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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 |
Document/Exhibit Description Pages Size 1: F-1/A Pre-Effective Amendment to Registration Statement HTML 6.92M by a Foreign Issuer 2: EX-21.1 Subsidiaries List HTML 75K 3: EX-23.1 Consent of Expert or Counsel HTML 5K
tm2128749-14_f1a - block - 109.1723165s |
|
The Cayman Islands
(State or other jurisdiction of
incorporation or organization) |
| |
7319
(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.$ | |
|
J.P. Morgan
|
| | Citigroup | | |
Goldman Sachs & Co. LLC
|
| |
BofA Securities
|
|
|
UBS Investment Bank
|
| |
Deutsche Bank Securities
|
| |
BNP PARIBAS
|
| |
Macquarie Capital
|
|
| | |
Page
|
| |||
| | | | 1 | | | |
| | | | 4 | | | |
| | | | 17 | | | |
| | | | 41 | | | |
| | | | 43 | | | |
| | | | 49 | | | |
| | | | 80 | | | |
| | | | 81 | | | |
| | | | 82 | | | |
| | | | 83 | | | |
| | | | 85 | | | |
| | | | 87 | | | |
| | | | 88 | | | |
| | | | 96 | | | |
| | | | 123 | | | |
| | | | 157 | | | |
| | | | 163 | | | |
| | | | 166 | | | |
| | | | 168 | | | |
| | | | 187 | | | |
| | | | 189 | | | |
| | | | 193 | | | |
| | | | 207 | | | |
| | | | 208 | | | |
| | | | 208 | | | |
| | | | 209 | | | |
| | | | 210 | | | |
| | | | F-1 | | | |
| | | | II-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 | | |
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 | | | | | | | | | | | | | | | | | | | | |
| | |
Three months ended
September 30,2022 |
| |
Three months ended
September 30, 2021 |
| |
Variation vs. three months ended
September 30, 2021 (%) |
| |||||||||||||||||||||
| | |
Low
|
| |
High
|
| | | | | | | |
Low
|
| |
High
|
| ||||||||||||
| | |
(in thousands of U.S.$)
|
| | | | | | | | | | | | | |||||||||||||||
TAV
|
| | | | 337,500 | | | | | | 375,000 | | | | | | 237,442 | | | | | | 42.1% | | | | | | 57.9% | | |
| | |
Three months ended
September 30,2022 |
| |
Three months ended
September 30, 2021 |
| |
Variation vs. three months ended
September 30, 2021 (%) |
| |||||||||||||||||||||
| | |
Low
|
| |
High
|
| | | | | | | |
Low
|
| |
High
|
| ||||||||||||
| | |
(in thousands of U.S.$)
|
| | | | | | | | | | | | | |||||||||||||||
Revenues, net
|
| | | | 47,700 | | | | | | 53,000 | | | | | | 30,240 | | | | | | 57.7% | | | | | | 75.3% | | |
Costs of revenues
|
| | | | (5,500) | | | | | | (6,100) | | | | | | (4,808) | | | | | | 14.4% | | | | | | 26.9% | | |
Selling, general and administrative expenses
|
| | | | (26,100) | | | | | | (28,500) | | | | | | (19,812) | | | | | | 31.7% | | | | | | 43.9% | | |
Depreciation and amortization expense
|
| | | | (3,150) | | | | | | (3,500) | | | | | | (489) | | | | | | 544.2% | | | | | | 615.7% | | |
| | |
Three months ended
September 30,2022 |
| |
Three months ended
September 30, 2021 |
| |
Variation vs. three months ended
September 30, 2021 (%) |
| |||||||||||||||||||||
| | |
Low
|
| |
High
|
| | | | | | | |
Low
|
| |
High
|
| ||||||||||||
| | |
(in thousands of U.S.$)
|
| | | | | | | | | | | | | |||||||||||||||
Income from operations
|
| | | | 12,950 | | | | | | 14,900 | | | | | | 5,131 | | | | | | 152.4% | | | | | | 190.4% | | |
Interest expense, net
|
| | | | (900) | | | | | | (1,000) | | | | | | (231) | | | | | | 289.6% | | | | | | 332.9% | | |
Other financial results, net
|
| | | | (4,140) | | | | | | (4,600) | | | | | | (365) | | | | | | 1,034.2% | | | | | | 1,160.3% | | |
Net income before income tax
|
| | | | 7,910 | | | | | | 9,300 | | | | | | 4,535 | | | | | | 74.4% | | | | | | 105.1% | | |
Income tax expense
|
| | | | (3,220) | | | | | | (3,680) | | | | | | (1,115) | | | | | | 188.8% | | | | | | 230.0% | | |
Net income
|
| | | | 4,690 | | | | | | 5,620 | | | | | | 3,420 | | | | | | 37.1% | | | | | | 64.3% | | |
| | |
Three months ended
September 30,2022 |
| |
Three months ended
September 30, 2021 |
| |
Variation vs. three months ended
September 30, 2021 (%) |
| |||||||||||||||||||||
| | |
Low
|
| |
High
|
| | | | | | | |
Low
|
| |
High
|
| ||||||||||||
| | |
(in thousands of U.S.$)
|
| | | | | | | | | | | | | |||||||||||||||
Net Income
|
| | | | 4,690 | | | | | | 5,620 | | | | | | 3,420 | | | | | | 37.1% | | | | | | 64.3% | | |
Income tax expense
|
| | | | 3,220 | | | | | | 3,680 | | | | | | 1,115 | | | | | | 188.8% | | | | | | 230.0% | | |
Net loss on foreign currency transactions
|
| | | | 4,140 | | | | | | 4,600 | | | | | | 365 | | | | | | 1034.2% | | | | | | 1,160.3% | | |
Interest expense, net
|
| | | | 900 | | | | | | 1,000 | | | | | | 231 | | | | | | 289.6% | | | | | | 332.9% | | |
Depreciation and amortization expense
|
| | | | 3,150 | | | | | | 3,500 | | | | | | 489 | | | | | | 544.2% | | | | | | 615.7% | | |
Other expenses(1)
|
| | | | 2,000 | | | | | | 2,500 | | | | | | 3,337 | | | | | | (40.1)% | | | | | | (25.1)% | | |
Adjusted EBITDA
|
| | | | 18,100 | | | | | | 20,900 | | | | | | 8,957 | | | | | | 102.1% | | | | | | 133.3% | | |
| | |
Three months ended
September 30,2022 FX Neutral Measures |
| | | |
Variation vs. three months ended
September 30, 2021 (%) |
| ||||||||||||||||||||||
| | |
Low
|
| |
High
|
| | | | | | | |
Low
|
| |
High
|
| ||||||||||||
| | |
(in thousands of U.S.$)
|
| | | | | | | | | | | | | |||||||||||||||
Total Advertising Volume (Unaudited)
|
| | | | 394,215 | | | | | | 438,017 | | | | | | 237,442 | | | | | | 66.0% | | | | | | 84.5% | | |
Revenues, Net
|
| | | | 55,716 | | | | | | 61,906 | | | | | | 30,240 | | | | | | 84.2% | | | | | | 104.7% | | |
| | | | |
As of December 31,
|
| |||||||||||||
| | | | |
2020
|
| |||||||||||||
| | |
(Unaudited)
|
| |
(in thousands of U.S.$)
|
| ||||||||||||
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.$, except for per share amounts)
|
| |||||||||||||||||||||
Revenues, net
|
| | | | 99,292 | | | | | | 57,412 | | | | | | 131,139 | | | | | | 70,272 | | |
Costs of revenue
|
| | | | (11,431) | | | | | | (7,773) | | | | | | (16,480) | | | | | | (13,579) | | |
Selling, general and administrative expenses
|
| | | | (55,234) | | | | | | (28,146) | | | | | | (75,364) | | | | | | (37,052) | | |
Depreciation and amortization expense
|
| | | | (7,026) | | | | | | (1,078) | | | | | | (2,265) | | | | | | (1,978) | | |
Income from operations
|
| | | | 25,601 | | | | | | 20,415 | | | | | | 37,030 | | | | | | 17,663 | | |
| | |
Six-Month Periods Ended
June 30, |
| |
Year Ended December 31,
|
| ||||||||||||||||||
| | | | |
2021
|
| |
2021
|
| |
2020
|
| |||||||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| | | | | | | | | | | | | ||||||
| | |
(in thousands of U.S.$, except for per share amounts)
|
| |||||||||||||||||||||
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 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
Year Ended December 31, 2021 |
| ||||||
| | |
(in thousands of U.S.$, except for
per share amounts) |
| ||||||
Pro Forma Net income attributable to Aleph Group, Inc shareholders
|
| | | | | |
|
26,089
|
| |
Pro Forma Net earnings per share: | | | | | | | | | | |
Pro Forma basic earnings per share, attributable to shareholders per common share
|
| | | | | | | 0.35 | | |
Pro Forma diluted earnings per share, attributable to shareholders per common share
|
| | | | | | | 0.35 | | |
| | |
Pro Forma
Six-Month Period Ended June 30, 2022 |
| | | | ||||||
| | |
(in thousands of U.S.$,
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 the cash bonus |
| |
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 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)
|
| | | | — | | | | | | — | | | | | | 37,759,310 | | | | | | 49.84% | | | | | | 43.62% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Aleph Maradona LP(3)
|
| | | | — | | | | | | — | | | | | | 19,941,401 | | | | | | 26.32% | | | | | | 23.04% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sony Pictures Television Advertising Sales Company
|
| | | | 4,344,900 | | | | | | 40.23% | | | | | | — | | | | | | — | | | | | | 5.02% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Akuma Ventures Ltd.(4)
|
| | | | — | | | | | | | | | | | | 18,063,572 | | | | | | 23.84% | | | | | | 20.87% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Imran Khan(5)
|
| | | | 649,225 | | | | | | 6.01% | | | | | | — | | | | | | — | | | | | | 0.75% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Others(6) | | | | | 5,804,975 | | | | | | 53.75% | | | | | | | | | | | | | | | | | | 6.71% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Public float
|
| | | | — | | | | | | — | | | | | | | | | | | | | | | | | | 0.0% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total
|
| | | | 10,799,100 | | | | | | 100.00% | | | | | | 75,764,283 | | | | | | 100.00% | | | | | | 100.00% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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
|
| | | | | | | | | |
Proceeds, before expenses, to us
|
| | | | | | | | | |
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
|
| | 12-Jul-22 | | | 653,811 ordinary shares | | | 49.00% shares in LDM Servicios Digitales S.A. | | | LDMCOM Digital Inc. | | | Issuance of new shares | |
|
Aleph Group, Inc
|
| | 21-Sep-22 | | | 27,952 ordinary shares | | | 493,862.5625 shares in Neokei S.A. | | |
Bohemia Plus Inc
|
| | Issuance of new shares | |
Exhibit
No. |
| |
Exhibit
|
| |||
| | 1.1 | | | | Form of Underwriting Agreement.* | |
| | 3.1 | | | | Amended and Restated Memorandum of Association and Amended and Restated Articles of Association.* | |
| | 4.1† | | | | | |
| | 4.2† | | | | | |
| | 4.3† | | | | | |
| | 4.4† | | | | | |
| | 4.5† | | | | | |
| | 4.6 | | | | Senior Secured Credit Agreement between IMS Internet Media Services, Inc., as borrower, the Initial Lenders named therein, Citibank, N.A., as administrative agent and Citibank, N.A., Goldman Sachs Lending Partners LLC, JP Morgan Chase Bank, N.A., and Bank of America, N.A., as lenders, dated February 6, 2022.** | |
| | 5.1 | | | | Opinion of Maples and Calder (Cayman) LLP as to the Class A common shares.* | |
| | 10.1 | | | | Sale and Purchase Agreement, dated as of July 5, 2021 (as amended) by and among Aleph Internet Media Services LLC, A15 Holding Netherlands B.V., IMS Internet Media Services, Inc., Httpool Holdings UK Limited and Connect Ads DMCC** | |
| | 10.2 | | | | Deed of Amendment by and among Aleph Internet Media Services LLC, A15 Holding Netherlands B.V., IMS Internet Media Services, Inc., Httpool Holdings UK Limited, Connect Ads DMCC and Aleph Group, Inc.** | |
| | 10.3 | | | |
Shareholders’ Agreement dated July 30, 2021 by and among Aleph Internet Media Services LLC, Akuma
Ventures Ltd., Sony Pictures Television Advertising Sales Company, Aleph Maradona LP and Aleph Group, Inc.* |
|
| | 10.4† | | | | | |
| | 10.5† | | | | | |
| | 10.6 | | | |
Joinder Agreement, dated October 8, 2021, by MELI Capital LLC and acknowledged and agreed by Aleph
Group, Inc.* |
|
| | 10.7 | | | |
Joinder Agreement and Amendment to the Shareholdes’ Agreement, dated October 14, 2021, by
Twitter Ventures LLC and acknowledged and agreed by Aleph Group, Inc., Aleph Internet Media Services LLC, Akuma Ventures Ltd., Sony Pictures Television Advertising Sales Company and Aleph Maradona LP.* |
|
| | 10.8 | | | | Joinder Agreement and Amendment to the Shareholdes’ Agreement, dated October 14, 2021, by Redwood Investment Asset Holdings LLC and acknowledged and agreed by Aleph Group, Inc., Aleph Internet Media Services LLC, Akuma Ventures Ltd., Sony Pictures Television Advertising Sales Company and Aleph Maradona LP.* | |
| | 10.9 | | | | Joinder and Amendment Agreement, dated 14 February, 2022, by and among Aleph Internet Media Services LLC, Akuma Ventures Ltd., Sony Pictures Television Advertising Sales Company, Aleph Maradona LP, Aleph Group, Inc, MELI Capital LLC, Twitter Ventures LLC, Redwood Investment Asset Holdings LLC and A15 Holding Netherlands B.V.* | |
| | 10.10 | | | | Joinder Agreement, dated July 12, 2022, by LDMCOM Digital INC and acknowledged and agreed by Aleph Group, Inc.* | |
Exhibit
No. |
| |
Exhibit
|
| |||
| | 10.11 | | | |
Joinder Agreement, dated September 22, 2022, by Bohemia Plus, INC and acknowledged and agreed by
Aleph Group, Inc.* |
|
| | 14.1 | | | | Code of Conduct* | |
| | 16.1 | | | | | |
| | 21.1 | | | | | |
| | 23.1 | | | | | |
| | 23.2 | | | | Consent of Maples and Calder (Cayman) LLP, special Cayman Islands counsel to Aleph (included in Exhibit 5.1).* | |
| | 23.3 | | | |
Consent of Grant Thornton Auditing & Accounting Limited, an independent registered public accounting
firm.** |
|
| | 24.1 | | | | | |
| | 107 | | | | |
| | | | 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 | | | October 4, 2022 | |
|
*
|
| | Director | | | October 4, 2022 | |
|
*
Ignacio Martin Vidaguren
|
| | Director | | | October 4, 2022 | |
|
*
Steven Buyse
|
| | Director | | | October 4, 2022 | |
|
*
Aljoša Jenko
|
| | Director | | | October 4, 2022 | |
|
Pedro Arnt
|
| | Director | | | October 4, 2022 | |
|
*
|
| | Director | | | October 4, 2022 | |
|
*
Tommy Noesen
|
| | Director | | | October 4, 2022 | |
|
|
| | Attorney-in-Fact | | | October 4, 2022 | |
|
/s/ Juan Manuel Ruiz
|
| | Attorney-in-Fact | | | October 4, 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: | 10/4/22 | |||
9/30/22 | ||||
9/22/22 | ||||
9/21/22 | ||||
8/31/22 | ||||
8/24/22 | ||||
8/8/22 | ||||
7/12/22 | ||||
6/30/22 | ||||
6/29/22 | ||||
6/17/22 | ||||
5/7/22 | ||||
4/30/22 | ||||
4/7/22 | ||||
4/5/22 | ||||
4/1/22 | ||||
3/31/22 | ||||
3/21/22 | F-1/A | |||
3/16/22 | ||||
3/15/22 | ||||
3/13/22 | ||||
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 | ||||
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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 8/30/22 Aleph Group, Inc. F-1/A 5:11M Toppan Merrill/FA 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 |