Q4 Revenue of $158 million, 46% year-over-year
growth
Q4 Adjusted EBITDA1 of $57 million, 76%
year-over-year growth; 36% Adjusted EBITDA Margin1
Full year 2021 Revenue of $553 million, 67%
year-over-year growth; full year Adjusted EBITDA of $194 million,
87% year-over-year growth
Dollar-based net expansion rate of 154% for
Q4
ironSource (NYSE: IS) (“ironSource” or the “Company”), a leading
business platform for the App Economy, today announced financial
results for the fourth quarter and fiscal year ended December 31,
2021. In addition, the Company provided its initial outlook for the
first quarter ending March 31, 2022 and guidance for the full
fiscal year 2022.
“Our fourth quarter results capped an outstanding 2021 in which
we achieved record yearly revenue of $553 million, which we believe
demonstrates steadily-growing demand for ironSource’s unique set of
offerings designed to help businesses take advantage of the
fast-expanding App Economy. Equally important, we have remained
focused on our financial fundamentals as we transitioned from being
private to being a public company in 2021, achieving 67%
year-over-year revenue growth along with 35% Adjusted EBITDA
margin,” said Tomer Bar Zeev, CEO and co-founder of ironSource.
Fourth Quarter 2021 Financial Highlights:
- Total revenue of $158 million, an increase of 46%
year-over-year.
- GAAP Net Income of $21 million.
- Adjusted EBITDA1 of $57 million, an increase of 76%
year-over-year.
- Adjusted EBITDA margin1 of 36%.
- Dollar-based net expansion rate of 154%.
- 358 customers each contributed more than $100,000 of revenue in
the trailing 12 months, representing 95% of total revenue for the
fourth quarter ended December 31, 2021.
- Net cash for the fourth quarter ended December 31, 2021 was
$782 million.
“We have worked hard to further cement our market leadership
position in 2021, and are excited about the significant near- and
long-term growth opportunities in our total addressable market as
we look at the years ahead. We will work to increase our
penetration in apps beyond games as those publishers look to adopt
the monetization and marketing playbook used by mobile games to
boost profitability. We will also continue to enhance and expand
the overall set of solutions we offer our customers, such as with
our cross-channel marketing solution, to increase our share of
wallet.”
Full Year 2021 Financial Highlights:
- Total revenue of $553 million, an increase of 67%
year-over-year.
- GAAP Net Income of $60 million.
- Adjusted EBITDA1 of $194 million, an increase of 87%
year-over-year.
- Adjusted EBITDA margin1 of 35%.
- Net cash for the full year ended December 31, 2021 was $782
million.
Corporate Highlights:
- Closed the previously-announced acquisitions of Tapjoy and
Bidalgo. Acquisitions that aim to provide deeper market presence
across the entire App Economy beyond games, additional scale and
SDK footprint, and an increase in the overall available TAM.
- Announced the launch of App Analytics, centralizing even more
critical app business functions within our platform, and expanding
the number of roles ironSource can serve within an app-based
business - from monetization and marketing managers, to game
designers, product managers, and the executive team.
- Expanded the Aura customer base with signed partnership with
two new tier 1 telecom operators to integrate the Aura solution
suite on its devices.
Business Outlook:
ironSource is introducing first quarter of 2022 guidance and
guidance for the fiscal year ending December 31, 2022.
First quarter of fiscal 2022:
- Total revenue is expected to be between $180m and $185m,
representing 52% year-over-year growth at the midpoint.
- Adjusted EBITDA2 is expected to be between $56m and $58m,
representing 44% year-over-year growth at the midpoint.
Full Year fiscal 2022:
- Total revenue is expected to be in the range of $790m to $820m,
representing 45% year-over-year growth at the midpoint.
- Adjusted EBITDA2 is expected to be in the range of $255m to
$265m, representing 34% year-over-year growth at the midpoint.
($ in millions)
Q122 Guidance
FY22 Guidance
Revenue
$180-$185
$790-$820
Revenue Y/Y growth Rate
50%-55%
43%-48%
Adjusted EBITDA
$56-$58
$255-$265
Adjusted EBITDA Margin
30%-32%
31%-34%
Fully Diluted shares
outstanding
~1.1B shares
Conference Call Information:
ironSource will host a conference call and live webcast for
analysts and investors at 8:30 a.m. Eastern Time on February 16,
2022.
Parties in the United States can access the call by dialing +1
844-200-6205, using conference code 510139. International parties
can access the call by dialing +1 929-526-1599, using conference
code 510139. This press release and the accompanying presentation
materials will be available on the Company’s website at
http://www.is.com/ shortly before the presentation begins.
____________ 1 Adjusted EBITDA and Adjusted EBITDA margin are
financial measures that are not required by, or presented in
accordance with, U.S. GAAP. Please see Annex
A of this release for a reconciliation of Adjusted EBITDA to
net income, the most directly comparable financial measure stated
in accordance with GAAP for each of the periods presented. We
calculate Adjusted EBITDA margin as Adjusted EBITDA divided by
revenue. 2 Adjusted EBITDA is a financial measure that is not
required by, or presented in accordance with, U.S. GAAP. The
Company has not reconciled its Adjusted EBITDA guidance to net
income because net income is not accessible on a forward-looking
basis and, accordingly, a reconciliation to net income is not
available without unreasonable effort. See “Key Performance
Metrics and Non-GAAP Financial Measures” for more
information.
The webcast will be posted on ironSource’s investor relations
website at investors.is.com shortly after the call and will remain
accessible for one year. A telephonic replay of the conference call
will be available through March 2, 2022. To access the replay,
parties in the United States can dial +1 866-813-9403, using
conference code 967312. International parties can access the replay
by dialing +44 204-525-0658, using conference code 967312.
Q1 Conference Schedule:
ironSource management is scheduled to participate in the Morgan
Stanley Technology, Media and Telecom conference on March 9th in
San Francisco.
Key Performance Metrics and Non-GAAP Financial
Measures
ironSource monitors the key business metrics set forth below to
help evaluate the business and growth trends, establish budgets,
measure the effectiveness of sales and marketing efforts, and
assess operational efficiencies. The calculation of the key metrics
discussed below may differ from other similarly-titled metrics used
by other companies, securities analysts or investors.
Customers Contributing More than $100,000 of Revenue
ironSource’s larger customer relationships drive scale, improved
unit economics and operating leverage in its business model, which
improves ironSource’s solutions and thereby increases the value
proposition to all of ironSource’s customers. To measure
ironSource’s ability to scale with its customers and attract large
enterprises to its platform, ironSource counts the number of
customers that contributed more than $100,000 in revenue in the
trailing 12 months. ironSource’s gross customer retention rate is
calculated by comparing two twelve-month periods to see how many
customers in the previous period remain active customers in the
current period. ironSource’s customer count is subject to
adjustments for acquisitions, consolidations, spin-offs and other
market activity.
Dollar-Based Net Expansion Rate
ironSource believes the growth in the use of its platform by
existing customers is an important measure of the health of its
business and future growth prospects. ironSource monitors its
performance in this area using an indicator management refers to as
dollar-based net expansion rate. ironSource calculates dollar-based
net expansion rate for a period by dividing current period revenue
from a set of customers by prior period revenue of the same set of
customers. Prior period revenue is the trailing 12-month revenue
measured as of such prior period end. Current period revenue is the
trailing 12-month revenue from the same customers as of the current
period end. Management’s calculation of dollar-based net expansion
rate includes the effect of any customer renewals, expansion,
contraction and churn, but excludes revenue from new customers.
Adjusted EBITDA and Adjusted EBITDA Margin
ironSource defines Adjusted EBITDA as income from continuing
operations, net of income taxes, as adjusted for income taxes,
financial expenses, net and depreciation and amortization, further
adjusted for assets impairment, share-based compensation expense
and fair value adjustment related to contingent consideration,
acquisition-related costs and offering costs. ironSource defines
Adjusted EBITDA Margin as Adjusted EBITDA calculated as a
percentage of revenue. Adjusted EBITDA and Adjusted EBITDA Margin
are included in this press release because they are key metrics
used by management and our board of directors to assess our
financial performance. Adjusted EBITDA and Adjusted EBITDA Margin
are frequently used by analysts, investors and other interested
parties to evaluate companies in our industry. ironSource
management believes that Adjusted EBITDA and Adjusted EBITDA Margin
are appropriate measures of operating performance because each
eliminates the impact of expenses that do not relate directly to
the performance of the underlying business.
Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP measures
of our financial performance and should not be considered as
alternatives to net loss as a measure of financial performance, as
alternatives to cash flows from operations as a measure of
liquidity, or as alternatives to any other performance measure
derived in accordance with GAAP. Adjusted EBITDA and Adjusted
EBITDA Margin should not be construed as inferences that our future
results will be unaffected by unusual or other items. Additionally,
Adjusted EBITDA and Adjusted EBITDA Margin are not intended to be
measures of free cash flow for management’s discretionary use, as
they do not reflect our tax payments and certain other cash costs
that may recur in the future, including, among other things, cash
requirements for costs to replace assets being depreciated and
amortized. Management compensates for these limitations by relying
on our GAAP results in addition to using Adjusted EBITDA and
Adjusted EBITDA Margin as supplemental measures. Our measures of
Adjusted EBITDA and Adjusted EBITDA Margin are not necessarily
comparable to similarly-titled captions of other companies due to
different methods of calculation.
For more information on the non-GAAP financial measures, please
see the reconciliation tables provided below. The accompanying
tables have more details on the GAAP financial measures that are
most directly comparable to non-GAAP financial measures and the
related reconciliations between these financial measures. The
Company has not reconciled its Adjusted EBITDA guidance to net
income because net income is not accessible on a forward-looking
basis. Certain items that impact Adjusted EBITDA are out of the
Company’s control and/or cannot be reasonably predicted. These
items include, but are not limited to, share based compensation
expenses. These items are uncertain, depend on various factors, and
could have a material impact on GAAP reported results for the
guidance period. Accordingly, a reconciliation to net income is not
available without unreasonable effort. For more information
regarding the non-GAAP financial measures discussed in this
release, please see Annex A of this
release for the reconciliations of GAAP financial measures to
non-GAAP financial measures.
About ironSource
ironSource is a leading business platform for the App Economy.
App developers use ironSource’s platform to turn their apps into
successful, scalable businesses, leveraging a comprehensive set of
software solutions which help them grow and engage users, monetize
content, and analyze and optimize business performance to drive
more overall growth. The ironSource platform also empowers telecom
operators to create a richer device experience, incorporating
relevant app and service recommendations to engage users throughout
the lifecycle of the device. By providing a comprehensive business
platform for the core constituents of the App Economy, ironSource
allows customers to focus on what they do best, creating great apps
and user experiences, while enabling their business expansion in
the App Economy. For more information please visit www.is.com.
Forward-Looking Statements
Certain statements in this press release may constitute
“forward-looking” statements and information, within the meaning of
Section 27A of the Securities Act of 1933, Section 21E of the
Securities Exchange Act of 1934, and the safe harbor provisions of
the U.S. Private Securities Litigation Reform Act of 1995 that
relate to, without limitation, ironSource’s current expectations
and projections relating to its financial condition, including the
guidance for 2022 and our plans to expand to apps beyond games and
to launch new solution, competitive position, future results of
operations, plans, objectives, and views of future events. In some
cases, these forward-looking statements can be identified by words
or phrases such as “may,” “might,” “will,” “could,” “would,”
“should,” “expect,” “plan,” “anticipate,” “intend,” “seek,”
“believe,” “estimate,” “predict,” “potential,” “continue,”
“contemplate,” “possible” or similar words. These forward-looking
statements are subject to risks, uncertainties and assumptions,
some of which are beyond our control. In addition, these
forward-looking statements reflect our current views with respect
to future events and are not a guarantee of future performance.
Actual outcomes may differ materially from the information
contained in the forward-looking statements as a result of a number
of factors, including, without limitation, the following: (i)
volatility in the price of the ironSource’s securities due to a
variety of factors, including changes in the competitive industry
in which ironSource operates, variations in performance across
competitors, changes in laws and regulations affecting ironSource’s
business and changes in its capital structure; (ii) ironSource’s
ability to implement its business plans, forecasts, and other
expectations, and to identify and realize additional opportunities;
(iii) ironSource’s markets are rapidly evolving and may decline or
experience limited growth; (iv) ironSource’s reliance on operating
system providers and app stores to support its platform; (v)
ironSource’s ability to compete effectively in the markets in which
it operates; (vi) ironSource’s quarterly results of operations may
fluctuate for a variety of reasons; (vii) failure to maintain and
enhance the ironSource brand; (viii) ironSource’s dependence on its
ability to retain and expand its existing customer relationships
and attract new customers; (ix) ironSource’s reliance on its
customers that contribute more than $100,000 of annual revenue; (x)
ironSource’s ability to successfully and efficiently manage its
current and potential future growth and successfully introduce new
solutions; (xi) ironSource’s dependence upon the continued growth
of the app economy and the increased usage of smartphones, tablets
and other connected devices; (xii) ironSource’s dependence upon the
success of the gaming and mobile app ecosystem and the risks
generally associated with the gaming industry; (xiii) ironSource’s,
and ironSource’s competitors’, ability to detect or prevent fraud
on its platforms; (xiv) failure to prevent security breaches or
unauthorized access to ironSource’s or its third-party service
providers' data; (xv) the global scope of ironSource’s operations,
which are subject to laws and regulations worldwide, many of which
are unsettled and still developing; (xvi) the rapidly changing and
increasingly stringent laws, contractual obligations and industry
standards relating to privacy, data protection, data security and
the protection of children; (xvii) the effects of health epidemics,
including the ongoing COVID-19 pandemic; and (xviii) other risk
factors set forth in the section titled “Risk Factors” in
ironSource’s Prospectus filed with the Securities and Exchange
Commission (“SEC”) on October 5, 2021, and other documents filed
with or furnished to the SEC.
ironSource cautions you against placing undue reliance on
forward-looking statements, which reflect current beliefs and are
based on information currently available as of the date a
forward-looking statement is made. Forward-looking statements set
forth herein speak only as of the date of this communication.
Except as required by law, ironSource does not undertake any
obligation to revise forward-looking statements to reflect future
events, changes in circumstances, or changes in beliefs. In the
event that any forward-looking statement is updated, no inference
should be made that ironSource will make additional updates with
respect to that statement, related matters, or any other
forward-looking statements. Any corrections or revisions and other
important assumptions and factors that could cause actual results
to differ materially from forward-looking statements, including
discussions of significant risk factors, may appear, in
ironSource’s public filings with the SEC, which are or will be (as
appropriate) accessible at www.sec.gov, and which you are advised
to consult.
Market, ranking and industry data used throughout this
communication, including statements regarding market size and
technology adoption rates, is based on the good faith estimates of
ironSource’s management, which in turn are based upon ironSource’s
management’s review of internal surveys, independent industry
surveys and publications, including reports by Altman Solon, App
Annie, AppsFlyer, Apptopia, eMarketer, Newzoo, Omdia and Sensor
Tower and other third party research and publicly available
information. These data involve a number of assumptions and
limitations, and you are cautioned not to give undue weight to such
estimates. While ironSource is not aware of any misstatements
regarding the industry data presented herein, its estimates involve
risks and uncertainties and are subject to change based on various
factors, including those discussed above.
IRONSOURCE LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands, except for number
of shares and par value)
(Unaudited)
December 31,
2021
2020
Assets
Current assets:
Cash and cash equivalents
$
778,261
$
200,672
Short-term deposits
—
17,627
Accounts receivable, net of allowances of
$437 and $724 as of December 31, 2021 and 2020, respectively
232,049
151,503
Other current assets
42,382
15,711
Total current assets
1,052,692
385,513
Long-term restricted cash
3,495
2,415
Deferred tax assets
2,012
161
Operating lease right-of-use asset
34,116
36,780
Property, equipment and software, net
25,131
23,077
Investment in equity securities
20,000
—
Goodwill
240,299
79,156
Intangible assets, net
54,221
8,084
Other non-current assets
18,857
650
Total assets
$
1,450,823
$
535,836
IRONSOURCE LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands, except for number
of shares and par value)
(Unaudited)
December 31,
2021
2020
Liabilities and shareholders’
equity
Current liabilities:
Accounts payable
$
247,362
$
155,476
Current maturities of long-term loan
—
9,725
Operating lease liabilities
7,525
7,429
Other current liabilities
53,949
34,034
Total current liabilities
308,836
206,664
Long-term loan, net of current
maturities
—
74,684
Deferred tax liabilities
6,514
2,521
Long-term operating lease liabilities
30,076
32,241
Other non-current liabilities
2,829
280
Total liabilities
348,255
316,390
Commitments and contingencies
Shareholders’ equity:
Class A and Class B ordinary share, no par
value; 11,500,000,000 (Class A 10,000,000,000 and Class B
1,500,000,000) shares authorized; 1,018,468,804 (Class A
652,938,412 and Class B 365,530,392) and 640,266,044 (Class A
320,133,022 and Class B 320,133,022) issued and outstanding at
December 31, 2021 and 2020, respectively (*)
—
—
2019 ordinary shares, NIS 0.01 par value,
25,006,298 authorized, issued and outstanding at December 31,
2020
—
72
Treasury shares, at cost, 6,745,955 Class
A ordinary shares held at December 31, 2021
(67,460
)
—
Additional paid-in capital (*)
1,042,589
152,251
Accumulated other comprehensive income
495
—
Retained earnings
126,944
67,123
Total shareholders’ equity
1,102,568
219,446
Total liabilities and shareholders’
equity
$
1,450,823
$
535,836
(*)
Per share amounts have been
adjusted, on a retroactive basis, for all periods presented, to
reflect both the distribution of Class B ordinary shares and the
Stock Split, together representing a ratio of 9.98 of each
share.
IRONSOURCE LTD.
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(U.S. dollars in thousands, except share and
per share amounts)
(Unaudited)
Three Months Ended December
31,
Year Ended December
31,
2021
2020
2021
2020
Revenue
$
158,271
$
108,354
$
553,466
$
331,519
Cost of revenue
24,562
17,306
89,223
57,825
Gross profit
133,709
91,048
464,243
273,694
Operating expenses:
Research and development
22,887
17,149
90,531
51,600
Sales and marketing
56,804
42,046
208,707
119,262
General and administrative
26,193
8,910
82,638
28,746
Total operating expenses
105,884
68,105
381,876
199,608
Income from operations
27,825
22,943
82,367
74,086
Financial expenses, net
(57
)
1,771
2,004
4,381
Income from continuing operations
before income taxes
27,882
21,172
80,363
69,705
Income taxes
7,077
3,852
20,542
10,896
Income from continuing operations, net
of income taxes
20,805
17,320
59,821
58,809
Income from discontinued operations,
net of income taxes
—
4,701
—
36,480
Net income
$
20,805
$
22,021
$
59,821
$
95,289
Basic net income per ordinary share:
(*)
Continuing operations
0.02
0.02
0.07
0.07
Discontinued operations
—
0.01
—
0.04
Basic net income per ordinary
share
$
0.02
$
0.03
$
0.07
$
0.11
Weighted-average ordinary shares
outstanding – basic
1,014,509,223
639,223,211
832,144,353
636,450,643
Diluted net income per ordinary share:
(*)
Continuing operations
0.02
0.02
0.06
0.06
Discontinued operations
—
0.01
—
0.04
Diluted net income per ordinary
share
$
0.02
$
0.03
$
0.06
$
0.10
Weighted-average ordinary shares
outstanding – diluted
1,094,974,000
689,922,172
911,059,088
681,900,332
(*)
Per share amounts have been adjusted, on a
retroactive basis, for all periods presented, to reflect both the
distribution of Class B ordinary shares and the Stock Split,
together representing a ratio of 9.98 of each share.
IRONSOURCE LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS
(U.S. dollars in thousands)
(Unaudited)
Three Months Ended December
31,
Year Ended December
31,
2021
2020
2021
2020
Cash flows from operating
Activities
Net income from continuing operations
$
20,805
$
17,320
$
59,821
$
58,809
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
6,690
4,628
24,118
16,858
Share-based compensation expenses
20,714
5,005
78,515
12,596
Non-cash lease expense
1,134
2,471
595
2,791
Effect of exchange rate changes on cash
and cash equivalents and restricted cash
(1,812
)
(1,407
)
(2,627
)
(1,395
)
Loss (gain) on disposal of property and
equipment
1
—
(16
)
—
Interest accrued and other financial
expenses
—
110
628
271
Deferred income taxes, net
1,178
665
644
(633
)
Changes in operating assets and
liabilities, net of effects of businesses acquired:
Accounts receivable
(41,568
)
(25,435
)
(82,584
)
(39,816
)
Other current assets
(10,261
)
(6,426
)
(27,721
)
(5,771
)
Other non-current assets
(11,388
)
(1,746
)
(21,442
)
(3,913
)
Accounts payable
33,932
23,450
97,701
40,706
Other current liabilities
8,886
6,690
14,553
11,118
Other non-current liabilities
1,274
4
1,705
35
Net cash provided by continuing operating
activities
29,585
25,329
143,890
91,656
Net cash provided by (used in)
discontinued operating activities
—
6,188
(5,168
)
52,771
Net cash provided by operating
activities
29,585
31,517
138,722
144,427
Cash flows from investing
activities
Purchase of property and equipment
(391
)
(94
)
(1,419
)
(1,049
)
Capitalized software development costs
(2,662
)
(2,968
)
(10,821
)
(12,024
)
Purchase of intangible assets
—
—
(1,950
)
—
Proceeds from sale of property and
equipment
10
—
31
—
Acquisitions, net of cash acquired
(38,209
)
—
(127,549
)
—
Purchase of equity investment
—
—
(20,000
)
—
Investments in short-term deposits
—
(17,590
)
—
(60,180
)
Maturities of short-term deposits
—
37,590
17,590
50,690
Net cash provided by (used in) continuing
investing activities
(41,252
)
16,938
(144,118
)
(22,563
)
Net cash provided by (used in)
discontinued investing activities
—
(928
)
—
(5,082
)
Net cash provided by (used in)
investing activities
(41,252
)
16,010
(144,118
)
(27,645
)
Cash flows from financing
activities
Repayment of long-term loan
—
(2,500
)
(85,000
)
(7,500
)
Proceeds from Recapitalization
transaction, net
—
—
663,813
—
Exercise of options and restricted share
units
738
827
2,625
1,731
Other
—
(540
)
—
(540
)
Net cash provided by (used in) continuing
financing activities
738
(2,213
)
581,438
(6,309
)
Net cash provided by (used in)
discontinued financing activities
—
—
—
—
Net cash provided by (used in)
financing activities
738
(2,213
)
581,438
(6,309
)
Effect of exchange rate changes on cash
and cash equivalents and restricted cash
1,812
1,407
2,627
1,395
Net change in cash and cash equivalents
and restricted cash
(10,929
)
45,314
576,042
110,473
Cash and cash equivalents and restricted
cash at beginning of the period
790,873
156,366
203,087
91,219
Cash and cash equivalents and restricted
cash at end of the period
$
781,756
$
203,087
$
781,756
$
203,087
Annex A
IRONSOURCE LTD.
Non-GAAP Financial Metrics
(U.S. dollars in thousands, except per share
amounts)
(Unaudited)
The following tables show the Company’s non-GAAP financial
metrics reconciled to the comparable GAAP financial metrics
included in this release.
Reconciliation of GAAP to Non-GAAP net income from continuing
operations, net of income taxes and net income per share:
Q4 2021
Q4 2020
FY 2021
FY 2020
GAAP Income from continuing operations,
net of income taxes
$
20,805
$
17,320
$
59,821
$
58,809
Add:
Share-based compensation expense
20,714
5,005
78,515
12,596
Depreciation and amortization
6,690
4,628
24,118
16,858
Acquisition-related costs
2,033
—
4,487
—
Offering Costs
—
—
4,214
—
Non-GAAP net income
$
50,242
$
26,953
$
171,155
$
88,263
Weighted-average ordinary shares
outstanding—basic*
1,014,509,223
639,223,211
832,144,353
636,450,643
Basic Non-GAAP net income per ordinary
share*
$
0.05
$
0.03
$
0.18
$
0.10
Weighted-average ordinary shares
outstanding—diluted*
1,094,974,000
689,922,172
911,059,088
681,900,332
Diluted Non-GAAP net income per
ordinary share*
$
0.05
$
0.03
$
0.17
$
0.09
*
Per share amounts have been adjusted,
on a retroactive basis, for all periods presented, to reflect both
the distribution of Class B ordinary shares and the Stock Split,
together representing a ratio of 9.98 of each share.
(Unaudited)
Adjusted EBITDA and Adjusted EBITDA margin and a
reconciliation of GAAP income from continuing operations, net of
income taxes to Adjusted EBITDA:
Q4 2021
Q4 2020
FY 2021
FY 2020
GAAP Income from continuing operations,
net of income taxes
$
20,805
$
17,320
$
59,821
$
58,809
Add:
Financial expenses, net
(57
)
1,771
2,004
4,381
Income taxes
7,077
3,852
20,542
10,896
Share-based compensation expense
20,714
5,005
78,515
12,596
Depreciation and amortization
6,690
4,628
24,118
16,858
Acquisition-related costs
2,033
—
4,487
—
Offering Costs
—
—
4,214
—
Adjusted EBITDA
$
57,262
$
32,576
$
193,701
$
103,540
Revenue
$
158,271
$
108,354
$
553,466
$
331,519
Income from continuing operations, net of
income taxes margin
13
%
16
%
11
%
18
%
Adjusted EBITDA margin
36
%
30
%
35
%
31
%
Reconciliation of GAAP to Non-GAAP gross profit and gross
profit margin:
Q4 2021
Q4 2020
FY 2021
FY 2020
GAAP gross profit
$
133,709
$
91,048
$
464,243
$
273,694
Add:
Share-based compensation expense
304
191
1,217
316
Depreciation and amortization
5,855
4,033
20,949
14,487
Non-GAAP gross profit
$
139,868
$
95,272
$
486,409
$
288,497
GAAP gross margin
84
%
84
%
84
%
83
%
Non-GAAP gross margin
88
%
88
%
88
%
87
%
(Unaudited)
Reconciliation of GAAP to Non-GAAP operating
expenses:
Research and development
Q4 2021
Q4 2020
FY 2021
FY 2020
GAAP research and development
expense
$
22,887
$
17,149
$
90,531
$
51,600
Less:
Share-based compensation expense
6,864
1,529
24,419
3,881
Acquisition-related costs
234
—
465
—
Non-GAAP research and development
expense
$
15,789
$
15,620
$
65,647
$
47,719
GAAP research and development expense as a
percentage of revenue
14
%
16
%
16
%
16
%
Non-GAAP research and development expense
as a percentage of revenue
10
%
14
%
12
%
14
%
Sales and marketing
Q4 2021
Q4 2020
FY 2021
FY 2020
GAAP sales and marketing
expense
$
56,804
$
42,046
$
208,707
$
119,262
Less:
Share-based compensation expense
4,162
2,177
16,807
4,692
Depreciation and amortization
446
231
1,678
925
Acquisition-related costs
697
—
1,073
—
Non-GAAP sales and marketing
expense
$
51,499
$
39,638
$
189,149
$
113,645
GAAP sales and marketing expense as a
percentage of revenue
36
%
39
%
38
%
36
%
Non-GAAP sales and marketing expense as a
percentage of revenue
33
%
37
%
34
%
34
%
General and administrative
Q4 2021
Q4 2020
FY 2021
FY 2020
GAAP general and administrative
expense
$
26,193
$
8,910
$
82,638
$
28,746
Less:
Share-based compensation expense
9,384
1,108
36,072
3,707
Depreciation and amortization
389
364
1,491
1,446
Acquisition-related costs
1,102
—
2,949
—
Offering Costs
—
—
4,214
—
Non-GAAP general and administrative
expense
$
15,318
$
7,438
$
37,912
$
23,593
GAAP general and administrative expense as
a percentage of revenue
17
%
8
%
15
%
9
%
Non-GAAP general and administrative
expense as a percentage of revenue
10
%
7
%
7
%
7
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220216005152/en/
Investor Relations Daniel Amir daniel.amir@is.com + 1
415-725-5900
Media Contact Rachel Jermansky ironSourcePR@icrinc.com +1
646-277-1289
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