ODDITY Tech Ltd. (NASDAQ: ODD) today announced its financial
results for the second quarter ended June 30, 2023.
“We delivered our strongest second quarter and year-to-date
financial results ever, beating our plan on revenue and all key
profit metrics, and allowing us to raise our full year outlook. We
believe our year-to-date financial performance, with net revenue
growth of 69% year-over-year, $50 million of net income, and $70
million of Adjusted EBITDA, reflects the power of our business
model as we work to transform the global beauty and wellness market
through technology and entrepreneurial DNA,” said Oran Holtzman,
ODDITY co-founder and CEO. “We are unlocking online for this
massive, global TAM by leveraging data science, artificial
intelligence, and computer vision to deliver superior products and
experiences to our over 40 million users.”
Holtzman continued, “We achieved key objectives during the
quarter that set us up for long-term success. Our business is
firing on all cylinders:
- ODDITY delivered outstanding financial results, rapidly growing
our topline and driving strong profitability.
- We completed the acquisition of Revela and launched ODDITY LABS
to revolutionize our industry using artificial intelligence-based
molecule discovery.
- With the successful completion of our initial public offering,
we recruited top-tier investors to partner with us in the next
stage of our journey.
“We are pleased with our outstanding second quarter performance
and the continued strength of our business in the third
quarter-to-date,” added Lindsay Drucker Mann, ODDITY Global CFO,
“As a result of this momentum, we are raising our outlook for 2023
revenue and earnings to reflect better than expected top- and
bottom-line results relative to our internal plan. We now expect
full year net revenue to increase between 46-48%, compared with our
prior expectation of a 40% increase. We now expect full year
Adjusted EBITDA to be between $96 million and $101 million,
compared with our prior expectation of $91 million.”
Drucker Mann continued, “We are additionally pleased that we
were able to deliver the bulk of our full year objectives in the
first half alone, as we have done in previous years. We
accomplished this by aggressively fueling profitable growth in the
first and second quarters, which enables us to invest resources
during the second half of the year on future initiatives to drive
long-term growth.”
Second Quarter Fiscal 2023 Financial
Highlights:
Results for the second quarter ended June 30, 2023 are presented
below in comparison to the same period in the prior year, and also
in comparison to the preliminary estimates as communicated in
connection with our IPO (“Preliminary Estimates”).
- Net revenue was $151.3 million compared to $97.7 million in the
second quarter of 2022, representing a 55% year-over-year increase.
This net revenue exceeded the midpoint of the Preliminary Estimates
by $11.8 million, or 8%.
- Gross profit was $106.8 million compared to $66.6 million in
the second quarter of 2022, representing a 60% year-over-year
increase. Gross margin was 70.6%, expanding 244 bps versus gross
margin of 68.2% in the second quarter of 2022.
- Net income was $30.0 million compared to $16.6 million in the
second quarter of 2022. This net income exceeded the midpoint of
the Preliminary Estimates by $7.1 million, or 31%. Net income
margin was 19.8%.
- Adjusted net income was $32.3 million compared to $18.3 million
in the second quarter of 2022, representing a 76% year-over-year
increase. Adjusted net income margin was 21.3%.
- Adjusted EBITDA was $41.8 million compared to $23.8 million in
the second quarter of 2022. Adjusted EBITDA margin of 27.6%
expanded 328 bps over the prior year period. This Adjusted EBITDA
exceeded the midpoint of the Preliminary Estimates by $7.6 million,
or 22%.
- The weighted average number of outstanding shares used in
computing our basic earnings per share (“EPS”) was 54.1 million and
53.3 million for the second quarter of 2023 and 2022, respectively.
The weighted average number of outstanding shares used in computing
our diluted EPS and Adjusted diluted EPS was 57.5 million and 56.4
million for the second quarter of 2023 and 2022, respectively.
- Diluted EPS were $0.52 compared to $0.29 in the second quarter
of 2022. Adjusted diluted EPS were $0.56 compared to $0.33 in the
second quarter of 2022.
- Cash and cash equivalents, restricted cash, and short-term
deposits were $106.7 million. The Company has no outstanding debt
as of June 30, 2023.
The table below sets forth the low and high end of the ranges of
the estimated selected preliminary unaudited financial results for
the three months ended June 30, 2023 as communicated in connection
with our IPO, our actual selected results for the second quarter of
2023, and the change in the actual results as compared against the
midpoint of the estimated preliminary range.
|
Three months ended June 30, 2023 |
Actual compared to the
range1 |
(In millions) |
Low End |
High End |
Actual |
$ |
% |
Net Revenue |
$ |
134.5 |
$ |
144.5 |
$ |
151.3 |
$ |
11.8 |
8% |
Adjusted EBITDA |
$ |
31.7 |
$ |
36.7 |
$ |
41.8 |
$ |
7.6 |
22% |
Net Income |
$ |
20.9 |
$ |
24.9 |
$ |
30.0 |
$ |
7.1 |
31% |
1 Represents the change from the midpoint of estimated
preliminary range as communicated in connection with our IPO.
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.
Financial Outlook:
Based on the strong second quarter results, ODDITY is raising
its plan for 2023 to reflect higher revenue, profit margins, and
earnings than previously expected. We plan to reinvest a portion of
the revenue and profit upside generated in the second quarter back
into the business during the second half of 2023 to support
long-term growth.
ODDITY is providing the following guidance for the full year
ending December 31, 2023:
- Net revenue between $475 million and $480 million, above our
prior expectation for $453 million, and now representing
year-over-year growth between 46% and 48% as compared to 40%
prior.
- Gross margins of approximately 69.5%, above our prior
expectation of 67.9%.
- Adjusted EBITDA between $96 million and $101 million, above our
prior expectation of $91 million, and representing Adjusted EBITDA
margins between 20.0% and 21.0%.
- Adjusted diluted EPS between $1.11 and $1.17, above our prior
expectation of $1.06. This assumes a tax rate of approximately 25%
and average fully diluted shares of approximately 59.7
million.
- Stock-based compensation expense is expected to be $26 million
for the full year, including approximately $14 million of expense
in the third quarter of 2023 and approximately $8 million of
expense in the fourth quarter of 2023. Third quarter stock-based
compensation expense will be adversely impacted by a one-time
expense associated with accelerated vesting in connection with our
IPO.
|
Current FY2023 Outlook |
Prior FY2023 Internal Plan |
Net Revenue |
$475-480 million |
$453 million |
Gross Margin |
69.5% |
67.9% |
Adjusted EBITDA |
$96-101 million |
$91 million |
Adjusted Diluted EPS |
$1.11-1.17 |
$1.06 |
ODDITY is providing the following guidance for the third quarter
ending September 30, 2023:
- Net revenue between $81 million and $85 million, representing
year-over-year growth between 18-23%.
- Gross margin of approximately 67.5%.
- Adjusted EBITDA between $16 and $18 million, representing
Adjusted EBITDA margin of between 20.0-21.5%.
- Adjusted diluted EPS between $0.13 and $0.15. This assumes a
tax rate of approximately 43.5% and average fully diluted shares of
approximately 61.7 million.
- Stock-based compensation expense is expected to be
approximately $14 million in the third quarter of 2023, adversely
impacted by a one-time expense associated with accelerated vesting
in connection with our IPO.
|
Current 3Q 2023 Outlook |
Net Revenue |
$81-85 million |
Gross Margin |
67.5% |
Adjusted EBITDA |
$16-18 million |
Adjusted Diluted EPS |
$0.13-0.15 |
Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net income,
Adjusted net income margin, and Adjusted diluted earnings per share
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 third 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.
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 Q2 2023 financial and
business results and outlook is scheduled for today, August 9,
2023, at 5:30 p.m. ET. To participate, please dial 1-877-407-9208
(US) or 1-201-493-6784 (International). 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). The access code
for the replay is 13740505. 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 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 weighted average number of fully 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 its 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 third
quarter 2023 and the full year ending December 31, 2023, including
its plans for reinvesting a portion of its future revenue, under
the caption “Financial Outlook.” 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; 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. dollars in thousands (except share and per share
data)
|
|
Three months endedJune 30, |
|
Six months endedJune 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
Net revenue |
|
$ |
151,311 |
|
|
$ |
97,659 |
|
|
$ |
316,965 |
|
|
$ |
188,073 |
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
44,466 |
|
|
|
31,078 |
|
|
|
92,635 |
|
|
|
61,125 |
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
106,845 |
|
|
|
66,581 |
|
|
|
224,330 |
|
|
|
126,948 |
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative |
|
|
70,012 |
|
|
|
46,130 |
|
|
|
162,776 |
|
|
|
102,862 |
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
36,833 |
|
|
|
20,451 |
|
|
|
61,554 |
|
|
|
24,086 |
|
|
|
|
|
|
|
|
|
|
Financial income, net |
|
|
(894 |
) |
|
|
(1,243 |
) |
|
|
(737 |
) |
|
|
(1,686 |
) |
|
|
|
|
|
|
|
|
|
Income before taxes on
income |
|
|
37,727 |
|
|
|
21,694 |
|
|
|
62,291 |
|
|
|
25,772 |
|
|
|
|
|
|
|
|
|
|
Taxes on income |
|
|
7,730 |
|
|
|
5,070 |
|
|
|
12,704 |
|
|
|
6,137 |
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
29,997 |
|
|
$ |
16,624 |
|
|
$ |
49,587 |
|
|
$ |
19,635 |
|
|
|
|
|
|
|
|
|
|
Basic earnings per share of
Class A and Class B ordinary share and Redeemable A
share(**) |
|
$ |
0.55 |
|
|
$ |
0.31 |
|
|
$ |
0.92 |
|
|
$ |
0.377 |
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share of
Class A and Class B ordinary share and Redeemable A
share(**) |
|
$ |
0.52 |
|
|
$ |
0.29 |
|
|
$ |
0.87 |
|
|
$ |
0.35 |
|
(**)
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. dollars in thousands
|
|
June 30, |
|
December 31, |
|
|
2023 |
|
2022 |
|
|
Unaudited |
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
Cash and cash equivalents |
|
$ |
66,527 |
|
$ |
40,955 |
Short-term deposits and restricted cash |
|
|
40,185 |
|
|
20,159 |
Trade receivables |
|
|
7,822 |
|
|
7,576 |
Inventory |
|
|
62,791 |
|
|
70,230 |
Prepaid expenses and other current assets |
|
|
8,550 |
|
|
7,013 |
|
|
|
|
|
Total current assets |
|
|
185,875 |
|
|
145,933 |
|
|
|
|
|
LONG-TERM ASSETS: |
|
|
|
|
Property, plant and equipment, net |
|
|
9,122 |
|
|
9,468 |
Goodwill and intangible assets, net |
|
|
101,834 |
|
|
43,037 |
Operating lease right-of-use assets |
|
|
14,802 |
|
|
13,278 |
Other assets |
|
|
7,354 |
|
|
4,692 |
|
|
|
|
|
Total long-term assets |
|
|
133,112 |
|
|
70,475 |
|
|
|
|
|
Total assets |
|
$ |
318,987 |
|
$ |
216,408 |
ODDITY TECH LTD.
CONDENSED CONSOLIDATED BALANCE
SHEETS
U.S. dollars in thousands (except share and per share
data)
|
|
June 30, |
|
December 31, |
|
|
2023 |
|
2022 |
|
|
Unaudited |
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
Trade payables |
|
$ |
41,899 |
|
$ |
44,807 |
Other accounts payable and accrued expenses |
|
|
56,628 |
|
|
37,792 |
Short-term debt and current maturities of long-term debt |
|
|
- |
|
|
3,917 |
Current maturities of operating lease liabilities |
|
|
3,886 |
|
|
3,890 |
|
|
|
|
|
Total current liabilities |
|
|
102,413 |
|
|
90,406 |
|
|
|
|
|
LONG-TERM LIABILITIES: |
|
|
|
|
Operating lease liabilities, non-current |
|
|
9,307 |
|
|
8,076 |
Other long-term liabilities |
|
|
6,732 |
|
|
6,946 |
|
|
|
|
|
Total liabilities |
|
|
118,452 |
|
|
105,428 |
|
|
|
|
|
Redeemable A shares |
|
|
12,275 |
|
|
12,275 |
|
|
|
|
|
SHAREHOLDERS' EQUITY: |
|
|
|
|
Share capital and additional paid-in capital |
|
|
93,691 |
|
|
53,723 |
Cumulative translation adjustments |
|
|
1,738 |
|
|
1,738 |
Retained earnings |
|
|
92,831 |
|
|
43,244 |
|
|
|
|
|
Total shareholders'
equity |
|
|
188,260 |
|
|
98,705 |
|
|
|
|
|
Total liabilities and
shareholders' equity |
|
$ |
318,987 |
|
$ |
216,408 |
ODDITY TECH LTD.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
|
|
Six months endedJune 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
Unaudited |
Cash flows from operating
activities: |
|
|
|
|
Net income |
|
$ |
49,587 |
|
|
$ |
19,635 |
|
Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
|
Depreciation and amortization |
|
|
4,000 |
|
|
|
2,214 |
|
Share-based compensation |
|
|
4,370 |
|
|
|
3,500 |
|
Deferred income taxes |
|
|
(736 |
) |
|
|
(820 |
) |
Increase in trade receivables |
|
|
(246 |
) |
|
|
(2,049 |
) |
Increase in prepaid expenses and other receivables |
|
|
(1,468 |
) |
|
|
(2,420 |
) |
Decrease (increase) in inventory |
|
|
7,716 |
|
|
|
(7,897 |
) |
Decrease in trade payables |
|
|
(5,707 |
) |
|
|
(1,291 |
) |
Increase in other accounts payable and accrued expenses |
|
|
18,432 |
|
|
|
6,924 |
|
Operating lease ROU assets and liabilities, net |
|
|
(297 |
) |
|
|
(1,396 |
) |
Other |
|
|
316 |
|
|
|
160 |
|
|
|
|
|
|
Net cash provided by operating
activities |
|
|
75,967 |
|
|
|
16,560 |
|
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
|
Purchase of property, plant
and equipment |
|
|
(761 |
) |
|
|
(1,703 |
) |
Capitalization of software
development costs |
|
|
(1,496 |
) |
|
|
(2,526 |
) |
Investments in short-term
deposits, net |
|
|
(20,000 |
) |
|
|
- |
|
Other investments |
|
|
(250 |
) |
|
|
(275 |
) |
Cash paid in conjunction with
acquisition, net of cash acquired |
|
|
(23,173 |
) |
|
|
- |
|
|
|
|
|
|
Net cash used in investing
activities |
|
|
(45,680 |
) |
|
|
(4,504 |
) |
|
|
|
|
|
Cash flows from financing
activities: |
|
|
|
|
Repayment of loans and
borrowings |
|
|
(4,313 |
) |
|
|
(187 |
) |
Other |
|
|
(262 |
) |
|
|
648 |
|
|
|
|
|
|
Net cash (used in) provided by
financing activities |
|
|
(4,575 |
) |
|
|
461 |
|
|
|
|
|
|
Effect of exchange rate
fluctuations on cash and cash equivalents |
|
|
(115 |
) |
|
|
(624 |
) |
|
|
|
|
|
Net increase in cash, cash
equivalents and restricted cash |
|
|
25,597 |
|
|
|
11,893 |
|
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 |
|
$ |
68,711 |
|
|
$ |
42,782 |
|
ODDITY TECH LTD.
Reconciliation of GAAP to Non-GAAP Financial
Information
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
(Unaudited) |
|
(Unaudited) |
Reconciliation of Net
Income and Adjusted EBITDA |
|
|
|
Net Income |
$ |
29,997 |
|
|
$ |
16,624 |
|
|
$ |
49,587 |
|
|
$ |
19,635 |
|
Financial expenses, net |
|
(894 |
) |
|
|
(1,243 |
) |
|
|
(737 |
) |
|
|
(1,686 |
) |
Taxes on Income |
|
7,730 |
|
|
|
5,070 |
|
|
|
12,704 |
|
|
|
6,137 |
|
Depreciation and amortization |
|
2,100 |
|
|
|
1,071 |
|
|
|
4,000 |
|
|
|
2,214 |
|
Share-based compensation |
|
2,559 |
|
|
|
2,123 |
|
|
|
4,370 |
|
|
|
3,500 |
|
Non-recurring adjustments |
|
300 |
|
|
|
121 |
|
|
|
300 |
|
|
|
680 |
|
Adjusted
EBITDA |
$ |
41,792 |
|
|
$ |
23,766 |
|
|
$ |
70,224 |
|
|
$ |
30,480 |
|
Reconciliation of Net Income and Adjusted Net
Income |
|
|
|
|
|
|
|
Net Income |
$ |
29,997 |
|
|
$ |
16,624 |
|
|
$ |
49,587 |
|
|
$ |
19,635 |
|
Share-based compensation |
|
2,559 |
|
|
|
2,123 |
|
|
|
4,370 |
|
|
|
3,500 |
|
Non-recurring adjustments |
|
300 |
|
|
|
121 |
|
|
|
300 |
|
|
|
680 |
|
Tax impact |
|
(587 |
) |
|
|
(524 |
) |
|
|
(954 |
) |
|
|
(1,031 |
) |
Adjusted Net
Income |
$ |
32,269 |
|
|
$ |
18,344 |
|
|
$ |
53,303 |
|
|
$ |
22,784 |
|
|
|
|
|
|
|
|
|
Diluted earnings per share |
$ |
0.52 |
|
$ |
0.29 |
|
$ |
0.87 |
|
$ |
0.35 |
Adjusted diluted
earnings per share |
$ |
0.56 |
|
$ |
0.33 |
|
$ |
0.94 |
|
$ |
0.40 |
|
|
|
|
|
|
|
|
Reconciliation of net cash provided by operating
activities to free cash flow
|
Six Months EndedJune 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
(Unaudited) |
Net operating cash flow |
|
$ |
75,967 |
|
|
$ |
16,560 |
|
Purchase of property and equipment |
|
|
(761 |
) |
|
|
(1,703 |
) |
Free cash
flow |
|
$ |
75,206 |
|
|
$ |
14,857 |
|
ODDITY Tech (NASDAQ:ODD)
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