ODDITY Tech Ltd. (NASDAQ: ODD) today announced its financial
results for the fourth quarter and full year ended December 31,
2023.
“Our fourth quarter delivered an outstanding finish to a record
breaking year. We continued to deliver as promised. We achieved net
revenue growth of 57% with adjusted EBITDA of $107 million,
representing 21% adjusted EBITDA margin for the full year,
exceeding guidance on every metric,” said Oran Holtzman, ODDITY
co-founder and CEO. “Our large investments in technology and
product over the past 5 years are yielding significant returns and
allow the rare combination of scale, growth, and
profitability.”
“I truly believe there is no limit to what we can build at
ODDITY. We are playing in a huge TAM that is being transformed,”
Holtzman continued. “And we have positioned our business to lead in
two pillars of this transformation. First, the consumer shift
online, where we believe we are already the largest
direct-to-consumer platform in the market. Second, the shift to
science-backed, NEW high-performance products, where we are ALL-IN,
building the industry’s largest and most advanced platform for new
molecule discovery. If we do it right, ODDITY LABS will change our
industry and our company.”
ODDITY achieved a number of objectives in the past year,
supporting strong financial performance today and positioning the
business for the future. These include:
- Exceeding guidance for financial
results for the fourth quarter and the full year ended December 31,
2023.
- Crossing the $500 million milestone
of net revenue.
- Crossing the $100 million milestone
of adjusted EBITDA.
- Crossing the 50 million milestone of
platform users.
- Establishing ODDITY LABS as the
industry’s leading molecule discovery platform, powered by our
acquisition and integration of Revela.
- Successful completion of our
IPO.
- Strong balance sheet, including $168
million of cash, cash equivalents, and investments, with no
outstanding debt, as of December 31, 2023, and the addition of a
$100 million credit facility.
“We are pleased with our financial results for the quarter and
full year, which beat our guidance across revenue, adjusted EBITDA,
and adjusted EPS. Our topline growth translated into strong free
cash generation, with $85 million of free cash flow in 2023,” said
Lindsay Drucker Mann, ODDITY Global CFO. “We continue to
aggressively invest in future growth initiatives, including ODDITY
LABS and future brand launches, where we expect to continue
investing in 2024. Q124 is off to a very strong start, and because
of our high repeat rates, we have high confidence and visibility
into achieving our full year 2024 objectives.”
Fourth Quarter Fiscal 2023 Financial
Highlights1:
Results for the fourth quarter ended December 31, 2023 are
presented below in comparison to the same period in the prior
year:
- Net revenue was $97 million compared
to $67 million in the fourth quarter of 2022, representing a 44%
year-over-year increase.
- Gross profit was $67 million
compared to $44 million in the fourth quarter of 2022, representing
a 53% year-over-year increase. Gross margin was 69.4%, increasing
by 400 bps versus gross margin of 65.4% in the fourth quarter of
2022.
- Net income was $5.1 million compared
to net loss of $0.7 million in the fourth quarter of 2022. Net
income margin was 5.3% compared to -1.0% in the fourth quarter of
2022.
- Adjusted net income was $10.4
million compared to $0.6 million in the fourth quarter of 2022,
representing a 1,700% year-over-year increase. Adjusted net income
margin was 10.7% compared to 0.9% in the fourth quarter of
2022.
- Adjusted EBITDA was $16.3 million
compared to $2.6 million in the fourth quarter of 2022,
representing a 520% increase. Adjusted EBITDA margin was 16.8%,
increasing by 1,290 bps versus adjusted EBITDA margin of 3.9% in
the fourth quarter of 2022.
- The weighted average number of
outstanding shares used in computing our basic earnings per share
(“EPS”) was 56.9 million and 53.4 million for the fourth quarter of
2023 and 2022, respectively. The weighted average number of
outstanding shares used in computing our diluted EPS and adjusted
diluted EPS was 60.9 million and 53.4 million for the fourth
quarter of 2023 and 2022, respectively.
- Diluted EPS were $0.08 compared to
diluted loss per share of $0.01 in the fourth quarter of 2022.
Adjusted diluted EPS were $0.17 compared to $0.01 in the fourth
quarter of 2022.
- Cash and cash equivalents,
restricted cash, short-term deposits and marketable securities were
$168 million, with no outstanding debt as of December 31,
2023.
The tables below set forth our actual results for the three
months and full year ended December 31, 2023 and the low and high
end of our guidance range regarding our results for the fourth
quarter and full year of 2023 as issued on November 7, 2023
(“Guidance”).
|
Three months ended December
31,
2023 |
|
Actual Results |
GuidanceLow End |
GuidanceHigh End |
Net Revenue Growth |
44.1% |
22.0% |
26.0% |
Gross Margin |
69.4% |
66.0% |
66.0% |
Adjusted EBITDA Margin |
16.8% |
15.5% |
16.5% |
Adjusted Diluted EPS |
$0.17 |
$0.10 |
$0.12 |
|
Year ended December
31, 2023 |
|
ActualResults |
GuidanceLow End |
GuidanceHigh End |
Net Revenue Growth |
56.7% |
52.0% |
53.0% |
Gross Margin |
70.4% |
70.0% |
70.0% |
Adjusted EBITDA Margin |
21.1% |
21.0% |
21.0% |
Adjusted Diluted EPS |
$1.31 |
$1.21 |
$1.23 |
Key initiatives for 2024
ODDITY is focused on key initiatives to support strong financial
results in 2024; leveraging its platform model for future growth
through new brands, products, and addressable markets; and
strengthening its competitive position. These include:
- Delivering continued profitable
growth in our existing brand portfolio across categories and
markets.
- Accelerating our investment in
ODDITY LABS by expanding the team and the scope of projects in
development.
- Brand 3, a medical-grade skin and
body brand, planned to launch in 2025.
- Brand 4, planned to launch in
2025.
Financial outlook
ODDITY expects to deliver 2024 financials ahead of its long-term
growth algorithm of 20%-plus revenue growth and 20%-plus adjusted
EBITDA margin. ODDITY is providing the following guidance for the
full year ending December 31, 2024:
- Net revenue between $620 million and
$630 million, representing year-over-year growth between 22% and
24%.
- Gross margins of approximately
70.5%.
- Adjusted EBITDA between $136 million
and $140 million.
- Adjusted diluted EPS between $1.49
and $1.54. This assumes a tax rate of approximately 25.0% and
average fully diluted shares of approximately 64.5 million.
|
FY2023 Actuals |
FY2024 Outlook |
Net Revenue |
$509 million |
$620-630 million |
Gross Margin |
70.4% |
70.5% |
Adjusted EBITDA |
$107 million |
$136-140 million |
Adjusted Diluted EPS |
$1.31 |
$1.49-1.54 |
ODDITY is providing the following guidance for the first quarter
ending March 31, 2024:
- Net revenue between $204 million and
$207 million, representing year-over-year growth between 23% and
25%.
- Gross margin of approximately
71.0%.
- Adjusted EBITDA between $43 million
and $45 million.
- Adjusted diluted EPS between $0.47
and $0.50. This assumes a tax rate of approximately 25.0% and
average fully diluted shares of approximately 63 million.
|
1Q 2024
Outlook |
Net Revenue |
$204-207 million |
Gross Margin |
71.0% |
Adjusted EBITDA |
$43-45 million |
Adjusted Diluted EPS |
$0.47-0.50 |
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. 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. 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.
The financial outlook figures presented above are
forward-looking statements that are subject to a variety of
assumptions and estimates. 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 Q4 2023 financial and
business results and outlook is scheduled for tomorrow, March 6,
2024, at 8:30 a.m. ET. To participate, please dial 1-877-407-9208
(US) or 1-201-493-6784 (international) and the conference ID is
13743840. 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). 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 the following 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 items. “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 items 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 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 our 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 first
quarter 2024 and the full year ending December 31, 2024.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 and the Middle East generally, including as a
result of geopolitical conflict; 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 Annual Report on Form 20-F
filed with the Securities and Exchange Commission on March 5, 2024,
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 approximately 50 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. |
CONSOLIDATED STATEMENTS OF
INCOME |
U.S. dollar in thousands (except per share
data) |
|
|
Three months endedDecember
31, |
|
Year endedDecember
31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Audited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue |
$ |
97,246 |
|
|
$ |
67,499 |
|
|
$ |
508,685 |
|
|
$ |
324,520 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue |
|
29,761 |
|
|
|
23,369 |
|
|
|
150,456 |
|
|
|
106,470 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
67,485 |
|
|
|
44,130 |
|
|
|
358,229 |
|
|
|
218,050 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling,
general and administrative |
|
61,033 |
|
|
|
44,272 |
|
|
|
283,911 |
|
|
|
190,385 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss) |
|
6,452 |
|
|
|
(142 |
) |
|
|
74,318 |
|
|
|
27,665 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
expenses (income), net |
|
(1,400 |
) |
|
|
301 |
|
|
|
(4,283 |
) |
|
|
(1,247 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) before taxes on income |
|
7,852 |
|
|
|
(443 |
) |
|
|
78,601 |
|
|
|
28,912 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxes on income |
|
2,739 |
|
|
|
217 |
|
|
|
20,067 |
|
|
|
7,184 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
5,113 |
|
|
$ |
(660 |
) |
|
$ |
58,534 |
|
|
$ |
21,728 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
$ |
0.09 |
|
|
$ |
(0.01 |
) |
|
$ |
1.06 |
|
|
$ |
0.41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share |
$ |
0.08 |
|
|
$ |
(0.01 |
) |
|
$ |
1.00 |
|
|
$ |
0.39 |
|
|
ODDITY TECH LTD. |
CONSOLIDATED BALANCE SHEETS |
U.S. dollar in thousands |
|
|
December 31, |
|
December 31, |
|
|
2023 |
|
|
|
2022 |
|
ASSETS |
(Unaudited) |
|
(Audited) |
|
|
|
|
CURRENT ASSETS: |
|
|
|
Cash and cash equivalents |
$ |
36,538 |
|
|
$ |
40,955 |
|
Short-term deposits |
|
78,000 |
|
|
|
18,000 |
|
Marketable securities |
|
1,108 |
|
|
|
- |
|
Trade receivables |
|
9,916 |
|
|
|
7,576 |
|
Inventories |
|
84,106 |
|
|
|
70,230 |
|
Prepaid expenses and other current assets |
|
14,144 |
|
|
|
9,172 |
|
|
|
|
|
Total current assets |
|
223,812 |
|
|
|
145,933 |
|
|
|
|
|
LONG-TERM ASSETS: |
|
|
|
Marketable securities |
|
50,507 |
|
|
|
- |
|
Property, plant and equipment, net |
|
9,245 |
|
|
|
9,468 |
|
Deferred tax asset, net |
|
3,924 |
|
|
|
2,334 |
|
Intangible assets, net |
|
36,001 |
|
|
|
26,800 |
|
Goodwill |
|
64,904 |
|
|
|
16,237 |
|
Operating lease right-of-use assets |
|
13,557 |
|
|
|
13,278 |
|
Other assets |
|
2,956 |
|
|
|
2,358 |
|
|
|
|
|
Total long-term assets |
|
181,094 |
|
|
|
70,475 |
|
|
|
|
|
Total assets |
$ |
404,906 |
|
|
$ |
216,408 |
|
|
ODDITY TECH LTD. |
CONSOLIDATED BALANCE SHEETS |
U.S. dollar in thousands |
|
|
December 31, |
|
December 31, |
|
|
2023 |
|
|
|
2022 |
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
(Unaudited) |
|
(Audited) |
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
Trade payables |
$ |
56,185 |
|
|
$ |
44,807 |
|
Other accounts payable and accrued expenses |
|
49,325 |
|
|
|
37,792 |
|
Short-term debt and current maturities of long-term debt |
|
- |
|
|
|
3,917 |
|
Operating lease liabilities, current |
|
3,802 |
|
|
|
3,890 |
|
|
|
|
|
Total current liabilities |
|
109,312 |
|
|
|
90,406 |
|
|
|
|
|
LONG-TERM LIABILITIES: |
|
|
|
Operating lease liabilities, non-current |
|
8,712 |
|
|
|
8,076 |
|
Digital securities liability |
|
- |
|
|
|
648 |
|
Other long-term liabilities |
|
3,775 |
|
|
|
6,298 |
|
|
|
|
|
Total liabilities |
|
121,799 |
|
|
|
105,428 |
|
|
|
|
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
|
|
|
Redeemable A shares |
|
- |
|
|
|
12,275 |
|
|
|
|
|
SHAREHOLDERS' EQUITY: |
|
|
|
Class A Ordinary shares |
|
14 |
|
|
|
12 |
|
Class B Ordinary shares |
|
3 |
|
|
|
4 |
|
Additional paid-in capital |
|
178,910 |
|
|
|
53,707 |
|
Accumulated other comprehensive income |
|
2,402 |
|
|
|
1,738 |
|
Retained earnings |
|
101,778 |
|
|
|
43,244 |
|
|
|
|
|
Total shareholders' equity |
|
283,107 |
|
|
|
98,705 |
|
|
|
|
|
Total liabilities and shareholders' equity |
$ |
404,906 |
|
|
$ |
216,408 |
|
|
ODDITY TECH LTD. |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
U.S. dollars in thousands |
|
|
|
|
|
|
|
|
|
Year endedDecember 31, |
|
|
2023 |
|
|
|
2022 |
|
Cash flows from operating activities: |
|
(Unaudited) |
|
|
|
(Audited) |
|
Net income |
$ |
58,534 |
|
|
$ |
21,728 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
Depreciation and amortization |
|
8,605 |
|
|
|
4,408 |
|
Share-based compensation |
|
24,111 |
|
|
|
6,697 |
|
Accretion of discount of marketable securities |
|
(547 |
) |
|
|
- |
|
Deferred income taxes |
|
(1,256 |
) |
|
|
(1,515 |
) |
Increase in trade receivables |
|
(2,340 |
) |
|
|
(2,435 |
) |
Increase in prepaid expenses and other receivables |
|
(4,299 |
) |
|
|
(1,802 |
) |
Increase in inventories |
|
(13,599 |
) |
|
|
(18,773 |
) |
Increase in trade payables |
|
9,278 |
|
|
|
7,788 |
|
Increase in other accounts payable and accrued expenses |
|
8,654 |
|
|
|
23,651 |
|
Change in operating lease right-of-use assets |
|
4,618 |
|
|
|
5,009 |
|
Change in operating lease liability |
|
(4,349 |
) |
|
|
(6,321 |
) |
Other |
|
45 |
|
|
|
597 |
|
|
|
|
|
Net cash provided by operating activities |
|
87,455 |
|
|
|
39,032 |
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
Purchase of property, plant and equipment |
|
(2,101 |
) |
|
|
(2,347 |
) |
Capitalization of software development costs |
|
(3,518 |
) |
|
|
(5,051 |
) |
Investment in marketable securities |
|
(50,012 |
) |
|
|
- |
|
Investment in short-term deposits |
|
(60,000 |
) |
|
|
(18,000 |
) |
Acquisition of a business, net of cash acquired |
|
(23,173 |
) |
|
|
- |
|
Other investing activities |
|
(1,187 |
) |
|
|
(382 |
) |
|
|
|
|
Net cash used in investing activities |
|
(139,991 |
) |
|
|
(25,780 |
) |
|
|
|
|
Cash flows from financing activities: |
|
|
|
Proceeds from Initial Public Offering, net of issuance costs |
|
53,006 |
|
|
|
(607 |
) |
Proceeds from issuance of digital securities |
|
- |
|
|
|
648 |
|
Proceeds from exercise of options |
|
1,747 |
|
|
|
75 |
|
Repayment of loans and borrowings |
|
(4,313 |
) |
|
|
(362 |
) |
Other financing activities |
|
(1,629 |
) |
|
|
- |
|
|
|
|
|
Net cash provided by (used in) financing activities |
|
48,811 |
|
|
|
(246 |
) |
|
|
|
|
Effect of exchange rate fluctuations on cash and cash
equivalents |
|
(623 |
) |
|
|
(781 |
) |
|
|
|
|
Net (decrease) increase in cash, cash equivalents and restricted
cash |
|
(4,348 |
) |
|
|
12,225 |
|
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 |
$ |
38,766 |
|
|
$ |
43,114 |
|
|
ODDITY TECH LTD. |
|
Reconciliation of GAAP to Non-GAAP Financial
Information |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
December 31, |
December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
(Unaudited) |
|
(Unaudited) |
Reconciliation of Net Income and Adjusted
EBITDA |
|
|
|
Net Income (loss) |
$ |
5,113 |
|
|
$ |
(660 |
) |
|
$ |
58,534 |
|
|
$ |
21,728 |
|
Financial (income) expenses, net |
|
(1,400 |
) |
|
|
301 |
|
|
|
(4,283 |
) |
|
|
(1,247 |
) |
Taxes on Income |
|
2,739 |
|
|
|
217 |
|
|
|
20,067 |
|
|
|
7,184 |
|
Depreciation and amortization |
|
2,371 |
|
|
|
1,098 |
|
|
|
8,605 |
|
|
|
4,408 |
|
Share-based compensation |
|
7,507 |
|
|
|
1,678 |
|
|
|
24,111 |
|
|
|
6,697 |
|
Non-recurring adjustments |
|
- |
|
|
|
- |
|
|
|
300 |
|
|
|
701 |
|
Adjusted EBITDA |
$ |
16,330 |
|
|
$ |
2,634 |
|
|
$ |
107,334 |
|
|
$ |
39,471 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Income and Adjusted Net
Income |
Net Income |
$ |
5,113 |
|
|
$ |
(660 |
) |
|
$ |
58,534 |
|
|
$ |
21,728 |
|
Share-based compensation |
|
7,507 |
|
|
|
1,678 |
|
|
|
24,111 |
|
|
|
6,697 |
|
Non-recurring adjustments |
|
- |
|
|
|
- |
|
|
|
300 |
|
|
|
701 |
|
Tax impact |
|
(2,220 |
) |
|
|
(440 |
) |
|
|
(6,232 |
) |
|
|
(1,828 |
) |
Adjusted Net Income |
$ |
10,400 |
|
|
$ |
578 |
|
|
$ |
76,713 |
|
|
$ |
27,298 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share |
$ |
0.08 |
|
|
$ |
(0.01 |
) |
|
$ |
1.00 |
|
|
$ |
0.39 |
|
Adjusted diluted earnings per share |
$ |
0.17 |
|
|
$ |
0.01 |
|
|
$ |
1.31 |
|
|
$ |
0.48 |
|
|
ODDITY TECH LTD. |
|
Reconciliation of net cash provided by operating activities
to free cash flow |
|
|
|
|
|
|
|
|
|
Year EndedDecember 31, |
|
|
2023 |
|
|
|
2022 |
|
|
(Unaudited) |
Net operating cash flow |
$ |
87,455 |
|
|
$ |
39,032 |
|
Purchase of property and equipment |
|
(2,101 |
) |
|
|
(2,347 |
) |
Free cash flow |
$ |
85,354 |
|
|
$ |
36,685 |
|
|
|
|
|
|
|
|
|
_____________________________________1 Results
greater than $10 million have been rounded to the nearest
million.
ODDITY Tech (NASDAQ:ODD)
Historical Stock Chart
From Aug 2024 to Sep 2024
ODDITY Tech (NASDAQ:ODD)
Historical Stock Chart
From Sep 2023 to Sep 2024