Tremor International .(US:TRMR)2022-05-17 10:02Financial Performance - Record Q1 Contribution ex-TAC increased by 13% year-over-year to $71.0 million, compared to $63.0 million in Q1 2021[4] - Adjusted EBITDA for Q1 2022 rose by 22% to $33.6 million, up from $27.5 million in Q1 2021, resulting in a 47% adjusted EBITDA margin on a Contribution ex-TAC basis[4][12] - Revenues for Q1 2022 increased by 14% to $80,874,000 compared to $71,009,000 in Q1 2021[24] - Adjusted EBITDA for Q1 2022 was $33,590,000, representing a 22% increase from $27,519,000 in Q1 2021[23] - Non-IFRS Income for Q1 2022 rose by 36% to $23,817,000 from $17,478,000 in Q1 2021[25] - Non-IFRS diluted EPS for Q1 2022 increased by 20% to $0.15 compared to $0.12 in Q1 2021[25] - Contribution ex-TAC for Q1 2022 was $71,017,000, a 13% increase from $62,988,000 in Q1 2021[24] - Profit for the period in Q1 2022 was $11,364 thousand, a decrease of 11.7% compared to $12,874 thousand in Q1 2021[30] - Total comprehensive income for Q1 2022 was $9,234 thousand, down from $12,038 thousand in Q1 2021, reflecting a decline of 23.2%[30] Cash Position and Investments - Tremor's net cash position was $370.8 million as of March 31, 2022, supporting a healthy balance sheet[4] - Cash and cash equivalents at the end of Q1 2022 were $370,827 thousand, up from $103,486 thousand at the end of Q1 2021, representing a significant increase of 258.5%[30] - Net cash provided by operating activities in Q1 2022 was $16,124 thousand, compared to $19,299 thousand in Q1 2021, indicating a decrease of 16.4%[30] - Net cash used in investing activities was $(1,510) thousand in Q1 2022, a decrease from $(2,176) thousand in Q1 2021, indicating improved cash flow management[30] - The company acquired own shares worth $10,505 thousand in Q1 2022, compared to $6,643 thousand in Q1 2021, marking an increase of 58.5%[30] Strategic Initiatives - The company launched a $75 million share repurchase program on March 1, 2022, repurchasing approximately $12.7 million worth of shares by March 31, 2022[4] - The company plans to continue evaluating strategic opportunities for acquisitions and investments in technology and products[21] - Tremor anticipates ongoing growth in the digital advertising industry despite potential supply chain challenges[21] Growth Metrics - CTV spend grew by 21% year-over-year to $46.2 million in Q1 2022, compared to $38.2 million in Q1 2021[4] - Tremor's international spend on creative products increased by 225% year-over-year during Q1 2022[6] - Tremor Video added over 75 new logos in Q1 2022, marking one of the most significant quarterly increases in the company's history[6] - Q2 2022 Contribution ex-TAC is expected to be in the range of $75 - $80 million, with an adjusted EBITDA target of approximately $40 million[11] - Management anticipates a 50% adjusted EBITDA margin as a percentage of Contribution ex-TAC for Q2 2022[11] - The integration of Spearad into Unruly is expected to accelerate growth in the second half of 2022, alongside partnerships with VIDAA and Comscore[8][11] Balance Sheet - Total current assets as of March 31, 2022, were $518,357,000, down from $551,997,000 as of December 31, 2021[26] - Total liabilities decreased to $175,967,000 as of March 31, 2022, from $230,364,000 as of December 31, 2021[26] Other Financial Metrics - Share-based payments in Q1 2022 amounted to $16,029 thousand, a substantial increase from $2,341 thousand in Q1 2021, reflecting a growth of 584.5%[30] - Change in trade and other receivables increased significantly by $25,017 thousand from $11,096 thousand in Q1 2021 to $36,113 thousand in Q1 2022[30] - The company experienced a net increase in cash and cash equivalents of $3,593 thousand in Q1 2022, down from $6,575 thousand in Q1 2021[30] - The company reported a loss on foreign currency translation of $(2,130) thousand in Q1 2022, compared to a loss of $(836) thousand in Q1 2021[30]