EX-99.1 2 tv485876_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

 

SODASTREAM REPORTS FOURTH QUARTER AND FISCAL 2017 RESULTS

Q4 Revenue Increased 20% to $157.7 Million

Q4 Operating Income Increased 36% to an All-Time Record $25.7 Million

Q4 Diluted EPS Increased 58% to $1.13

Company Finished Q4 with Cash & Financial Investments of $155.2

 

AIRPORT CITY, Israel – February 14, 2018 - SodaStream International Ltd. (NASDAQ: SODA), the leading manufacturer of home beverage carbonation systems, announced today its results for the quarter and year ended December 31, 2017.

 

For the fourth quarter ended December 31, 2017:

·Revenue increased 19.6% to $157.7 million, compared to $131.8 million in the fourth quarter of 2016
·Operating income increased 36.4% to $25.7 million, compared to $18.8 million in the fourth quarter of 2016
·Net income increased 63.2% to an all-time record of $25.5 million, compared to $15.6 million in the fourth quarter of 2016
·Diluted earnings per share (EPS) increased 58.1% to $1.13 compared to $0.71 in the fourth quarter of 2016

 

For the year ended December 31, 2017, compared to full year 2016 results:

·Revenue increased 14.1% to $543.4 million compared to $476.1 million in 2016
·Operating income increased 49.4% to an all-time record of $81.4 million, compared to $54.5 million in 2016
·Net income increased 67.3% to an all-time record $74.4 million, compared to $44.5 million in 2016
·Diluted EPS increased 59.4% to $3.29 compared to $2.07 in 2016

 

“Our fourth quarter performance represents a terrific finish to an outstanding year for SodaStream,” commented Daniel Birnbaum, Chief Executive Officer of SodaStream. “Throughout 2017 we successfully executed our growth plan aimed at expanding household penetration and increasing usage of our home carbonation system which translated into mid-teens revenue growth, record net income, and strong cash generation. These results underscore the strength of our brand and product offering and showcase the power of our business model. The work we’ve done bolstering our organization, improving our systems and processes, and enhancing our manufacturing capabilities has provided us with a much stronger foundation to capitalize on the many growth opportunities that still lie ahead and continue creating value for our shareholders.”

 

Fourth Quarter 2017 Financial Review

 

Geographical Revenue Breakdown  Three Months Ended         
   December 31, 2016   December 31, 2017   Increase
(decrease)		   Increase
(decrease)		 
   In millions USD   % 
Western Europe  $74.8   $89.0   $14.2    18.9%
The Americas   36.1    43.5    7.4    20.7%
Asia-Pacific   14.9    19.4    4.5    30.6%
Central & Eastern Europe, Middle East, Africa   6.0    5.8    (0.2)   (4.6)%
Total  $131.8   $157.7   $25.9    19.6%

 

Product Segment Revenue Breakdown  Three Months Ended         
   December 31, 2016   December 31, 2017   Increase   Increase 
   In millions USD   % 
Sparkling Water Maker Starter Kits  $56.7   $71.5   $14.8    26.1%
Consumables   74.0    84.7    10.7    14.4%
Other   1.1    1.5    0.4    38.2%
Total  $131.8   $157.7   $25.9    19.6%

 

 

 

 

Product Segment Unit Breakdown  Three Months Ended         
   December 31, 2016   December 31, 2017   Increase
(decrease)		   Increase
(decrease)		 
   In thousands   % 
Sparkling Water Maker Starter Kits   941    1,181    240    25.5%
CO2 Refills   7,413    8,248    835    11.3%
Flavors   5,235    4,651    (584)   (11.2)%

 

 

Revenue increased $25.9 million, or 19.6%, to $157.7 million compared to $131.8 million in the same period in 2016 driven by growth in most of the Company's geographic regions, primarily Germany, Canada, Australia and the U.S. Changes in foreign currency exchange rates ("FX") positively impacted revenue by approximately $8.0 million, mainly driven by the strengthening of the Euro/U.S. Dollar exchange rate.

 

Gross margin increased 140 basis points to 53.8% compared to 52.4% for the same period in 2016. The increase reflects continued production optimization, the leveraging of fixed infrastructure costs on increased production volume, the introduction of higher margin sparkling water makers, partially offset by a higher portion of sparkling water makers in the product mix. The positive FX impact on revenue was partially offset by an adverse impact of the weakening of the U.S. Dollar/Israeli Shekel exchange rate compared to the same period in 2016. The net positive FX impact on gross profit was approximately $3.9 million.

 

Sales and marketing expenses were $44.7 million, or 28.3% of revenue, compared to $39.0 million, or 29.6% of revenue, in the same period in 2016. Advertising and promotion expenses increased by $4.6 million to $22.6 million, or 14.3% of revenue, compared to $18.0 million, or 13.7% of revenue, in the same period in 2016. Sales team, distribution and logistics expenses were $22.1 million, or 14.0% of revenue, compared to $21.0 million, or 15.9% of revenue, in the same period in 2016.

 

General and administrative expenses increased $3.4 million to $14.5 million, or 9.2% of revenue, compared to $11.1 million, or 8.5% of revenue, in the same period in 2016.

 

Operating income increased 36.4% to $25.7 million, or 16.3% of revenue, compared to $18.8 million, or 14.3% of revenue, in the fourth quarter of 2016. Changes in FX positively impacted operating income by approximately $1.3 million. The positive FX impact on gross profit compared to the same period in 2016 was mainly offset by an adverse impact on operating expenses from the strengthening of the Euro/U.S. Dollar exchange rate.

 

Net financial income was $1.4 million compared to net financial expense of $0.8 million in the same period in 2016.

 

Tax expense was $1.5 million with an effective tax rate of 5.7%, compared to $2.4 million with an effective tax rate of 13.2% in the same period in 2016. The decrease in the effective tax rate is mainly due to agreements with tax authorities in certain jurisdictions. On December 22, 2017, the U.S. enacted the Tax Cuts and Jobs Act which had an immaterial impact on the Company’s tax results.

 

Net income was $25.5 million, or $1.13 per diluted share, based on 22.7 million weighted shares outstanding compared to net income of $15.6 million, or $0.71 per diluted share, based on 22.0 million weighted shares outstanding in the same period in 2016.

 

Balance Sheet Review

 

At December 31, 2017, the Company had cash and financial investments totaling $155.2 million compared to $57.3 million at December 31, 2016.

 

Cash flow from operations less investing activities, excluding financial investments, was $14.3 million compared to $11.6 million in the same period in 2016. During the fourth quarter of 2017, the Company invested $50.0 million in short-term investments.

 

Working capital increased 6.0% to $132.3 million compared to $124.8 million at December 31, 2016. Inventories increased 10.3% to $97.1 million compared to $88.0 million at December 31, 2016.

 

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Full year 2017 financial review

 

Geographical Revenue Breakdown  Year Ended         
   December 31, 2016   December 31, 2017   Increase   Increase 
   In millions USD   % 
Western Europe  $286.5   $325.3   $38.8    13.5%
The Americas   114.8    127.4    12.6    11.0%
Asia-Pacific   49.6    61.9    12.3    24.8%
Central & Eastern Europe, Middle East, Africa   25.2    28.8    3.6    14.3%
Total  $476.1   $543.4   $67.3    14.1%

 

 

Product Segment Revenue Breakdown  Year Ended         
   December 31, 2016   December 31, 2017   Increase
(decrease)		   Increase
(decrease)		 
   In millions USD   % 
Sparkling Water Maker Starter Kits  $170.8   $212.3   $41.5    24.3%
Consumables   297.0    323.5    26.5    8.9%
Other   8.3    7.6    (0.7)   (7.7)%
Total  $476.1   $543.4   $67.3    14.1%

 

 

Product Segment Unit Breakdown  Year Ended         
   December 31, 2016   December 31, 2017   Increase
(decrease)		   Increase
(decrease)		 
   In thousands   % 
Sparkling Water Maker Starter Kits   2,941    3,657    716    24.3%
CO2 Refills   29,407    32,518    3,111    10.6%
Flavors   21,957    20,289    (1,668)   (7.6)%

 

Revenue increased 14.1% to $543.4 million from $476.1 million in the same period in 2016. The increase was driven by growth in all geographical regions, primarily Germany, Canada, Australia and Japan. Changes in foreign currency exchange rates ("FX") positively impacted revenue by approximately $7.6 million, mainly driven by the strengthening of the Euro/U.S. Dollar exchange rate.

 

Gross margin increased 180 basis points to 53.3% compared to 51.5% in the same period in the prior year. The increase reflects continued production optimization, the leveraging of fixed infrastructure costs on increased production volume and the introduction of higher margin sparkling water makers, partially offset by a higher portion of sparkling water makers in the product mix and changes in FX compared to the same period in 2016.

 

Changes in FX negatively impacted gross profit by $1.2 million, mainly driven by the strengthening of the Israeli Shekel against the U.S. Dollar compared to the same period in 2016.

 

Sales and marketing expenses were $159.2 million, or 29.3% of revenue, compared to $144.7 million, or 30.4% of revenue, in the same period in 2016. The increase in sales and marketing expenses was mainly due to higher advertising and promotion expenses. Advertising and promotion expenses increased by $11.8 million to $76.7 million, or 14.1% of revenue, compared to $64.9 million, or 13.6% of revenue, in the same period in 2016. Sales team, distribution and logistics expenses were $82.5 million, or 15.2% of revenue, compared to $79.8 million and 16.8% of revenue, in the same period in 2016.

 

General and administrative expenses were $49.1 million, or 9.0% of revenue, compared to $43.5 million, or 9.1% of revenue in 2016.

 

Operating income increased 49.4% to $81.4 million, or 15.0% of revenue, compared to $54.5 million, or 11.4% of revenue in the same period in 2016. Changes in FX negatively impacted operating income by approximately $4.0 million. In addition to the net negative FX impact on gross profit in the amount of $1.2 million, there was a negative impact due to the strengthening of the Euro/U.S. Dollar rate and its effect on operating expenses compared to the same period in 2016.

 

Net financial income was $1.4 million compared to net financial expense of $2.1 million in the same period in 2016.

 

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Tax expense was $8.3 million, reflecting an effective tax rate of 10.1%, compared to $7.9 million, or an effective tax rate of 15.1%, in the same period in 2016.

 

Net income was $74.4 million, or $3.29 per diluted share, based on 22.6 million weighted shares outstanding, compared to net income of $44.5 million, or $2.07 per diluted share, based on 21.5 million weighted shares outstanding in the same period in 2016.

 

Guidance

For 2018, the Company currently expects full year revenue to increase approximately 12% over 2017 revenue of $543.4 million, of which approximately 2% is expected to result from the acquisition of the Company’s French distributor.

 

Operating income for 2018 is currently expected to increase approximately 10% over 2017 operating income of $81.4 million, or approximately 20% excluding the increase in share-based payment expense in 2018 compared to 2017.

 

Diluted earnings per share is currently expected to increase approximately 5% over 2017 diluted earnings per share of $3.29, or approximately 15%, excluding the increase in share-based payment expense in 2018 compared to 2017.

 

For 2018, the Company currently projects share-based payment expense to increase approximately $9 million over 2017 due to new employee options and restricted stock units expected to be granted by the Company during the first half of 2018. The increase is being driven by the number of new grants and the higher average share price compared with the previous year. Based on IFRS guidelines, close to 60% of the cost associated with new grants of options and restricted stock units is required to be expensed in the first year following the grant date.

 

Conference Call and Management Commentary

 

A supplemental slide presentation has been furnished as part of today’s report of a foreign private issuer on a Form 6-K and will be posted on the Company’s website at http://sodastream.investorroom.com.

 

 

The Company has scheduled a conference call for 8:30 AM Eastern Standard Time (U.S. time) today (Wednesday, February 14, 2018) to review the Company’s financial results. The conference call will be broadcast over the Internet as a “live” listen only Webcast. To listen, please go to: http://sodastream.investorroom.com. Listeners are urged to login approximately 20 minutes before the conference call is scheduled to begin in order to register, as well as download and install any necessary audio software. An archive of the Webcast will be available for 30 days after the call.

 

About SodaStream International

 

SodaStream is the #1 sparkling water brand in volume in the world and the leading manufacturer and distributor of Sparkling Water Makers. We enable consumers to easily transform ordinary tap water into sparkling water and flavored sparkling water in seconds. By making ordinary water fun and exciting to drink, SodaStream helps consumers drink more water. Sparkling Water Makers offer a highly differentiated and innovative solution to consumers of bottled and canned carbonated soft drinks. Our products promote health and wellness, are environmentally friendly, cost effective, customizable and fun to use. Our products are available at more than 80,000 individual retail stores across 45 countries. To learn more about how SodaStream makes water exciting and follow SodaStream on Facebook, Twitter, Pinterest, Instagram and YouTube, visit http://www.sodastream.com.

 

Non-IFRS Financial Measures

 

This press release contains EBITDA and Adjusted EBITDA, which are non-IFRS measures, see page 10 below.

 

EBITDA is a non-IFRS measure, which represents earnings before financial expense (income), income tax, depreciation and amortization. Adjusted EBITDA is a non-IFRS measure, which is calculated in the same way as EBITDA, and further eliminates the effect of impairment of other intangible assets. We believe that EBITDA and Adjusted EBITDA, as described above, should be considered in evaluating the Company’s operations. Both measures facilitate operating performance comparisons from period to period and company to company by backing out potential differences caused by variations in capital structures (affecting financial expenses (income), net), tax positions (such as the impact on periods or companies of changes in effective tax rates) and the age and depreciation charges and amortization of fixed and intangible assets, respectively (affecting relative depreciation and amortization expense, respectively). Adjusted EBITDA is useful to an investor in evaluating our operating performance because it excludes unusual costs associated with non-recurring events and without regard to non-cash items.

 

Non-IFRS measures should be considered in addition to results prepared in accordance with IFRS and should not be considered a substitute for the IFRS results. A reconciliation of EBITDA and Adjusted EBITDA to Net income, the most closely comparable IFRS measure, is included at the end of this press release. In addition, EBITDA and Adjusted EBITDA, as presented in this press release, may not be comparable to similarly titled measures reported by other companies due to differences in the way that these measures are calculated.

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Forward Looking Statements

 

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include information about possible or assumed future results of our business and financial condition, as well as the results of operations, liquidity, plans and objectives. In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential,” or the negative of these terms or other similar expressions: such statements are based on management's current beliefs and expectations and involve a number of known and unknown risks and uncertainties that could cause our future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include risks relating to: our ability to maintain or expand sales in our target markets, including the United States; our ability to maintain or continue to develop our presence in retail networks; our ability to develop and implement production and operating infrastructure to effectively support our growth; the success of our marketing campaigns and media spending in terms of increased sales or increased product and brand name awareness; our ability to maintain our customer base in markets where we have an established presence; the risks associated with our reliance on exclusive arrangements for the distribution of our beverage carbonation systems and consumables in each of the markets in which we use third-party distributors; our ability to compete effectively with other companies which currently offer, or may offer in the future, competing products; our ability to maintain margins due to decline in product selling price and/or rising costs; potential product liability claims if any component of our beverage carbonation systems is misused; our ability to protect our intellectual property rights; our being found to have a dominant position in certain markets which may place limits on our ability to operate; risks associated with our being a multinational corporation, including fluctuations in currency exchange rates; our potential exposure to greater than anticipated tax liabilities; our products being subject to extensive governmental regulation in the markets in which we operate; adverse conditions in the global economy which could negatively impact our customers' demand for our products; and other factors discussed under the heading “Risk Factors” in the Annual Report on the Form 20-F for the year ended December 31, 2016 and other documents filed with or furnished to the Securities and Exchange Commission. These forward-looking statements are made only as of the date hereof, and the company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

 

Investor Contact:

Brendon Frey

ICR

Phone: + 1 203-682-8200

brendon.frey@icrinc.com

 

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Consolidated Statements of Operations

In thousands (other than per share amounts)


   For the year ended   For the three months ended 
   December 31,   December 31, 
   2016   2017   2016   2017 
   (Audited)   (Unaudited)   (Unaudited) 
Revenue  $476,065   $543,371   $131,800   $157,659 
Cost of revenue   231,087    253,512    62,802    72,784 
                     
Gross profit   244,978    289,859    68,998    84,875 
                     
Operating expenses                    
Sales and marketing   144,657    159,225    39,021    44,692 
General and administrative   43,522    49,117    11,139    14,484 
Other expenses, net   2,327    142    -    - 
                     
Total operating expenses   190,506    208,484    50,160    59,176 
                     
Operating income   54,472    81,375    18,838    25,699 
                     
Financial expense (income), net   2,120    (1,354)   806    (1,376)
                     
                     
Income before income tax   52,352    82,729    18,032    27,075 
                     
Income tax expense   7,886    8,340    2,384    1,545 
                     
                     
Net income for the period   44,466    74,389    15,648    25,530 
                     
                     
Net income per share
                    
Basic  $2.10   $3.41   $0.73   $1.16 
Diluted  $2.07   $3.29   $0.71   $1.13 
                     
Weighted average number of shares                    
Basic   21,183    21,808    21,297    22,012 
Diluted   21,516    22,577    21,978    22,676 

 

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Consolidated Balance Sheets as of        
         
   December 31,   December 31, 
   2016   2017 
   (Audited)   (Unaudited) 
   (In thousands) 
Assets        
Cash and cash equivalents  $50,250   $85,168 
Financial investments   7,000    70,000 
Inventories   87,986    97,088 
Trade receivables ,net   87,430    124,352 
Other receivables   20,613    19,250 
Assets classified as held for sale   1,484    - 
Derivative financial instruments   2,112    404 
Total current assets   256,875    396,262 
           
Property, plant and equipment   164,628    171,543 
Intangible assets   37,582    38,365 
Deferred tax assets   4,154    6,435 
Other receivables   2,688    4,260 
Total non-current assets   209,052    220,603 
           
Total assets   465,927    616,865 
           
Liabilities          
Derivative financial instruments   -    215 
Trade payables   41,643    61,215 
Income tax payable   8,312    14,350 
Provisions   2,646    2,602 
Other current liabilities   22,262    30,461 
Total current liabilities   74,863    108,843 
           
Employee benefits   2,306    2,403 
Other non-current liabilities   73    164 
Deferred tax liabilities   5,166    4,279 
Total non-current liabilities   7,545    6,846 
           
Total liabilities   82,408    115,689 
           
Shareholders’ equity          
Share capital   3,461    3,599 
Share premium   214,609    234,406 
Translation reserve   (34,161)   (10,738)
Retained earnings   199,610    273,909 
Total shareholders’ equity   383,519    501,176 
           
Total liabilities and shareholders’ equity  $465,927   $616,865 

 

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Consolidated Statements of Cash Flows                
                 
   For the year ended   For the three months ended 
   December 31,   December 31, 
   2016   2017   2016   2017 
   (Audited)   (Unaudited)   (Unaudited)  
Cash flows from operating activities                    
Net income for the period  $44,466   $74,389   $15,648   $25,530 
                     
Adjustments:                    
Depreciation of property, plant and equipment   16,012    19,336    5,086    4,338 
Amortization of intangible assets   3,439    2,952    843    737 
Impairment of other intangible assets   1,830    -    -    - 
Change in fair value of derivative financial instruments   (448)   1,629    (1,074)   182 
Other expenses, net   -    142    -    - 
Exchange rate differences on long-term loans and borrowing  287    -    (355)   - 
Share based payment   4,801    5,225    1,288    1,768 
Interest expense (income), net   523    (421)   154    (186)
Income tax expense   7,886    8,340    2,384    1,545 
    78,796    111,592    23,974    33,914 
Decrease (increase) in inventories   22,352    (6,644)   10,527    5,764 
Increase in trade and other receivables   (9,375)   (30,845)   (11,990)   (26,592)
Increase (decrease) in trade payables and other liabilities   (3,970)   26,466    (5,237)   8,821 
Increase (decrease) in employee benefits   123    287    (92)   72 
Increase (decrease) in provisions   239    (44)   (255)   281 
    88,165    100,812    16,927    22,260 
Interest paid   (616)   (135)   (188)   (41)
Income tax received   348    101    141    23 
Income tax paid   (5,965)   (5,962)   (740)   (2,726)
Net cash from operating activities   81,932    94,816    16,140    19,516 
                     
Cash flows from investing activities                    
Interest received   93    556    33    228 
Proceeds from (investment in) bank deposits   (7,000)   7,000    -    - 
Investment in financial Investments   -    (70,000)   -    (50,000)
Proceeds from investment grants   2,828    6,227    -    2,324 
Proceeds from sale of property, plant and equipment   -    2,281    -    691 
Proceeds from (payment for) derivative financial instruments, net  (1,033)   294    10    (800)
Acquisition of property, plant and equipment   (25,987)   (21,165)   (4,159)   (7,062)
Acquisition of intangible assets   (1,982)   (2,260)   (457)   (629)
Net cash used in investing activities   (33,081)   (77,067)   (4,573)   (55,248)
                     
Cash flows from financing activities                    
Proceeds from exercise of employee share options   4,328    14,710    2,410    3,960 
Repayments of long-term loans and borrowings   (34,248)   -    (16,555)   - 
Change in short-term debt   (2,861)   -    -    - 
Net cash from (used in) financing activities   (32,781)   14,710    (14,145)   3,960 
                     
Net increase (decrease) in cash and cash equivalents   16,070    32,459    (2,578)   (31,772)
Cash and cash equivalents at the beginning of the period   34,534    50,250    53,857    116,629 
Effect of exchange rates fluctuations on cash and cash equivalents  (354)   2,459    (1,029)   311 
                     
Cash and cash equivalents at the end of the period  $50,250   $85,168   $50,250   $85,168 

 

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The following tables present the Company’s revenue, by

region and product type for the periods presented, as well as such revenue

by region and product type as a percentage of total revenue:

 

   Year Ended   Three Months Ended 
   December 31,   December 31, 
   2016   2017   2016   2017 
   (Audited)   (Unaudited)   (Unaudited)   (Unaudited) 
   Revenue (in thousands) 
                 
Western Europe  $286,512   $325,315   $74,837   $88,977 
The Americas   114,747    127,370    36,053    43,503 
Asia-Pacific   49,614    61,902    14,880    19,428 
Central & Eastern Europe, Middle East & Africa   25,192    28,784    6,030    5,751 
Total  $476,065   $543,371   $131,800   $157,659 
                     

 

   Year Ended   Three Months Ended 
   December 31,   December 31, 
   2016   2017   2016   2017 
   (Audited)   (Unaudited)   (Unaudited)   (Unaudited) 
   As a percentage of revenue 
                 
Western Europe   60.2%   59.9%   56.8%   56.4%
The Americas   24.1%   23.4%   27.4%   27.6%
Asia-Pacific   10.4%   11.4%   11.3%   12.3%
Central & Eastern Europe, Middle East & Africa   5.3%   5.3%   4.5%   3.7%
Total   100.0%   100.0%   100.0%   100.0%
                     

 

   Year Ended   Three Months Ended 
   December 31,   December 31, 
   2016   2017   2016   2017 
   (Audited)   (Unaudited)   (Unaudited)   (Unaudited) 
   Revenue (in thousands) 
                 
Sparkling Water Maker starter kits (including exchange cylinders) $170,790   $212,293   $56,700   $71,502 
Consumables   297,011    323,449    73,997    84,633 
Other   8,264    7,629    1,103    1,524 
Total  $476,065   $543,371   $131,800   $157,659 

 

 

   Year Ended   Three Months Ended 
   December 31,   December 31, 
   2016   2017   2016   2017 
   (Audited)   (Unaudited)   (Unaudited)   (Unaudited) 
   As a percentage of revenue 
                 
Sparkling Water Maker starter kits (including exchange cylinders)35.9%   39.1%   43.0%   45.3%
Consumables   62.4%   59.5%   56.2%   53.7%
Other   1.7%   1.4%   0.8%   1.0%
Total   100.0%   100.0%   100.0%   100.0%

 

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Reconciliation of Net income to EBITDA and Adjusted EBITDA                
   Year Ended   Three Months Ended 
   December 31,   December 31, 
   2016   2017   2016   2017 
   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited) 
   (In thousands) 
                 
Reconciliation of Net Income to EBITDA and Adjusted EBITDA                
Net income  $44,466   $74,389   $15,648   $25,530 
Financial expense (income), net   2,120    (1,354)   806    (1,376)
Income tax expense   7,886    8,340    2,384    1,545 
Depreciation and amortization   19,451    22,288    5,929    5,075 
EBITDA  $73,923   $103,663   $24,767   $30,774 
Impairment of other intangible assets   1,830    -    -    - 
                     
Adjusted EBITDA  $75,753   $103,663   $24,767   $30,774 

 

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