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Taboola.com(TBLA) - 2024 Q4 - Annual Report
TBLATaboola.com(TBLA)2025-02-26 11:20
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Financial Performance - The company reported a total revenue of 500millionfortheyearendedDecember31,2024,representinga15500 million for the year ended December 31, 2024, representing a 15% increase compared to 435 million in 2023[433]. - Total revenues for the year ended December 31, 2024, increased to 1,766,220,representinga22.71,766,220, representing a 22.7% growth compared to 1,439,685 in 2023[459]. - Gross profit for 2024 was 534,218,upfrom534,218, up from 425,558 in 2023, indicating a gross margin improvement[459]. - Operating income for 2024 was 25,917,asignificantrecoveryfromanoperatinglossof25,917, a significant recovery from an operating loss of 63,737 in 2023[459]. - Net loss for 2024 narrowed to 3,760comparedtoanetlossof3,760 compared to a net loss of 82,040 in 2023, reflecting improved financial performance[459]. - Cash provided by operating activities increased to 184.33millionin2024,upfrom184.33 million in 2024, up from 84.37 million in 2023, reflecting a growth of approximately 118%[464]. - The net loss for 2024 was 3.76million,asignificantimprovementfromanetlossof3.76 million, a significant improvement from a net loss of 82.04 million in 2023, representing a reduction of approximately 95.4%[461]. - Comprehensive loss for 2024 was 4.28million,comparedto4.28 million, compared to 80.26 million in 2023, indicating a decrease of about 94.7%[461]. Liquidity and Cash Management - The company maintained cash balances exceeding 100millionasofDecember31,2024,ensuringstrongliquidityforfutureinvestments[425].−Cashandcashequivalentsincreasedto100 million as of December 31, 2024, ensuring strong liquidity for future investments[425]. - Cash and cash equivalents increased to 226,583 as of December 31, 2024, up from 176,108in2023[455].−Totalcurrentassetsincreasedto176,108 in 2023[455]. - Total current assets increased to 656,001 in 2024, up from 559,412in2023,showingimprovedliquidity[455].−Thetotalcashandcashequivalentsattheendof2024were559,412 in 2023, showing improved liquidity[455]. - The total cash and cash equivalents at the end of 2024 were 226.58 million, up from 176.11millionattheendof2023,representingagrowthofabout28.6176.11 million at the end of 2023, representing a growth of about 28.6%[464]. Investments and Acquisitions - The Company completed the acquisition of Gravity R&D Zrt. in July 2022 for a total consideration of 7,035 thousand, with 5,925 thousand attributed to goodwill[565]. - The acquisition of Gravity R&D was consolidated into the Company's financial statements but had an immaterial impact on the results for the year ended December 31, 2022[567]. Shareholder Activities - The company repurchased ordinary shares amounting to 73.6 million in 2024, compared to 55.5millionin2023,reflectinganincreaseofapproximately32.655.5 million in 2023, reflecting an increase of approximately 32.6%[464]. - The Company repurchased a total of 18,287,890 shares in 2024 at an average price of 4.06 per share, with remaining authorization to repurchase up to 45,562[594].−InFebruary2025,theCompany′sboardauthorizedanadditional45,562[594]. - In February 2025, the Company's board authorized an additional 200,000 for the Buyback Program, subject to legal conditions[595]. Expenses and Costs - Share-based compensation expenses rose to 67.1millionin2024from67.1 million in 2024 from 64.3 million in 2023, marking an increase of about 4.3%[464]. - The Company reported a depreciation and amortization expense of 100.93millionin2024,comparedto100.93 million in 2024, compared to 96.51 million in 2023, which is an increase of approximately 4.9%[464]. - Traffic acquisition costs rose to 1,101,556in2024,upfrom1,101,556 in 2024, up from 903,866 in 2023, reflecting higher investment in customer acquisition[459]. - Total interest expenses related to the long-term loan were 15,549in2024,downfrom15,549 in 2024, down from 19,885 in 2023[584]. Risk Management - A 10% increase in the NIS against the USD would have negatively impacted operating income by approximately 2.16million,whilea102.16 million, while a 10% decrease would have positively impacted it by the same amount[418]. - The company has established a hedging program to manage foreign currency risks, specifically using foreign currency forward contracts[418]. - The company faces risks related to competition, regulatory changes, and potential disruptions from geopolitical events[22]. Revenue Recognition and Accounting Policies - The Company recognizes revenue based on the control of promised goods or services, with significant judgment required to determine gross or net reporting[521][523]. - The Company accounts for leases under ASU 2016-02, with operating lease right of use assets measured at the present value of future lease payments[8]. - The Company amortizes internal-use software development costs over an estimated useful life of three years[508]. Other Financial Metrics - The company recognized revenues from related parties amounting to 233,640 in 2024, compared to 40,902in2023,highlightingincreasedtransactionswithaffiliates[459].−Tradereceivablesroseto40,902 in 2023, highlighting increased transactions with affiliates[459]. - Trade receivables rose to 370,110 in 2024, compared to 306,307in2023,indicatinggrowthincustomercredit[455].−Totalliabilitiesdecreasedto306,307 in 2023, indicating growth in customer credit[455]. - Total liabilities decreased to 666,752 in 2024 from 650,740in2023,indicatingareductioninfinancialobligations[455].−Thefairvalueoftotalwarrantsliabilitydecreasedfrom650,740 in 2023, indicating a reduction in financial obligations[455]. - The fair value of total warrants liability decreased from 6,129 thousand as of December 31, 2023, to $3,368 thousand as of December 31, 2024, a reduction of 45.0%[558].