Oddity Tech .(US:ODD)2024-11-06 21:10Financial Performance - Record third quarter net revenue of $119 million, up 26% year-over-year[1] - Record third quarter net income of $18 million, up 362% year-over-year[1] - Adjusted EBITDA for the third quarter was $25 million, representing a 20% increase year-over-year[7] - Gross profit for the third quarter was $83 million, a 25% year-over-year increase, with a gross margin of 69.9%[6] - Nine-month net revenue reached $523 million, up 27% year-over-year[1] - Full year 2024 net revenue guidance raised to between $642 million and $644 million, representing year-over-year growth of 26% to 27%[11] - Adjusted diluted EPS for the third quarter was $0.32, compared to $0.21 in the same period last year, a 52% increase[8] - Net revenue for Q3 2024 reached $118.998 million, a 26% increase from $94.474 million in Q3 2023[24] - Gross profit for Q3 2024 was $83.232 million, up 25% from $66.414 million in Q3 2023[24] - Operating income for Q3 2024 increased to $19.534 million, compared to $6.312 million in Q3 2023, representing a significant growth[24] - Net income for the nine months ended September 30, 2024, was $96.193 million, a 80% increase from $53.421 million for the same period in 2023[24] - Adjusted EBITDA for the nine months ended September 30, 2024, reached $135,283, compared to $91,004 for the same period in 2023, reflecting a 48.5% growth[28] - Free cash flow for the nine months ended September 30, 2024, was $119,201, up from $77,968 in the prior year, indicating a 52.7% increase[29] - Diluted earnings per share for the nine months ended September 30, 2024, was $1.55, compared to $0.92 for the same period in 2023, reflecting a 68.5% increase[28] Cash and Assets - Strong balance sheet with $248 million in cash and no outstanding debt as of September 30, 2024[4] - Free cash flow generated in the first nine months of 2024 was $119 million[3] - Total current assets as of September 30, 2024, amounted to $260.056 million, up from $223.812 million at the end of 2023[25] - Total assets increased to $505.789 million as of September 30, 2024, compared to $404.906 million at the end of 2023[25] - Total liabilities rose to $145.745 million as of September 30, 2024, from $121.799 million at the end of 2023[26] - Total cash and investments as of September 30, 2024, amounted to $248,233, significantly higher than $168,381 at the end of December 2023[30] - The company’s cash and cash equivalents at the end of the period were $86,083, compared to $66,099 at the end of September 30, 2023[27] - The company’s investment in marketable securities for the nine months ended September 30, 2024, was $49,472, with no investments in the same period of the previous year[27] - The company’s marketable securities increased to $104,961 as of September 30, 2024, up from $51,615 at the end of December 2023[30] Business Operations - The company serves approximately 50 million users through its AI-driven online platform, focusing on beauty and wellness products[23] - ODDITY aims to continue expanding its market presence and developing innovative products to meet consumer needs[22] - The company operates with business headquarters in New York City and has R&D facilities in Tel Aviv and Boston[23] - Online direct-to-consumer revenue for the nine months ended September 30, 2024, was $495,236, representing 95% of total net revenue, compared to 94% in the same period of 2023[31] - The company reported a net cash provided by operating activities of $121,599 for the nine months ended September 30, 2024, compared to $79,550 in the same period of 2023, marking a 52.9% increase[27]