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Year in Review

2014 Financial Review

Matomy’s revenue increased 23% to $237.4 million on a GAAP basis (pro-forma: $258.9 million; 19% increase), whilst adjusted EBITDA rose 40% to $24.1 million.

Income statement

Matomy had a strong 2014, with revenue improving by 23%, to $237.4 million (FY2013: $193.5 million). Adjusted EBITDA (defined as earnings before interest, tax, depreciation and amortization) rose 40% to $24.1 million (FY2013: $17.1 million) at a 9.3% adjusted EBITDA margin, representing a 140 basis point improvement in margin. Operating profit and pretax profit increased 81% and 53%, respectively, excluding: one-time IPO bonuses; increased amortisation following acquisitions of Team Internet and MobFox; and first-time public company-related expenses. This growth was driven by increased activity in Matomy’s identified strategic growth drivers of mobile, social and video advertising, as well as organic growth driven by an increase in active customers and average spend per active customer. In addition, $24.8 million of revenues were contributed by Team Internet and MobFox.

Summary income statement

Year ended 31 December 2014
(US dollars in thousands, except earnings per share data)

2014 2013
Revenues $ 237,443 $ 193,493
Cost of revenues 178,479 141,958
Gross profit 58,964 51,535
Operating expenses
Research and development 7,823 7,607
Selling and marketing 23,356 17,920
General and administrative 19,151 16,327
Total operating expenses 50,330 41,854
Operating income 8,634 9,681
Financial expenses, net 4,051 875
Income before taxes on income 4,583 8,806
Taxes on income 1,766 1,491
Gain on remeasurement to fair value and equity gains equity losses and impairment) of affiliated companies, net 6,969 (144)
Net income 9,786 7,171
Revaluation of redeemable non-controlling interest in subsidiaries (1,820) (617)
Net loss (income) attributable to redeemable non-controlling interests in subsidiaries (65) 42
Net loss (income) attributable to other non-controlling interests in subsidiaries 102 (32)
Net income attributable to Matomy Media Group Ltd. $ 8,003 $ 6,564
Basic earnings per ordinary and preferred share $ 0.10 $ 0.09
Diluted earnings per ordinary preferred share $ 0.09 $ 0.07