Tingo Group, Inc. (NASDAQ: TIO) (“Tingo” or the “Company”), a
profitable and fast growing fintech, agri-fintech and food company,
today announced its financial results for the quarter ended June
30, 2023.
Highlights & Recent
Developments
Financial Results
- Net revenues of Tingo Group for the
second quarter 2023, were $977.2 million, compared to $12.0 million
for the second quarter 2022, up 8,072%.
- Revenue growth of 14.8% compared to
the first quarter of 2023 was achieved despite the devaluation of
the Naira against the U.S. Dollar of 66.4%, and the change of
Nigeria’s’ Presidential Administration adversely impacting economic
conditions.
- Gross profit of Tingo Group for the
second quarter 2023, was $346.0 million, compared to gross profit
of $2.1 million for the second quarter 2022.
- Operating profit of Tingo Group for
the second quarter 2023, was $181.7 million, compared to a loss of
$13.8 million for the second quarter 2022.
- EBITDA1 of Tingo Group for the
second quarter 2023, was $283.1 million, compared to a EBITDA1 Loss
of $12.2 million for the second quarter 2022.
- EBITDA1 per share attributable to
Tingo Group for the first half 2023 of $4.03 based on the weighted
average shares outstanding at June 30, 2023, and $1.25 per share on
a fully diluted basis.
- Profit after tax per share
attributable to Tingo Group for the first half 2023, of $1.68 based
on the weighted average shares outstanding at June 30, 2023, and
$0.52 per share on a fully diluted basis.
- Tingo Group invested heavily in the
growth of Tingo Mobile, Tingo Foods and Tingo DMCC during the
quarter, including: (i) making an upfront payment of $434.2 million
on the purchase of 6 million handsets for new AFAN customers; (ii)
prepaying AFAN for produce for Tingo Foods and settling their
brought forward payables, resulting in a total net outlay of $336.1
million; and (iii) self-funding stock purchases of $225.8 million
for Tingo DMCCs export sales, the revenues for which are scheduled
to be received during the third quarter. In addition, tax payments
totaling $174.0 million were made for Tingo Mobile on its taxable
earnings for fiscal year 2022, and the Company also incurred a
foreign exchange loss. As a result, the balance of cash and cash
equivalents at June 30, 2023, decreased to $53.2 million, compared
to $76.1 million at June 30, 2022.
1EBITDA (Earnings Before Interest Tax
Depreciation and Amortization) is considered a non-GAAP measure of
financial performance). See reconciliation of EBITDA to Operating
Profit in the summarized financial results below.
Operational Milestones
- Commenced first export sales
through Tingo DMCC in May 2023, generating $348.0 million of
revenue.
- Purchased 6 million mobile phone
handsets to supply to new AFAN customers. The delivery and
distribution of the handsets is expected to occur within the next
60 days and result in a material increase in Tingo Mobile’s
revenues and earnings thereafter.
- Expanded the product range of Tingo
Foods through the addition of two new product categories: wheat and
maize products. The Tingo Foods business has continued to
strengthen its supply chain and also recently onboarded a major new
customer.
- Signed an exclusive agreement with
Prime Commodity Exchange (PCX) and AFAN, securing considerable
additional supply of produce for Tingo Foods and Tingo DMCC, as
well as nationwide warehousing facilities and enhanced commodity
trading opportunities.
- Provided a ₦3 Billion
(approximately USD $6.5 Million) loan facility to AFAN, which is
expected to be followed by subsequent similar loans, for the
purposes of cultivating new farming land for crop production. The
first loan is in the process of being utilized by AFAN and its
farmers to cultivate 3,000 hectares of new farming land for rice
and wheat production, and to accelerate the onboarding of AFAN’s
warehouses to the Tingo Mobile partnership with Prime Commodity
Exchange (“PCX”).
- Construction work on the new Tingo
Foods processing facility continues to progress. The joint venture
construction partner for the facility has confirmed Tingo Foods is
expected to be in a position to commence operations by
mid-2024.
- Engaged Independent Counsel to
undertake an Independent Investigation into allegations made
against the Company.
- Central Bank of Nigeria is
currently processing an application made by Tingo Mobile to convert
$20 million of Naira into U.S. Dollars for the purpose of paying
the Company’s first quarterly dividend to shareholders.
Darren Mercer, Chief Executive Officer
of Tingo Group, commented, “Despite encountering a
short-term stagnation of economic activity in Tingo Mobile’s and
Tingo Food’s primary geographic market of Nigeria, which was due to
the political uncertainty that arose after the country’s election
of a new president, we have once again demonstrated the strength,
resilience, and considerable potential of our rapidly expanding
business.
“The near 70% depreciation of the Naira against
the U.S. dollar following the lifting of Nigeria’s foreign exchange
restrictions has clearly had an impact on the U.S. dollar
conversion of our results for the second quarter. Nonetheless, we
have again delivered quarter on quarter revenue growth, which of
course would be significantly higher if reported on a domestic
currency basis. Moreover, our three core business verticals, namely
Tingo Mobile, Tingo Foods and Tingo DMCC, all achieved significant
progress and milestones in the quarter and are expected to deliver
considerable growth in the second half of the year and beyond.
“Of particular note, our Tingo DMCC export and
commodity trading business, which completed its first trades during
the quarter and should benefit markedly from the recently signed
Afan and PCX partnership agreement, is expected to deliver
significant growth in the second half of the year both in terms of
revenue and earnings. Most importantly, the majority of Tingo
DMCC’s revenues are expected to be received in U.S. dollars or
reserve currency equivalents.
“Tingo Mobile is also on track to generate
significant growth following the forthcoming delivery and
distribution of the 6 million new handsets that were ordered in the
second quarter. Each new handset is expected to generate a
combination of lease revenues as well as transactional fees and
commissions from our Nwassa platform and agricultural marketplace,
the latter of which delivers a gross margin of around 98%. In
addition, Tingo Mobile, in partnership with AFAN and the Ashanti
Investment Trust, aims to fully integrate each new farmer into the
Tingo ecosystem, enabling Tingo Foods and Tingo DMCC the
opportunity to purchase their crops, thereby creating additional
produce to process and/or export.
“Finally, today’s announcement of our
commencement to pay a quarterly dividend marks an important part of
our strategy for maximizing shareholder value. With our Tingo DMCC
export and commodity trading business well placed to deliver
significant U.S. dollar denominated revenues and material growth,
together with the recent relaxation of foreign exchange controls
within Nigeria, it is our goal to increase the dividend payment
from next quarter and thereafter.”
Dozy Mmobuosi, Founder & CEO of
Tingo Mobile and Tingo Foods, added: “From a business
perspective, I am delighted with our second quarter, particularly
with our delivery of further growth, despite significant headwinds,
and our achievement of several major strategic goals. These
accomplishments have though been tainted by the malicious attack we
suffered from certain parties in June who, seemingly for their own
financial gain, have sought to damage our business and in turn
adversely impact the livelihoods of millions of significantly
disadvantaged African farmers who rely on the services we provide
and our offtake of their produce.
“Turning back to the business, I am pleased to
report that the construction contractor of the new Tingo Foods
processing facility continues to make good progress and we remain
on track for Tingo Foods to commence processing operations by the
middle of next year. In the meantime, we are currently expanding
the Tingo Foods business in partnership with several third-party
rice mills and other food processing companies, and the second
quarter saw us add two new product categories and also win a major
new customer, all of which we expect will deliver further revenue
growth in the second half of the year.
“Ever since I had the ambition to achieve a
listing of Tingo Mobile on a major stock exchange, it has been my
goal to maximize shareholder value and also give something back to
those who invested in us. I am therefore delighted that we have
today announced the commencement of a quarterly dividend, which I
am confident we will be in a position to grow from next quarter
onwards.
“Despite the challenges and distractions our
management team have had to endure this quarter, I am immensely
proud that we have continued to expand the business and further
strengthen our ecosystem to and provide a strong bedrock of support
from which to deliver long term growth and shareholder value.”
First Half 2023 Financial
Review
- Net revenues for the six months
ended June 30, 2023, were $1,8 million, compared to $21.5 million
for the six months ended June 30, 2022, an increase of 8,396%. The
increase is mainly attributable to the addition of the Tingo Mobile
and Tingo Foods acquisitions completed on December 1, 2022, and
February 9, 2023, respectively, and the commencement of export
trades through Tingo DMCC in May 2023.
- Gross profit for the six months
ended June 30, 2023, was $732.9 million, or 40% of revenues,
compared to $3.3 million, or 15.5% of revenues, for the six months
ended June 30, 2022. The increase is mainly attributable to the
addition of the Tingo Mobile and Tingo Foods acquisitions completed
on December 1, 2022, and February 9, 2023, respectively, and the
commencement of export trades through Tingo DMCC in May 2023.
- Selling and marketing expenses for
the six months ended June 30, 2023, were $174.2 million as compared
to $3.6 million for the six months ended June 30, 2022. The
increase was due to an increase in marketing expenses from the
inclusion of sales and marketing expenses for Tingo Foods and Tingo
Mobile, which was offset in part by a decrease in marketing
expenses for the stock trading businesses.
- General and administrative expenses
for the six months ended June 30, 2023, were $53.0 million,
compared to $21.0 million for the six months ended June 30, 2022,
mainly attributed to the addition of costs from Tingo Mobile and
Tingo Foods, and an increase in share-based payments totalling $3.7
million.
- Operating profit for the for the
six months ended June 30, 2023, was $442.4 million versus an
operating loss of $23.7 million for the six months ended June 30,
2022. The increase in profit from operations is mainly attributed
to the acquisitions of Tingo Mobile and Tingo Foods and the
commencement of export trades through Tingo DMCC, as explained
above.
- Net income for the six months ended
June 30, 2023, was $273.2 million compared to a net loss of $23.0
million for the six months ended June 30, 2022, primarily as a
result of the acquisitions of Tingo Mobile and Tingo Foods, and the
commencement of export trades through Tingo DMCC in May 2023.
- Consolidated EBITDA1 for the for
the first half of 2023, was $655.3 million compared to Consolidated
EBITDA1 Loss of $21.2 million for the six months ended June 30,
2022.
First Quarter 2023 Results Conference
Call
Tingo Group CEO, Darren Mercer, Tingo Mobile and
Tingo Foods Founder, Dozy Mmobuosi, and Tingo Group CFO, Kevin
Chen, will host the conference call, followed by a
question-and-answer period. The conference call will be accompanied
by a presentation, which can be viewed during the webcast or
accessed via the investor relations section of the Company’s
website here.
A presentation will accompany the conference
call, which can be viewed during the webcast or accessed via the
investor relations section of the Company’s website here.
To access the call, please use the following
information:
Date: |
Thursday August 31, 2023 |
Time: |
8:00 a.m. Eastern Time (5:00 a.m.
Pacific Time) |
Dial-in: |
1-877-704-4453 |
International
Dial-in: |
1-201-389-0920 |
Conference
Code: |
13740949 |
Webcast: |
https://viavid.webcasts.com/starthere.jsp?ei=1631924&tp_key=954758cf88 |
|
|
A telephone replay will be available
approximately two hours after the call and will run through October
1, 2023, by dialing 1-844-512-2921 from the U.S., or 1-412-317-6671
from international locations, and entering replay pin number:
13740949. The replay can also be viewed through the webcast link
above and the presentation utilized during the call will be
available in the company’s investor relations section here.
About Tingo Group
Tingo Group, Inc. (Nasdaq: TIO) is a global
Fintech and Agri-Fintech group of companies with operations in
Africa, Southeast Asia and the Middle East. Tingo Group’s wholly
owned subsidiary, Tingo Mobile, is a leading Agri-Fintech company
operating in Africa, with a comprehensive portfolio of innovative
products, including a ‘device as a service’ smartphone and a
value-added service platform. As part of its globalization
strategy, Tingo Mobile has recently begun to expand internationally
and entered into trade partnerships that are contracted to increase
the number of subscribed farmers from 9.3 million in 2022 to more
than 32 million, providing them with access to services including,
among others, the Nwassa ‘seed-to-sale’ marketplace platform,
insurance, micro-finance, and mobile phone and data top-up. Tingo
Group’s other Tingo business verticals include: TingoPay, a
SuperApp in partnership with Visa, that is currently in beta
version, offering a wide range of B2C and B2B services including
payment services, an e-wallet, foreign exchange and merchant
services; Tingo Foods, a food processing business that processes
raw foods into finished products such as rice, groundnut oil, nut
products, wheat, millet and maize; and Tingo DMCC, a commodity
trading platform and agricultural commodities export business based
out of the Dubai Multi Commodities Center. In addition to its Tingo
business verticals, Tingo Group also holds and operates an
insurance brokerage platform business in China; and Magpie
Securities, a regulated finance services Fintech business operating
out of Hong Kong and Singapore. For more information visit
tingogroup.com.
Disclaimer
The information in this news release includes
certain information and statements about management and the
Company’s board of director’s view of future events, expectations,
plans and prospects that constitute forward looking statements.
These statements are based upon assumptions that are subject to
significant risks and uncertainties. Because of these risks and
uncertainties and as a result of a variety of factors, the actual
results, expectations, achievements or performance may differ
materially from those anticipated and indicated by these
forward-looking statements. Any number of factors could cause
actual results to differ materially from these forward-looking
statements as well as future results. Although the Company believes
that the expectations reflected in forward looking statements are
reasonable, it can give no assurance that the expectations of any
forward-looking statements will prove to be correct. These
forward-looking statements involve a number of risks, uncertainties
or other assumptions that may cause actual results or performance
to be materially different from those expressed or implied by these
forward-looking statements. These risks and uncertainties include,
but are not limited to, those discussed and identified in public
filings made with the SEC by the Company and: (i) the results of
the independent review; (ii) the risk of restatement of the
Company’s previously reported financial statements or the
identification of one or more material weaknesses in internal
control over financial reporting; (iii) costs relating to the
independent review, which are likely to be material; (iv) the
outcome of any legal proceedings that may be instituted against the
Company, including as may result from the independent review and
(v) the ability to meet stock exchange continued listing standards.
Except as required by law, the Company disclaims any intention and
assumes no obligation to update or revise any forward-looking
statements to reflect actual results, whether as a result of new
information, future events, changes in assumptions, changes in
factors affecting such forward-looking statements or otherwise.
Investor Relations
Contact949-491-8235TIO@mzgroup.uswww.mzgroup.us
TINGO GROUP, INC. AND
SUBSIDIARIESUNAUDITED CONDENSED CONSOLIDATED
BALANCE SHEETS(USD In Thousands, Except Share and
Par Value Data)
|
June 30,2023 |
|
December 31,2022 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
53,195 |
|
$ |
500,316 |
Trade accounts receivable, net |
|
366,022 |
|
|
11,541 |
Inventories |
|
142 |
|
|
- |
Related party receivables |
|
8,812 |
|
|
13,491 |
Other current assets |
|
153,979 |
|
|
5,828 |
Total current assets |
|
582,150 |
|
|
531,176 |
|
|
|
|
|
|
Property and equipment,
net |
|
591,282 |
|
|
855,125 |
Intangible assets, net |
|
292,801 |
|
|
185,407 |
Goodwill |
|
211,849 |
|
|
101,247 |
Right of use assets under
operating lease |
|
1,400 |
|
|
2,260 |
Long-term deposit and other
non-current assets |
|
463 |
|
|
514 |
Deferred tax assets |
|
3,549 |
|
|
3,661 |
Restricted cash escrow |
|
1,379 |
|
|
2,233 |
Micronet Ltd. equity method
investment |
|
315 |
|
|
735 |
Total long-term assets |
|
1,103,038 |
|
|
1,151,182 |
|
|
|
|
|
|
Total
assets |
$ |
1,685,188 |
|
$ |
1,682,358 |
|
TINGO GROUP, INC. AND
SUBSIDIARIESUNAUDITED CONDENSED CONSOLIDATED
BALANCE SHEETS(USD In Thousands, Except Share and
Par Value Data)
|
June 30, 2023 |
|
|
December 31,2022 |
|
LIABILITIES TEMPORARY EQUITY AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
Short-term loan |
$ |
165 |
|
|
$ |
460 |
|
Trade accounts payable |
|
149,483 |
|
|
|
11,092 |
|
Deposit held on behalf of clients |
|
1,493 |
|
|
|
2,528 |
|
Related party payables |
|
25,606 |
|
|
|
57,506 |
|
Current operating lease liability |
|
834 |
|
|
|
1,215 |
|
Other current liabilities |
|
112,865 |
|
|
|
192,594 |
|
Total current liabilities |
|
290,446 |
|
|
|
265,395 |
|
|
|
|
|
|
|
|
|
Long-term loan |
|
- |
|
|
|
377 |
|
Long-term operating lease liability |
|
507 |
|
|
|
905 |
|
Promissory note |
|
207,912 |
|
|
|
- |
|
Deferred tax liabilities |
|
108,974 |
|
|
|
89,597 |
|
Other long-term liability |
|
644 |
|
|
|
- |
|
Accrued severance pay |
|
47 |
|
|
|
50 |
|
Total long-term liabilities |
|
318,084 |
|
|
|
90,929 |
|
|
|
|
|
|
|
|
|
Commitment and Contingencies (Note 11) |
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
Temporary equity |
|
|
|
|
|
|
|
Preferred stock Series B subject to redemption: $0.001 par value,
33,687.21 shares authorized and 0 shares issued and outstanding as
of June 30, 2023 and December 31, 2022, respectively. |
|
553,035 |
|
|
|
553,035 |
|
|
|
|
|
|
|
|
|
Stockholders’ Equity: |
|
|
|
|
|
|
|
Preferred stock Series A: $0.001 par value, 2,604.28 shares
authorized and 0 shares issued and outstanding as of June 30, 2023
and December 31, 2022, respectively |
|
3 |
|
|
|
3 |
|
Common stock: $0.001 par
value, 750,000,000 shares authorized, 164,968,599 and 157,599,882
shares issued and outstanding as of June 30, 2023 and December 31,
2022, respectively |
|
165 |
|
|
|
158 |
|
Additional paid-in capital |
|
893,471 |
|
|
|
889,579 |
|
Accumulated other comprehensive income (loss) |
|
(520,627 |
) |
|
|
4,367 |
|
Accumulated earnings (deficit) |
|
149,785 |
|
|
|
(123,463 |
) |
Tingo Group, Inc. stockholders’ equity |
|
522,797 |
|
|
|
770,644 |
|
|
|
|
|
|
|
|
|
Non-controlling interest |
|
826 |
|
|
|
2,355 |
|
|
|
|
|
|
|
|
|
Total stockholders’ equity |
|
523,623 |
|
|
|
772,999 |
|
|
|
|
|
|
|
|
|
Total liabilities, temporary equity and stockholders’
equity |
$ |
1,685,188 |
|
|
$ |
1,682,358 |
|
|
The accompanying notes are an integral part of the unaudited
condensed consolidated financial statements. |
|
TINGO GROUP, INC. AND
SUBSIDIARIESUNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS(USD In Thousands, Except
Share and Earnings Per Share Data)
|
Six months endedJune 30, |
|
|
Three months endedJune 30, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
1,828,414 |
|
|
$ |
21,521 |
|
|
$ |
977,169 |
|
|
$ |
11,958 |
|
Cost of revenues |
|
1,095,544 |
|
|
|
18,183 |
|
|
|
631,153 |
|
|
|
9,885 |
|
Gross profit |
|
732,870 |
|
|
|
3,338 |
|
|
|
346,016 |
|
|
|
2,073 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
696 |
|
|
|
941 |
|
|
|
333 |
|
|
|
346 |
|
Selling and marketing |
|
174,207 |
|
|
|
3,552 |
|
|
|
89,139 |
|
|
|
1,035 |
|
General and
administrative |
|
53,043 |
|
|
|
20,991 |
|
|
|
23,416 |
|
|
|
13,665 |
|
Amortization of intangible
assets |
|
23,763 |
|
|
|
1,594 |
|
|
|
12,644 |
|
|
|
797 |
|
Impairment of long-term
assets |
|
38,771 |
|
|
|
- |
|
|
|
38,771 |
|
|
|
- |
|
Total operating expenses |
|
290,480 |
|
|
|
27,078 |
|
|
|
164,303 |
|
|
|
15,843 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) from
operations |
|
442,390 |
|
|
|
(23,740 |
) |
|
|
181,713 |
|
|
|
(13,770 |
) |
Other income (loss), net |
|
(363 |
) |
|
|
838 |
|
|
|
(788 |
) |
|
|
683 |
|
Financial
income (expenses), net |
|
(21,377 |
) |
|
|
(1,089 |
) |
|
|
(22,821 |
) |
|
|
(1,167 |
) |
Profit (loss) before provision
for income taxes |
|
420,650 |
|
|
|
(23,991 |
) |
|
|
158,104 |
|
|
|
(14,254 |
) |
Income tax expenses
(benefit) |
|
147,695 |
|
|
|
(1,081 |
) |
|
|
61,781 |
|
|
|
(5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit (loss) after
provision for income taxes |
|
272,955 |
|
|
|
(22,910 |
) |
|
|
96,323 |
|
|
|
(14,249 |
) |
Loss from equity
investment |
|
(420 |
) |
|
|
(371 |
) |
|
|
(212 |
) |
|
|
(187 |
) |
Net profit (loss) |
|
272,535 |
|
|
|
(23,281 |
) |
|
|
96,111 |
|
|
|
(14,436 |
) |
Net loss attributable to
non-controlling interests |
|
(713 |
) |
|
|
(258 |
) |
|
|
(397 |
) |
|
|
(99 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit (loss) attributable
to Tingo Group, Inc. |
$ |
273,248 |
|
|
$ |
(23,023 |
) |
|
$ |
96,508 |
|
|
$ |
(14,337 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) per share
attributable to Tingo Group, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic profit (loss) per
share |
|
1.68 |
|
|
|
(0.18 |
) |
|
|
0.59 |
|
|
|
(0.11 |
) |
Diluted profit (loss) per
share |
$ |
0.52 |
|
|
$ |
(0.18 |
) |
|
$ |
0.18 |
|
|
$ |
(0.11 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
162,764,178 |
|
|
|
124,455,921 |
|
|
|
164,199,357 |
|
|
|
126,431,864 |
|
Diluted |
|
525,786,518 |
|
|
|
124,455,921 |
|
|
|
527,222,097 |
|
|
|
126,431,864 |
|
|
The accompanying notes are an integral part of the unaudited
condensed consolidated financial statements. |
|
Non-GAAP Financial Measures
In addition to providing financial measurements
based on generally accepted accounting principles in the U.S., or
GAAP, we provide additional financial metrics that are not prepared
in accordance with GAAP, or non-GAAP financial measures. Management
uses non-GAAP financial measures, in addition to GAAP financial
measures, to understand and compare operating results across
accounting periods, for financial and operational decision making,
for planning and forecasting purposes and to evaluate our financial
performance.
Management believes that EBITDA reflects our
ongoing business in a manner that allows for meaningful comparisons
and analysis of trends in our business, as they exclude expenses
and gains that are not reflective of our ongoing operating results.
Management also believes that EBITDA is a key measure used by
our management team to evaluate our operating performance, generate
future operating plans and make strategic decisions. The Company
believes EBITDA is useful to investors for the purposes of
comparing our results period-to-period and alongside peers and
understanding and evaluating our operating results in the same
manner as our management team and board of directors.
These supplemental measures should not be
considered superior to, as a substitute for or as an alternative
to, and should be considered in conjunction with, the GAAP
financial measures presented. In addition, since these non-GAAP
measures are not determined in accordance with GAAP, they are
susceptible to varying calculations and may not be comparable to
other similarly titled non-GAAP measures of other companies.
EBITDA does not replace the presentation of our
GAAP financial results and should only be used as a supplement to,
not as a substitute for, our financial results presented in
accordance with GAAP.
EBITDA is defined as net income from continuing
operations calculated in accordance with GAAP, less net income
attributable to non-controlling interests, plus the sum of income
tax expense, interest expense, net, depreciation and amortization
(“EBITDA”).
The following is a reconciliation of net profit
(loss), the most directly comparable GAAP financial measure, to
EBITDA (a non-GAAP financial measure) for each of the periods
indicated.
|
Three months endedJune 30, |
|
|
(Dollars in Thousands,) |
|
|
2023 |
|
|
2022 |
|
Net profit (loss) attributable to Tingo Group, Inc. |
$ |
96,508 |
|
|
$ |
(14,337 |
) |
Adjusted for: |
|
|
|
|
|
|
|
Net loss attributable to
non-controlling stockholders |
|
(397 |
) |
|
|
(99 |
) |
Loss from equity
investment |
|
212 |
|
|
|
187 |
|
Income tax expenses
(benefit) |
|
61,781 |
|
|
|
(5 |
) |
Financial expenses,
net |
|
22,821 |
|
|
|
1,167 |
|
Depreciation and
amortization |
|
102,202 |
|
|
|
838 |
|
Total EBITDA net profit (loss)
attributable to Tingo Group, Inc. |
$ |
283,127 |
|
|
$ |
(12,249 |
) |
|
Six months endedJune 30, |
|
|
(Dollars in Thousands,) |
|
|
2023 |
|
|
2022 |
|
Net profit (loss) attributable to Tingo Group, Inc. |
$ |
273,248 |
|
|
$ |
(23,023 |
) |
Adjusted for: |
|
|
|
|
|
|
|
Net loss attributable to
non-controlling stockholders |
|
(713 |
) |
|
|
(258 |
) |
Loss from equity
investment |
|
420 |
|
|
|
371 |
|
Income tax expenses
(benefit) |
|
147,695 |
|
|
|
(1,081 |
) |
Financial expenses,
net |
|
21,377 |
|
|
|
1,089 |
|
Depreciation and
amortization |
|
213,257 |
|
|
|
1,709 |
|
Total EBITDA net profit (loss)
attributable to Tingo Group, Inc. |
$ |
655,284 |
|
|
$ |
(21,193 |
) |
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