ODDITY Tech Ltd. (NASDAQ: ODD) today announced its financial
results for the third quarter and nine months ended September 30,
2023.
“Our third quarter is our best third quarter ever, exceeding our
guidance. We delivered net revenue growth of 60% and adjusted
EBITDA of $91 million in the first nine months of 2023, and are
increasing our sales and profit outlook for the full year,” said
Oran Holtzman, ODDITY co-founder and CEO. “We continue to deliver
excellent growth and profitability for IL MAKIAGE and SpoiledChild,
while building powerful engines to scale our business and expand
our lead in 2024 and beyond. Our business continues to fire on all
cylinders and is the strongest it has ever been. Our large
investments in technology and data capabilities over the past five
years are enabling us to continue to grow fast without damaging our
high margins and strong profitability.
ODDITY achieved a number of objectives during the third quarter,
supporting strong financial performance today and positioning the
business for the future. These include:
- Better-than-expected financial results for the third quarter
and an improved outlook for the full year 2023.
- Excellent, profitable growth at both IL MAKIAGE and
SpoiledChild brands across markets and products.
- Progress in the ODDITY LABS molecule discovery platform,
powered by the Revela integration, including tripling the lab
headcount with majority PhD hires.
- Strong financial position including $164 million of cash,
restricted cash, and short-term deposits, with no debt on the
balance sheet. This cash position was supported by $78 million of
free-cash flow year-to-date.
“We are pleased with our third quarter results, which exceeded
the initial guidance we issued in August, as well as the
preliminary results we reported in October across sales, gross
profit, and adjusted EBITDA. The upside relative to our guidance
was driven in part by stronger repeat sales relative to our
previous outlook. We reinvested a portion of this revenue upside
against future growth initiatives including new brands and markets,
which is consistent with our commitment to long-term reinvestment,”
said Lindsay Drucker Mann, ODDITY Global CFO. “Our superior
financial results in the third quarter reflect the strength of our
model, and our significant runway for profitable growth ahead. The
third quarter upside, combined with strong momentum in the fourth
quarter, leads us to increase our full year outlook across all key
financial metrics.”
Third Quarter Fiscal 2023 Financial
Highlights¹:
Results for the third quarter ended September 30, 2023 are
presented below in comparison to the same period in the prior
year:
- Net revenue was $94 million compared to $69 million in the
third quarter of 2022, representing a 37% year-over-year
increase.
- Gross profit was $66 million compared to $47 million in the
third quarter of 2022, representing a 41% year-over-year increase.
Gross margin was70.3%, expanding 217 bps versus gross margin of
68.1% in the third quarter of 2022.
- Net income was $3.8 million compared to $2.8 million in the
third quarter of 2022. Net income margin was 4.1% compared to 4.0%
in the third quarter of 2022.
- Adjusted net income was $13.0 million compared to $3.9 million
in the third quarter of 2022, representing a 231% year-over-year
increase. Adjusted net income margin was 13.8% compared to 5.7% in
the third quarter of 2022.
- Adjusted EBITDA was $21 million compared to $6.4 million in the
third quarter of 2022, representing a 227% increase. Adjusted
EBITDA margin was 22.0%, expanding 1280 bps versus adjusted EBITDA
margin of 9.2% in the third quarter of 2022.
- The weighted average number of outstanding shares used in
computing our basic earnings per share (“EPS”) was 56.4 million and
53.3 million for the third quarter of 2023 and 2022, respectively.
The weighted average number of outstanding shares used in computing
our diluted EPS and Adjusted Diluted EPS was 61.4 million and 56.2
million for the third quarter of 2023 and 2022, respectively.
- Diluted earnings per share (“EPS”) were $0.06 compared to $0.05
in the third quarter of 2022. Adjusted Diluted EPS were $0.21
compared to $0.07 in the third quarter of 2022.
- Cash and cash equivalents, restricted cash, and short-term
deposits were $164million, with no outstanding debt as of September
30, 2023.
The table below sets forth our actual results for the three
months ended September 30, 2023 and the low and high end of our
initial guidance range regarding our results for the third quarter
of 2023 as issued August 9, 2023 (“Initial Guidance”).
|
Three months ended September 30, 2023 |
|
Actual |
Initial Guidance |
Initial Guidance |
|
Results |
Low End |
High End |
Net Revenue Growth |
37.00% |
18.00% |
23.00% |
Gross Margin |
70.30% |
67.50% |
67.50% |
Adjusted EBITDA Margin |
22.00% |
20.00% |
21.50% |
Adjusted Diluted EPS |
$0.21 |
$0.13 |
$0.15 |
Financial Outlook:
Based on the strong third quarter results, ODDITY is raising its
outlook for 2023 to reflect higher revenue, profit margins, and
earnings than previously expected.
ODDITY is providing the following guidance for the full year
ending December 31, 2023:
- Net revenue between $493 million and $497 million, above our
prior expectation for $475-480 million, and now representing
year-over-year growth between 52% and 53% as compared to our prior
expectation of between 46% and 48%.
- Gross margins of approximately 70.0%, above our prior
expectation of 69.5 %.
- Adjusted EBITDA between $104 million and $105 million, above
our prior expectation of between $96 million and $101 million.
- Adjusted EBITDA margin of21.0%, at the top end of our prior
expectation of 20.0-21.0%
- Adjusted Diluted EPS between $1.21 and $1.23, above our prior
expectation of $1.11-1.17. This assumes a tax rate of approximately
25.5% and average fully diluted shares of approximately 60
million.
|
Current FY2023 Outlook |
Prior FY2023 Outlook |
Net Revenue |
$493-497 million |
$475-480 million |
Gross Margin |
70.00% |
69.50% |
Adjusted EBITDA |
$104-105 million |
$96-101 million |
Adjusted Diluted EPS |
$1.21-1.23 |
$1.11-1.17 |
ODDITY is providing the following guidance for the fourth
quarter ending December 31, 2023:
- Net revenue between $82 million and $85 million, representing
year-over-year growth between 22-26 %.
- Gross margin of approximately 66.0%.
- Adjusted EBITDA between $13 and $14 million, representing
Adjusted EBITDA margin of between 15.5-16.5%.
- Adjusted Diluted EPS between $0.10 and $0.12. This assumes a
tax rate of approximately 35% and average fully diluted shares of
approximately 63 million.
- Stock-based compensation expense is expected to be
approximately $8 million in the fourth quarter of 2023.
|
Current 4Q 2023 Outlook |
Net Revenue |
$82-85 million |
Gross Margin |
66.00% |
Adjusted EBITDA |
$13-14 million |
Adjusted Diluted EPS |
$0.10-0.12 |
Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net income,
Adjusted net income margin and Adjusted Diluted EPS are non-GAAP
financial measures. Please see the sections titled “Non GAAP
Financial Measures” and “Reconciliations of GAAP to Non-GAAP
Measures” below for more information regarding ODDITY’s use of
non-GAAP financial measures and reconciliations to the most
directly comparable GAAP measures. ODDITY has not provided a
quantitative reconciliation of its Adjusted EBITDA and Adjusted
Diluted EPS outlook to the corresponding net income and diluted EPS
GAAP measures, because the quantification of certain items included
in the calculation of GAAP net income and GAAP diluted EPS cannot
be calculated or predicted at this time without unreasonable
efforts. However, for the fourth quarter and full year 2023, ODDITY
expects stock-based compensation expense as set forth above. ODDITY
is unable to address the probable significance of the unavailable
reconciling items, which could have a potentially unpredictable,
and potentially significant, impact on its future GAAP financial
results.
The financial outlook figures presented above are
forward-looking statements that are subject to a variety of
assumptions and estimates. Actual results may differ materially
from ODDITY’s financial outlook as a result of, among other things,
the factors described under “Forward-Looking Statements” below.
Conference Call Details:
A conference call to discuss ODDITY’s Q3 2023 financial and
business results and outlook is scheduled for tomorrow, November 8,
2023, at 8:30 a.m. ET. To participate, please dial 1-844-826-3035
(US) or 1-412-317-5195 (international) and the conference ID
10183310. A webcast of the call will be accessible on the Investors
section of ODDITY’s website at https://investors.oddity.com. A
recording will be available shortly after the conclusion of the
call. To access the replay, please dial 1-844-512-2921 or
1-412-317-6671 (international). An archive of the webcast will be
available on the Investors section of ODDITY’s website.
Non-GAAP Financial
Measures:
In addition to the GAAP financial measures set forth in this
press release, ODDITY has included the following non-GAAP financial
measures: Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net
income, Adjusted net income margin and Adjusted Diluted EPS. ODDITY
believes these non-GAAP financial measures provide useful
supplemental information to management and investors to help
evaluate ODDITY’s business, measure its performance, identify
trends, prepare financial projections and make business
decisions.
ODDITY defines “Adjusted EBITDA” as net income before financial
expenses (income), net, taxes on income, and depreciation and
amortization as further adjusted to exclude share-based
compensation expense and non-recurring adjustments. “Adjusted
EBITDA margin” is defined as Adjusted EBITDA divided by net
revenue. ODDITY believes Adjusted EBITDA and Adjusted EBITDA margin
are useful for financial and operational decision-making and as a
means to evaluate period-to-period comparisons. By excluding
certain items that may not be indicative of its recurring core
operating results, ODDITY believes that Adjusted EBITDA and
Adjusted EBITDA margin provide meaningful supplemental information
regarding its performance. In addition, Adjusted EBITDA and
Adjusted EBITDA margin are widely used by investors and securities
analysts to measure a company’s operating performance without
regard to items such as depreciation and amortization, interest
expense, and interest income, which can vary substantially from
company to company depending on their financing and capital
structures and the method by which their assets were acquired.
ODDITY defines “Adjusted net income” as net income adjusted for
the impact of share-based compensation, non-recurring adjustments
and the tax effect of non-GAAP adjustments and “Adjusted net income
margin” as Adjusted net income divided by net revenue. In addition,
ODDITY defines “Adjusted diluted earnings per share” as Adjusted
net income divided by diluted shares outstanding. ODDITY believes
the presentations of Adjusted net income, Adjusted net income
margin, and Adjusted diluted earnings per share are useful because
they are frequently used by analysts, investors and other
interested parties to evaluate companies in our industry. Further,
ODDITY believes these measures are helpful in highlighting trends
in our operating results, because they exclude the impact of items
that are outside the control of management or not reflective of our
ongoing operations and performance.
ODDITY’s non-GAAP financial measures should be considered in
addition to, not as a substitute for or in isolation from, its
financial results prepared in accordance with U.S. GAAP. Other
companies, including companies in our industry, may calculate these
measures differently or not at all, which reduces their usefulness
as comparative measures.
Reconciliations of non-GAAP financial measures to the most
directly comparable GAAP measures are included with the financial
tables at the end of this release under the heading
“Reconciliations of GAAP to Non-GAAP Measures.”
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 our current expectations and views of future events. In
some cases, these forward-looking statements can be identified by
words or phrases such as “aim,” “anticipate,” “believe,”
“contemplate,” “continue,” “could,” “estimate,” “expect,” “goal,”
“intend,” “may,” “objective,” “plan,” “potential,” “predict,”
“project,” “shall,” “should,” “target,” “will,” “seek,” or similar
words. The absence of these words does not mean that a statement is
not forward-looking. [These forward-looking statements address
various matters, including ODDITY’s business strategy, market
opportunity, ability to deliver superior products and experiences,
potential long-term success and ODDITY’s outlook for the fourth
quarter 2023 and the full year ending December 31, 2023.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: our ability to maintain the value of our brands; our
ability to anticipate and respond to market trends and changes in
consumer preferences; our ability to attract new customers, retain
existing customers and maintain or increase sales to those
customers; our ability to maintain a strong base of engaged
customers and content creators; the loss of suppliers or shortages
or disruptions in the supply of raw materials or finished products;
our ability to accurately forecast customer demand, manage our
inventory, and plan for future expenses; our future rate of growth;
competition; the fluctuating cost of raw materials; the illegal
distribution and sale by third parties of counterfeit versions of
our products or the unauthorized diversion by third parties of our
products; changes in, or disruptions to, our shipping arrangements;
our ability to manage our growth effectively; a general economic
downturn or sudden disruption in business conditions; our ability
to successfully introduce and effectively market new brands, or
develop and introduce new, innovative, and updated products;
foreign currency fluctuations; product returns; our ability to
execute on our business strategy; our ability to maintain a high
level of customer satisfaction; our ability to comply with and
adapt to changes in laws and regulatory requirements applicable to
our business, including with respect to regulation of the internet
and e-commerce, evolving AI-technology related laws, tax laws, the
anti-corruption, trade compliance, anti-money laundering, and
terror finance and economic sanctions laws and regulations,
consumer protection laws, and data privacy and security laws;
failure of our products to comply with quality standards and risks
related to product liability claims; trade restrictions; existing
and potential tariffs; any data breach or other security incident
of our information technology systems, or those of our third-party
service providers or cyberattacks; risks related to online
transactions and payment methods; any failure to obtain, maintain,
protect, defend, or enforce our intellectual property rights;
conditions in Israel and the Middle East generally, including as a
result of geopolitical conflict; the concentration of our voting
power as a result of our dual class structure; our status as a
foreign private issuer; and other risk factors set forth in the
section titled “Risk Factors” in our Prospectus filed pursuant to
Rule 424(b) with the Securities and Exchange Commission on July 18,
2023, and other documents filed with or furnished to the SEC. These
statements reflect management’s current expectations regarding
future events and operating performance and speak only as of the
date of this press release. You should not put undue reliance on
any forward-looking statements. Except as required by applicable
law, we undertake no obligation to update or revise publicly any
forward-looking statements.
About ODDITY:
ODDITY is a consumer tech company that builds and scales
digital-first brands to disrupt the offline-dominated beauty and
wellness industries. The company serves over 40 million users with
its AI-driven online platform, deploying data science to identify
consumer needs, and developing solutions in the form of beauty and
wellness products. ODDITY owns IL MAKIAGE and SpoiledChild. The
company operates with business headquarters in New York City, an
R&D center in Tel Aviv, Israel, and a biotechnology lab in
Boston.
Contacts:
Press:
Michael Braunmichaelb@oddity.com
Investor:investors@oddity.com
|
|
ODDITY TECH LTD. |
|
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
U.S. dollar in thousands (except share and per share
data) |
|
|
|
Three months ended |
|
Nine months ended |
|
September 30, |
September 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
Net revenue |
|
$ |
94,474 |
|
|
$ |
68,948 |
|
|
$ |
411,439 |
|
|
$ |
257,021 |
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
28,060 |
|
|
|
21,976 |
|
|
|
120,695 |
|
|
|
83,101 |
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
66,414 |
|
|
|
46,972 |
|
|
|
290,744 |
|
|
|
173,920 |
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative |
|
|
60,102 |
|
|
|
43,251 |
|
|
|
222,878 |
|
|
|
146,113 |
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
6,312 |
|
|
|
3,721 |
|
|
|
67,866 |
|
|
|
27,807 |
|
|
|
|
|
|
|
|
|
|
Financial expenses (income),
net |
|
|
(2,146 |
) |
|
|
138 |
|
|
|
(2,883 |
) |
|
|
(1,548 |
) |
|
|
|
|
|
|
|
|
|
Income before taxes on
income |
|
|
8,458 |
|
|
|
3,583 |
|
|
|
70,749 |
|
|
|
29,355 |
|
|
|
|
|
|
|
|
|
|
Taxes on income |
|
|
4,624 |
|
|
|
830 |
|
|
|
17,328 |
|
|
|
6,967 |
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
3,834 |
|
|
$ |
2,753 |
|
|
$ |
53,421 |
|
|
$ |
22,388 |
|
|
|
|
|
|
|
|
|
|
Basic earnings per share of
Class A and Class B ordinary share and Redeemable A share (**) |
|
$ |
0.07 |
|
|
$ |
0.05 |
|
|
$ |
0.97 |
|
|
$ |
0.43 |
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share of
Class A and Class B ordinary share and Redeemable A share (**) |
|
$ |
0.06 |
|
|
$ |
0.05 |
|
|
$ |
0.92 |
|
|
$ |
0.40 |
|
|
(**) Issued and
outstanding share information adjusted for the issuance of Class B
ordinary shares and additional Redeemable A shares in February 2022
and for the share split effected by way of issuance of bonus shares
in July 2023. |
ODDITY TECH LTD. |
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
U.S. dollar in thousands |
|
|
|
September 30, |
|
December 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
Unaudited |
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
Cash and cash equivalents |
|
$ |
63,897 |
|
|
$ |
40,955 |
|
Short-term deposits and restricted cash |
|
|
100,202 |
|
|
|
20,159 |
|
Trade receivables |
|
|
7,971 |
|
|
|
7,576 |
|
Inventory |
|
|
70,253 |
|
|
|
70,230 |
|
Prepaid expenses and other current assets |
|
|
10,107 |
|
|
|
7,013 |
|
|
|
|
|
|
Total current assets |
|
|
252,430 |
|
|
|
145,933 |
|
|
|
|
|
|
LONG-TERM ASSETS: |
|
|
|
|
Property, plant and equipment, net |
|
|
9,338 |
|
|
|
9,468 |
|
Goodwill and intangible assets, net |
|
|
101,437 |
|
|
|
43,037 |
|
Operating lease right-of-use assets |
|
|
14,348 |
|
|
|
13,278 |
|
Other assets |
|
|
5,855 |
|
|
|
4,692 |
|
|
|
|
|
|
Total long-term assets |
|
|
130,978 |
|
|
|
70,475 |
|
|
|
|
|
|
Total assets |
|
$ |
383,408 |
|
|
$ |
216,408 |
|
ODDITY TECH LTD. |
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
U.S.
dollar in thousands (except share and per share data) |
|
|
|
September 30, |
|
December 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
Unaudited |
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
Trade payables |
|
$ |
41,759 |
|
|
$ |
44,807 |
|
Other accounts payable and accrued expenses |
|
|
54,234 |
|
|
|
37,792 |
|
Short-term debt and current maturities of long-term debt |
|
|
- |
|
|
|
3,917 |
|
Current maturities of operating lease liabilities |
|
|
3,723 |
|
|
|
3,890 |
|
|
|
|
|
|
Total current liabilities |
|
|
99,716 |
|
|
|
90,406 |
|
|
|
|
|
|
LONG-TERM LIABILITIES: |
|
|
|
|
Operating lease liabilities, non-current |
|
|
8,922 |
|
|
|
8,076 |
|
Other long-term liabilities |
|
|
3,787 |
|
|
|
6,946 |
|
|
|
|
|
|
Total liabilities |
|
|
112,425 |
|
|
|
105,428 |
|
|
|
|
|
|
COMMITMENTS AND
CONTINGENCIES |
|
|
|
|
|
|
|
|
|
Redeemable A shares |
|
|
- |
|
|
|
12,275 |
|
|
|
|
|
|
SHAREHOLDERS' EQUITY: |
|
|
|
|
Share capital and additional paid-in capital |
|
|
172,580 |
|
|
|
53,723 |
|
Cumulative translation adjustments |
|
|
1,738 |
|
|
|
1,738 |
|
Retained earnings |
|
|
96,665 |
|
|
|
43,244 |
|
|
|
|
|
|
Total shareholders'
equity |
|
|
270,983 |
|
|
|
98,705 |
|
|
|
|
|
|
Total liabilities and
shareholders' equity |
|
$ |
383,408 |
|
|
$ |
216,408 |
|
ODDITY TECH LTD. |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
U.S. dollars in thousands |
|
|
|
Nine months ended |
|
|
September 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
Unaudited |
Cash flows from operating
activities: |
|
|
|
|
Net income |
|
$ |
53,421 |
|
|
$ |
22,388 |
|
Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
|
Depreciation and amortization |
|
|
6,234 |
|
|
|
3,310 |
|
Share-based compensation |
|
|
16,604 |
|
|
|
5,019 |
|
Deferred income taxes |
|
|
(58 |
) |
|
|
(665 |
) |
Increase in trade receivables |
|
|
(395 |
) |
|
|
(3,237 |
) |
Increase in prepaid expenses and other receivables |
|
|
(3,024 |
) |
|
|
(1,293 |
) |
Decrease (increase) in inventory |
|
|
254 |
|
|
|
(12,676 |
) |
Decrease in trade payables |
|
|
(3,048 |
) |
|
|
(7,377 |
) |
Increase in other accounts payable and accrued expenses |
|
|
9,616 |
|
|
|
14,528 |
|
Operating lease ROU assets and liabilities, net |
|
|
(391 |
) |
|
|
(1,547 |
) |
Other |
|
|
337 |
|
|
|
826 |
|
|
|
|
|
|
Net cash provided by operating
activities |
|
|
79,550 |
|
|
|
19,276 |
|
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
|
Purchase of property, plant
and equipment |
|
|
(1,582 |
) |
|
|
(2,035 |
) |
Capitalization of software
development costs |
|
|
(2,440 |
) |
|
|
(3,783 |
) |
Purchase of other intangible
assets |
|
|
- |
|
|
|
(340 |
) |
Investments in short-term
deposits |
|
|
(80,000 |
) |
|
|
(15,000 |
) |
Other investments |
|
|
(1,879 |
) |
|
|
- |
|
Cash paid in conjunction with
acquisition, net of cash acquired |
|
|
(23,173 |
) |
|
|
- |
|
|
|
|
|
|
Net cash used in investing
activities |
|
|
(109,074 |
) |
|
|
(21,158 |
) |
|
|
|
|
|
Cash flows from financing
activities: |
|
|
|
|
Proceeds from initial public
offering, net of issuance costs |
|
|
55,410 |
|
|
|
- |
|
Proceeds from exercise of
options |
|
|
1,671 |
|
|
|
34 |
|
Repayment of loans and
borrowings |
|
|
(4,313 |
) |
|
|
(276 |
) |
Other |
|
|
- |
|
|
|
648 |
|
|
|
|
|
|
Net cash provided by financing
activities |
|
|
52,768 |
|
|
|
406 |
|
|
|
|
|
|
Effect of exchange rate
fluctuations on cash and cash equivalents |
|
|
(259 |
) |
|
|
(1,336 |
) |
|
|
|
|
|
Net increase (decrease) in
cash, cash equivalents and restricted cash |
|
|
22,985 |
|
|
|
(2,812 |
) |
Cash, cash equivalents and
restricted cash at the beginning of the period |
|
|
43,114 |
|
|
|
30,889 |
|
|
|
|
|
|
Cash, cash equivalents and
restricted cash at the end of the period |
|
$ |
66,099 |
|
|
$ |
28,077 |
|
ODDITY TECH LTD. |
|
Reconciliation of GAAP to Non-GAAP Financial
Information |
|
|
|
Three Months EndedSeptember 30, |
|
Nine Months EndedSeptember 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
(Unaudited) |
|
(Unaudited) |
Reconciliation of Net
Income and Adjusted EBITDA |
|
|
|
|
Net Income |
|
$ |
3,834 |
|
|
$ |
2,753 |
|
|
$ |
53,421 |
|
|
$ |
22,388 |
|
Financial (income) expenses, net |
|
|
(2,146 |
) |
|
|
138 |
|
|
|
(2,883 |
) |
|
|
(1,548 |
) |
Taxes on Income |
|
|
4,624 |
|
|
|
830 |
|
|
|
17,328 |
|
|
|
6,967 |
|
Depreciation and amortization |
|
|
2,234 |
|
|
|
1,096 |
|
|
|
6,234 |
|
|
|
3,310 |
|
Share-based compensation |
|
|
12,234 |
|
|
|
1,519 |
|
|
|
16,604 |
|
|
|
5,019 |
|
Non-recurring adjustments |
|
|
- |
|
|
|
21 |
|
|
|
300 |
|
|
|
701 |
|
Adjusted
EBITDA |
|
$ |
20,780 |
|
|
$ |
6,357 |
|
|
$ |
91,004 |
|
|
$ |
36,837 |
|
Reconciliation of Net
Income and Adjusted Net Income |
|
|
|
|
|
|
|
|
Net Income |
|
$ |
3,834 |
|
|
$ |
2,753 |
|
|
$ |
53,421 |
|
|
$ |
22,388 |
|
Share-based compensation |
|
|
12,234 |
|
|
|
1,519 |
|
|
|
16,604 |
|
|
|
5,019 |
|
Non-recurring adjustments |
|
|
- |
|
|
|
21 |
|
|
|
300 |
|
|
|
701 |
|
Tax impact |
|
|
(3,058 |
) |
|
|
(357 |
) |
|
|
(4,012 |
) |
|
|
(1,388 |
) |
Adjusted Net
Income |
|
$ |
13,010 |
|
|
$ |
3,936 |
|
|
$ |
66,313 |
|
|
$ |
26,720 |
|
Diluted earnings per share |
|
$ |
0.06 |
|
|
$ |
0.05 |
|
|
$ |
0.92 |
|
|
$ |
0.40 |
|
Adjusted diluted earnings per
share |
|
$ |
0.21 |
|
|
$ |
0.07 |
|
|
$ |
1.14 |
|
|
$ |
0.48 |
|
Reconciliation of net cash provided by operating activities
to free cashflow |
|
|
|
Nine Months EndedSeptember 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
(Unaudited) |
Net operating cash flow |
|
$ |
79,550 |
|
|
$ |
19,276 |
|
Purchase of property and equipment |
|
|
(1,582 |
) |
|
|
(2,035 |
) |
Free cash
flow |
|
$ |
77,968 |
|
|
$ |
17,241 |
|
|
____________________________________¹ Results greater than $10
million have been rounded to the nearest million.
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