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 |