
| | |
2021
|
| |
2020
|
| ||||||
Accounts receivable | | | | | | | | | | | | | |
Trade receivables(1)
|
| | | | 149,584 | | | | | | 88,583 | | |
Receivables in litigation
|
| | | | 1,957 | | | | | | 2,121 | | |
Total accounts receivable
|
| | | | 151,541 | | | | | | 90,704 | | |
Accrued receivables | | | | | | | | | | | | | |
Representation
|
| | | | 33,044 | | | | | | 25,217 | | |
White label / cross channel services
|
| | | | 4,299 | | | | | | 2,111 | | |
Others
|
| | | | 657 | | | | | | 343 | | |
Total accrued receivables
|
| | | | 38,000 | | | | | | 27,671 | | |
Total accounts receivable and accrued receivables
|
| | | | 189,541 | | | | | | 118,375 | | |
| | |
2021
|
| |
2020
|
| ||||||
Balances at the beginning of the year
|
| | | | 27,671 | | | | | | 12,965 | | |
Amount invoiced (without VAT)
|
| | | | (27,671) | | | | | | (12,965) | | |
Increase of accrued receivables
|
| | |
|
38,000
|
| | | | | 27,671 | | |
Balance at the end of the year
|
| | | | 38,000 | | | | | | 27,671 | | |
| | |
2021
|
| |
2020
|
| ||||||
Not overdue
|
| | | | 106,085 | | | | | | 78,304 | | |
Overdue less than 3 months
|
| | | | 35,092 | | | | | | 5,599 | | |
Overdue between 4-12 months
|
| | | | 7,175 | | | | | | 3,989 | | |
Overdue more than 12 months
|
| | | | 3,189 | | | | | | 2,812 | | |
Total | | | | | 151,541 | | | | | | 90,704 | | |
| | |
2021
|
| |
2020
|
| ||||||
Specific client allowance
|
| | | | (4,096) | | | | | | (3,080) | | |
Global expected credit losses
|
| | | | (3,784) | | | | | | (1,887) | | |
Total allowance for credit losses
|
| | | | (7,880) | | | | | | (4,967) | | |
| | |
For the year ended
December 31, 2021 |
| |
For the year ended
December 31, 2020 |
| ||||||
Balance at the beginning of the year
|
| | | | (4,967) | | | | | | (821) | | |
Effect in opening equity of the initial adoption of CECL (See Note 2.3)
|
| | | | — | | | | | | (361) | | |
Increase in allowance for credit losses
|
| | | | (3,881) | | | | | | (1,525) | | |
Acquisition Ad Dynamo
|
| | | | (209) | | | | | | — | | |
Increase in allowance for receivables under litigation and others
|
| | | | — | | | | | | (2,412) | | |
Write off during the year
|
| | | | 960 | | | | | | 152 | | |
Foreign currency translation adjustment
|
| | | | 217 | | | | | | — | | |
Balance at the end of the year
|
| | | | (7,880) | | | | | | (4,967) | | |
| | |
2021
|
| |
2020
|
| ||||||
Income tax credit
|
| | | | 3,261 | | | | | | 5,331 | | |
VAT receivable
|
| | | | 2,538 | | | | | | 2,337 | | |
Others
|
| | | | 1,317 | | | | | | 642 | | |
Total other current assets
|
| | | | 7,116 | | | | | | 8,310 | | |
| | |
Estimated
useful lives (in years) |
| |
2021
|
| |
2020
|
| ||||||
Leasehold improvements
|
| |
7
|
| | | | 1,058 | | | | | | 1,545 | | |
Computer equipment
|
| |
3
|
| | | | 2,703 | | | | | | 2,034 | | |
Furniture and fixtures
|
| |
5 - 15
|
| | | | 870 | | | | | | 807 | | |
Vehicles
|
| |
5
|
| | | | 5 | | | | | | 6 | | |
Total property and equipment
|
| | | | | | | 4,636 | | | | | | 4,392 | | |
Less: accumulated depreciation
|
| | | | | | | (3,276) | | | | | | (3,315) | | |
Total property and equipment, net
|
| | | | | | | 1,360 | | | | | | 1,077 | | |
| | |
2021
|
| |
2020
|
| ||||||
Leasehold improvements
|
| | | | 159 | | | | | | 323 | | |
Computer equipment
|
| | | | 823 | | | | | | 358 | | |
Furniture and fixtures
|
| | | | 378 | | | | | | 396 | | |
Total property and equipment, net
|
| | | | 1,360 | | | | | | 1,077 | | |
| | |
Estimated
useful lives (in years) |
| |
2021
|
| |
2020
|
| ||||||
Tradename
|
| |
3 - 10
|
| | | | 1,214 | | | | | | 656 | | |
Partnerships
|
| |
3 - 9
|
| | | | 16,392 | | | | | | 1,441 | | |
Customer relationships
|
| |
5
|
| | | | 2,586 | | | | | | 2,586 | | |
Software development
|
| |
4
|
| | | | 4,444 | | | | | | 2,716 | | |
Software purchased
|
| |
5
|
| | | | 2,127 | | | | | | 1,851 | | |
Total intangible assets
|
| | | | | | | 26,763 | | | | | | 9,250 | | |
Less: accumulated amortization | | | | | | | | | | | | | | | | |
Tradename
|
| | | | | | | (303) | | | | | | (222) | | |
Partnerships
|
| | | | | | | (1,455) | | | | | | (1,166) | | |
Customer relationships
|
| | | | | | | (2,172) | | | | | | (1,652) | | |
Software development
|
| | | | | | | (904) | | | | | | (392) | | |
Software purchased
|
| | | | | | | (1,355) | | | | | | (1,210) | | |
Total accumulated amortization of intangible assets
|
| | | | | | | (6,189) | | | | | | (4,642) | | |
Total Intangible assets, net
|
| | | | | | | 20,574 | | | | | | 4,608 | | |
| | |
2021
|
| |
2020
|
| ||||||
Tradename
|
| | | | 911 | | | | | | 434 | | |
Partnerships
|
| | | | 14,937 | | | | | | 275 | | |
Customer relationships
|
| | | | 414 | | | | | | 934 | | |
Software development
|
| | | | 3,540 | | | | | | 2,324 | | |
Software purchased
|
| | | | 772 | | | | | | 641 | | |
Total Intangible assets, net
|
| | | | 20,574 | | | | | | 4,608 | | |
For the year ending December 31,
|
| |
Estimated
Amortization Expense |
| |||
2022
|
| | | | 3,761 | | |
2023
|
| | | | 3,286 | | |
2024
|
| | | | 2,778 | | |
2025
|
| | | | 2,310 | | |
2026
|
| | | | 1,882 | | |
2027 and thereafter
|
| | | | 6,557 | | |
Total | | | | | 20,574 | | |
| | |
2021
|
| |
2020
|
| ||||||
America(1) | | | | | 21,813 | | | | | | 21,813 | | |
Europe and APAC(2)
|
| | | | 6,633 | | | | | | 6,633 | | |
Africa(3) | | | | | 13,258 | | | | | | — | | |
Total goodwill
|
| | | | 41,704 | | | | | | 28,446 | | |
| | |
For the year ended
December 31, 2021 |
| |
For the year ended
December 31, 2020 |
| ||||||
Balance at the beginning of the year
|
| | |
|
28,446
|
| | | |
|
28,446
|
| |
Business acquisitions (note 25)
|
| | | | 13,301 | | | | | | — | | |
Effect of exchange rates changes
|
| | | | (43) | | | | | | — | | |
Balance at the end of the year
|
| | | | 41,704 | | | | | | 28,446 | | |
| | |
For the year ended
December 31, 2021 |
| |
For the year ended
December 31, 2020 |
| ||||||
Revenues, net
|
| | | | 131,139 | | | | | | 70,272 | | |
Adjusted EBITDA(1)
|
| | | | 48,844 | | | | | | 20,049 | | |
| | |
For the year ended
December 31, 2021 |
| |
For the year ended
December 31, 2020 |
| ||||||
Net income
|
| | | | 26,315 | | | | | | 2,207 | | |
Adjustments: | | | | | | | | | | | | | |
Income tax expense
|
| | | | 8,577 | | | | | | 7,315 | | |
Net loss on foreign currency transactions
|
| | | | 1,081 | | | | | | 7,405 | | |
Interest expense, net
|
| | | | 1,057 | | | | | | 736 | | |
Depreciation and amortization expense
|
| | | | 2,265 | | | | | | 1,978 | | |
Long-term incentive plan
|
| | | | 2,798 | | | | | | 337 | | |
IPO expenses (not capitalized)
|
| | | | 1,722 | | | | | | — | | |
Stamp tax on Akuma’s Flip-up
|
| | | | 1,512 | | | | | | — | | |
Stock option plan – Shared-based compensation (note 13)
|
| | | | 2,916 | | | | | | — | | |
Transaction-related expenses on acquisition of businesses
|
| | | | 601 | | | | | | 71 | | |
Adjusted EBITDA
|
| | | | 48,844 | | | | | | 20,049 | | |
| | |
For the year ended
December 31, 2021 |
| |
For the year ended
December 31, 2020 |
| ||||||
Europe | | | | | | | | | | | | | |
Slovenia
|
| | | | 20,897 | | | | | | 15,371 | | |
Latvia
|
| | | | 13,208 | | | | | | 7,276 | | |
Estonia
|
| | | | 8,713 | | | | | | 2,444 | | |
Austria
|
| | | | 7,762 | | | | | | 5,749 | | |
Others(*)
|
| | | | 41,189 | | | | | | 19,435 | | |
Sub-Total Europe
|
| | | | 91,769 | | | | | | 50,275 | | |
APAC | | | | | | | | | | | | | |
Cambodia
|
| | | | 5,872 | | | | | | 488 | | |
Bangladesh
|
| | | | 3,287 | | | | | | 760 | | |
India
|
| | | | 3,037 | | | | | | 2,018 | | |
United Arab Emirates
|
| | | | 2,075 | | | | | | 759 | | |
Others(*)
|
| | | | 3,062 | | | | | | 2,302 | | |
Sub-Total APAC
|
| | | | 17,333 | | | | | | 6,327 | | |
Total Europe and APAC
|
| | | | 109,102 | | | | | | 56,602 | | |
America | | | | | | | | | | | | | |
United States
|
| | | | 8,263 | | | | | | 2,706 | | |
Mexico
|
| | | | 5,491 | | | | | | 3,052 | | |
Argentina
|
| | | | 2,000 | | | | | | 4,100 | | |
Panama
|
| | | | 1,707 | | | | | | 1,811 | | |
Others(*)
|
| | | | 3,779 | | | | | | 2,001 | | |
Total America
|
| | | | 21,240 | | | | | | 13,670 | | |
Africa(1) | | | | | | | | | | | | | |
South Africa
|
| | | | 776 | | | | | | — | | |
Others(*)
|
| | | | 21 | | | | | | — | | |
Total Africa
|
| | | | 797 | | | | | | — | | |
Total revenues, net
|
| | | | 131,139 | | | | | | 70,272 | | |
| | |
2021
|
| |
2020
|
| ||||||
Europe and APAC | | | | | | | | | | | | | |
Slovenia
|
| | | | 3,818 | | | | | | 2,775 | | |
Others(*)
|
| | | | 988 | | | | | | 315 | | |
Total Europe and APAC
|
| | | | 4,806 | | | | | | 3,090 | | |
America | | | | | | | | | | | | | |
United States
|
| | | | 1,209 | | | | | | 2,022 | | |
Others(*)
|
| | | | 500 | | | | | | 573 | | |
Total America
|
| | | | 1,709 | | | | | | 2,595 | | |
Africa | | | | | | | | | | | | | |
South Africa
|
| | | | 15,419 | | | | |
|
—
|
| |
Total Africa
|
| | | | 15,419 | | | | | | — | | |
Total fixed assets
|
| | | | 21,934 | | | | | | 5,685 | | |
| | |
2021
|
| |
2020
|
| ||||||
Trade payable
|
| | | | 175,355 | | | | | | 112,965 | | |
Media expense accrual
|
| | | | 69,482 | | | | | | 29,973 | | |
Total accounts payable and accrued expenses
|
| | | | 244,837 | | | | | | 142,938 | | |
| | |
2021
|
| |
2020
|
| ||||||
Balances at the beginning of the year
|
| | | | 3,197 | | | | | | 2,831 | | |
Services rendered to customers(1)
|
| | | | (3,197) | | | | | | (2,831) | | |
Customer´s payments collected in advance
|
| | | | 11,110 | | | | | | 3,197 | | |
Balance at the end of the year
|
| | | | 11,110 | | | | | | 3,197 | | |
Type
|
| |
Institution
|
| |
Currency
|
| |
Accrued
Interest |
| |
Weighted
Average interest rate |
| |
2021
|
| |||||||||
Loan
|
| |
Citibank
|
| |
U.S. dollars
|
| | | | 69 | | | | | | 3.05% | | | | | | 19,069(1) | | |
Total loans payable
|
| | | | | | | | | | | | | | | | | | | | | | 19,069 | | |
Total other financial liabilities(2)
|
| | | | | | | | | | | | | | | | | | | | |
|
13,079
|
| |
Total loans payable and other financial liabilities
|
| | | | | | | | | | | | | | | | | | | | | | 32,148 | | |
Type
|
| |
Institution
|
| |
Currency
|
| |
Accrued
Interest |
| |
Weighted
Average interest rate |
| |
2020
|
| |||||||||
Loan
|
| |
Citibank
|
| |
U.S. dollars
|
| | | | 66 | | | | | | 3.87% | | | | | | 5,066(1) | | |
Loan
|
| |
CEF
|
| |
Brazilian Real
|
| | | | — | | | | | | 11.80% | | | | | | 21 | | |
Total loans payable
|
| | | | | | | | | | | | | | | | | | | | | | 5,087 | | |
Total other financial liabilities
|
| | | | | | | | | | | | | | | | | | | | | | — | | |
Total loans payable and other financial liabilities
|
| | | | | | | | | | | | | | | | | | | | | | 5,087 | | |
| | |
2021
|
| |
2020
|
| ||||||
Balance at the beginning of the year
|
| | | | 5,087 | | | | | | 30,607 | | |
Proceeds from loans (including lines of credit)
|
| | | | 28,450 | | | | | | 2,536 | | |
Payment of lines of credit
|
| | | | (13,995) | | | | | | (563) | | |
Debt – Ad Dynamo acquisition
|
| | | | 13,079 | | | | | | — | | |
Interest paid
|
| | | | (513) | | | | | | (150) | | |
Debt capitalization
|
| | | | — | | | | | | (24,327) | | |
Debt cancelation with loan receivables (Note 19)
|
| | | | — | | | | | | (3,000) | | |
Accrued interest
|
| | | | 516 | | | | | | 201 | | |
Exchanges differences, foreign currency translation, interests and others
|
| | | | (476) | | | | | | (217) | | |
Balance at the end of the year
|
| | | | 32,148 | | | | | | 5,087 | | |
| | |
For the year ended
December 31, 2021 |
| |
For the year ended
December 31, 2020 |
| ||||||
Representation(1) | | | | | 122,220 | | | | | | 61,829 | | |
White label / cross channel services(1)
|
| | | | 4,636 | | | | | | 6,094 | | |
Others(1) | | | | | 4,283 | | | | | | 2,349 | | |
Total revenues, net
|
| | | | 131,139 | | | | | | 70,272 | | |
| | |
For the year ended
December 31, 2021 |
| |
For the year ended
December 31, 2020 |
| ||||||
Salaries and social security taxes
|
| | | | 14,893 | | | | | | 12,457 | | |
Others
|
| | | | 1,587 | | | | | | 1,122 | | |
Total costs of revenues
|
| | | | 16,480 | | | | | | 13,579 | | |
| | |
For the year ended
December 31, 2021 |
| |
For the year ended
December 31, 2020 |
| ||||||
Salaries and social security taxes
|
| | | | 35,585 | | | | | | 17,387 | | |
Professional fees
|
| | | | 13,282 | | | | | | 4,433 | | |
Expected credit losses
|
| | | | 3,881 | | | | | | 3,937 | | |
Sales commissions
|
| | | | 6,292 | | | | | | 3,059 | | |
Office Expenses
|
| | | | 2,555 | | | | | | 1,568 | | |
Rent
|
| | | | 1,762 | | | | | | 1,531 | | |
Travel and marketing expenses
|
| | | | 3,230 | | | | | | 1,181 | | |
Technology
|
| | | | 1,372 | | | | | | 655 | | |
Other taxes
|
| | | | 5,493 | | | | | | 2,170 | | |
Other expenses
|
| | | | 1,912 | | | | | | 1,131 | | |
Total selling, general and administrative expenses
|
| | | | 75,364 | | | | | | 37,052 | | |
| | |
For the year ended
December 31, 2021 |
| |
For the year ended
December 31, 2020 |
| ||||||
Current tax benefit (expense): | | | | | | | | | | | | | |
Federal
|
| | | | (1,298) | | | | | | (2,846) | | |
State
|
| | | | (32) | | | | | | (237) | | |
Foreign
|
| | | | (10,310) | | | | | | (3,879) | | |
| | | | | (11,640) | | | | | | (6,962) | | |
Deferred tax benefit (expense): | | | | | | | | | | | | | |
Federal
|
| | | | 248 | | | | | | (110) | | |
State
|
| | | | — | | | | | | (18) | | |
Foreign
|
| | | | 2,815 | | | | | | (225) | | |
| | | | | 3,063 | | | | | | (353) | | |
Total income tax expense
|
| | | | (8,577) | | | | | | (7,315) | | |
| | |
For the year ended
December 31, 2021 |
| |
For the year ended
December 31, 2020 |
| ||||||
Net income before income tax
|
| | | | 34,892 | | | | | | 9,522(3) | | |
Statutory income tax rate
|
| | | | 21% | | | | | | 21%(1) | | |
Income tax expense at statutory rate
|
| | | | (7,327) | | | | | | (2,000) | | |
Withholdings taxes
|
| | | | (1,346) | | | | | | (1,115) | | |
Permanent differences
|
| | | | (164) | | | | | | (141) | | |
Taxable capitalized debt (note 15)
|
| | | | — | | | | | | (5,109) | | |
Valuation allowance (increase)/decrease
|
| | | | (666) | | | | | | 1,022 | | |
Adjustments in respect to previous year
|
| | | | — | | | | | | 447 | | |
| | | | | (178) | | | | | | — | | |
Income tax Estonia and Latvia
|
| | | | 708 | | | | | | (1,963)(2) | | |
Others
|
| | | | (421) | | | | | | (433) | | |
Effect of applying different statutory rates in the countries in which the Company operates
|
| | | | 1,095 | | | | | | 2,383 | | |
Global Intangible Low-Taxed Income
|
| | | | (4,129) | | | | | | (2,005) | | |
Foreign Tax Credits
|
| | | | 3,851 | | | | | | 1,599 | | |
Total income tax expense
|
| | | | (8,577) | | | | | | (7,315) | | |
| | |
2021
|
| |
2020
|
| ||||||
U.S.
|
| | | | 368 | | | | | | (9,533) | | |
Non-U.S.
|
| | | | 34,524 | | | | | | 19,055 | | |
| | | | | 34,892 | | | | | | 9,522 | | |
| | |
2021
|
| |
2020
|
| ||||||
Deferred tax assets | | | | | | | | | | | | | |
Net operating losses
|
| | | | 1,013 | | | | | | 1,156 | | |
Allowance for Credit Losses
|
| | | | 1,351 | | | | | | 523 | | |
Unrealized foreign exchange
|
| | | | 840 | | | | | | 1,023 | | |
Other temporary differences(1)
|
| | | | 7,054 | | | | | | 3,524 | | |
Total deferred tax assets, net
|
| | | | 10,258 | | | | | | 6,226 | | |
Deferred tax liabilities | | | | | | | | | | | | | |
Other temporary differences Estonia
|
| | | | 1,040 | | | | | | 609 | | |
Other temporary differences Latvia
|
| | | | — | | | | | | 1,404 | | |
Other temporary differences U.S.
|
| | | | 510 | | | | | | 530 | | |
Others
|
| | | | 99 | | | | | | 24 | | |
Intangible assets(2)
|
| | | | 4,300 | | | | | | — | | |
Total deferred tax liabilities
|
| | | | 5,949 | | | | | | 2,567 | | |
| | |
2021
|
| |||
2023
|
| | | | 45 | | |
2024
|
| | | | 41 | | |
2025
|
| | | | 128 | | |
After 2025
|
| | | | 799 | | |
Total | | | | | 1,013 | | |
| | |
2021
|
| |
2020
|
| ||||||
Value added tax (VAT)
|
| | | | 10,256 | | | | | | 8,384 | | |
Others
|
| | | | 5,332 | | | | | | 2,949 | | |
Total Other taxes payable
|
| | | | 15,588 | | | | | | 11,333 | | |
| | |
2021
|
| |
2020
|
| ||||||
Non-current assets: | | | | | | | | | | | | | |
Loan receivable – Akuma
|
| | | | — | | | | | | 3,764 | | |
Interest receivable – Akuma
|
| | | | — | | | | | | 450 | | |
| | | | | — | | | | | | 4,214 | | |
Total receivables from related party
|
| | | | — | | | | | | 4,214 | | |
| | |
2021
|
| |
2020
|
| ||||||
Current liabilities: | | | | | | | | | | | | | |
Liabilities with related parties – Akuma
|
| | | | 6,977 | | | | | | 10,423 | | |
| | | | | 6,977 | | | | | | 10,423 | | |
Non-current liabilities: | | | | | | | | | | | | | |
Liabilities with related parties – Akuma
|
| | | | — | | | | | | 7,340 | | |
| | | | | — | | | | | | 7,340 | | |
Total liabilities with related parties
|
| | | | 6,977 | | | | | | 17,763 | | |
| | |
2021
|
| |
2020
|
| ||||||
Interests – Latam Media
|
| | | | 61 | | | | | | — | | |
Interests (expense) income – Akuma
|
| | | | (55) | | | | | | 103 | | |
Financial discounts – Akuma
|
| | | | (335) | | | | | | (361) | | |
Total
|
| | | | (329) | | | | | | (258) | | |
Year
|
| |
Amount
|
| |||
2022
|
| | | | 1,530 | | |
2023
|
| | | | 668 | | |
2024
|
| | | | 411 | | |
2025
|
| | | | 279 | | |
Thereafter
|
| | | | 243 | | |
Total | | | | | 3,131 | | |
| | |
(in million)
|
| |||
Consideration | | | | | | | |
Cash paid
|
| | | | 14.4 | | |
Deferred consideration(1)
|
| | | | 13.1 | | |
Fair value of total consideration transferred
|
| | | | 27.5 | | |
Recognized amounts of identifiable assets acquired and liabilities assumed | | | | | | | |
Cash
|
| | | | 2.8 | | |
Accounts receivable
|
| | | | 7.0 | | |
Property, plant and equipment
|
| | | | 0.1 | | |
Identifiable intangible assets
|
| | | | 15.5 | | |
Other Assets
|
| | | | 0.1 | | |
Accounts payable
|
| | | | (5.5) | | |
Deferred income tax liabilities
|
| | | | (4.3) | | |
Other Current Liabilities
|
| | | | (1.5) | | |
Total identifiable net assets
|
| | | | 14.2 | | |
Goodwill | | | | | 13.3 | | |
| | | | | 27.5 | | |
Acquisition-related costs (to be included in selling, general, and administrative expenses in the Company’s statements of income)
|
| | | | 0.4 | | |
| | | | ||||
Revenues
|
| | | | 880 | | |
Net income
|
| | | | 263 | | |
| | | | | | ||||||||
Pro forma net revenues
|
| | | | 138,613 | | | | | | 75,303 | | |
Pro forma net income
|
| | | | 28,026 | | | | | | 1,829 | | |
|
|
| |
Grant Thornton Audit and Accounting
Limited (Dubai Branch) The Offices 5 Level 3 Office 303 One Central, DWTC Dubai, UAE P.O. Box 1620 T +971 4 388 9925 F +971 4 388 9915 |
|
| | |
Note
|
| | | | | ||||||||
ASSETS | | | | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| |
4
|
| | | | 10,930 | | | | | | 9,675 | | |
Accounts receivable and accrued receivables
|
| |
5
|
| | | | 89,688 | | | | | | 63,133 | | |
Allowance for credit losses
|
| |
5
|
| | | | (10,020) | | | | | | (9,454) | | |
Receivables from related parties
|
| |
6
|
| | | | 1,677 | | | | | | 641 | | |
Prepaid expenses
|
| | | | | | | 427 | | | | | | 468 | | |
Other current assets
|
| |
7
|
| | | | 1,467 | | | | | | 1,415 | | |
Total current assets
|
| | | | | | | 94,169 | | | | | | 65,878 | | |
Non-current assets | | | | | | | | | | | | | | | | |
Property and equipment, net
|
| |
8
|
| | | | 365 | | | | | | 411 | | |
Deferred tax assets
|
| |
16
|
| | | | 1,747 | | | | | | 1,522 | | |
Intangible assets, net
|
| |
9
|
| | | | 6 | | | | | | 13 | | |
Total non-current assets
|
| | | | | | | 2,118 | | | | | | 1,946 | | |
Total assets
|
| | | | | | | 96,287 | | | | | | 67,824 | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | |
Accounts payable and accrued expenses
|
| |
10
|
| | | | 66,533 | | | | | | 47,525 | | |
Advances from customers
|
| |
11
|
| | | | 8,327 | | | | | | 4,499 | | |
Salaries and social security payable
|
| | | | | | | 1,685 | | | | | | 983 | | |
Other financial liabilities
|
| |
13
|
| | | | 5,047 | | | | | | — | | |
Liabilities with related parties
|
| |
6
|
| | | | 6 | | | | | | 14 | | |
Income tax payable
|
| |
16
|
| | | | 3,210 | | | | | | 1,321 | | |
Other tax payable
|
| |
16
|
| | | | 2,458 | | | | | | 3,905 | | |
Total current liabilities
|
| | | | | | | 87,266 | | | | | | 58,247 | | |
Noncurrent liabilities | | | | | | | | | | | | | | | | |
Defined benefit pension plans
|
| |
12
|
| | | | 1,503 | | | | | | 1,033 | | |
Deferred tax liabilities
|
| |
16
|
| | | | 23 | | | | | | 38 | | |
Total noncurrent liabilities
|
| | | | | | | 1,526 | | | | | | 1,071 | | |
Total liabilities
|
| | | | | | | 88,792 | | | | | | 59,318 | | |
Shareholders’ equity | | | | | | | | | | | | | | | | |
Common stock (170 shares authorized and issued of $272.22 each)
|
| |
13
|
| | | | 46 | | | | | | 46 | | |
Retained earnings
|
| | | | | | | 6,998 | | | | | | 7,303 | | |
Accumulated other comprehensive loss
|
| | | | | | | (2,560) | | | | | | (1,489) | | |
Total Shareholders’ equity attributable to Connect Ads DMCC
|
| | | | | | | 4,484 | | | | | | 5,860 | | |
Non-controlling interests
|
| | | | | |
|
3,011
|
| | | | | 2,646 | | |
Total Shareholders’ equity
|
| | | | | | | 7,495 | | | | | | 8,506 | | |
Total liabilities and Shareholders’ equity
|
| | | | | | | 96,287 | | | | | | 67,824 | | |
| | |
Note
|
| | | | | ||||||||
Revenues, net
|
| |
14
|
| | | | 36,999 | | | | | | 21,839 | | |
Costs of revenues
|
| |
15
|
| | | | (2,288) | | | | | | (1,586) | | |
Selling, general and administrative expenses
|
| |
15
|
| | | | (13,421) | | | | | | (12,607) | | |
Depreciation and amortization expenses
|
| | | | | | | (136) | | | | | | (145) | | |
Income from operations
|
| | | | | | | 21,154 | | | | | | 7,501 | | |
Interest income
|
| | | | | | | 254 | | | | | | 162 | | |
Net gain on foreign currency transactions
|
| | | | | | | 1,533 | | | | | | 174 | | |
Net income before income tax
|
| | | | | | | 22,941 | | | | | | 7,837 | | |
Income tax expense
|
| |
16
|
| | | | (5,287) | | | | | | (1,945) | | |
Net income
|
| | | | | | | 17,654 | | | | | | 5,892 | | |
Less: Net income attributable to non-controlling interests
|
| | | | | | | (3,596) | | | | | | (1,824) | | |
Net income attributable to Connect Ads DMCC Shareholders
|
| | | | | | | 14,058 | | | | | | 4,068 | | |
Net earnings per share: | | | | | | | | | | | | | | | | |
Basic earnings per share, attributable to shareholders per common share
|
| |
3
|
| | |
|
82.69
|
| | | |
|
23.93
|
| |
Diluted earnings per share, attributable to shareholders per common share
|
| |
3
|
| | |
|
82.69
|
| | | |
|
23.93
|
| |
| | |
Note
|
| | | | | ||||||||
Net income
|
| | | | | | | 17,654 | | | | | | 5,892 | | |
Other comprehensive loss:(1) | | | | | | | | | | | | | | | | |
Actuarial loss on remeasurement of defined benefit obligations(2)
|
| | | | | | | (287) | | | | | | (37) | | |
Foreign currency translation
|
| | | | | | | (2,058) | | | | | | (952) | | |
Other comprehensive loss
|
| | | | | | | (2,345) | | | | | | (989) | | |
Total comprehensive income
|
| | | | | | | 15,309 | | | | | | 4,903 | | |
Less: Comprehensive income attributable to non-controlling interests
|
| | | | | | | (2,612) | | | | | | (1,503) | | |
Total comprehensive income attributable to Connect Ads DMCC Shareholders
|
| | | | | | | 12,697 | | | | | | 3,400 | | |
| | |
Common
Stock |
| |
Retained
Earnings |
| |
Accumulated
Other Comprehensive Loss |
| |
Non-controlling
Interests |
| |
Total
|
| |||||||||||||||
Balances as of January 1, 2020
|
| | | | 46 | | | | | | 6,544 | | | | | | (856) | | | | | | 1,243 | | | | | | 6,977 | | |
Effect of the initial adoption of CECL (see Note 5), net of deferred tax of $0.51 million
|
| | | | — | | | | | | (3,274) | | | | | | — | | | | | | — | | | | | | (3,274) | | |
Net income
|
| | | | — | | | | | | 4,068 | | | | | | — | | | | | | 1,824 | | | | | | 5,892 | | |
Other comprehensive income
|
| | | | — | | | | | | (35) | | | | | | (633) | | | | | | (321) | | | | | | (989) | | |
Dividend paid to non-controlling interests
|
| | | | — | | | | | | — | | | | | | — | | | | | | (100) | | | | | | (100) | | |
Balances as of December 31, 2020
|
| | | | 46 | | | | | | 7,303 | | | | | | (1,489) | | | | | | 2,646 | | | | | | 8,506 | | |
Net income
|
| | | | — | | | | | | 14,058 | | | | | | — | | | | | | 3,596 | | | | | | 17,654 | | |
Adjustment for decrease in controlling interest in Connect Ads Italy S.R.L
|
| | | | — | | | | | | (26) | | | | | | — | | | | | | 26 | | | | | | — | | |
Other comprehensive loss
|
| | | | — | | | | | | (290) | | | | | | (1,071) | | | | | | (984) | | | | | | (2,345) | | |
Dividend declared
|
| | | | — | | | | | | (14,047) | | | | | | — | | | | | | (2,273) | | | | | | (16,320) | | |
Balances as of December 31, 2021
|
| | | | 46 | | | | | | 6,998 | | | | | | (2,560) | | | | | | 3,011 | | | | | | 7,495 | | |
| | | | | | ||||||||
Net income
|
| | |
|
17,654
|
| | | |
|
5,892
|
| |
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
|
| | | | | | | | | | | | |
Allowance for expected credit losses for accounts receivables and accrued revenues
|
| | | | 642 | | | | | | 2,699 | | |
Allowance for expected credit losses for receivables from related parties
|
| | | | 183 | | | | | | — | | |
Depreciation and amortization expense
|
| | | | 136 | | | | | | 145 | | |
Changes in assets and liabilities: | | | | | | | | | | | | | |
(Increase) in accounts receivable and accrued receivables
|
| | | | (26,555) | | | | | | (15,189) | | |
(Increase)/ decrease in other current assets
|
| | | | (46) | | | | | | 850 | | |
(Increase) in amounts receivable from related parties
|
| | | | (1,219) | | | | | | (2,380) | | |
Decrease/(increase) in prepaid expenses
|
| | | | 41 | | | | | | (140) | | |
(Increase) in deferred taxes
|
| | | | (240) | | | | | | (593) | | |
Increase in provision for defined benefit obligations
|
| | | | 176 | | | | | | 212 | | |
Increase in accounts payable and accrued expenses
|
| | | | 19,008 | | | | | | 6,836 | | |
Increase in advances from customers
|
| | | | 3,828 | | | | | | (517) | | |
(Decrease)/increase in liabilities with related parties
|
| | | | (8) | | | | | | 820 | | |
Increase/(decrease) in income tax payable
|
| | | | 1,889 | | | | | | (56) | | |
(Decrease)/increase in other taxes payable
|
| | | | (745) | | | | | | 3,431 | | |
Net cash provided by operating activities
|
| | | | 14,744 | | | | | | 2,010 | | |
Cash flows used in investing activities: | | | | | | | | | | | | | |
Acquisitions of property and equipment
|
| | | | (131) | | | | | | (32) | | |
Acquisition of Intangibles
|
| | | | (1) | | | | | | (11) | | |
Net cash used in investing activities
|
| | | | (132) | | | | | | (43) | | |
Cash flows used in financing activities: | | | | | | | | | | | | | |
Dividend paid Connect Ads DMCC shareholders
|
| | | | (9,000) | | | | | | — | | |
Dividend paid to non-controlling interest
|
| | | | (2,273) | | | | | | (100) | | |
Net cash used in financing activities
|
| | | | (11,273) | | | | | | (100) | | |
Effect of foreign currency exchange rate changes on cash and cash equivalents
|
| | | | (2,084) | | | | | | (970) | | |
Net increase in cash and cash equivalents
|
| | | | 1,255 | | | | | | 897 | | |
Cash and cash equivalents, beginning of year
|
| | | | 9,675 | | | | | | 8,778 | | |
Cash and cash equivalents, end of year
|
| | | | 10,930 | | | | | | 9,675 | | |
Supplemental disclosures of other cash flows information: | | | | | | | | | | | | | |
Cash paid during the year for income taxes
|
| | | | 3,321 | | | | | | 2,561 | | |
| | | | | | | | | ||||||||
| |
Country
|
| |
% Holding
|
| |
% Holding
|
| |||||||
Connect Ads for Advertising and Programming S.A.E
|
| | Egypt | | | | | 100% | | | | | | 100% | | |
TechnoDev LLC
|
| | Egypt | | | | | 100% | | | | | | 100% | | |
4G Advanced Technology LLC
|
| | Egypt | | | | | 100% | | | | | | 100% | | |
Connect Ads KSA
|
| |
Kingdom of Saudi Arabia
|
| | | | 100% | | | | | | 100% | | |
Connect Ads Italy S.R.L.
|
| | Italy | | | | | 95% | | | | | | 100% | | |
Genart Media Reklamicihk Ileticism Ticaret Limited
|
| | Turkey | | | | | 51% | | | | | | 51% | | |
| | | | ||||||||||||||||||||||||||||
Currency
|
| |
United
Arab Emirates Dirhams |
| |
Saudi
Arabian Riyal |
| |
Egyptian
Pound |
| |
Turkish
Lira |
| |
Euro
|
| |||||||||||||||
Assets
|
| | | | 25,222 | | | | | | 57,511 | | | | | | 5,224 | | | | | | 18,754 | | | | | | 3,969 | | |
Liabilities
|
| | | | (23,507) | | | | | | (52,946) | | | | | | (10,766) | | | | | | (12,996) | | | | | | (3,177) | | |
Assets/ (Liabilities), net
|
| | | | 1,715 | | | | | | 4,565 | | | | | | (5,542) | | | | | | 5,758 | | | | | | 792 | | |
| | | | ||||||||||||||||||||||||||||
Currency
|
| |
United
Arab Emirates Dirhams |
| |
Saudi
Arabian Riyal |
| |
Egyptian
Pound |
| |
Turkish
Lira |
| |
Euro
|
| |||||||||||||||
Assets
|
| | | | 16,912 | | | | | | 40,272 | | | | | | 4,531 | | | | | | 12,479 | | | | | | 2,749 | | |
Liabilities
|
| | | | (13,408) | | | | | | (35,722) | | | | | | (9,768) | | | | | | (7,373) | | | | | | (2,379) | | |
Assets/ (Liabilities), net
|
| | | | 3,504 | | | | | | 4,550 | | | | | | (5,237) | | | | | | 5,106 | | | | | | 370 | | |
| | | | | | ||||||||||||||||||||
| | |
Basic EPS
|
| |
Diluted EPS
|
| |
Basic EPS
|
| |
Diluted EPS
|
| ||||||||||||
Net earnings per share(1)
|
| | |
|
82.69
|
| | | |
|
82.69
|
| | | | | 23.93 | | | | | | 23.93 | | |
Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income
|
| | | | 17,654 | | | | | | 17,654 | | | | | | 5,892 | | | | | | 5,892 | | |
Less: Net income attributable to non-controlling interests
|
| | | | (3,596) | | | | | | (3,596) | | | | | | (1,824) | | | | | | (1,824) | | |
Net income corresponding to Connect Ads DMCC Shareholders
|
| | | | 14,058 | | | | | | 14,058 | | | | | | 4,068 | | | | | | 4,068 | | |
Denominator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average number of common shares outstanding
|
| | | | 170 | | | | | | 170 | | | | | | 170 | | | | | | 170 | | |
| | | | | | ||||||||
Cash in foreign currencies
|
| | | | 10,200 | | | | | | 9,519 | | |
Cash in AED
|
| | | | 730 | | | | | | 156 | | |
Total cash and cash equivalents
|
| | |
|
10,930
|
| | | | | 9,675 | | |
| | | | | | ||||||||
Accounts receivable | | | | | | | | | | | | | |
Trade receivables
|
| | | | 71,394 | | | | | | 62,034 | | |
Receivables in litigation
|
| | | | 189 | | | | | | 189 | | |
Total accounts receivable
|
| | |
|
71,583
|
| | | | | 62,223 | | |
Accrued receivables | | | | | | | | | | | | | |
Representation and others
|
| | | | 18,105 | | | | | | 910 | | |
Total accrued receivables
|
| | | | 18,105 | | | | | | 910 | | |
Total accounts receivable and accrued receivables
|
| | |
|
89,688
|
| | | | | 63,133 | | |
| | | | | | ||||||||
Balances at the beginning of the year
|
| | | | 910 | | | | | | 6,834 | | |
Amount invoiced (without VAT)
|
| | | | (910) | | | | | | (6,834) | | |
Increase of accrued receivables
|
| | | | 18,105 | | | | | | 910 | | |
Balance at the end of the year
|
| | |
|
18,105
|
| | | | | 910 | | |
| | | | | | ||||||||
Not due
|
| | | | 47,357 | | | | | | 36,894 | | |
Within 3 months
|
| | | | 12,940 | | | | | | 9,424 | | |
Within 4-12 months
|
| | | | 3,148 | | | | | | 9,161 | | |
More than 12 months
|
| | | | 8,138 | | | | | | 6,744 | | |
Total
|
| | |
|
71,583
|
| | | | | 62,223 | | |
| | | | | | ||||||||
Specific client allowance
|
| | | | 189 | | | | | | 189 | | |
General expected credit losses
|
| | | | 9,831 | | | | | | 9,265 | | |
Total allowance for credit losses
|
| | |
|
10,020
|
| | | | | 9,454 | | |
| | | | | | ||||||||
Balance at the beginning of the year
|
| | | | 9,454 | | | | | | 2,678 | | |
Effect in opening equity of the initial adoption of CECL (See Note 2.4)
|
| | | | — | | | | | | 3,781 | | |
Increase in allowance for credit losses (See Note 2.3)
|
| | | | 642 | | | | | | 2,699 | | |
Transfer from allowance for other current assets
|
| | | | — | | | | | | 312 | | |
Foreign currency translation adjustment
|
| | | | (76) | | | | | | (16) | | |
Balance at the end of the year
|
| | |
|
10,020
|
| | | | | 9,454 | | |
| | | | | | ||||||||
Receivables from related parties: | | | | | | | | | | | | | |
Entities under common control | | | | | | | | | | | | | |
Rostan Company for Investments
|
| | | | 1,539 | | | | | | 442 | | |
LinkdotNET Qatar Limited
|
| | | | 23 | | | | | | 112 | | |
A15 Digital Technology S.A.E.
|
| | | | 298 | | | | | | 76 | | |
Arpu Telecommunication Serviced A.S.E
|
| | | | — | | | | | | 10 | | |
A15 Fund
|
| | | | — | | | | | | 1 | | |
| | | | | 1,860 | | | | | | 641 | | |
Allowances for expected credit losses
|
| | | | (183) | | | | | | — | | |
Total receivables from related parties
|
| | |
|
1,677
|
| | | | | 641 | | |
| | | | | | ||||||||
Liabilities with related parties: | | | | | | | | | | | | | |
Entities under common control | | | | | | | | | | | | | |
Arpu Telecommunication Serviced S.A.E
|
| | | | 5 | | | | | | 6 | | |
Tattlr Company
|
| | | | 1 | | | | | | — | | |
Link Development S.A.E.
|
| | | | — | | | | | | 8 | | |
Total liabilities with related parties
|
| | |
|
6
|
| | | | | 14 | | |
| | | | | | ||||||||
WHT receivables
|
| | | | 490 | | | | | | 456 | | |
Notes receivables
|
| | | | 216 | | | | | | 392 | | |
Commissions receivables
|
| | | | 362 | | | | | | 353 | | |
Refundable deposits
|
| | | | 184 | | | | | | 57 | | |
VAT receivables
|
| | | | — | | | | | | 3 | | |
Others
|
| | | | 215 | | | | | | 154 | | |
Total other current assets
|
| | |
|
1,467
|
| | | | | 1,415 | | |
| | |
Estimated
useful lives (in years) |
| | | | | ||||||||
Leasehold improvements
|
| |
5
|
| | | | 166 | | | | | | 170 | | |
Computers
|
| |
5
|
| | | | 453 | | | | | | 384 | | |
Office furniture and fixtures
|
| |
3 - 15
|
| | | | 99 | | | | | | 83 | | |
Vehicles
|
| |
5
|
| | | | 126 | | | | | | 195 | | |
Total property and equipment
|
| | | | | |
|
844
|
| | | | | 832 | | |
Less: accumulated depreciation
|
| | | | | | | (479) | | | | | | (421) | | |
Total property and equipment, net
|
| | | | | |
|
365
|
| | | | | 411 | | |
| | | | | | ||||||||
Leasehold improvements
|
| | | | 65 | | | | | | 87 | | |
Computers
|
| | | | 195 | | | | | | 160 | | |
Office furniture and fixtures
|
| | | | 54 | | | | | | 47 | | |
Vehicles
|
| | | | 51 | | | | | | 117 | | |
Total property and equipment, net
|
| | |
|
365
|
| | | | | 411 | | |
| | |
Estimated
useful lives (in years) |
| | | | | ||||||||
Software purchased
|
| |
5
|
| | | | 22 | | | | | | 32 | | |
Total intangible assets
|
| | | | | | | 22 | | | | | | 32 | | |
Less: accumulated amortization
|
| | | | | | | | | | | | | | | |
Software purchased
|
| | | | | | | (16) | | | | | | (19) | | |
Total accumulated amortization of intangible assets
|
| | | | | | | (16) | | | | | | (19) | | |
Total Intangible assets, net
|
| | | | | |
|
6
|
| | | | | 13 | | |
| | | | | | ||||||||
Software purchased
|
| | | | 6 | | | | | | 13 | | |
Total Intangible assets, net
|
| | |
|
6
|
| | | | | 13 | | |
| | | | | | ||||||||
Trade payable
|
| | | | 50,645 | | | | | | 45,679 | | |
Media expense accrual
|
| | | | 15,888 | | | | | | 1,846 | | |
Total accounts payable and accrued expenses
|
| | |
|
66,533
|
| | | | | 47,525 | | |
| | | | | | ||||||||
Balances at the beginning of the year
|
| | | | 7,101 | | | | | | 7,144 | | |
Customer´s payments received in advance
|
| | | | 17,981 | | | | | | 22,097 | | |
Services rendered to customers(1)
|
| | | | (16,755) | | | | | | (24,742) | | |
Balance at the end of the year
|
| | |
|
8,327
|
| | | | | 4,499 | | |
| | | | | | ||||||||
Balance at the beginning of the year
|
| | | | 1,033 | | | | | | 821 | | |
Service cost
|
| | | | 181 | | | | | | 177 | | |
Interest cost
|
| | | | 51 | | | | | | 32 | | |
Actuarial losses
|
| | | | 294 | | | | | | 49 | | |
Benefits paid
|
| | | | (35) | | | | | | (40) | | |
Foreign currency exchange rate changes
|
| | | | (21) | | | | | | (6) | | |
Balance at the end of the year
|
| | |
|
1,503
|
| | | | | 1,033 | | |
| | | | | | ||||||||
Net periodic benefit cost recognized
|
| | | | 232 | | | | | | 209 | | |
Other changes in benefit obligations recognized in accumulated other comprehensive income:
|
| | | | | | | | | | | | |
Net actuarial loss on remeasurement of defined benefit pension obligations
|
| | | | 294 | | | | | | 49 | | |
Total
|
| | |
|
526
|
| | | | | 258 | | |
| | | | | | ||
Discount rate
|
| |
1.3% - 14.7%
|
| |
3.46% - 4.93%
|
|
Rate of annual compensation increase
|
| |
0.75% - 12%
|
| |
2% - 5%
|
|
| | | | | | ||||||||
Representation(1) | | | | | 34,209 | | | | | | 19,708 | | |
Others
|
| | | | 2,790 | | | | | | 2,131 | | |
Total revenues, net
|
| | |
|
36,999
|
| | | | | 21,839 | | |
| | | | | | ||||||||
Salaries and social security taxes
|
| | | | 1,924 | | | | | | 1,565 | | |
Other expenses
|
| | | | 364 | | | | | | 21 | | |
Total costs of revenues
|
| | |
|
2,288
|
| | | | | 1,586 | | |
| | | | | | ||||||||
Salaries and social security taxes
|
| | | | 8,872 | | | | | | 7,262 | | |
Professional fees
|
| | | | 746 | | | | | | 501 | | |
Expected credit losses accounts receivables and accrued revenues
|
| | | | 642 | | | | | | 2,699 | | |
Other taxes
|
| | | | 638 | | | | | | 127 | | |
Outsourcing expenses
|
| | | | 570 | | | | | | 357 | | |
Office expense
|
| | | | 545 | | | | | | 492 | | |
Insurance expenses
|
| | | | 472 | | | | | | 368 | | |
Rent expenses*
|
| | | | 322 | | | | | | 327 | | |
Expected credit losses of receivables from related parties
|
| | | | 183 | | | | | | — | | |
Licenses costs
|
| | | | 157 | | | | | | 252 | | |
Travelling expenses
|
| | | | 114 | | | | | | 123 | | |
Other expenses
|
| | | | 160 | | | | | | 99 | | |
Total selling, general and administrative expenses
|
| | |
|
13,421
|
| | | | | 12,607 | | |
Year
|
| | | ||||
2022
|
| | | | 277 | | |
2023
|
| | | | 197 | | |
2024
|
| | | | 110 | | |
Total | | | | | 584 | | |
| | | | | | ||||||||
Current tax expense | | | | | | | | | | | | | |
Foreign jurisdictions
|
| | | | 5,543 | | | | | | 2,518 | | |
Deferred tax benefit | | | | | | | | | | | | | |
Foreign jurisdictions
|
| | | | (256) | | | | | | (573) | | |
Total income tax expense
|
| | |
|
5,287
|
| | | | | 1,945 | | |
| | | | | | ||||||||
Net income before income tax(1)
|
| | | | 22,941 | | | | | | 7,837 | | |
Statutory income tax rate(2)
|
| | | | 22.19% | | | | | | 24.77% | | |
Income tax expense
|
| | | | 5,090 | | | | | | 1,941 | | |
Impact of non-deductible temporary differences
|
| | | | 453 | | | | | | 577 | | |
Deferred tax benefit
|
| | | | (256) | | | | | | (573) | | |
Total income tax expense
|
| | |
|
5,287
|
| | | | | 1,945 | | |
| | | | | | ||||||||
Deferred tax assets | | | | | | | | | | | | | |
Allowance for Credit Losses
|
| | | | 1,594 | | | | | | 1,435 | | |
Provisions for defined benefit obligation
|
| | | | 116 | | | | | | 81 | | |
Other temporary differences(1)
|
| | | | 37 | | | | | | 6 | | |
Total deferred tax assets
|
| | |
|
1,747
|
| | | | | 1,522 | | |
Deferred tax liabilities | | | | | | | | | | | | | |
Allowance for Credit Losses
|
| | | | — | | | | | | (10) | | |
Provisions for defined benefit obligation
|
| | | | — | | | | | | (9) | | |
Other temporary differences(1)
|
| | | | 23 | | | | | | 57 | | |
Total deferred tax liabilities
|
| | |
|
23
|
| | | | | 38 | | |
| | | | | | ||||||||
VAT
|
| | | | 1,817 | | | | | | 2,718 | | |
WHT
|
| | | | 561 | | | | | | 1,062 | | |
Salaries tax
|
| | | | 80 | | | | | | 125 | | |
Total other tax payable
|
| | |
|
2,458
|
| | | | | 3,905 | | |
| | | | | | ||||||||
Revenues, net
|
| | | | 36,999 | | | | | | 21,839 | | |
Adjusted EBITDA(1)
|
| | | | 21,290 | | | | | | 7,646 | | |
| | | | | | ||||||||
Net income
|
| | | | 17,654 | | | | | | 5,892 | | |
Adjustments: | | | | | | | | | | | | | |
Income tax
|
| | | | 5,287 | | | | | | 1,945 | | |
Net gain on foreign currency transactions
|
| | | | (1,533) | | | | | | (174) | | |
Interest income
|
| | | | (254) | | | | | | (162) | | |
Depreciation and amortization expense
|
| | | | 136 | | | | | | 145 | | |
Adjusted EBITDA
|
| | |
|
21,290
|
| | | | | 7,646 | | |
|
| | | | | | ||||||||
Europe | | | | | | | | | | | | | |
Turkey
|
| | | | 9,525 | | | | | | 6,647 | | |
Italy
|
| | | | 1,432 | | | | | | 878 | | |
Others(*)
|
| | | | 134 | | | | | | 96 | | |
Sub-Total Europe
|
| | | | 11,091 | | | | | | 7,621 | | |
MENA | | | | | | | | | | | | | |
Kingdom of Saudi Arabia
|
| | | | 16,703 | | | | | | 8,790 | | |
United Arab Emirates
|
| | | | 3,891 | | | | | | 2,843 | | |
Egypt
|
| | | | 2,811 | | | | | | 1,824 | | |
Kuwait
|
| | | | 1,014 | | | | | | 436 | | |
Others(*)
|
| | | | 1,489 | | | | | | 325 | | |
Sub-Total MENA
|
| | | | 25,908 | | | | | | 14,218 | | |
Total Europe and MENA
|
| | |
|
36,999
|
| | | | | 21,839 | | |
| | | | | | ||||||||
Europe | | | | | | | | | | | | | |
Turkey
|
| | | | 71 | | | | | | 140 | | |
Italy
|
| | | | 7 | | | | | | 4 | | |
Sub-Total Europe
|
| | | | 78 | | | | | | 144 | | |
MENA | | | | | | | | | | | | | |
Egypt
|
| | | | 182 | | | | | | 187 | | |
Kingdom of Saudi Arabia
|
| | | | 74 | | | | | | 69 | | |
United Arab Emirates
|
| | | | 37 | | | | | | 24 | | |
Sub-Total MENA
|
| | | | 293 | | | | | | 280 | | |
Total fixed assets
|
| | |
|
371
|
| | | | | 424 | | |
Consolidated Statement of Income
|
| |
As
previously reported |
| |
Rectification
|
| |
As
currently reported |
| |||||||||
Revenue, net
|
| | | | 21,851 | | | | | | (12) | | | | |
|
21,839
|
| |
Costs of revenues
|
| | | | — | | | | | | (1,586) | | | | |
|
(1,586)
|
| |
Selling, general and administrative expenses
|
| | | | (14,205) | | | | | | 1,598 | | | | |
|
(12,607)
|
| |
| | | | | 7,646 | | | | | | — | | | | |
|
7,646
|
| |
Consolidated Balance Sheet
|
| |
As
previously reported |
| |
Rectification
|
| |
As
currently reported |
| |||||||||
Accounts receivable and accrued receivables
|
| | | | 65,735 | | | | | | (2,602) | | | | |
|
63,133
|
| |
Advances from customers
|
| | | | (7,101) | | | | | | 2,602 | | | | |
|
(4,499)
|
| |
| | | | | 58,634 | | | | | | — | | | | |
|
58,634
|
| |
|
J.P. Morgan
|
| | Citigroup | | |
Goldman Sachs & Co. LLC
|
| |
BofA Securities
|
|
|
UBS Investment
Bank |
| |
Deutsche Bank
Securities |
| |
BNP PARIBAS
|
| |
Macquarie
Capital |
|
|
Issuer
Entity |
| |
Date
|
| |
Title of
Securities(1) |
| |
Consideration
|
| |
Buyer
|
| |
Additional
Information |
|
|
IMS Internet Media Services, Inc.
|
| | 28-Feb-20 | | |
1 ordinary share
|
| | $25,438,129 (Capitalization of Sony Global Treasury Services’ Loan) | | | Sony Pictures Television Advertising Sales Company | | | Issuance of one share in exchange of capitalized SGTS Loan (recognized as Additional Paid-in Capital) | |
|
Issuer
Entity |
| |
Date
|
| |
Title of
Securities(1) |
| |
Consideration
|
| |
Buyer
|
| |
Additional
Information |
|
|
IMS Internet Media Services, Inc.
|
| | 30-Jul-21 | | | 639,134 ordinary shares | | | 24.50% shares in Httpool Holdings UK Limited. | | | Akuma Ventures Limited | | | Issuance of new shares | |
|
Aleph Group, Inc
|
| | 30-Jul-21 | | | 47,000,000,000 ordinary shares | | | 23.50% shares in IMS Internet Media Services, Inc. | | | Aleph Maradona LP | | | Issuance of new shares | |
|
Aleph Group, Inc
|
| | 30-Jul-21 | | | 10,868,198,644 ordinary shares | | | 5.434% shares in IMS Internet Media Services, Inc. | | | Sony Pictures Television Advertising Sales Company | | | Issuance of new shares | |
|
Aleph Group, Inc
|
| | 30-Jul-21 | | | 97,813,412,064 ordinary shares | | | 48.907% shares in IMS Internet Media Services, Inc. | | | Aleph Internet Media Services, LLC | | | Issuance of new shares | |
|
Aleph Group, Inc
|
| | 30-Jul-21 | | | 44,318,389,292 ordinary shares | | | 22.159% shares in IMS Internet Media Services, Inc. | | | Akuma Ventures Limited | | | Issuance of new shares | |
|
Aleph Group, Inc
|
| | 14-Oct-21 | | | 466,200,466 ordinary shares | | | $5,000,000 (Per Share Amount U.S.$0.010725) | | | Twitter Ventures LLC | | | Issuance of new shares | |
|
Aleph Group, Inc
|
| | 1-Dec-21 | | | 418,509,813 ordinary shares | | | $5,000,000 (Per Share Amount U.S.$0.011947) | | | Redwood Investment Asset Holdings LLC | | | Issuance of new shares | |
|
Aleph Group, Inc
|
| | 14-Feb-22 | | | 9,342,774,162 ordinary shares | | | 35% shares in Connect Ads DMCC | | | A15 Holding Netherlands B.V. | | | Issuance of new shares | |
|
Aleph Group, Inc
|
| | 14-Feb-22 | | | 2,853,502,371 ordinary shares | | | N/A | | | Aleph Maradona LP | | | Issuance of new shares for purposes of avoiding dilution with regards to Connect Ads DMCC purchase, as established in the SHA | |
| | | | ALEPH GROUP, INC | | |||
| | | |
By:
Name: Christian Gaston Taratuta
Title: Chief Executive Officer |
| |||
| | | |
By:
/s/ Juan Manuel Ruiz
Name: Juan Manuel Ruiz
Title: Chief Financial Officer |
|
|
Name
|
| |
Title
|
| |
Date
|
|
|
Imran Khan
|
| | Chairman | | | August 30, 2022 | |
|
*
|
| | Director | | | August 30, 2022 | |
|
*
Ignacio Martin Vidaguren
|
| | Director | | | August 30, 2022 | |
|
*
Steven Buyse
|
| | Director | | | August 30, 2022 | |
|
*
Aljoša Jenko
|
| | Director | | | August 30, 2022 | |
|
Pedro Arnt
|
| | Director | | | August 30, 2022 | |
|
*
|
| | Director | | | August 30, 2022 | |
|
*
Tommy Noesen
|
| | Director | | | August 30, 2022 | |
|
|
| | Attorney-in-Fact | | | August 30, 2022 | |
|
/s/ Juan Manuel Ruiz
|
| | Attorney-in-Fact | | | August 30, 2022 | |
| | | | Authorized U.S. Representative — Puglisi & Associates | | |||
| | | |
By:
Name: Donald J. Puglisi
Title: Managing Director |
|
This ‘F-1/A’ Filing | Date | Other Filings | ||
---|---|---|---|---|
6/30/28 | ||||
4/1/28 | ||||
6/30/27 | ||||
4/1/27 | ||||
1/1/27 | ||||
12/31/26 | ||||
9/30/26 | ||||
7/1/26 | ||||
6/30/26 | ||||
4/1/26 | ||||
1/1/26 | ||||
8/31/25 | ||||
8/1/25 | ||||
6/30/25 | ||||
4/1/25 | ||||
2/6/25 | ||||
9/30/24 | ||||
8/31/24 | ||||
8/1/24 | ||||
7/1/24 | ||||
6/30/24 | ||||
6/1/24 | ||||
4/1/24 | ||||
3/31/24 | ||||
2/28/24 | ||||
1/1/24 | ||||
12/15/23 | ||||
11/30/23 | ||||
3/31/23 | ||||
2/2/23 | ||||
1/1/23 | ||||
12/31/22 | ||||
12/30/22 | ||||
12/15/22 | ||||
12/1/22 | ||||
Filed on: | 8/30/22 | |||
8/24/22 | ||||
8/8/22 | ||||
7/12/22 | ||||
6/30/22 | ||||
6/29/22 | ||||
5/7/22 | ||||
4/30/22 | ||||
4/18/22 | ||||
4/7/22 | ||||
4/5/22 | ||||
4/1/22 | ||||
3/31/22 | ||||
3/21/22 | F-1/A | |||
3/16/22 | ||||
3/15/22 | ||||
2/28/22 | ||||
2/18/22 | ||||
2/14/22 | ||||
2/7/22 | DRS, DRS/A, F-1 | |||
2/6/22 | ||||
2/5/22 | ||||
2/4/22 | ||||
1/10/22 | ||||
1/4/22 | ||||
1/1/22 | ||||
12/31/21 | ||||
12/30/21 | ||||
12/29/21 | ||||
12/27/21 | ||||
12/15/21 | ||||
12/1/21 | ||||
11/30/21 | ||||
11/19/21 | ||||
10/28/21 | ||||
10/14/21 | DRS | |||
10/13/21 | ||||
10/12/21 | ||||
10/11/21 | ||||
10/8/21 | ||||
9/30/21 | ||||
9/29/21 | ||||
8/5/21 | ||||
7/30/21 | ||||
7/29/21 | ||||
7/28/21 | ||||
7/20/21 | ||||
7/19/21 | ||||
7/13/21 | ||||
7/12/21 | ||||
7/8/21 | ||||
7/5/21 | ||||
6/30/21 | ||||
6/29/21 | ||||
6/25/21 | ||||
6/1/21 | ||||
5/3/21 | ||||
4/1/21 | ||||
3/31/21 | ||||
3/10/21 | ||||
2/19/21 | ||||
2/5/21 | ||||
1/26/21 | ||||
1/22/21 | ||||
1/7/21 | ||||
1/1/21 | ||||
12/31/20 | ||||
12/15/20 | ||||
9/30/20 | ||||
6/30/20 | ||||
6/23/20 | ||||
5/8/20 | ||||
4/4/20 | ||||
3/27/20 | ||||
3/12/20 | ||||
3/11/20 | ||||
2/28/20 | ||||
1/1/20 | ||||
12/31/19 | ||||
12/18/19 | ||||
10/28/19 | ||||
10/25/19 | ||||
1/1/19 | ||||
12/31/18 | ||||
12/27/18 | ||||
12/15/18 | ||||
5/16/18 | ||||
11/1/17 | ||||
9/24/17 | ||||
6/9/17 | ||||
1/1/17 | ||||
12/15/15 | ||||
6/27/12 | ||||
4/5/12 | ||||
1/16/09 | ||||
6/12/08 | ||||
7/1/05 | ||||
6/22/05 | ||||
1/10/05 | ||||
12/21/04 | ||||
10/4/04 | ||||
12/29/03 | ||||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 10/04/22 Aleph Group, Inc. F-1/A 3:11M Toppan Merrill/FA |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 3/21/22 Aleph Group, Inc. F-1/A 6:11M Toppan Merrill/FA 2/07/22 Aleph Group, Inc. F-1 12:13M Toppan Merrill/FA 10/14/21 Aleph Group, Inc. DRS¶ 2/07/22 2:8.1M Toppan Merrill/FA |